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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________________________________________________________________________________________________
FORM 10-K
____________________________________________________________________________________________________________
x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2024
OR
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
COMMISSION FILE NUMBER: 001-31817
____________________________________________________________________________________________________________
CEDAR REALTY TRUST, INC.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________________

Maryland | 42-1241468
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number)
2529 Virginia Beach Blvd. Virginia Beach, Virginia | 23452
(Address of principal executive offices) | (Zip Code)

Registrant's telephone number, including area code: (757) 627-9088
Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol(s) |  | Name of each exchange on which registered
7.25% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value |  | CDRpB |  | New York Stock Exchange
6.50% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value |  | CDRpC |  | New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:
None
____________________________________________________________________________________________________________
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.:

Large accelerated filer | o | Accelerated filer | o
Non-accelerated filer | x | Smaller reporting company | x
|  | Emerging growth company | o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report. o
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive oﬃcers during the relevant recovery period pursuant to §240.10D-1(b). o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes o No x
The number of shares outstanding of the registrant's Common Stock $.06 par value was 13,718,169 on February 28, 2025.
DOCUMENTS INCORPORATED BY REFERENCE
None.

Table of Contents
CEDAR REALTY TRUST, INC.
TABLE OF CONTENTS

PART I |  |
1. | Business | 5
1A. | Risk Factors | 7
1B. | Unresolved Staff Comments | 7
1C. | Cybersecurity | 7
2. | Properties | 8
3. | Legal Proceedings | 10
4. | Mine Safety Disclosures | 10
PART II |  |
5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 10
6. | Reserved | 11
7. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 12
7A. | Quantitative and Qualitative Disclosures about Market Risk | 20
8. | Financial Statements and Supplementary Data | 21
9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 45
9A. | Controls and Procedures | 45
9B. | Other Information | 46
9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 46
PART III |  |
10. | Directors, Executive Officers and Corporate Governance | 46
11. | Executive Compensation | 49
12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 50
13. | Certain Relationships and Related Transactions and Director Independence | 51
14. | Principal Accountant Fees and Services | 52
PART IV |  |
15. | Exhibits and Financial Statement Schedules | 53
16. | Form 10-K Summary | 54
SIGNATURES | 55

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CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K (the "Form 10-K") of Cedar Realty Trust, Inc. (the "Company") contains "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 (the "Exchange Act") that are subject to risks, uncertainties and other factors which may cause the actual results, performance or achievements 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. These statements are not guarantees of future performance and are subject to risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements.
Forward-looking statements that were true at the time made may ultimately prove to be incorrect or false. You are cautioned to not place undue reliance on forward-looking statements, which reflect our management's view only as of the date of this Form 10-K. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
Factors that could cause actual results, performance or achievements to differ materially from any forward-looking statements made in this Form 10-K include, but are not limited to:
•the use of and demand for retail space;
•general and economic business conditions, including the rate and other terms on which we are able to lease our properties;
•the loss or bankruptcy of the Company's tenants;
•the geographic concentration of our properties in the Northeast;
•consumer spending and confidence trends, including those affecting the ability of individuals to spend in retail shopping centers;
•availability, terms and deployment of capital;
•the degree and nature of our competition;
•changes in governmental regulations, accounting rules, tax rates and similar matters;
•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;
•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 non-renewal 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;
•litigation risks generally;
•tax audits and other regulatory inquiries;
•the Company's ability to maintain compliance with the financial and other covenants in its debt agreements;
•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 and increases in the Company's borrowing costs as a result of changes in interest rates and other factors;
•the impact of the Company's leverage on operating performance;
•our ability to successfully execute strategic or necessary asset acquisitions and divestitures;
•our ability to continue to pay quarterly dividends on our preferred stock;
•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;
•risks endemic to real estate and the real estate industry generally;
•the adverse effect any future pandemic, endemic or outbreak of infectious disease, and mitigation efforts to control their spread;
•competitive risks;
•risks to our information systems - or those of our tenants or vendors - from service interruption, misappropriation of data, breaches of security, or other cyber-related attacks;
•damage to the Company's properties from catastrophic weather and other natural events, and the physical effects of climate change;
•the risk that an uninsured loss on the Company's properties or a loss that exceeds the limits of the Company's insurance policies could subject the Company to lost capital or revenue on those properties;
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•the risk that continued increases in the cost of necessary insurance could negatively impact the Company's profitability;
•the Company's ability and willingness to maintain its qualification as a real estate investment trust ("REIT") in light of economic, market, legal, tax and other considerations;
•the ability of our operating partnership, Cedar Realty Trust Partnership, L.P., and each of our other partnerships and limited liability companies to be classified as partnerships or disregarded entities for federal income tax purposes;
•the impact of e-commerce on our tenants' business; and
•inability to generate sufficient cash flows due to market conditions, competition, uninsured losses, changes in tax or other applicable laws.
Forward-looking statements in this Form 10-K should be read in light of these factors. 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.
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Part I.
Item 1. Business
The Company is a REIT that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers, predominantly located in the Northeast. At December 31, 2024, the Company owned a portfolio of 16 properties totaling 2.4 million square feet of gross leasable area ("GLA"). The portfolio was 88.9% leased and 86.7% occupied at December 31, 2024.
The Company, organized as a Maryland corporation in 1984, has elected to be taxed as a REIT under applicable provisions of the Internal Revenue Code of 1986, as amended (the "Code"). To qualify as a REIT under those provisions, the Company must have a preponderant percentage of its assets invested in, and income derived from, real estate and related sources. The Company is a commercial real estate investment company that owns income-producing retail properties with a primary focus on grocery-anchored centers.
The Company has established an umbrella partnership structure through the contribution of substantially all of its assets to Cedar Realty Trust Partnership, L.P. (the "Operating Partnership"), organized as a limited partnership under the laws of Delaware. The Operating Partnership is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2024, the Company, which is a subsidiary of Wheeler Real Estate Investment Trust, Inc. ("WHLR"), owned a 100.0% interest in, and was the sole general partner of, the Operating Partnership. The Company's 7.25% Series B Cumulative Redeemable Preferred Stock (the "Series B Preferred Stock") and 6.50% Series C Cumulative Redeemable Preferred Stock (the "Series C Preferred Stock" and, together with the Series B Preferred Stock, the "Preferred Stock") remain outstanding and continue to trade on the New York Stock Exchange ("NYSE").
The Company, the Operating Partnership, their subsidiaries and affiliated partnerships are separate legal entities. For ease of reference, the terms "we", "our", "us", "Company" and "Operating Partnership" (including their respective subsidiaries and affiliates) refer to the business and properties of all these entities, unless the context otherwise requires.
Human Capital Management
Our Team
All individuals that provide services to the Company are employees of WHLR and participate in WHLR's compensation, benefits, professional development and other programs. For a discussion of WHLR's human capital management, please see WHLR's 2024 Annual Report on Form 10-K.
Business Objectives and Investment Strategy
Our primary business objective is to maximize the value of our portfolio. We intend to achieve this objective utilizing the following investment strategies:
•Focus on necessity-based retail. Own and operate retail properties that serve the essential day-to-day shopping needs of the surrounding communities. These necessity-based centers attract high levels of daily traffic resulting in cross-selling of goods and services from our tenants. The majority of our tenants provide non-cyclical consumer goods and services that are less impacted by fluctuations in the economy. We believe these centers that provide essential goods and services such as groceries result in a stable, lower-risk portfolio of retail investment properties.
•Focus on secondary and tertiary markets with strong demographics and demand. Our properties are in markets that have strong demographics such as population density, population stability, consistent tenant sales trends and growth in household income. We seek to identify new tenants and renew leases with existing tenants in these locations that support the need for necessity-based retail and limited new supply. We aim to identify and pursue attractive investment opportunities in regions with low taxes and a pro-business environment.
•Increase operating income through leasing strategies and expense management. We employ intensive lease management strategies to optimize occupancy. Management has extensive expertise in acquiring and managing under-performing properties and increasing operating income through more effective leasing strategies and expense management. Our leases generally require the tenant to reimburse us for a substantial portion of the expenses incurred in operating, maintaining, repairing, and managing the shopping center and the common areas, along with the associated insurance costs and real estate taxes. In many cases, the tenant is either fully or partially responsible for all maintenance of the property, thereby limiting our
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financial exposure towards maintaining the center and increasing our net income. We refer to this arrangement as a "triple net lease."
•Selectively utilize our capital to improve retail properties. We intend to make capital investments where the risk adjusted returns on such capital is accretive to our stockholders. We allocate capital to value-added improvements of retail properties to increase rents, extend long-term leases with anchor tenants and increase occupancy. We selectively allocate capital to revenue enhancing projects that we believe will improve the market position of a given property.
•Recycling and sensible management of our property portfolio. We intend to sell non-income producing land parcels or non-core assets utilizing sales proceeds to deleverage the balance sheet and invest in higher yielding opportunities. Properties may be slated for disposition based upon management's periodic review of our portfolio, and approval by our Board of Directors (the "Board of Directors").
•Strategy for optimizing capital structure. The Company seeks to mitigate risk and optimize its capital structure through continuous focus on maintaining prudent leverage and lengthy average debt maturities, as well as access to a diverse selection of capital sources, including the secured and unsecured debt markets, unsecured lines of credit, and other sources. In addition, the Company has been and intends to continue repurchasing its Preferred Stock as both series are currently trading at a discount to their liquidation value, presenting a strategic opportunity to buy back shares at favorable prices. By reducing the number of shareholders eligible for dividend payments, we believe we can offset the net operating income lost from the recent sales of certain properties as we seek to enhance our financial stability, strengthen our balance sheet, optimize our capital allocation, and maximize shareholder value.
•Strategy for integrating acquisitions. As the Company undertakes acquisitions, we seek to thoughtfully integrate the acquired properties and any software and personnel to maximize efficiencies both at the property and corporate level.
Governmental Regulations Affecting Our Properties
We and our properties are subject to a variety of federal, state and local environmental, health, safety, tax and similar laws. The application of these laws to a specific property that we own depends on a variety of property-specific circumstances, including the current and former uses of the property, the building materials used at the property and the physical layout of the property. Neither existing environmental, health, safety and similar laws nor the costs of our compliance with these laws has had a material adverse effect on our financial condition or results of operations, and management does not believe they will for the fiscal year ending December 31, 2025. In addition, we have not incurred, and do not expect to incur, any material costs or liabilities due to environmental contamination at properties we currently own or have owned in the past. However, we cannot predict the impact of new or changed laws or regulations on properties we currently own or may acquire in the future. We have no current plans for substantial capital expenditures with respect to compliance with environmental, health, safety and similar laws and we carry environmental insurance that covers a number of environmental risks for most of our properties.
Competition
Numerous commercial developers and real estate companies compete with us with respect to the leasing of properties. Some of these competitors may possess greater capital resources than we do, although we do not believe that any single competitor or group of competitors in any of the primary markets where our properties are located are dominant in that market. This competition may interfere with our ability to attract and retain tenants, leading to increased vacancy rates and/or reduced rents and adversely affect our ability to minimize operating expenses.
Retailers at our properties also face competition from online retailers, outlet stores, discount shopping clubs, superstores, and other forms of sales and marketing of goods and services, such as direct mail. This competition could contribute to lease defaults and insolvency of tenants.
Climate
Some of our properties could be subject to natural or other disasters. In addition, we may acquire properties that are located in areas that are subject to natural disasters, such as earthquakes and droughts. Because of the geographic concentration of our properties, a single severe weather event or natural disaster could impact multiple of our properties. Properties could also be affected by increases in the frequency or severity of tornadoes, hurricanes or other severe weather, whether such increases are caused by global climate changes or other factors. The occurrence of natural disasters or severe weather conditions can increase investment costs to repair or replace damaged properties, increase operating costs, increase future property insurance costs, and/or negatively impact the tenant demand for lease space. If insurance is unavailable to us, or is unavailable on acceptable terms, or if our insurance is not adequate to cover business interruption or losses from such events, our earnings, liquidity and/or capital resources could be adversely affected.
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While several of our properties are located in areas that have experienced hurricanes, tornados, severe rain storms, or snow during the past two years, there has been no substantial damage or change in operations related to weather events.
Insurance
The Company carries comprehensive liability, property, fire, flood, wind, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under an insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors', officers', entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties and the other covered items given the relative risk of loss, the cost of the coverage, requirements from any and all lenders and general industry practice; however, its insurance coverage may not be sufficient to fully cover losses.
Available Information
We are subject to the reporting requirements of the Exchange Act. Therefore, we file reports, proxy statements and other information with the Securities and Exchange Commission (the "SEC"). The SEC maintains a website (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC, including us.
The Company's investor relations website can be accessed under the "Investors" tab at https://ir.cedarrealtytrust.com/, where a copy of the Company's Forms 10-K, 10-Q, 8-K and other filings with the SEC can be obtained free of charge. These SEC filings are added to the website as soon as reasonably practicable. Information on the website is not part of this Form 10-K.
Investors and others should note that we currently announce material information using SEC filings and press releases. In the future, we will continue to use these channels to distribute material information about the Company, and may also utilize public conference calls, webcasts, our website and/or various social media sites to communicate important information about the Company, key personnel, trends, corporate initiatives and other matters. Information that we post on our website or on social media channels could be deemed material; therefore, we encourage investors, the media, our tenants, business partners and others interested in the Company to review the information posted on our website as well as on LinkedIn at https://www.linkedin.com/company/wheeler-real-estate-investment-trust/. Any updates to the list of social media channels we may use to communicate material information will be posted on the Investor Relations page of our website at https://ir.cedarrealtytrust.com/.
Item 1A. Risk Factors
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
Item 1B. Unresolved Staff Comments: None
Item 1C. Cybersecurity
Cybersecurity Risk Management and Strategy
The Company depends on the proper functioning, availability and security of its information systems, including financial, data processing, communications and operating systems. Several information systems are software applications provided by third parties. Although risks from cybersecurity threats have to date not materially affected, and we do not believe they are reasonably likely to materially affect, us, our business strategy, results of operations or financial condition, like other companies in our industry, we could, from time to time, experience threats and security incidents related to our and our third-party vendors' information systems, including attempts to gain unauthorized access to our confidential data, and other electronic security breaches. Such cybersecurity attacks can range from individual attempts to gain unauthorized access to our information technology systems to more sophisticated security threats. While we employ a number of measures to prevent, detect and mitigate these threats, there is no guarantee such efforts will be successful in preventing a cybersecurity attack. A cybersecurity attack could compromise the confidential information of our employees, tenants and vendors. A successful cybersecurity attack could disrupt and otherwise adversely affect our business operations.
The Company does not believe that it has experienced any cybersecurity threats or incidents that have materially affected or are reasonably likely to materially affect the Company and its business strategy, results of operations and/or financial condition.
Assessment, identification and management of cybersecurity related risks are integrated into our overall risk management process. Cybersecurity related risks are included in the risk universe we evaluate to assess top risks to the Company at least annually.
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To the extent our processes identify a heightened cybersecurity related risk, risk owners are assigned to develop risk mitigation plans, which are then tracked to completion.
Cybersecurity Governance
The Board of Directors of our parent company, WHLR, has primary oversight over cybersecurity risk as part of its risk oversight function and has delegated oversight of cybersecurity risk strategy and governance and of other information technology risks to the Audit Committee of WHLR's Board of Directors (the "Audit Committee"). The Audit Committee reports to the full Board of Directors of WHLR regarding its activities, including those related to cybersecurity. Senior management, including the Company's CEO, CFO, and General Counsel, is responsible for assessing and managing cybersecurity risk, and provides briefings regarding the assessment and management of such risk to the Audit Committee, which then reports, as necessary, to WHLR's Board of Directors. Although members of our senior management do not have direct cybersecurity expertise obtained through certifications, their experience managing the Company, which includes consulting and coordinating as necessary with a third party information technology expert referred to below, enables them to effectively assess and manage material risks from cybersecurity threats.
Through WHLR, the Company retained an information technology expert third party company to assist in managing relevant risks. In particular, the Company outsources its information technology function and monitoring to a third party provider whereby it benefits from a professionally managed network monitoring, management, maintenance, detection and response system and a 24/7 security operations center with both onsite and remote support services. Any cybersecurity incident would be reported to the Company promptly by our third party consultant and material and potentially material incidents would be assessed by management and the Audit Committee for remediation and future prevention and detection.
The Company, at least annually, updates its policies or procedures that could help mitigate cybersecurity risks. Notwithstanding the extensive approach we take to cybersecurity, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. The Company has incorporated cybersecurity coverage in its insurance policies; however, there is no assurance that the insurance the Company maintains will cover all cybersecurity breaches or that policy limits will be sufficient to cover all related losses.
Item 2. Properties
Real Estate Portfolio
The following tables present an overview of our properties and undeveloped land as of December 31, 2024:

Property |  | Location |  | Number of Tenants |  | Total Leasable Square Feet |  | Percentage Leased |  | Percentage Occupied |  | Total Occupied Square Feet |  | Annualized Base Rent (1) |  | Annualized Base Rent per Occupied Square Foot
Brickyard Plaza |  | Berlin, CT |  | 11 |  |  | 227,598 |  |  | 100.0 | % |  | 100.0 | % |  | 227,598 |  |  | $ | 2,100,000 |  |  | $ | 9.23 |
Carll's Corner |  | Bridgeton, NJ |  | 7 |  |  | 116,532 |  |  | 36.9 | % |  | 36.9 | % |  | 43,012 |  |  | 450,000 |  |  | 10.46 |
Coliseum Marketplace |  | Hampton, VA |  | 9 |  |  | 106,648 |  |  | 94.9 | % |  | 94.9 | % |  | 101,198 |  |  | 833,000 |  |  | 8.24 |
Fairview Commons |  | New Cumberland, PA |  | 11 |  |  | 50,485 |  |  | 87.8 | % |  | 87.8 | % |  | 44,335 |  |  | 511,000 |  |  | 11.53 |
Fieldstone Marketplace |  | New Bedford, MA |  | 12 |  |  | 193,836 |  |  | 79.4 | % |  | 53.5 | % |  | 103,664 |  |  | 1,053,000 |  |  | 10.15 |
Gold Star Plaza |  | Shenandoah, PA |  | 6 |  |  | 71,720 |  |  | 97.8 | % |  | 97.8 | % |  | 70,120 |  |  | 643,000 |  |  | 9.17 |
Golden Triangle |  | Lancaster, PA |  | 18 |  |  | 202,790 |  |  | 89.2 | % |  | 89.2 | % |  | 180,940 |  |  | 2,706,000 |  |  | 14.96 |
Hamburg Square |  | Hamburg, PA |  | 7 |  |  | 102,058 |  |  | 100.0 | % |  | 100.0 | % |  | 102,058 |  |  | 703,000 |  |  | 6.89 |
Oregon Avenue (2) |  | Philadelphia, PA |  | — |  |  | — |  |  | — | % |  | — | % |  | — |  |  | — |  |  | — |
Patuxent Crossing |  | California, MD |  | 26 |  |  | 264,068 |  |  | 82.3 | % |  | 82.0 | % |  | 216,467 |  |  | 2,542,000 |  |  | 11.74 |
Pine Grove Plaza |  | Brown Mills, NJ |  | 16 |  |  | 79,306 |  |  | 86.4 | % |  | 86.4 | % |  | 68,506 |  |  | 839,000 |  |  | 12.25 |
Southington Center |  | Southington, CT |  | 8 |  |  | 155,842 |  |  | 92.1 | % |  | 91.0 | % |  | 141,870 |  |  | 1,031,000 |  |  | 7.27 |
Timpany Plaza |  | Gardner, MA |  | 18 |  |  | 182,820 |  |  | 82.8 | % |  | 82.8 | % |  | 151,460 |  |  | 1,600,000 |  |  | 10.56 |
Trexler Mall |  | Trexlertown, PA |  | 23 |  |  | 342,541 |  |  | 98.7 | % |  | 98.7 | % |  | 337,944 |  |  | 3,820,000 |  |  | 11.31 |
Washington Center Shoppes |  | Sewell, NJ |  | 29 |  |  | 157,300 |  |  | 96.1 | % |  | 96.1 | % |  | 151,150 |  |  | 1,921,000 |  |  | 12.71 |
Webster Commons |  | Webster, MA |  | 9 |  |  | 98,984 |  |  | 100.0 | % |  | 100.0 | % |  | 98,984 |  |  | 1,285,000 |  |  | 12.98 |
Total |  |  |  | 210 |  |  | 2,352,528 |  |  | 88.9 | % |  | 86.7 | % |  | 2,039,306 |  |  | $ | 22,037,000 |  |  | $ | 10.81 |

(1)Monthly base rent on occupied space as of the end of the current reporting period multiplied by twelve months, excluding the impact of tenant concessions and rent abatements.
(2)Includes property where a redevelopment opportunity exists.
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Undeveloped Land |  | Location |  | Parcel Size (in acres)
South Philadelphia parcels |  | Philadelphia, PA |  | 4.47
Webster Commons |  | Webster, MA |  | 0.55

Major Tenants
The following table sets forth information regarding the ten largest tenants in our operating portfolio based on annualized base rent as of December 31, 2024:

Tenants |  | Category |  | Annualized Base Rent |  | % of Total Annualized Base Rent |  | Total Occupied Square Feet |  | Percent Total Leasable Square Feet |  | Annualized Base Rent per Occupied Square Foot
TJX Companies (1) |  | Discount Retailer |  | $ | 1,220,000 |  |  | 5.54 | % |  | 133,000 |  |  | 5.65 | % |  | $ | 9.17 |
Kohl's |  | Discount Retailer |  | 1,049,000 |  |  | 4.76 | % |  | 147,000 |  |  | 6.25 | % |  | 7.14 |
Lehigh Valley Health |  | Medical |  | 803,000 |  |  | 3.64 | % |  | 43,000 |  |  | 1.83 | % |  | 18.67 |
Dollar Tree (2) |  | Discount Retailer |  | 753,000 |  |  | 3.42 | % |  | 96,000 |  |  | 4.08 | % |  | 7.84 |
Redner's |  | Grocery |  | 747,000 |  |  | 3.39 | % |  | 106,000 |  |  | 4.51 | % |  | 7.05 |
Home Depot |  | Home Improvement |  | 742,000 |  |  | 3.37 | % |  | 103,000 |  |  | 4.38 | % |  | 7.20 |
Planet Fitness |  | Gym |  | 728,000 |  |  | 3.30 | % |  | 58,000 |  |  | 2.47 | % |  | 12.55 |
Urban Air |  | Entertainment |  | 570,000 |  |  | 2.59 | % |  | 61,000 |  |  | 2.59 | % |  | 9.34 |
Michaels |  | Hobby/Craft |  | 557,000 |  |  | 2.53 | % |  | 45,000 |  |  | 1.91 | % |  | 12.38 |
LA Fitness |  | Gym |  | 515,000 |  |  | 2.34 | % |  | 45,000 |  |  | 1.91 | % |  | 11.44 |
Total |  |  |  | $ | 7,684,000 |  |  | 34.87 | % |  | 837,000 |  |  | 35.58 | % |  | $ | 9.18 |

(1)Marshalls 3 / HomeGoods 2
(2)Dollar Tree 8 / Family Dollar 1
Lease Expirations
The following table sets forth information with respect to the lease expirations of our properties as of December 31, 2024:

Lease Expiration Period |  | Number of Expiring Leases |  | Total Expiring Square Footage |  | % of Total Expiring Square Footage |  | % of Total Occupied Square Footage Expiring |  | Expiring Annualized Base Rent |  | % of Total Annualized Base Rent |  | Expiring Base Rent per Occupied Square Foot
Available |  | — |  |  | 313,222 |  |  | 13.31 | % |  | — |  |  | — |  |  | — |  |  | — |
Month-To-Month |  | 3 |  |  | 5,100 |  |  | 0.22 | % |  | 0.25 | % |  | $ | 82,000 |  |  | 0.37 | % |  | $ | 16.08 |
2025 |  | 17 |  |  | 162,545 |  |  | 6.91 | % |  | 7.97 | % |  | 1,171,000 |  |  | 5.31 | % |  | 7.20 |
2026 |  | 23 |  |  | 97,989 |  |  | 4.17 | % |  | 4.81 | % |  | 1,535,000 |  |  | 6.97 | % |  | 15.67 |
2027 |  | 30 |  |  | 209,470 |  |  | 8.90 | % |  | 10.27 | % |  | 2,811,000 |  |  | 12.76 | % |  | 13.42 |
2028 |  | 35 |  |  | 343,038 |  |  | 14.58 | % |  | 16.82 | % |  | 3,695,000 |  |  | 16.77 | % |  | 10.77 |
2029 |  | 35 |  |  | 243,892 |  |  | 10.37 | % |  | 11.96 | % |  | 3,050,000 |  |  | 13.84 | % |  | 12.51 |
2030 |  | 21 |  |  | 314,083 |  |  | 13.35 | % |  | 15.40 | % |  | 2,568,000 |  |  | 11.65 | % |  | 8.18 |
2031 |  | 8 |  |  | 92,505 |  |  | 3.93 | % |  | 4.54 | % |  | 1,117,000 |  |  | 5.07 | % |  | 12.08 |
2032 |  | 8 |  |  | 88,439 |  |  | 3.76 | % |  | 4.34 | % |  | 1,230,000 |  |  | 5.58 | % |  | 13.91 |
2033 |  | 7 |  |  | 120,851 |  |  | 5.14 | % |  | 5.93 | % |  | 1,455,000 |  |  | 6.60 | % |  | 12.04 |
Thereafter |  | 23 |  |  | 361,394 |  |  | 15.36 | % |  | 17.71 | % |  | 3,323,000 |  |  | 15.08 | % |  | 9.19 |
Total |  | 210 |  |  | 2,352,528 |  |  | 100.00 | % |  | 100.00 | % |  | $ | 22,037,000 |  |  | 100.00 | % |  | $ | 10.81 |

The Company's Properties
The terms of the Company's retail leases generally vary from tenancies at will to 25 years, excluding renewal options. Anchor tenant leases are typically for 10 to 25 years, with one or more renewal options available to the lessee upon expiration of the initial lease term. By contrast, smaller store leases are typically negotiated for five-year terms. The longer terms of major tenant leases serve
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to protect the Company against significant vacancies and to assure the presence of strong tenants which draw consumers to its centers. The shorter terms of smaller store leases allow the Company under appropriate circumstances to adjust rental rates periodically and, where possible, to upgrade or adjust the overall tenant mix.
Most leases contain provisions requiring tenants to pay their pro rata share of real estate taxes, insurance and certain operating costs. Some leases also provide that tenants pay percentage rent based upon sales volume generally in excess of certain negotiated minimums.
WHLR performs property management and leasing services for the Company pursuant to the Wheeler Real Estate Company Management Agreement (as defined below). See Note 14 of "Notes to Consolidated Financial Statements" included in Item 8 below for further information.
Item 3. Legal Proceedings
See Note 10 of "Notes to Consolidated Financial Statements" included in Item 8 below for information relating to legal proceedings.
Item 4. Mine Safety Disclosures: Not applicable
Part II.
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities:
Market Information and Holders
WHLR is the sole holder of the Company's common stock. The Company's Preferred Stock remains outstanding and continues to trade on the NYSE.
Dividends
In order to continue qualifying as a REIT, the Company is required to distribute at least 90% of its "REIT taxable income", as defined in the Code. The Company paid preferred stock dividends during 2023 and 2024. The following table presents the income tax status of distributions per share paid to our preferred stockholders:

|  | Years ended December 31,
|  | 2024 |  | 2023
Series B Preferred Stock |  |  |  |
Dividend paid per share |  | $ | 1.813 |  |  | $ | 1.813 |
Ordinary income |  | 0 | % |  | 0 | %
Capital gains |  | 0 | % |  | 5 | %
Return of capital |  | 100 | % |  | 95 | %
Series C Preferred Stock |  |  |  |
Dividend paid per share |  | $ | 1.625 |  |  | $ | 1.625 |
Ordinary income |  | 0 | % |  | 0 | %
Capital gains |  | 0 | % |  | 5 | %
Return of capital |  | 100 | % |  | 95 | %

Issuer Purchases of Equity Securities
On August 8, 2024, the Board of Directors authorized the repurchase of up to an aggregate amount of $10.0 million of the Company’s Preferred Stock over a period of twelve months (the "Repurchase Program"). The timing, price and actual number of shares of Preferred Stock repurchased under the Repurchase Program will depend on a variety of factors, including price, market conditions and regulatory requirements. The repurchases may be made in the open market, in privately negotiated transactions or by other means, as determined by management. The Company is not required to repurchase any shares of Preferred Stock under the Repurchase Program.
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The following table provides a summary of stock repurchase activity under the Repurchase Program. There were no repurchases of the Series B Preferred Stock during the three months ended December 31, 2024.

Series C Preferred Stock |  |  |  |  |  |  |
Period | Total Number of Shares Purchased |  | Weighted Average Price Paid per Share |  | Total Number of Shares Purchased As Part of Publicly Announced Plans or Programs |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
October 1, 2024 through October 31, 2024 | — |  |  | $ | — |  |  | — |  |  | $ | 8,966,000 |
November 1, 2024 through November 30, 2024 | 12,199 |  |  | $ | 14.06 |  |  | 12,199 |  |  | $ | 8,794,000 |
December 1, 2024 through December 31, 2024 | 13,362 |  |  | $ | 13.88 |  |  | 13,362 |  |  | $ | 8,609,000 |
Total | 25,561 |  |  |  |  | 25,561 |  |  |

(1)Reflects the dollar value of shares that may yet be repurchased under the Repurchase Program announced on August 12, 2024.
Tender Offers
On September 25, 2024, the Company announced and commenced a "modified Dutch auction" tender offer to purchase up to an aggregate amount paid of $9.0 million of shares of Series C Preferred Stock at a price of not less than $13.25 nor greater than $15.50 per share of Series C Preferred Stock, to the sellers in cash, less any applicable withholding taxes and without interest (the "September 2024 Tender Offer"). Following the expiration of the September 2024 Tender Offer on October 24, 2024, the Company accepted for purchase 688,670 shares of its Series C Preferred Stock at $14.00 per share for approximately $9.6 million, which included 45,813 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series C Preferred Stock.
On December 27, 2024, the Company announced and commenced a second "modified Dutch auction" tender offer to purchase up to an aggregate amount paid of $12.5 million of shares of Series C Preferred Stock at a price of not less than $13.75 nor greater than $15.75 per share of Series C Preferred Stock, to the sellers in cash, less any applicable withholding taxes and without interest (the "December 2024 Tender Offer" and, together with the September 2024 Tender Offer, the "Tender Offers"). Following the expiration of the December 2024 Tender Offer on January 28, 2025, the Company accepted for purchase 645,276 shares of its Series C Preferred Stock at $15.75 per share for approximately $10.2 million. See Note 15 of "Notes to Consolidated Financial Statements" included in Item 8 below for further information.
Item 6. Reserved
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Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following discussion summarizes the significant factors affecting our consolidated operating results, financial condition, liquidity and cash flows as of and for the periods presented below. The following discussion should be read in conjunction with the Company's consolidated financial statements and related notes thereto included elsewhere in this Form 10-K.
In addition to historical information, this discussion and analysis contains forward-looking statements based on current expectations that involve risks, uncertainties and assumptions, such as our plans, objectives, expectations and intentions as further described under the caption above entitled "Cautionary Statement on Forward-Looking Statements." Our actual results or other events and the timing of events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the caption above entitled "Cautionary Statement on Forward-Looking Statements."
Executive Summary
The Company is a fully-integrated REIT that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers, predominantly located in the Northeast. At December 31, 2024, the Company owned a portfolio of 16 properties totaling 2.4 million square feet of GLA. The portfolio was 88.9% leased and 86.7% occupied at December 31, 2024.
The Company, organized as a Maryland corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to the Operating Partnership, organized as a limited partnership under the laws of Delaware. The Operating Partnership is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2024, the Company, which is a subsidiary of WHLR, owned a 100.0% interest in, and was the sole general partner of, the Operating Partnership.
The Company derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to leases. The Company's operating results therefore depend on the ability of its tenants to make the payments required by the terms of their leases. The Company focuses its investment activities on grocery-anchored shopping centers. The Company believes that, because of the need of consumers to purchase food and other staple goods and services generally available at such centers, its type of "necessities-based" properties should provide relatively stable revenue flows even during difficult economic times.
2024 Significant Circumstances and Transactions
Dispositions
The following properties were sold during the years ended December 31, 2024 and 2023:

Disposal Date |  | Property |  | Contract Price |  | Gain (Loss) |  | Net Proceeds
12/26/2024 |  | South Philadelphia retail center |  | $ | 21,000,000 |  |  | $ | 3,187,000 |  |  | $ | 16,736,000 |
11/27/2024 |  | Brickyard Plaza land parcel |  | $ | 1,150,000 |  |  | $ | (363,000) |  |  | $ | 1,050,000 |
9/12/2024 |  | Kings Plaza |  | $ | 14,200,000 |  |  | $ | 1,703,000 |  |  | $ | 13,746,000 |
6/26/2024 |  | Oakland Commons |  | $ | 6,000,000 |  |  | $ | (55,000) |  |  | $ | 5,662,000 |
7/11/2023 |  | Carll's Corner outparcel building |  | $ | 3,000,000 |  |  | $ | 2,662,000 |  |  | $ | 2,759,000 |

Upon the 2024 disposition of a vacant land parcel at Brickyard Plaza, the Company paid down approximately $0.4 million to release the land parcel from collateral.
Timpany Plaza Loan Agreement
On September 12, 2023, the Company received $9.06 million of the $11.56 million in proceeds under the Timpany Plaza Loan Agreement (as defined below), and the remaining $2.5 million was received in 2024 upon the satisfaction of certain lease-related contingencies.
Revolving Credit Agreement
On February 29, 2024, the Company entered into a revolving credit agreement with KeyBank National Association to draw up to $9.5 million (the "Revolving Credit Agreement"). The interest rate under the Revolving Credit Agreement was the daily SOFR, plus applicable margins of 0.10% plus 2.75%. Interest payments were due monthly, and any outstanding principal was due at maturity on
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February 28, 2025. The Revolving Credit Agreement was collateralized by 6 properties, consisting of Carll's Corner, Fieldstone Marketplace, Oakland Commons, Kings Plaza, Oregon Avenue and South Philadelphia, and proceeds were used for capital expenditures and tenant improvements for such properties. Upon the dispositions of Oakland Commons and Kings Plaza, the properties were released from collateral, the outstanding borrowings were repaid and the Revolving Credit Agreement was closed on September 12, 2024.
Stock Repurchase Program
On August 8, 2024, the Board of Directors authorized the repurchase of up to an aggregate amount of $10.0 million of Preferred Stock over a period of twelve months. During the year ended December 31, 2024, there were no repurchases of Series B Preferred Stock and 102,636 shares of Series C Preferred Stock were repurchased under such authorization and retired. See Note 11, Shareholders' Equity, included in Item 8 below for further information.
Tender Offers
On September 25, 2024, the Company announced and commenced the September 2024 Tender Offer, and upon its expiration on October 24, 2024 the Company accepted for purchase 688,670 shares of its Series C Preferred Stock at $14.00 per share for approximately $9.6 million, which included 45,813 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series C Preferred Stock.
On December 27, 2024, the Company announced and commenced the December 2024 Tender Offer. Following the expiration of the December 2024 Tender Offer on January 28, 2025, the Company accepted for purchase 645,276 shares of its Series C Preferred Stock at $15.75 per share for approximately $10.2 million. See Note 11, Shareholders' Equity, and Note 15, Subsequent Events, included in Item 8 below for further information.
Related Party Transactions
The Company is a subsidiary of WHLR. WHLR performs property management and leasing services for the Company pursuant to the Wheeler Real Estate Company Management Agreement (as defined below). The management fee is 4% of gross operating income, and leasing commissions range from 3% to 6%. During the years ended December 31, 2024 and 2023, the Company paid WHLR $1.4 million and $2.1 million, respectively, for these services. The Operating Partnership and WHLR's operating partnership, Wheeler REIT, L.P., are party to a cost sharing and reimbursement agreement, pursuant to which the parties agreed to share costs and expenses associated with certain employees, certain facilities and property, and certain arrangements with third parties (the "Cost Sharing Agreement"). As of December 31, 2024 and 2023, the related party amounts due to WHLR were $9.5 million and $8.1 million, respectively.
Summary of Critical Accounting Policies
The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires the Company to make estimates and judgments that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition and the allowance for doubtful accounts receivable, real estate investments and purchase accounting allocations related thereto, asset impairment, and derivatives used to hedge interest-rate risks. Management's estimates are based both on information that is currently available and on various other assumptions management believes to be reasonable under the circumstances. Actual results could differ from those estimates and those estimates could be different under varying assumptions or conditions.
The Company has identified the following critical accounting policies, the application of which requires significant judgments and estimates:
Revenue Recognition
Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheets. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met.
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The Company must make estimates as to the collectability of its accounts receivable related to base rent, straight-line rent, expense reimbursements and other revenues. Management analyzes accounts receivable by considering tenant creditworthiness, current economic conditions, and changes in tenants' payment patterns when evaluating the adequacy of the allowance for doubtful accounts receivable. These estimates have a direct impact on net income, because a higher bad debt allowance would result in lower net income, whereas a lower bad debt allowance would result in higher net income.
Real Estate Investments
Real estate investments include costs of both acquired and constructed assets, and are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred.
The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management's determination of the fair values of these assets. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs.
The values of acquired above market and below market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in depreciation and amortization expense at that time.
Management is required to make subjective assessments in connection with its valuation of real estate acquisitions. These assessments have a direct impact on net income because (1) above market and below market lease intangibles are amortized to rental income and (2) the value of other intangibles is amortized to expense. Accordingly, higher allocations to below market lease liability and other intangibles would result in higher rental income and amortization expense, whereas lower allocations to below market lease liability and other intangibles would result in lower rental income and amortization expense.
Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value. A real estate investment held for sale is carried at the lower of its carrying amount or estimated fair value, less the cost of a potential sale. Depreciation and amortization are suspended during the period the property is held for sale. Management is required to make subjective assessments as to whether there are impairments in the value of its real estate properties. These assessments have a direct impact on net income, because an impairment loss is recognized in the period that the assessment is made.
New Accounting Pronouncements
See Note 2 of "Notes to Consolidated Financial Statements" included in Item 8 below for information relating to new accounting pronouncements.
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Results of Operations
Comparison of 2024 to 2023

| Years ended December 31, |  | Change
| 2024 |  | 2023 |  | Dollars |  | Percent
Revenues | $ | 34,548,000 |  |  | $ | 34,632,000 |  |  | $ | (84,000) |  |  | (0.2)%
Property operating expenses | (13,326,000) |  |  | (13,153,000) |  |  | (173,000) |  |  | 1.3%
Property operating income | 21,222,000 |  |  | 21,479,000 |  |  | (257,000) |  |  |
Corporate general and administrative | (2,304,000) |  |  | (3,192,000) |  |  | 888,000 |  |  | (27.8)%
Depreciation and amortization | (8,680,000) |  |  | (10,918,000) |  |  | 2,238,000 |  |  | (20.5)%
Gain on sales, net | 4,472,000 |  |  | 2,662,000 |  |  | 1,810,000 |  |  | 68.0%
Impairment charges | (1,064,000) |  |  | — |  |  | (1,064,000) |  |  | n/a
Interest expense, net | (9,101,000) |  |  | (8,024,000) |  |  | (1,077,000) |  |  | 13.4%
Net income | $ | 4,545,000 |  |  | $ | 2,007,000 |  |  | $ | 2,538,000 |  |  |

Revenues were lower primarily as a result of (1) a decrease of $1.03 million in market lease amortization and straight line rents, partially offset by (2) an increase in other income of $0.76 million attributable to one-time transactions and (3) an increase of $0.19 million in rental revenues and expense recoveries, net of credit adjustments on operating lease receivables.
Property operating expenses were higher primarily as a result of an increase of $0.15 million in property operating expenses attributable to same center properties.
Corporate general and administrative costs were lower primarily as a result of a decrease of $0.73 million in legal and professional fees.
Depreciation and amortization expenses were lower as a result of (1) a decrease of $1.47 million attributable to properties that were sold in 2024 and (2) a decrease of $0.77 million attributable to same center properties.
Gain on sales, net in 2024 relates to the sales of the South Philadelphia retail center, Kings Plaza, the Brickyard Plaza land parcel, and Oakland Commons, and in 2023 relates to the sale of the outparcel building adjacent to Carll's Corner.
Impairment charges in 2024 relate to Oregon Avenue.
Interest expense, net was higher as a result of (1) an increase of $0.49 million in amortization expense of deferred financing costs, (2) an increase of $0.39 million in interest expense due to an increase in the overall weighted average principal debt balance, (3) an increase of $0.29 million in interest expense due to an increase in the overall weighted average interest rate, partially offset by (4) $0.08 million in interest income.
Same-Property Net Operating Income
Same-property net operating income ("Same-Property NOI") is a widely-used non-GAAP financial measure for REITs that the Company believes, when considered with financial statements prepared in accordance with GAAP, is useful to investors. The Company defines Same-Property NOI as property revenues (rental and other revenues) less property and related expenses (property operation and maintenance and real estate taxes) for properties that are owned and operated for the entirety of both periods being compared. Because Same-Property NOI excludes general and administrative expenses, depreciation and amortization, gain or loss on sale or capital expenditures and leasing costs and impairment charges, it provides a performance measure, that when compared year over year, reflects the revenues and expenses directly associated with owning and operating commercial real estate properties and the impact to operations from trends in occupancy rates, rental rates and operating costs, providing perspective not immediately apparent from operating income. The Company uses Same-Property NOI to evaluate its operating performance since Same-Property NOI allows the Company to evaluate the impact of factors, such as occupancy levels, lease structure, lease rates and tenant base, have on the Company's results, margins and returns. 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 most directly comparable GAAP financial measure is consolidated operating income. 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. Further,
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Same-Property NOI is a measure for which there is no standard industry definition and, as such, it is not consistently defined or reported on among the Company's peers, and thus may not provide an adequate basis for comparison among REITs.
The following table reconciles Same-Property NOI to the Company's consolidated operating income (loss) (the most directly comparable GAAP financial measure):

| Years ended December 31,
| 2024 |  | 2023
Operating income | $ | 13,646,000 |  |  | $ | 10,031,000 |
Add (deduct): |  |  |
Corporate general and administrative | 2,304,000 |  |  | 3,192,000 |
Gain on sales, net | (4,472,000) |  |  | (2,662,000) |
Impairment charges | 1,064,000 |  |  | — |
Depreciation and amortization | 8,680,000 |  |  | 10,918,000 |
Straight-line rents | (288,000) |  |  | (1,208,000) |
Above (below) market lease amortization, net | (226,000) |  |  | (336,000) |
Other non-property revenue | (1,041,000) |  |  | (124,000) |
NOI related to properties not defined as same-property | (1,966,000) |  |  | (2,265,000) |
Same-Property NOI | $ | 17,701,000 |  |  | $ | 17,546,000 |
Number of same properties | 16 |  | 16
Same-property occupancy, end of period | 86.7 | % |  | 86.5 | %
Same-property leased, end of period | 88.9 | % |  | 87.9 | %
Same-property average base rent, end of period | $ | 10.81 |  |  | $ | 10.96 |

Same-Property NOI for the comparable years increased 0.9% primarily as a result of an increase in expense recoveries, partially offset by an increase in property operating expenses.
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Leasing Activity
The following is a summary of the Company's retail leasing activity for our portfolio:

| Years ended December 31,
| 2024 |  | 2023
Renewals (1): |  |  |
Leases renewed with rate increase (sq feet) | 191,280 |  |  | 182,111 |
Leases renewed with rate decrease (sq feet) | 1,375 |  |  | — |
Leases renewed with no rate change (sq feet) | 21,058 |  |  | 7,643 |
Total leases renewed (sq feet) | 213,713 |  |  | 189,754 |
Leases renewed with rate increase (count) | 28 |  |  | 20 |
Leases renewed with rate decrease (count) | 1 |  |  | — |
Leases renewed with no rate change (count) | 3 |  |  | 3 |
Total leases renewed (count) | 32 |  |  | 23 |
Option exercised (count) | 8 |  |  | 5 |
Weighted average on rate increases (per sq foot) | $ | 1.72 |  |  | $ | 0.77 |
Weighted average on rate decreases (per sq foot) | $ | (7.32) |  |  | $ | — |
Weighted average on all renewals (per sq foot) | $ | 1.50 |  |  | $ | 0.74 |
Weighted average change of renewals over prior rates | 11.28 | % |  | 6.85 | %
New Leases (1) (2): |  |  |
New leases (sq feet) | 68,747 |  |  | 197,575 |
New leases (count) | 19 |  |  | 25 |
Weighted average rate (per sq foot) | $ | 15.92 |  |  | $ | 13.03 |
Weighted average change of new leases over prior rates | 3.93 | % |  | 12.03 | %

(1)Lease data presented is based on average rate per square foot over the renewed or new lease term.
(2)The Company does not include ground leases entered into for the purposes of new lease square feet and weighted average rate (per square foot) on new leases.
Big Lots Chapter 11 Bankruptcy
On September 9, 2024, Big Lots, Inc. and its affiliates (collectively, "Big Lots"), filed for protection under chapter 11 of the U.S. Bankruptcy Code (the "Bankruptcy Code") in the U.S. Bankruptcy Court for the District of Delaware. Big Lots leased two locations from us (collectively, the "Big Lots Leases"). Big Lots is entitled to certain rights under the Bankruptcy Code regarding the assumption or rejection of its leases, including the Big Lots Leases. We don't anticipate that the Big Lots chapter 11 cases will have a material adverse effect on our business, our financial condition, or our results of operations.
Liquidity and Capital Resources
The Company funds operating expenses and other liquidity requirements, including debt service and loan maturities, tenant improvements, and leasing commissions, primarily from its operations, asset sales and the $30.6 million in cash, cash equivalents and restricted cash as of December 31, 2024. The Company does not have any scheduled debt maturities for the year ending December 31, 2025. The Company is working to increase revenue by improving occupancy, which includes backfilling vacant anchor spaces and replacing defaulted tenants. Tenant improvements and leasing commissions for these efforts will be partially funded by restricted cash, strategic disposition of assets and financing of properties.
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In 2024 and through the 2025 expiration of the December 2024 Tender Offer, the Company has repurchased a total of 1,436,582 shares of Series C Preferred Stock for a purchase price of approximately $21.2 million under the Repurchase Program and through the two Tenders Offers, excluding fees and expenses. These repurchases were funded by asset sales. In addition, the Company has been and intends to continue repurchasing its Preferred Stock as both series are currently trading at a discount to their liquidation value, presenting a strategic opportunity to buy back shares at favorable prices. By reducing the number of shareholders eligible for dividend payments, the Company believes it can offset the net operating income lost from the recent sales of certain properties as it seeks to enhance its financial stability, strengthen its balance sheet, optimize its capital allocation, and maximize shareholder value. On February 21, 2025, the Company announced and commenced the February 2025 Tender Offers (as defined below). See Note 15 of "Notes to Consolidated Financial Statements" included in Item 8 below for further information.
Term loans payable may require the Company to deposit certain replacement and other reserves with its lenders. Such "restricted cash" is generally available only for property-level requirements for which the reserves have been established and are not available to fund other property-level or Company-level obligations.
In order to continue qualifying as a REIT, the Company is required to distribute at least 90% of its "REIT taxable income", as defined in the Code. The Company paid preferred stock dividends during 2023 and 2024, and has continued to declare preferred stock dividends through the first quarter of 2025. Future dividend declarations will continue to be at the discretion of the Board of Directors and will depend on the cash flow and financial condition of the Company, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT for U.S. federal income tax purposes.
The following table sets forth the Company's significant debt repayment, interest, and operating lease obligations at December 31, 2024:

| Maturity Date
| 2025 |  | 2026 |  | 2027 |  | 2028 |  | 2029 |  | Thereafter |  | Total
Debt: |  |  |  |  |  |  |  |  |  |  |  |  |
Secured term loans | $ | 112,000 |  |  | $ | 121,000 |  |  | $ | 258,000 |  |  | $ | 12,647,000 |  |  | $ | 1,581,000 |  |  | $ | 131,379,000 |  |  | $ | 146,098,000 |
Interest payments (1) | 8,288,000 |  |  | 8,279,000 |  |  | 8,270,000 |  |  | 8,037,000 |  |  | 7,318,000 |  |  | 21,130,000 |  |  | 61,322,000 |
Operating lease obligations | 177,000 |  |  | 177,000 |  |  | 177,000 |  |  | 177,000 |  |  | 177,000 |  |  | 7,314,000 |  |  | 8,199,000 |
Total | $ | 8,577,000 |  |  | $ | 8,577,000 |  |  | $ | 8,705,000 |  |  | $ | 20,861,000 |  |  | $ | 9,076,000 |  |  | $ | 159,823,000 |  |  | $ | 215,619,000 |

(1)Represents interest payments expected to be incurred on the Company's debt obligations as of December 31, 2024.
In addition, the Company has $0.6 million outstanding construction commitments at December 31, 2024.
Other than the items disclosed in the table above, the Company had no off-balance sheet arrangements as of December 31, 2024 that are reasonably likely to have a current or future material effect on the Company's financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.
Net Cash Flows

| Years ended December 31,
| 2024 |  | 2023
Cash flows provided by (used in): |  |  |
Operating activities | $ | 9,463,000 |  |  | $ | 8,248,000 |
Investing activities | $ | 25,596,000 |  |  | $ | (3,697,000) |
Financing activities | $ | (20,343,000) |  |  | $ | (2,106,000) |

Operating Activities
Net cash provided by operating activities, before net changes in operating assets and liabilities, was $10.2 million for 2024. Net cash provided by operating activities, before net changes in operating assets and liabilities, was $8.7 million for 2023. The increase was primarily a result of other income attributable to one-time transactions and lower corporate general and administrative costs.
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Investing Activitie s
Net cash flows provided by (used in) investing activities were primarily the result of net proceeds received from the sale of real estate, partially offset by the Company's expenditures for property improvements. During 2024, the Company received $16.7 million of net proceeds from the sale of the South Philadelphia retail center, $13.7 million of net proceeds from the sale of Kings Plaza, $5.7 million of net proceeds from the sale of Oakland Commons, and $1.1 million of net proceeds from the sale of the Brickyard Plaza land parcel, which was partially offset by $11.6 million of expenditures for property improvements. During 2023, the Company incurred $6.5 million of expenditures for property improvements, which was partially offset by $2.8 million of net proceeds related to the sale of the outparcel building adjacent to Carll's Corner. These increases in expenditures are a result of increased leasing activity.
Financing Activities
During 2024, the Company paid $11.5 million for the repurchase of preferred stock, paid $10.4 million of preferred stock dividends, paid down borrowings of $5.2 million under the Revolving Credit Agreement, paid $0.5 million of term loan principal, and paid $0.4 million of debt financing costs, which was partially offset by $5.2 million in proceeds received from the Revolving Credit Agreement and $2.5 million in proceeds received related to the Timpany Plaza Loan Agreement (as defined below). During 2023, the Company paid $10.8 million of preferred stock dividends and $0.4 million of debt financing costs, which was partially offset by $9.1 million received related to the Timpany Plaza Loan Agreement.
Funds From Operations
We use funds from operations ("FFO"), a non-GAAP measure, as an alternative measure of our operating performance, specifically as it relates to results of operations and liquidity. We compute FFO in accordance with standards established by the Board of Governors of the National Association of Real Estate Investment Trusts ("Nareit") in its March 1995 White Paper (as amended in November 1999, April 2002 and December 2018). As defined by Nareit, FFO represents net income (computed in accordance with GAAP), excluding gains (or losses) from sales of property, plus real estate-related depreciation and amortization (excluding amortization of loan origination costs), plus impairment of real estate related long-lived assets and after adjustments for unconsolidated partnerships and joint ventures. Most industry analysts and equity REITs, including us, consider FFO to be an appropriate supplemental measure of operating performance because, by excluding gains or losses on dispositions and excluding depreciation, FFO is a helpful tool that can assist in the comparison of the operating performance of a company’s real estate between periods, or as compared to different companies. Management uses FFO as a supplemental measure to conduct and evaluate our business because there are certain limitations associated with using GAAP net income alone as the primary measure of our operating performance. Historical cost accounting for real estate assets in accordance with GAAP implicitly assumes that the value of real estate assets diminishes predictably over time, while historically real estate values have risen or fallen with market conditions. Accordingly, we believe FFO provides a valuable alternative measurement tool to GAAP when presenting our operating results.
We believe the computation of FFO in accordance with Nareit's definition includes certain items that are not indicative of the results provided by our operating portfolio and affect the comparability of our period-over-period performance. These items include, but are not limited to, legal settlements, non-cash amortization on loans and acquisition costs. Therefore, in addition to FFO, management uses Adjusted FFO ("AFFO"), which we define to exclude such items. Management believes that these adjustments are appropriate in determining AFFO as they are not indicative of the operating performance of our assets. In addition, we believe that AFFO is a useful supplemental measure for the investing community to use in comparing us to other REITs as many REITs provide some form of adjusted or modified FFO. However, there can be no assurance that AFFO presented by us is comparable to the adjusted or modified FFO of other REITs.
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A reconciliation of net income (loss) attributable to common shareholders to FFO and AFFO is as follows:

| Years ended December 31,
| 2024 |  | 2023
Net income (loss) attributable to common shareholders | $ | 1,879,000 |  |  | $ | (8,745,000) |
Real estate depreciation and amortization | 8,680,000 |  |  | 10,918,000 |
(Gain) on sales, net | (4,472,000) |  |  | (2,662,000) |
Impairment charges | 1,064,000 |  |  | — |
FFO applicable to common shares | 7,151,000 |  |  | (489,000) |
Deemed contribution related to preferred stock repurchases | (7,629,000) |  |  | — |
Straight-line rents | (288,000) |  |  | (1,208,000) |
Deferred financing costs amortization | 873,000 |  |  | 386,000 |
Above (below) market lease amortization, net | (226,000) |  |  | (336,000) |
AFFO applicable to common shares | $ | (119,000) |  |  | $ | (1,647,000) |
FFO per common share | $ | 0.52 |  |  | $ | (0.04) |
AFFO per common share | $ | (0.01) |  |  | $ | (0.12) |
Weighted average number of common shares | 13,718,169 |  |  | 13,718,169 |

Inflation, Deflation and Economic Condition Considerations
Substantially all of the Company's leases contain provisions designed to partially mitigate the negative impact of inflation in the near term. Such lease provisions include clauses that require tenants to reimburse the Company for inflation-sensitive costs such as real estate taxes, insurance and many of the operating expenses it incurs. In addition, many of our leases are for terms of less than ten years, which permits us to seek increased rents upon re-rental at market rates. However, significant inflation rate increases over a prolonged period of time may have a material adverse impact on the Company's business. Conversely, deflation could lead to downward pressure on rents and other sources of income.
Fluctuations in interest rates could significantly impact our operating portfolio and overall financial performance. Interest rate increases could result in higher incremental borrowing costs for the Company and our tenants. The duration of the Company's indebtedness and our relatively low exposure to floating rate debt have mitigated the direct impact of inflation and interest rate increases. In a low or stable interest rate environment, we may benefit from lower borrowing costs, enabling strategic investments, acquisitions, or capital returns to shareholders. Additionally, we monitor market conditions to adjust our capital allocation accordingly, maintain a disciplined financial approach and seek to optimize returns while managing exposure to interest rate volatility. The degree and pace of these changes have had and may continue to have impacts on our business.
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.
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Item 8. Financial Statements and Supplementary Data

Report of Independent Registered Public Accounting Firm (Cherry Bekaert LLP, Virginia Beach, Virginia, Auditor Firm ID: 677). | 22
Consolidated Balance Sheets, December 31, 2024 and 2023 | 24
Consolidated Statements of Operations, years ended December 31, 2024 and 2023 | 25
Consolidated Statements of Equity, years ended December 31, 2024 and 2023 | 26
Consolidated Statements of Cash Flows, years ended December 31, 2024 and 2023 | 27
Notes to Consolidated Financial Statements | 28
Schedules Filed As Part Of This Report |
Schedule II – Valuation and Qualifying Accounts, December 31, 2024 | 42
Schedule III – Real Estate and Accumulated Depreciation, December 31, 2024 | 43

All other schedules have been omitted because the required information is not present, is not present in amounts sufficient to require submission of the schedule, or is included in the consolidated financial statements or notes thereto.
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Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of
Cedar Realty Trust, Inc.
Virginia Beach, Virginia
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated balance sheets of Cedar Realty Trust, Inc. (the "Company") as of December 31, 2024 and 2023, and the related consolidated statements of operations, equity, and cash flows for the years ended December 31, 2024 and 2023, and the related notes and schedules (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the years ended December 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Evaluation of Real Estate for Impairment
Description of Matter
At December 31, 2024, the Company's net real estate totaled $172.2 million. As more fully described in Note 2 to the consolidated financial statements, the Company evaluates its real estate investments for impairment whenever events or changes in circumstances indicate that the carrying value of a real estate investment may not be recoverable. Management evaluates various qualitative factors in determining whether events or changes in circumstances indicate that the carrying amount of a real estate investment may not be recoverable.
Auditing the Company's impairment assessment involved subjectivity due to the estimation required to assess significant assumptions utilized in the recoverability of the real estate based on undiscounted operating income and residual values, such as assumptions related to renewal and renegotiations of current leases, estimates of new leases on vacant spaces, and estimates of operating costs.
How We Addressed the Matter in Our Audit
To test the Company's evaluation of net real estate for impairment, we performed audit procedures that included, among others, assessing the methodologies applied, evaluating the significant assumptions discussed above and testing the completeness and accuracy of the underlying data used in the analysis. We compared the recoverability calculated to the remaining net book value of the assets to ensure recoverability for the properties' remaining useful lives. We compared the significant assumptions used by
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management to relevant market information and other applicable sources. As part of our evaluation, we performed sensitivity analyses of significant assumptions to evaluate the changes in the undiscounted cash flows of the related property that would result from changes in the assumptions.
/s/ Cherry Bekaert LLP
We have served as the Company's auditor since 2022.
Virginia Beach, Virginia
March 4, 2025
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CEDAR REALTY TRUST, INC.
CONSOLIDATED BALANCE SHEETS

| December 31,
| 2024 |  | 2023
ASSETS |  |  |
Real estate: |  |  |
Land | $ | 56,897,000 |  |  | $ | 69,085,000 |
Buildings and improvements | 246,961,000 |  |  | 299,080,000 |
| 303,858,000 |  |  | 368,165,000 |
Less accumulated depreciation | (131,698,000) |  |  | (166,489,000) |
Real estate, net | 172,160,000 |  |  | 201,676,000 |
Cash and cash equivalents | 23,092,000 |  |  | 6,518,000 |
Restricted cash | 7,532,000 |  |  | 9,390,000 |
Receivables, net | 5,655,000 |  |  | 6,357,000 |
Deferred costs and other assets, net | 8,492,000 |  |  | 9,141,000 |
TOTAL ASSETS | $ | 216,931,000 |  |  | $ | 233,082,000 |
LIABILITIES AND EQUITY |  |  |
Loans payable, net | $ | 142,961,000 |  |  | $ | 140,494,000 |
Accounts payable, accrued expenses, and other liabilities | 7,003,000 |  |  | 8,382,000 |
Due to Wheeler Real Estate Investment Trust, Inc. | 9,491,000 |  |  | 8,094,000 |
Below market lease intangibles, net | 1,265,000 |  |  | 2,655,000 |
Total liabilities | 160,720,000 |  |  | 159,625,000 |
Commitments and contingencies (Note 10) |  |  |  |  |
Equity: |  |  |
Preferred stock | 139,794,000 |  |  | 159,541,000 |
Common stock ($0.06 par value, 150,000,000 shares authorized, 13,718,169 shares, issued and outstanding) | 823,000 |  |  | 823,000 |
Additional paid-in capital | 868,945,000 |  |  | 868,323,000 |
Cumulative distributions in excess of net income | (953,351,000) |  |  | (955,230,000) |
Total equity | 56,211,000 |  |  | 73,457,000 |
TOTAL LIABILITIES AND EQUITY | $ | 216,931,000 |  |  | $ | 233,082,000 |

See accompanying notes to consolidated financial statements
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CEDAR REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

| Years ended December 31,
| 2024 |  | 2023 |  |
REVENUES |  |  |  |  |
Rental revenues | $ | 33,148,000 |  |  | $ | 33,987,000 |  |  |
Other revenues | 1,400,000 |  |  | 645,000 |  |  |
Total revenues | 34,548,000 |  |  | 34,632,000 |  |  |
EXPENSES |  |  |  |  |
Operating, maintenance and management | 8,186,000 |  |  | 7,728,000 |  |  |
Real estate and other property-related taxes | 5,140,000 |  |  | 5,425,000 |  |  |
Corporate general and administrative | 2,304,000 |  |  | 3,192,000 |  |  |
Depreciation and amortization | 8,680,000 |  |  | 10,918,000 |  |  |
Total expenses | 24,310,000 |  |  | 27,263,000 |  |  |
OTHER |  |  |  |  |
Gain on sales, net | 4,472,000 |  |  | 2,662,000 |  |  |
Impairment charges | (1,064,000) |  |  | — |  |  |
Total other | 3,408,000 |  |  | 2,662,000 |  |  |
OPERATING INCOME | 13,646,000 |  |  | 10,031,000 |  |  |
NON-OPERATING INCOME AND EXPENSES |  |  |  |  |
Interest expense, net | (9,101,000) |  |  | (8,024,000) |  |  |
Total non-operating income and expenses | (9,101,000) |  |  | (8,024,000) |  |  |
NET INCOME | 4,545,000 |  |  | 2,007,000 |  |  |
Preferred stock dividends | (10,295,000) |  |  | (10,752,000) |  |  |
Deemed contribution related to preferred stock repurchases | 7,629,000 |  |  | — |  |  |
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 1,879,000 |  |  | $ | (8,745,000) |  |  |
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ | 0.14 |  |  | $ | (0.64) |  |  |
Weighted average number of common shares | 13,718,169 |  | 13,718,169 |  |

See accompanying notes to consolidated financial statements
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CEDAR REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF EQUITY
Years ended December 31, 2024 and 2023

|  |  |  |  |  |  |  |  |  |  | Additional paid-in capital |  | Cumulative distributions in excess of net income |  |  |  | Total equity
| Preferred stock |  | Common stock |  |  |  |  |
| Shares |  | Amount |  | Shares |  | Amount |  |  |  |  |
Balance, December 31, 2022 | 6,449,609 |  | $ | 159,541,000 |  |  | 13,718,169 |  | $ | 823,000 |  |  |  |  | $ | 868,323,000 |  |  | $ | (946,485,000) |  |  |  |  | $ | 82,202,000 |
Net income | — |  | — |  | — |  | — |  |  |  | — |  | 2,007,000 |  |  |  | 2,007,000
Preferred stock dividends | — |  | — |  | — |  | — |  |  |  | — |  | (10,752,000) |  |  |  | (10,752,000)
Balance, December 31, 2023 | 6,449,609 |  | 159,541,000 |  |  | 13,718,169 |  | 823,000 |  |  |  |  | 868,323,000 |  |  | (955,230,000) |  |  |  |  | 73,457,000 |
Net income | — |  | — |  | — |  | — |  |  |  | — |  | 4,545,000 |  |  |  | 4,545,000 |
Preferred stock dividends | — |  | — |  | — |  | — |  |  |  | — |  | (10,295,000) |  |  |  | (10,295,000) |
Preferred stock repurchases | (791,306) |  | (19,747,000) |  | — |  | — |  |  |  | 622,000 |  | 7,629,000 |  |  |  | (11,496,000) |
Balance, December 31, 2024 | 5,658,303 |  | $ | 139,794,000 |  |  | 13,718,169 |  | $ | 823,000 |  |  |  |  | $ | 868,945,000 |  |  | $ | (953,351,000) |  |  |  |  | $ | 56,211,000 |

S ee accompanying notes to consolidated financial statements
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CEDAR REALTY TRUST, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS

| Years ended December 31,
| 2024 |  | 2023 |  |
OPERATING ACTIVITIES |  |  |  |  |
Net income | $ | 4,545,000 |  |  | $ | 2,007,000 |  |  |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Gain on sales, net | (4,472,000) |  |  | (2,662,000) |  |  |
Impairment charges | 1,064,000 |  |  | — |  |  |
Straight-line rents | (288,000) |  |  | (1,208,000) |  |  |
Credit adjustments on operating lease receivables | 72,000 |  |  | (357,000) |  |  |
Depreciation and amortization | 8,680,000 |  |  | 10,918,000 |  |  |
Above (below) market lease amortization, net | (226,000) |  |  | (336,000) |  |  |
Amortization of deferred financing costs | 873,000 |  |  | 386,000 |  |  |
Changes in operating assets and liabilities, net of effects of dispositions: |  |  |  |  |
Receivables, net | 1,063,000 |  |  | 1,343,000 |  |  |
Deferred costs and other assets, net | (1,679,000) |  |  | (2,243,000) |  |  |
Accounts payable, accrued expenses, and other liabilities | (169,000) |  |  | 400,000 |  |  |
Net cash provided by operating activities | 9,463,000 |  |  | 8,248,000 |  |  |
INVESTING ACTIVITIES |  |  |  |  |
Expenditures for real estate improvements | (11,598,000) |  |  | (6,456,000) |  |  |
Net proceeds from sales of real estate | 37,194,000 |  |  | 2,759,000 |  |  |
Net cash provided by (used in) investing activities | 25,596,000 |  |  | (3,697,000) |  |  |
FINANCING ACTIVITIES |  |  |  |  |
Advances under Revolving Credit Agreement | 5,223,000 |  |  | — |  |  |
Repayments under Revolving Credit Agreement | (5,223,000) |  |  | — |  |  |
Term loan proceeds | 2,500,000 |  |  | 9,060,000 |  |  |
Term loan principal payments | (462,000) |  |  | — |  |  |
Payments for deferred financing costs | (444,000) |  |  | (414,000) |  |  |
Preferred stock dividends | (10,441,000) |  |  | (10,752,000) |  |  |
Preferred stock repurchases | (11,496,000) |  |  | — |  |  |
Net cash used in financing activities | (20,343,000) |  |  | (2,106,000) |  |  |
Net increase in cash, cash equivalents and restricted cash | 14,716,000 |  |  | 2,445,000 |  |  |
Cash, cash equivalents and restricted cash at beginning of year | 15,908,000 |  |  | 13,463,000 |  |  |
Cash, cash equivalents and restricted cash at end of year | $ | 30,624,000 |  |  | $ | 15,908,000 |  |  |
Reconciliation to consolidated balance sheets: |  |  |  |  |
Cash and cash equivalents | $ | 23,092,000 |  |  | $ | 6,518,000 |  |  |
Restricted cash | 7,532,000 |  |  | 9,390,000 |  |  |
Cash, cash equivalents and restricted cash | $ | 30,624,000 |  |  | $ | 15,908,000 |  |  |

S ee accompanying notes to consolidated financial statements
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Note 1. Business and Organization
The Company is a fully-integrated REIT that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers, predominantly located in the Northeast. At December 31, 2024, the Company owned a portfolio of 16 properties. Six of these properties are located in Pennsylvania, three in Massachusetts, three in New Jersey, two in Connecticut, one in Maryland and one in Virginia.
The Company, organized as a Maryland corporation, has established an umbrella partnership structure through the contribution of substantially all of its assets to the Operating Partnership, organized as a limited partnership under the laws of Delaware. The Operating Partnership is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2024, the Company, which is a subsidiary of WHLR, owned a 100.0% interest in, and was the sole general partner of, the Operating Partnership.
As used herein, the "Company" refers to Cedar Realty Trust, Inc. and its subsidiaries on a consolidated basis, including the Operating Partnership or, where the context so requires, Cedar Realty Trust, Inc. only.
Note 2. Summary of Significant Accounting Policies
Principles of Consolidation/Basis of Preparation
The consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, and its subsidiaries.
The accompanying financial statements are prepared on the accrual basis in accordance with GAAP, which requires management to make estimates and assumptions that affect the disclosure of contingent assets and liabilities, the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the periods covered by the financial statements. Actual results could differ from these estimates.
Certain prior year amounts in the consolidated financial statements and notes thereto have been reclassified to conform to current year presentation. These reclassifications had no effect on net income or loss.
Real Estate Investments
Real estate investments include costs of both acquired and constructed assets, and are carried at cost less accumulated depreciation. The provision for depreciation is calculated using the straight-line method based upon the estimated useful lives of the respective assets of between 3 and 40 years, with buildings being depreciated at the upper end of the range. Expenditures for betterments that substantially extend the useful lives of the assets are capitalized. Expenditures for maintenance, repairs, and betterments that do not substantially prolong the normal useful life of an asset are charged to operations as incurred.
The Company allocates the fair value of real estate acquired to land, buildings and improvements. In addition, the fair value of in-place leases is allocated to intangible lease assets and liabilities. The fair value of the tangible assets of an acquired property is determined by valuing the property as if it were vacant, which value is then allocated to land, buildings and improvements based on management's determination of the fair values of these assets. In valuing an acquired property's intangibles, factors considered by management include an estimate of carrying costs during the expected lease-up periods, such as real estate taxes, insurance, other operating expenses, and estimates of lost rental revenue during the expected lease-up periods based on its evaluation of current market demand. Management also estimates costs to execute similar leases, including leasing commissions, tenant improvements, legal and other related costs.
The values of acquired above market and below market leases are recorded based on the present values (using discount rates which reflect the risks associated with the leases acquired) of the differences between the contractual amounts to be received and management's estimate of market lease rates, measured over the terms of the respective leases that management deemed appropriate at the time of the acquisitions. Such valuations include consideration of the non-cancelable terms of the respective leases as well as any applicable renewal periods. The fair values associated with below market rental renewal options are determined based on the Company's experience and the relevant facts and circumstances that existed at the time of the acquisitions. The values of above market leases are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of below
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
market leases associated with the original non-cancelable lease terms are amortized to rental income over the terms of the respective non-cancelable lease periods. The portion of the values of the leases associated with below market renewal options that are likely of exercise are amortized to rental income over the respective renewal periods. The value of other intangible assets (including leasing commissions, tenant improvements, etc.) is amortized to expense over the applicable terms of the respective leases. If a lease were to be terminated prior to its stated expiration or not renewed, all unamortized amounts relating to that lease would be recognized in depreciation and amortization expense at that time.
Management reviews each real estate investment for impairment whenever events or circumstances indicate that the carrying value of a real estate investment may not be recoverable. The review of recoverability of real estate investments held for use is based on an estimate of the future cash flows that are expected to result from the real estate investment's use and eventual disposition. These cash flows consider factors such as expected future operating income, trends and prospects, as well as the effects of leasing demand, capital expenditures, competition and other factors. If an impairment event exists due to the projected inability to recover the carrying value of a real estate investment, an impairment loss is recorded to the extent that the carrying value exceeds estimated fair value.
Properties Held for Sale
The Company may decide to sell properties that are held for use. The Company records these properties as held for sale when management has committed to a plan to sell the assets, actively seeks a buyer for the assets, and the consummation of the sale is considered probable and is expected within one year.
The carrying values of the assets and liabilities of properties determined to be held for sale, principally the net book values of the real estate and the related mortgage loans payable expected to be assumed by the buyers, are reclassified as "held for sale" on the Company's consolidated balance sheets at the time such determinations are made, on a prospective basis only.
The Company, when applicable, conducts a continuing review of the values for all properties "held for sale" based on estimated sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts less costs to sell for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow analyses, if no contract amounts are being negotiated, or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Properties meeting the "held for sale" criteria, are written down to the lower of their carrying value and estimated fair values less costs to sell.
The Company follows the guidance for reporting discontinued operations, whereby a disposal of an individual property or group of properties is required to be reported in "discontinued operations" only if the disposal represents a strategic shift that has, or will have, a major effect on the Company's operations and financial results. The results of operations for those properties not meeting such criteria are reported in "continuing operations" in the consolidated statements of operations.
Cash and Cash Equivalents / Restricted Cash
Cash and cash equivalents consist of cash in banks and short-term investments with original maturities when purchased of less than ninety days.
The terms of the secured term loans may require the Company to deposit certain replacement and other reserves with its lenders. Such "restricted cash" is generally available only for property-level requirements for which the reserves have been established. Restricted cash represents amounts held by lenders for real estate taxes, insurance, reserves for capital improvements, leasing costs and tenant security deposits.
Fair Value Measurements
The accounting guidance for fair value measurement establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three levels:
•Level 1 – Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
•Level 2 – Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
•Level 3 – Inputs to the valuation methodology are unobservable and significant to the fair value measurement.
The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible while also considering counterparty credit risk in the assessment of fair value.
Revenue Recognition and Receivables
The Company's underlying assets relating to rental revenue activity is solely retail space. The Company retains substantially all of the risks and benefits of ownership of these underlying assets and accounts for these leases as operating leases. The Company combines lease and nonlease components in lease contracts, which includes combining base rent and tenant reimbursement revenue.
Rental income with scheduled rent increases is recognized using the straight-line method over the respective non-cancelable terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over the contractual base rents is included in receivables on the consolidated balance sheets. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred, generally attributable to their respective allocable portions of gross leasable area. Such income is recognized in the periods earned. In addition, a limited number of operating leases contain contingent rent provisions under which tenants are required to pay, as additional rent, a percentage of their sales in excess of a specified amount. The Company defers recognition of contingent rental income until those specified sales targets are met.
The Company's leases generally require the tenant to reimburse the Company for a substantial portion of its expenses incurred in operating, maintaining, repairing, insuring and managing the shopping center and common areas (collectively defined as Common Area Maintenance or "CAM" expenses). This significantly reduces the Company's exposure to increases in costs and operating expenses resulting from inflation or other outside factors. These reimbursements are considered nonlease components which the Company combines with the lease component. The Company calculates the tenant's share of operating costs by multiplying the total amount of the operating costs by the tenant's pro-rata percentage of square footage to total square footage of the property. The Company also receives monthly payments for these reimbursements from substantially all its tenants throughout the year. The Company recognizes tenant reimbursements as variable lease income as such expenses are reimbursed.
The Company defers recognition of contingent rental income until those specified sales targets are met. Revenues also include items such as lease termination fees, which tend to fluctuate more than rents from year to year. Termination fees are fees that the Company has agreed to accept in consideration for permitting certain tenants to terminate their lease prior to the contractual expiration. The Company recognizes lease termination fees, which are included in revenues on the consolidated statements of operations, in the year that the lease is terminated and collection of the fee is reasonably assured. Upon early lease termination, the Company records losses related to unrecovered deferred costs and other assets, net.
The Company determines an allowance for the uncollectible portion of accrued rents and accounts receivable based upon customer credit-worthiness (including expected recovery of a claim with respect to any tenants in bankruptcy), historical bad debt levels, and current economic trends. Bad debt expense is recorded as a reduction of rental revenues in the Company's consolidated statements of operations.
Segment Information
The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The Company's primary business is the ownership and operation of grocery-anchored shopping centers. The CODM reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The CODM uses net operating income ("NOI") to assist in making decisions on how to allocate resources and assess the Company's financial performance. The Company defines NOI as revenues (rental and other revenues), less real estate and other property-related taxes, insurance and property operating expenses. CAM expenses, utilities, ground rent and management fees are reviewed by the CODM collectively as property operating expenses. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in similar markets, and have similar tenant mixes.
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
The following tables provide information about the Company's segment revenues, significant segment expenses, NOI and a reconciliation of NOI to the Company’s consolidated operating income:

| Years ended December 31,
| 2024 |  | 2023
Revenues | $ | 34,548,000 |  |  | $ | 34,632,000 |
Operating expenses: |  |  |
Real estate and other property-related taxes | 5,140,000 |  |  | 5,425,000 |
Insurance | 1,008,000 |  |  | 929,000 |
Property operating expenses | 7,178,000 |  |  | 6,799,000 |
Total | 13,326,000 |  |  | 13,153,000 |
NOI | $ | 21,222,000 |  |  | $ | 21,479,000 |

| Years ended December 31,
| 2024 |  | 2023
NOI | $ | 21,222,000 |  |  | $ | 21,479,000 |
Add (deduct): |  |  |
Corporate general and administrative | (2,304,000) |  |  | (3,192,000) |
Depreciation and amortization | (8,680,000) |  |  | (10,918,000) |
Gain on sales, net | 4,472,000 |  |  | 2,662,000 |
Impairment charges | (1,064,000) |  |  | — |
Operating income | $ | 13,646,000 |  |  | $ | 10,031,000 |

Lease Commitments
The Company determines if an arrangement is a lease at inception. Operating leases, in which the Company is the lessee, are included in deferred costs and other assets, net, and accounts payable, accrued expenses, and other liabilities on the Company's consolidated balance sheets.
Right-of-use ("ROU") assets represent the right to use an underlying asset for the lease term and the lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company's leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU assets include any lease payments made and excludes lease incentives. The Company's lease terms may include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
The Company combines lease and associated nonlease components. The lease components are the majority of its leasing arrangements and the Company accounts for the combined component as an operating lease. In the event the Company modifies existing ground leases or enters into new ground leases, such leases may be classified as finance leases.
Income Taxes
The Company, organized in 1984, has elected to be taxed as a REIT under the Code. A REIT will generally not be subject to federal income taxation on that portion of its income that qualifies as REIT taxable income, to the extent that it distributes at least 90% of such REIT taxable income to its stockholders and complies with certain other requirements. As of December 31, 2024, the Company was in compliance with all REIT requirements.
The Company follows a two-step approach for evaluating uncertain federal, state and local tax positions. Recognition (step one) occurs when an enterprise concludes that a tax position, based solely on its technical merits, is more-likely-than-not to be sustained upon examination. Measurement (step two) determines the amount of benefit that more-likely-than-not will be realized upon settlement. Derecognition of a tax position that was previously recognized would occur when a company subsequently determines that
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
a tax position no longer meets the more-likely-than-not threshold of being sustained. The Company has not identified any uncertain tax positions which would require an accrual.
The Company’s tax returns are subject to audit by taxing authorities. Generally, as of December 31, 2024, the tax years 2021 through 2023 remain open to examination by the major taxing jurisdictions in which the Company is subject to taxes. One of the Company’s subsidiary entities is currently under an Internal Revenue Service audit for tax year 2022. The Company does not expect this audit to result in any material changes to the Company’s financial position.
Supplemental Consolidated Statements of Cash Flows Information

| Years ended December 31,
| 2024 |  | 2023 |  |
Supplemental disclosure of cash activities: |  |  |  |  |
Cash paid for interest | $ | 8,304,000 |  |  | $ | 7,495,000 |  |  |
Supplemental disclosure of non-cash activities: |  |  |  |  |
Buildings and improvements included in accounts payable, accrued expenses, and other liabilities | $ | 264,000 |  |  | $ | 136,000 |  |  |

Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Disclosures." The amendments in this ASU enhance disclosures of the reportable segments, including entities with a single reportable segment. Additional disclosures include providing one or more measure of profit or loss that is regularly used by the CODM and disclosure of the title and position of the CODM. The guidance is effective for fiscal years beginning after December 15, 2023. We adopted this guidance effective for the Company's annual reporting period beginning on January 1, 2024. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements
Other accounting standards that have been recently issued or proposed by the FASB or other standard-setting bodies are not currently applicable to the Company or are not expected to have a significant impact on the Company’s financial position, results of operations and cash flows.
Note 3. Real Estate
A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's secured term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership.
The Company's depreciation expense on real estate assets was $7.7 million and $10.0 million for 2024 and 2023, respectively.
Dispositions
The Company sold the following properties during the years ended December 31, 2024 and 2023:

Disposal Date |  | Property |  | Contract Price |  | Gain (Loss) |  | Net Proceeds
12/26/2024 |  | South Philadelphia retail center |  | $ | 21,000,000 |  |  | $ | 3,187,000 |  |  | $ | 16,736,000 |
11/27/2024 |  | Brickyard Plaza land parcel |  | 1,150,000 |  |  | (363,000) |  |  | 1,050,000 |
9/12/2024 |  | Kings Plaza |  | 14,200,000 |  |  | 1,703,000 |  |  | 13,746,000 |
6/26/2024 |  | Oakland Commons |  | 6,000,000 |  |  | (55,000) |  |  | 5,662,000 |
7/11/2023 |  | Carll's Corner outparcel building |  | 3,000,000 |  |  | 2,662,000 |  |  | 2,759,000 |

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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Impairments
During the year ended December 31, 2024, the Company recorded impairment charges of approximately $1.1 million on Oregon Avenue, located in Philadelphia, Pennsylvania. There were no impairment charges for the year ended December 31, 2023. These impairment charges are included in operating income in the accompanying consolidated statements of operations.
Note 4. Fair Value Measurements
The carrying amounts of cash and cash equivalents, restricted cash, receivables, deferred costs and other assets, accounts payable, accrued expenses and other liabilities, due to WHLR and below market lease intangibles approximate their fair value due to their terms and/or short-term nature.
The fair value of the Company's fixed rate secured term loans were estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with similar terms and maturities. As of December 31, 2024 and 2023, the fair value of the Company's fixed rate secured term loans, which were determined to be Level 3 within the valuation hierarchy, was $141.1 million and $131.4 million, respectively, and the carrying value of such loans, was $143.0 million and $140.5 million, respectively.
Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for sale, which, if applicable, are measured on a nonrecurring basis, and have been determined to be (1) Level 2 within the valuation hierarchy, where applicable, based on the respective contracts of sale, adjusted for closing costs and expenses, or (2) Level 3 within the valuation hierarchy, where applicable, based on estimated sales prices, adjusted for closing costs and expenses, determined by discounted cash flow analyses, income capitalization analyses or a sales comparison approach if no contracts had been concluded. The discounted cash flow and income capitalization analyses include all estimated cash inflows and outflows over a specific holding period and, where applicable, any estimated debt premiums. These cash flows were composed of unobservable inputs which included forecasted rental revenues and expenses based upon existing in-place leases, market conditions and expectations for growth. Capitalization rates and discount rates utilized in these analyses were based upon observable rates that the Company believed to be within a reasonable range of current market rates for the respective properties. The sales comparison approach is utilized for certain land values and includes comparable sales that were completed in the selected market areas. The comparable sales utilized in these analyses were based upon observable per acre rates that the Company believes to be within a reasonable range of current market rates for the respective properties.
For the year ended December 31, 2024, the Company recorded impairments of $1.1 million related to Oregon Avenue, located in Philadelphia, Pennsylvania. These charges are included in impairment charges in the consolidated statement of operations. The fair value of the assets was determined to be Level 2. Such assets have an aggregate fair value of $2.6 million as of December 31, 2024.
Note 5. Concentration of Credit Risk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents in excess of insured amounts and tenant receivables. The Company places its cash and cash equivalents with high quality financial institutions. Management performs ongoing credit evaluations of its tenants and requires certain tenants to provide security deposits and/or suitable guarantees.
There were no tenants that accounted for an aggregate of more than 10% of the Company's total revenues during 2024 and 2023.
For the year ended December 31, 2024, three properties constitute approximately 37.5% of the Company's revenues in the aggregate. For the year ended December 31, 2023, one property constitutes approximately 14.6% of the Company's revenues in the aggregate.
The Company's properties are located largely in the Northeast, which exposes it to greater economic risks than if the properties it owned were located in a greater number of geographic regions (in particular, 6 of the Company's properties are located in Pennsylvania).
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Note 6. Receivables, net
Receivables, net are composed of the following:

| December 31,
| 2024 |  | 2023
Rents and other receivables, net | $ | 1,540,000 |  |  | $ | 1,894,000 |
Straight-line rents, net | 4,115,000 |  |  | 4,463,000 |
| $ | 5,655,000 |  |  | $ | 6,357,000 |

As of December 31, 2024 and 2023, the Company's allowance for uncollectible tenant receivables totaled $0.3 million and $0.5 million, respectively.
Note 7. Deferred Costs and Other Assets, net
Deferred costs and other assets, net, are composed of the following:

| December 31,
| 2024 |  | 2023
Lease origination costs | $ | 4,471,000 |  |  | $ | 5,501,000 |
Right-of-use assets | 2,024,000 |  |  | 2,059,000 |
Prepaid expenses | 1,872,000 |  |  | 1,504,000 |
Other | 125,000 |  |  | 77,000 |
Total other assets and deferred charges, net | $ | 8,492,000 |  |  | $ | 9,141,000 |

Deferred costs are amortized over the terms of the related agreements. Amortization expense related to deferred costs amounted to $1.0 million and $1.0 million for 2024 and 2023, respectively. The unamortized balances of deferred lease origination costs is net of accumulated amortization of $7.6 million and $10.7 million at December 31, 2024 and 2023, respectively. Deferred lease origination costs will be charged to future operations as follows:

| Lease origination costs
2025 | $ | 748,000 |
2026 | 716,000 |
2027 | 665,000 |
2028 | 556,000 |
2029 | 450,000 |
Thereafter | 1,336,000 |
| $ | 4,471,000 |

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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Note 8. Loans Payable, net
The Company's loans payable are collateralized by 13 properties at December 31, 2024 and 2023 and are composed of the following:

|  |  |  | December 31, 2024 |  | December 31, 2023
Description |  | Maturity dates |  | Balance outstanding |  | Contractual interest rates weighted-average |  | Balance outstanding |  | Contractual interest rates weighted-average
Fixed-rate secured term loans: |  |  |  |  |  |  |  |  |  |
Timpany Plaza |  | Sep 2028 |  | $ | 11,527,000 |  |  | 7.3% |  | $ | 9,060,000 |  |  | 7.3%
Term loan, 10 properties |  | Nov 2032 |  | 109,571,000 |  |  | 5.3% |  | 110,000,000 |  |  | 5.3%
Patuxent Crossing/Coliseum Marketplace |  | Jan 2033 |  | 25,000,000 |  |  | 6.4% |  | 25,000,000 |  |  | 6.4%
|  |  |  | 146,098,000 |  |  | 5.6% |  | 144,060,000 |  |  | 5.6%
Unamortized issuance costs |  |  |  | (3,137,000) |  |  |  |  | (3,566,000) |  |  |
|  |  |  | $ | 142,961,000 |  |  |  |  | $ | 140,494,000 |  |  |

Term Loan Agreement, 10 properties
On October 28, 2022, the Company entered into a term loan agreement with Guggenheim Real Estate, LLC for $110.0 million at a fixed rate of 5.25% with interest-only payments due monthly (the "Term Loan Agreement, 10 properties"). Wheeler REIT, L.P. provided a limited recourse indemnity in connection with such loan and includes certain financial covenants. Commencing on December 10, 2027, until the maturity date of November 10, 2032, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. The Term Loan Agreement, 10 properties is collateralized by 10 properties, consisting of Brickyard Plaza, Fairview Commons, Gold Star Plaza, Golden Triangle, Hamburg Square, Pine Grove Plaza, Southington Center, Trexler Mall, Washington Center and Webster Commons. Upon the 2024 disposition of a vacant land parcel at Brickyard Plaza, the Company paid down approximately $0.4 million to release the land parcel from collateral.
Patuxent Crossing/Coliseum Marketplace Loan Agreement
On December 21, 2022, the Company entered into a term loan agreement with Citi Real Estate Funding Inc. for $25.0 million at a fixed rate of 6.35% with interest-only payments due monthly through maturity on January 6, 2033 (the "Patuxent Crossing/Coliseum Marketplace Loan Agreement"). The Patuxent Crossing/Coliseum Marketplace Loan Agreement is collateralized by 2 properties, consisting of Patuxent Crossing and Coliseum Marketplace.
Timpany Plaza Loan Agreement
On September 12, 2023, the Company entered into a term loan agreement with Cornerstone Bank for $11.56 million at a fixed rate of 7.27% with interest-only payments due monthly for the first twelve months (the "Timpany Plaza Loan Agreement"). Commencing on September 12, 2024, until the maturity date of September 12, 2028, monthly principal and interest payments will be made based on a 30-year amortization schedule calculated based on the principal amount as of that time. On the closing date, the Company received $9.06 million of the $11.56 million and the remaining $2.5 million was received in 2024, upon the satisfaction of certain lease-related contingencies. The Timpany Plaza Loan Agreement is collateralized by the Timpany Plaza shopping center.
Revolving Credit Agreement
On February 29, 2024, the Company entered into the Revolving Credit Agreement. The interest rate under the Revolving Credit Agreement was the daily SOFR, plus applicable margins of 0.10% plus 2.75%. Interest payments were due monthly, and any outstanding principal was due at maturity on February 28, 2025. The Revolving Credit Agreement was collateralized by 6 properties, consisting of Carll's Corner, Fieldstone Marketplace, Oakland Commons, Kings Plaza, Oregon Avenue and South Philadelphia, and proceeds were used for capital expenditures and tenant improvements for such properties. Upon the dispositions of Oakland Commons and Kings Plaza, the properties were released from collateral, the outstanding borrowings were repaid and the Revolving Credit Agreement was closed on September 12, 2024.
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Scheduled Principal Payments
Scheduled principal payments on secured term loans at December 31, 2024, due on various dates through 2033, are as follow:

2025 | $ | 112,000 |
2026 | 121,000 |
2027 | 258,000 |
2028 | 12,647,000 |
2029 | 1,581,000 |
Thereafter | 131,379,000 |
| $ | 146,098,000 |

Note 9. Intangible Lease Asset/Liability
Unamortized intangible lease liabilities that relate to below market leases amounted to $1.3 million and $2.7 million at December 31, 2024 and 2023, respectively.
The unamortized balance of intangible lease liabilities at December 31, 2024 is net of accumulated amortization of $15.2 million, and will be credited to future operations as follows:

2025 | $ | 181,000 |
2026 | 181,000 |
2027 | 181,000 |
2028 | 181,000 |
2029 | 181,000 |
Thereafter | 360,000 |
| $ | 1,265,000 |

Note 10. Commitments and Contingencies
Lease Commitments
Following the sale of Oakland Commons, including the related ground lease thereon, the Company is a lessee under one ground lease agreement at December 31, 2024. As of December 31, 2024, the Company's remaining lease term is approximately 46.4 years, and the discount rate used to calculate the Company's lease liability is approximately 8.6%. Rent expense under the Company's ground lease and executive office lease agreements was approximately $0.2 million and $0.2 million for 2024 and 2023, respectively.
The following table represents a reconciliation of the Company's undiscounted future minimum lease payments for its ground lease agreement applicable to lease liabilities as of December 31, 2024:

2025 | $ | 177,000 |
2026 | 177,000 |
2027 | 177,000 |
2028 | 177,000 |
2029 | 177,000 |
Thereafter | 7,314,000 |
Total undiscounted future minimum lease payments | 8,199,000 |
Future minimum lease payments, discount | (6,175,000) |
Lease liabilities | $ | 2,024,000 |

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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Insurance
The Company carries comprehensive liability, property, fire, flood, wind, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio under an insurance policy, in addition to other coverages, such as trademark and pollution coverage that may be appropriate for certain of its properties. Additionally, the Company carries a directors', officers', entity and employment practices liability insurance policy that covers such claims made against the Company and its directors and officers. The Company believes the policy specifications and insured limits are appropriate and adequate for its properties and the other covered items given the relative risk of loss, the cost of the coverage, requirements from any and all lenders and general industry practice; however, its insurance coverage may not be sufficient to fully cover losses.
Regulatory and Environmental
As the owner of the buildings on our properties, the Company could face liability for the presence of hazardous materials (e.g., asbestos or lead) or other adverse conditions (e.g., poor indoor air quality) in its buildings. Environmental laws govern the presence, maintenance, and removal of hazardous materials in buildings, and if the Company does not comply with such laws, it could face fines for such noncompliance. Also, the Company could be liable to third parties (e.g., occupants of the buildings) for damages related to exposure to hazardous materials or adverse conditions in its buildings, and the Company could incur material expenses with respect to abatement or remediation of hazardous materials or other adverse conditions in its buildings. In addition, some of the Company's tenants routinely handle and use hazardous or regulated substances and wastes as part of their operations at our properties, which are subject to regulation. Such environmental and health and safety laws and regulations could subject the Company or its tenants to liability resulting from these activities. Environmental liabilities could affect a tenant's ability to make rental payments to the Company, and changes in laws could increase the potential liability for noncompliance. This may result in significant unanticipated expenditures or may otherwise materially and adversely affect the Company's operations. The Company is not aware of any material contingent liabilities, regulatory matters or environmental matters that may exist.
Litigation
The Company is involved in various legal proceedings in the ordinary course of its business, including, but not limited to commercial disputes. The Company believes that such litigation, claims and administrative proceedings will not have a material adverse impact on its financial position or its results of operations. The Company records a liability when it considers the loss probable and the amount can be reasonably estimated.
On September 4, 2024, the United States Court of Appeals for the Fourth Circuit affirmed the United States District Court for the District of Maryland's order dismissing the consolidated complaints in the Sydney, et al. v. Cedar Realty Trust, Inc., et al., (Case No. C-15-CV-22-001527) and Kim v. Cedar Realty Trust, Inc., et al., Civil Action No. 22-cv-01103 lawsuits, and the matters are now concluded.
Note 11. Shareholders' Equity
Preferred Stock
The Company's Series B Preferred Stock has no stated maturity, is not convertible into any other security of the Company, and is redeemable, in whole or in part, at the Company's option beginning May 22, 2017 at a price of $25.00 per share plus accrued and unpaid distributions.
The Company's Series C Preferred Stock has no stated maturity, is not convertible into any other security of the Company, and is redeemable at the Company's option beginning August 24, 2022 at a price of $25.00 per share plus accrued and unpaid distributions.
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
The Company is authorized to issue up to 12,500,000 shares of preferred stock, in the aggregate. The following tables summarize details about the Company's preferred stock:

| Series B Preferred Stock |  | Series C Preferred Stock |  |  |  |
Par value | $ | 0.01 |  |  | $ | 0.01 |  |  |  |  |
Liquidation value | $ | 25.00 |  |  | $ | 25.00 |  |  |  |  |
| December 31, 2024 |  | December 31, 2023
| Series B Preferred Stock |  | Series C Preferred Stock |  | Series B Preferred Stock |  | Series C Preferred Stock
Shares authorized | 6,050,000 |  |  | 6,450,000 |  |  | 6,050,000 |  |  | 6,450,000 |
Shares issued and outstanding | 1,449,609 |  |  | 4,208,694 |  |  | 1,449,609 |  |  | 5,000,000 |
Balance | $ | 34,767,000 |  |  | $ | 105,027,000 |  |  | $ | 34,767,000 |  |  | $ | 124,774,000 |

Dividends
The following table provides a summary of dividends declared and paid per share:

| Years ended December 31,
| 2024 |  | 2023
Series B Preferred Stock | $ | 1.8125 |  |  | $ | 1.8125 |
Series C Preferred Stock | $ | 1.6250 |  |  | $ | 1.6250 |

At December 31, 2024 and 2023, there were $1.1 million and $1.2 million, respectively, of accrued preferred stock dividends that are included in accounts payable, accrued expenses, and other liabilities in the consolidated balance sheets.
Stock Repurchase Program
On August 8, 2024, the Board of Directors authorized the Repurchase Program. The timing, price and actual number of shares of Preferred Stock repurchased under the Repurchase Program will depend on a variety of factors, including price, market conditions and regulatory requirements. The repurchases may be made in the open market, in privately negotiated transactions or by other means, as determined by management. The Company is not required to repurchase any shares of Preferred Stock under the Repurchase Program.
On September 19, 2024, in anticipation of the September 2024 Tender Offer, the Company ceased Preferred Stock repurchases. On November 12, 2024, the Company recommenced Preferred Stock repurchases following the expiration of the September 2024 Tender Offer. On December 20, 2024, in anticipation of the December 2024 Tender Offer, the Company ceased Preferred Stock repurchases.
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
The following table provides a summary of stock repurchase activity under the Repurchase Program. There were no repurchases of the Series B Preferred Stock during the year ended December 31, 2024.

Series C Preferred Stock |  |  |  |  |
| Total Number of Shares Purchased |  | Weighted Average Price Paid per Share |  | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs (1)
Balance, December 31, 2023 | — |  |  | $ | — |  |  | $ | — |
For the year ended December 31, 2024 | 102,636 |  |  | $ | 13.54 |  |  | 8,609,000 |
Balance, December 31, 2024 | 102,636 |  |  | $ | 13.54 |  |  | $ | 8,609,000 |

(1)Reflects the dollar value of shares that may yet be repurchased under the Repurchase Program announced on August 12, 2024.
Tender Offers
On September 25, 2024, the Company announced and commenced the September 2024 Tender Offer, and upon its expiration on October 24, 2024, the Company accepted for purchase 688,670 shares of its Series C Preferred Stock at $14.00 per share for approximately $9.6 million, which included 45,813 shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series C Preferred Stock.
On December 27, 2024, the Company announced and commenced the December 2024 Tender Offer. Following the expiration of the December 2024 Tender Offer on January 28, 2025, the Company accepted for purchase 645,276 shares of its Series C Preferred Stock at $15.75 per share for approximately $10.2 million. See Note 15, Subsequent Events.
In 2024, the Company recognized a $7.6 million deemed contribution in relation to the Stock Repurchase Program and the Tender Offers, which represents the difference between the carrying value of the Series C Preferred Stock and the amounts paid in conjunction with the Stock Repurchase Program and the Tender Offers. The deemed contribution is included in the consolidated statement of operations to arrive at net income attributable to common shareholders.
Note 12. Revenues
Revenues are comprised of the following:

| Years ended December 31,
| 2024 |  | 2023
Base rents | $ | 23,992,000 |  |  | $ | 23,902,000 |
Expense recoveries - variable lease revenue | 8,254,000 |  |  | 7,705,000 |
Percentage rent - variable lease revenue | 460,000 |  |  | 479,000 |
Straight-line rents | 288,000 |  |  | 1,208,000 |
Above (below) market lease amortization, net | 226,000 |  |  | 336,000 |
Other | 1,400,000 |  |  | 645,000 |
| 34,620,000 |  |  | 34,275,000 |
Credit adjustments on operating lease receivables | (72,000) |  |  | 357,000 |
Total revenues | $ | 34,548,000 |  |  | $ | 34,632,000 |

The Company reviews the collectability of charges under its tenant operating leases on a regular basis, taking into consideration changes in factors such as the tenant's payment history, the financial condition of the tenant, business conditions in the industry in which the tenant operates and economic conditions in the area where the property is located. In the event that collectability with respect to any tenant changes, the Company recognizes an adjustment to rental income. The Company's review of collectability of charges under its operating leases includes any accrued rental revenues related to the straight-line method of reporting rental revenue.
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024
Annual future base rents due to be received under non-cancelable operating leases in effect at December 31, 2024 are approximately as follows:

2025 | $ | 22,357,000 |
2026 | 22,224,000 |
2027 | 20,256,000 |
2028 | 16,331,000 |
2029 | 13,347,000 |
Thereafter | 44,968,000 |
| $ | 139,483,000 |

Total future minimum rents do not include expense recoveries for real estate taxes and operating costs, or percentage rents based upon tenants' sales volume. Such amounts do not include amortization of intangible lease assets or liabilities.
Note 13. Earnings Per Share
Basic earnings per share ("EPS") is calculated by dividing net income (loss) attributable to the Company's common shareholders by the weighted average number of common shares outstanding for the period. The following table provides a reconciliation of the numerator and denominator of the EPS calculations:

| Years ended December 31,
| 2024 |  | 2023
Numerator |  |  |
Net income | $ | 4,545,000 |  |  | $ | 2,007,000 |
Preferred stock dividends | (10,295,000) |  |  | (10,752,000) |
Deemed contribution related to preferred stock repurchases | 7,629,000 |  |  | — |
Net income (loss) attributable to common shares | $ | 1,879,000 |  |  | $ | (8,745,000) |
Denominator |  |  |
Weighted average number of common shares outstanding | 13,718,169 |  |  | 13,718,169 |
Net income (loss) per common share attributable to common shareholders | $ | 0.14 |  |  | $ | (0.64) |

Note 14. Related Party Transactions
The Company is a subsidiary of WHLR. WHLR performs property management and leasing services for the Company pursuant to that certain Wheeler Real Estate Company Management Agreement entered into in August 2022 by and between Wheeler Real Estate LLC, a wholly-owned subsidiary of WHLR, and the Company and its subsidiaries (the "Wheeler Real Estate Company Management Agreement"). The management fee is 4% of gross operating income, and leasing commissions range from 3% to 6%. During the years ended December 31, 2024 and 2023, the Company paid WHLR $1.4 million and $2.1 million, respectively, for these services. The Operating Partnership and WHLR's operating partnership, Wheeler REIT, L.P., are party to the Cost Sharing Agreement. The related party amounts due to WHLR are comprised of:
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Cedar Realty Trust, Inc.
Notes to Consolidated Financial Statements
December 31, 2024

| December 31,
| 2024 |  | 2023
Financings and real estate taxes | $ | 7,166,000 |  |  | $ | 7,166,000 |
Management fees | 634,000 |  |  | 225,000 |
Leasing commissions | 548,000 |  |  | 161,000 |
Cost Sharing Agreement allocations (1) | 800,000 |  |  | 548,000 |
Transaction fees | 343,000 |  |  | — |
Other | — |  |  | (6,000) |
Total | $ | 9,491,000 |  |  | $ | 8,094,000 |

(1)Includes allocations for executive compensation and directors and officers liability insurance.
Note 15. Subsequent Events
Dividends
On January 30, 2025, the Company announced that the Board of Directors declared a dividend of $0.453125 and $0.406250 per share with respect to the Company's Series B Preferred Stock and Series C Preferred Stock, respectively. The dividends were paid on February 20, 2025 to shareholders of record on February 10, 2025.
December 2024 Tender Offer
On January 28, 2025, the December 2024 Tender Offer expired in accordance with its terms. An aggregate of 645,276 shares of Series C Preferred Stock were properly tendered and not properly withdrawn at or below the final purchase price of $15.75 per share. The Company accepted for purchase all shares of Series C Preferred Stock that were properly tendered and not properly withdrawn at or below the final purchase price.
The purchase price for the Series C Preferred Stock purchased in the December 2024 Tender Offer is approximately $10.2 million, excluding fees and expenses relating to the December 2024 Tender Offer. The shares purchased represent approximately 15.3% of the issued and outstanding Series C Preferred Stock as of January 30, 2025.
Webster Commons
On February 11, 2025, Cedar Realty Trust, Inc. sold Webster Commons, a 98,984 square foot retail center located in Webster, Massachusetts, for $14.5 million, resulting in $13.9 million in net proceeds, which includes a $9.1 million pay down of the Term Loan Agreement, 10 properties to release the property from collateral.
February 2025 Tender Offers
On February 21, 2025, the Company announced and commenced concurrent but separate offers to purchase up to an aggregate amount paid of $9.5 million of (i) up to 584,615 shares of Series C Preferred Stock for a purchase price of $16.25 per share, in cash, and (ii) up to 535,211 shares of Series B Preferred Stock for a purchase price of $17.75 per share, in cash, each less any applicable withholding taxes and without interest (the "February 2025 Tender Offers"). The February 2025 Tender Offers are intended to expire at 5:00 p.m., New York City time, on March 21, 2025, unless either Offer is earlier extended or terminated.
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Cedar Realty Trust, Inc.
Schedule II
Valuation and Qualifying Accounts

|  | Balance at |  | Charged to |  | Deductions |  | Balance at
|  | beginning |  | costs (recoveries) |  | from |  | end
Description |  | of year |  | and expense |  | reserves |  | of year
Allowance for doubtful accounts: |  |  |  |  |  |  |  |
Year ended December 31, 2024 |  | $ | 469,000 |  |  | $ | 72,000 |  |  | $ | (212,000) |  |  | $ | 329,000 |
Year ended December 31, 2023 |  | $ | 2,565,000 |  |  | $ | (357,000) |  |  | $ | (1,739,000) |  |  | $ | 469,000 |

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Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciati on

Property |  | Encumbrances |  | Gross leasable area |  | Initial cost to the Company |  | Subsequent cost capitalized (3)
|  |  | Land |  | Building and Improvements |
Brickyard Plaza |  | (1) |  | 227,598 |  |  | $ | 6,465,000 |  |  | $ | 29,119,000 |  |  | $ | (1,125,000) |
Carll's Corner |  |  |  | 116,532 |  |  | 3,034,000 |  |  | 15,293,000 |  |  | (13,357,000) |
Coliseum Marketplace |  | (2) |  | 106,648 |  |  | 2,924,000 |  |  | 14,416,000 |  |  | (2,383,000) |
Fairview Commons |  | (1) |  | 50,485 |  |  | 858,000 |  |  | 3,568,000 |  |  | 666,000 |
Fieldstone Marketplace |  |  |  | 193,836 |  |  | 5,229,000 |  |  | 21,440,000 |  |  | (1,705,000) |
Gold Star Plaza |  | (1) |  | 71,720 |  |  | 1,644,000 |  |  | 6,519,000 |  |  | (142,000) |
Golden Triangle |  | (1) |  | 202,790 |  |  | 2,320,000 |  |  | 9,713,000 |  |  | 12,754,000 |
Hamburg Square |  | (1) |  | 102,058 |  |  | 1,153,000 |  |  | 4,678,000 |  |  | 6,635,000 |
Oregon Avenue |  |  |  | — |  |  | 2,247,000 |  |  | 18,616,000 |  |  | (18,023,000) |
Patuxent Crossing |  | (2) |  | 264,068 |  |  | 14,849,000 |  |  | 18,445,000 |  |  | 1,835,000 |
Pine Grove Plaza |  | (1) |  | 79,306 |  |  | 2,010,000 |  |  | 6,489,000 |  |  | 1,218,000 |
South Philadelphia parcels |  |  |  | — |  |  | 2,128,000 |  |  | — |  |  | — |
Southington Center |  | (1) |  | 155,842 |  |  | — |  |  | 11,834,000 |  |  | 1,671,000 |
Timpany Plaza |  | $11,527,000 |  | 182,820 |  |  | 3,412,000 |  |  | 19,240,000 |  |  | (670,000) |
Trexler Mall |  | (1) |  | 342,541 |  |  | 6,932,000 |  |  | 32,815,000 |  |  | 12,701,000 |
Washington Center Shoppes |  | (1) |  | 157,300 |  |  | 2,061,000 |  |  | 7,314,000 |  |  | 6,857,000 |
Webster Commons |  | (1) |  | 98,984 |  |  | 3,551,000 |  |  | 18,412,000 |  |  | (2,366,000) |
Other |  | n/a |  | — |  |  | — |  |  | 564,000 |  |  | — |
Total Portfolio |  |  |  | 2,352,528 |  |  | $ | 60,817,000 |  |  | $ | 238,475,000 |  |  | $ | 4,566,000 |

|  | Gross amount at which carried at December 31, 2024 |  | Accumulated depreciation |  | Year built/ Year last renovated |  | Year acquired |  | Depreciation life
(continued) |  |  |  |  |
Property |  | Land |  | Building and improvements |  | Total |  |  |  |
Brickyard Plaza |  | $ | 6,465,000 |  |  | $ | 27,994,000 |  |  | $ | 34,459,000 |  |  | $ | 15,527,000 |  |  | 1990/2012 |  | 2004 |  | 3 - 40 years
Carll's Corner |  | 220,000 |  |  | 4,750,000 |  |  | 4,970,000 |  |  | 3,364,000 |  |  | 1960s-1999 |  | 2007 |  | 3 - 40 years
Coliseum Marketplace |  | 3,586,000 |  |  | 11,371,000 |  |  | 14,957,000 |  |  | 7,168,000 |  |  | 1987/2012 |  | 2005 |  | 3 - 40 years
Fairview Commons |  | 858,000 |  |  | 4,234,000 |  |  | 5,092,000 |  |  | 2,145,000 |  |  | 1976/2003 |  | 2007 |  | 3 - 40 years
Fieldstone Marketplace |  | 5,167,000 |  |  | 19,797,000 |  |  | 24,964,000 |  |  | 11,203,000 |  |  | 1988/2003 |  | 2005/2012 |  | 3 - 40 years
Gold Star Plaza |  | 1,644,000 |  |  | 6,377,000 |  |  | 8,021,000 |  |  | 3,165,000 |  |  | 1988 |  | 2006 |  | 3 - 40 years
Golden Triangle |  | 2,320,000 |  |  | 22,467,000 |  |  | 24,787,000 |  |  | 12,784,000 |  |  | 1960/2005 |  | 2003 |  | 3 - 40 years
Hamburg Square |  | 1,153,000 |  |  | 11,313,000 |  |  | 12,466,000 |  |  | 5,615,000 |  |  | 1993/2010 |  | 2004 |  | 3 - 40 years
Oregon Avenue |  | 2,141,000 |  |  | 699,000 |  |  | 2,840,000 |  |  | 202,000 |  |  | 2011 |  | 2016 |  | 3 - 40 years
Patuxent Crossing |  | 13,211,000 |  |  | 21,918,000 |  |  | 35,129,000 |  |  | 12,313,000 |  |  | 1985-1997 |  | 2009 |  | 3 - 40 years
Pine Grove Plaza |  | 1,622,000 |  |  | 8,095,000 |  |  | 9,717,000 |  |  | 4,154,000 |  |  | 2001/2002 |  | 2003 |  | 3 - 40 years
South Philadelphia parcels |  | 2,128,000 |  |  | — |  |  | 2,128,000 |  |  | — |  |  | n/a |  | 2003 |  | n/a
Southington Center |  | — |  |  | 13,505,000 |  |  | 13,505,000 |  |  | 6,968,000 |  |  | 1972/2000 |  | 2003 |  | 3 - 40 years
Timpany Plaza |  | 3,368,000 |  |  | 18,614,000 |  |  | 21,982,000 |  |  | 8,663,000 |  |  | 1970's-1989 |  | 2007 |  | 3 - 40 years
Trexler Mall |  | 6,932,000 |  |  | 45,516,000 |  |  | 52,448,000 |  |  | 22,400,000 |  |  | 1973/2013 |  | 2005 |  | 3 - 40 years
Washington Center Shoppes |  | 2,000,000 |  |  | 14,232,000 |  |  | 16,232,000 |  |  | 7,277,000 |  |  | 1979/1995 |  | 2001 |  | 3 - 40 years
Webster Commons |  | 4,082,000 |  |  | 15,515,000 |  |  | 19,597,000 |  |  | 8,503,000 |  |  | 1960's-2004 |  | 2007 |  | 3 - 40 years
Other |  | — |  |  | 564,000 |  |  | 564,000 |  |  | 247,000 |  |  | n/a |  | n/a |  | n/a
Total Portfolio |  | $ | 56,897,000 |  |  | $ | 246,961,000 |  |  | $ | 303,858,000 |  |  | $ | 131,698,000 |  |  |  |  |  |  |

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Cedar Realty Trust, Inc.
Schedule III
Real Estate and Accumulated Depreciati on
The changes in real estate and accumulated depreciation for the years ended December 31, 2024 and 2023, respectively, are as follows:

Cost |  | 2024 |  | 2023
Balance, beginning of the year |  | $ | 368,165,000 |  |  | $ | 364,110,000 |
Properties transferred to/from held for sale |  | — |  |  | — |
Disposals |  | (74,968,000) |  |  | (2,401,000) |
Property impairments |  | (1,064,000) |  |  | — |
Improvements and betterments |  | 11,725,000 |  |  | 6,456,000 |
Balance, end of the year |  | $ | 303,858,000 |  | (4) | $ | 368,165,000 |
Accumulated depreciation |  |  |  |
Balance, beginning of the year |  | $ | 166,489,000 |  |  | $ | 157,468,000 |
Properties transferred to/from held for sale |  | — |  |  | — |
Disposals |  | (42,501,000) |  |  | (945,000) |
Depreciation expense (5) |  | 7,710,000 |  |  | 9,966,000 |
Balance, end of the year |  | $ | 131,698,000 |  |  | $ | 166,489,000 |
Net book value |  | $ | 172,160,000 |  |  | $ | 201,676,000 |

(1)Properties secure the Term Loan Agreement, 10 properties.
(2)Properties secure the Patuxent Crossing/Coliseum Marketplace Loan Agreement.
(3)Negative amounts represent write-offs of fully depreciated assets, partial asset sales and impairments.
(4)At December 31, 2024, the aggregate cost for federal income tax purposes was approximately $78.9 million greater than the Company's recorded values.
(5)Depreciation is provided over the estimated useful lives of the buildings and improvements, which range from 3 to 40 years.
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Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure: None
Item 9A. Controls and Procedures
Disclosure Controls and Procedures
Our management, under the supervision and with the participation of our principal executive officer and principal financial officer, has evaluated the effectiveness of our disclosure controls and procedures in ensuring that the information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, including ensuring that such information is accumulated and communicated to our management, as appropriate, to allow timely decisions regarding required disclosure. Based on such evaluation, our principal executive officer and principal financial officer have concluded that, as of December 31, 2024, such disclosure controls and procedures were effective to provide reasonable assurance that information required to be disclosed by us in our filings under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the SEC's rules and forms and to provide reasonable assurance that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
Management Annual Report on Internal Control Over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting, as defined in rules promulgated under the Exchange Act, is a process designed by, or under the supervision of, our CEO and CFO and effected by our Board of Directors, management and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with GAAP. Internal control over financial reporting includes those policies and procedures that:
•pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets;
•provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our Board of Directors; and
•provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.
Our internal control over financial reporting is evaluated on a regular basis by personnel in our organization. The overall goals of these various evaluation activities are to monitor our internal control over financial reporting and to make modifications as necessary, as disclosure and internal controls are intended to be dynamic systems that change (including improvements and corrections) as conditions warrant.
Management conducted an assessment of the effectiveness of our company's internal control over financial reporting as of December 31, 2024, utilizing the framework established in "INTERNAL CONTROL-INTEGRATED FRAMEWORK" issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Based on this assessment, management has determined that our internal controls over financial reporting as of December 31, 2024 were effective.
All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
This Form 10-K does not include an attestation report of our independent registered public accounting firm regarding internal controls over financial reporting. Management's report was not subject to attestation by our independent registered public accounting firm in accordance with SEC rules.
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Item 9B. Other Information:
During the three months ended December 31, 2024, none of our officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any "non-Rule 10b5-1 trading arrangement," as defined in Item 408 of Regulation S-K.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections: Not applicable
Part III.
Item 10. Directors, Executive Officers and Corporate Governance
The affairs of the Company are managed by the Board of Directors. Directors are elected annually by WHLR, the Company's sole holder of its common stock, and serve until a successor has been elected or approved.
Code of Ethics and Governance Principles
The Company is operating under WHLR's Code of Business Conduct and Ethics and Corporate Governance Principles, each of which are available on our website, all under separate headings as allowed by the NYSE Governance Requirements. The Company will post any amendments to or waivers from its Code of Business Conduct and Ethics (to the extent applicable to the Company's Chief Executive Officer and Chief Financial Officer) on its website. The Code of Business Conduct and Ethics is available at ir.whlr.us under "Governance - Governance Documents."
Audit Committee Matters
The Company is relying on the general exemption to the requirement to have an audit committee provided in Exchange Act Rule 10A-3. WHLR satisfies the requirements of Rule 10A-3 with respect to its common stock listed on the Nasdaq Capital Market. The Company is 100% beneficially owned by WHLR. The Company has listed on the NYSE each of the two series of Preferred Stock. The Company's common stock is not listed.
Insider Trading Policy
The Company has adopted WHLR's Insider Trading Policy as applicable to our directors, officers, and employees, and has implemented processes for the Company that we believe are reasonably designed to promote compliance with insider trading laws, SEC rules and regulations, and the NYSE listing standards. A copy of WHLR's Insider Trading Policy is filed as Exhibit 19.1 to this Form 10-K.
Members of the Board of Directors
As of February 28, 2025, the members of the Board of Directors are identified below:

Directors
Kerry G. Campbell
E.J. Borrack
Paula J. Poskon
Gary Skoien
M. Andrew Franklin
Crystal Plum

Kerry G. Campbell
Chairman of the Board of Directors; Independent Director
Age — 59
Director since 2022
Kerry G. Campbell was appointed to the Board of Directors in August 2022 and serves as its Chair. Mr. Campbell also serves on the Board of Directors of WHLR. Mr. Campbell is the principal of a financial litigation and investment management consulting firm, Kerry Campbell LLC, where since February 2014, he has served as a financial expert witness for arbitrations and litigations, and
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provided consulting services to financial institutions and investors. His firm has been retained by institutional investors, high net worth investors and large global diversified financial institution.
Mr. Campbell received an M.B.A in Finance from the University of Chicago Booth Graduate School of Business and a Bachelor of Science in Finance summa cum laude from Fordham University Gabelli School of Business. Mr. Campbell is an Approved FINRA Dispute Resolution Arbitrator, a Chartered Financial Analyst®, a CERTIFIED FINANCIAL PLANNER™, an Accredited Investment Fiduciary Analyst™ and a Securities Experts Roundtable Member.
Mr. Campbell has been chosen as a director based on his 30 plus years of extensive and diverse financial industry experience, together with his experience as a financial expert witness on behalf of defendants and plaintiffs in arbitrations and litigations.
E.J. Borrack
Independent Director
Age — 60
Director since 2022
E.J. Borrack was appointed to the Board of Directors in August 2022. Ms. Borrack also serves on the Board of Directors of WHLR. Since 2013, she has been the General Counsel of The Stilwell Group, a group of private investment partnerships with a focus on activist investing in financially-related, small-cap companies. Previously, she was the Chief Compliance Officer of two SEC registered investment advisers. She was also the General Counsel of Wealthfront during that company's start-up phase. Prior to that, Ms. Borrack worked on complex commercial litigation matters as an associate at law firms in New York City and Philadelphia.
Ms. Borrack graduated from the University of Pennsylvania Law School and has a B.A. in English from the University of Pennsylvania.
Ms. Borrack has been chosen as a director based on her breadth of experience working on issues involving complex commercial litigation, regulatory compliance, securities regulation, and corporate governance.
Paula J. Poskon
Independent Director
Age — 60
Director since 2022
Paula J. Poskon was appointed to the Board of Directors in August 2022. Ms. Poskon is the President of STOV Advisory Services LLC ("STOV"), which offers professional consulting and advisory services to company executives and institutional investors in the areas of real estate, capital markets, investor relations, and diversity and inclusion. She founded STOV in July 2016. For the past 15 years of her two decades of capital markets experience, Ms. Poskon specialized in REITs.
Ms. Poskon graduated from the Wharton School at the University of Pennsylvania with a Bachelor of Science in Economics with a concentration in Accounting and a Master of Business Administration in Finance with a concentration in Strategic Management and considerable coursework in real estate finance.
Ms. Poskon has been chosen as a director based on her more than 20 years of capital markets experience in equity research and investment banking, the majority of which was focused on public REITs.
Gary Skoien
Independent Director
Age — 71
Director since 2025
Gary Skoien was appointed to the Board of Directors in January 2025. Mr. Skoien is Chairman of the Board, President, and Chief Executive Officer of Horizon Group Properties, Inc., the owner and developer of outlet shopping centers in seven states and developer of a master planned community in suburban Chicago. From 1993 to 2005, he served as Executive Vice President and Chief Operating Officer of The Prime Group ("PGI"). Prior to his role as COO of PGI, Mr. Skoien served as Senior Vice President and Chief Operating Officer of the Retail Division of PGI (Currently Prime Retail, Inc.) from 1992 to 1993. In this role, he oversaw strategic planning, development and management of the rapidly growing division. From 1983 to 1991, Mr. Skoien was the Executive Director of The Illinois Capital Development Board, and from 1980 to 1983, he was an Assistant to the Illinois Governor. Mr. Skoien is the former Chairman of the Board of Trustees of Northern Illinois University, former Vice Chairman of the Executive Committee of the
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Civic Federation, former member of the Board of Prime Retail, Inc. (NYSE: PRT), and served on the Board of Directors of the Chicagoland Chamber of Commerce.
Mr. Skoien received his A.B. cum laude from Colgate University and received his Master of Public Policy from the University of Michigan.
Mr. Skoien has been chosen as a director based on his more than 30 years of commercial real estate experience, most of which Mr. Skoien spent serving in senior executive roles in large commercial real estate companies.
M. Andrew Franklin and Crystal Plum
M. Andrew Franklin and Crystal Plum are also officers of the Company, and their biographies are included below. Mr. Franklin has been chosen as a director based on his extensive experience in the real estate industry and knowledge of WHLR, the Company’s parent. Ms. Plum has been chosen as a director based on her experience with corporate accounting and financial matters and her knowledge of WHLR.
Executive Officers
M. Andrew Franklin
Director, Chief Executive Officer and President since August 2022
Age — 44
M. Andrew Franklin was appointed as Chief Executive Officer and President and Director in August 2022, in connection with the consummation of the Company's merger with WHLR. He was also appointed as Chief Executive Officer and President of WHLR in 2021 and previously served as its Interim Chief Executive Officer since July 2021, Chief Operating Officer since February 2018, and Senior Vice President of Operations since January 2017. Mr. Franklin has over 23 years of commercial real estate experience. Mr. Franklin is a graduate of the University of Maryland, with a Bachelor of Science degree in Finance.
Crystal Plum
Director, Chief Financial Officer and Treasurer since August 2022
Age — 43
Crystal Plum was appointed as Chief Financial Officer, Treasurer and Director in August 2022, in connection with the consummation of the Company's merger with WHLR. She previously served as Corporate Secretary of the Company until November 2023. Ms. Plum was also appointed as Chief Financial Officer of WHLR in February 2020 and previously served as its Vice President of Financial Reporting and Corporate Accounting from March 2018 to February 2020 and as their Director of Financial Reporting from September 2016 to March 2018. Prior to that time, she served as Manager at Dixon Hughes Goodman LLP from September 2014 to August 2016 and as Supervisor at Dixon Hughes Goodman LLP from 2008 to September 2014. Ms. Plum has experience reviewing and performing audits, reviews, compilations and tax engagements for a diverse group of clients, as well as banking experience. Ms. Plum is a Certified Public Accountant and has a Bachelor of Science in Business Administration — Accounting and Finance from Old Dominion University.
Director Compensation
Directors who are employees or officers of our Company do not receive any compensation for their services. For fiscal year 2024, non-employee and non-officer directors were entitled to annual cash compensation in the amount of $50,000 for their services as directors, with an additional annual cash retainer of $40,000 for service as Chair, to be paid quarterly.
We reimburse each of our directors for his or her expenses incurred in connection with attendance at Board of Directors and committee meetings.
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The following table summarizes our directors' compensation for 2024:

Name |  | Fees Earned or Paid in Cash ($) |  | Stock Awards ($) (1) |  | All Other Compensation ($) |  | Total ($)
Kerry G. Campbell |  | 90,000 |  |  | — |  |  | — |  |  | 90,000 |
E.J. Borrack |  | 50,000 |  |  | — |  |  | — |  |  | 50,000 |
Paula J. Poskon |  | 50,000 |  |  | — |  |  | — |  |  | 50,000 |
Gary Skoien (2) |  | — |  |  | — |  |  | — |  |  | — |
M. Andrew Franklin |  | — |  |  | — |  |  | — |  |  | — |
Crystal Plum |  | — |  |  | — |  |  | — |  |  | — |

(1)As of December 31, 2024, none of the directors held any equity awards on account of their service on the Board of Directors.
(2)On January 13, 2025, the Board of Directors of WHLR, the sole common stockholder of the Company, voted to elect Mr. Skoien as a director of the Company.
Compliance with Section 16(a) of the Exchange Act
Section 16(a) of the Exchange Act requires the Company's directors, executive officers, and beneficial owners of more than 10% of our common stock to file reports with the SEC indicating their holdings of, and transactions in, the Company's equity securities. Based solely on a review of copies of these reports, we believe that all of our executive officers, directors, and 10% owners timely complied with all Section 16(a) filing requirements for fiscal 2024.
Material Changes to Director Nomination Procedures
There have been no material changes to the procedures by which stockholders may recommend nominees to the Board of Directors.
Item 11. Executive Compensation
Compensation Tables
Summary Compensation Table
The table below summarizes the total compensation for the fiscal years indicated paid or awarded to each of our named executive officers, calculated in accordance with SEC rules and regulations:

Name |  | Fiscal Year |  | Salary (1) ($) |  | Bonus (2) ($) |  | Stock Awards ($) |  | All Other Compensation ($) |  | Total ($)
M. Andrew Franklin (3) |  | 2024 |  | 137,000 |  |  | — |  |  | — |  |  | — |  |  | 137,000 |
Chief Executive Officer |  | 2023 |  | 159,000 |  |  | 70,000 |  |  | — |  |  | — |  |  | 229,000 |
and President |  |  |  |  |  |  |  |  |  |  |  |
Crystal Plum (3) |  | 2024 |  | 84,000 |  |  | — |  |  | — |  |  | — |  |  | 84,000 |
Chief Financial |  | 2023 |  | 99,000 |  |  | 44,000 |  |  | — |  |  | — |  |  | 143,000 |
Officer |  |  |  |  |  |  |  |  |  |  |  |

(1)Amounts shown for Mr. Franklin and Ms. Plum are salary allocations made from WHLR to the Company in accordance with the Cost Sharing Agreement.
(2)Amounts shown for Mr. Franklin and Ms. Plum are bonus allocations made from WHLR to the Company in accordance with the Cost Sharing Agreement.
(3)Mr. Franklin and Ms. Plum are compensated by WHLR.
Grants of Plan-Based Awards for Year Ended December 31, 2024
There were no grants of plan-based awards for the year ended December 31, 2024.
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Outstanding Equity Awards at Fiscal Year Ended December 31, 2024
There were no outstanding equity awards as of December 31, 2024.
Policies and Practices Related to the Grant of Certain Equity Awards
The Company currently does not plan to grant equity awards, including stock options, to officers, directors, employees, or service providers; accordingly, the Company does not have a formal policy in place with regard to the timing of awards of options in relation to the disclosure of material nonpublic information. The Company has not timed the disclosure of material nonpublic information to affect the value of executive compensation.
Potential Payments Upon Termination or Change in Control
Mr. Franklin and Ms. Plum
As of December 31, 2024, Mr. Franklin's employment agreement with WHLR provides for benefits upon a change in control of WHLR, which is the parent of the Company. In the event that Mr. Franklin terminates his employment with "Good Reason" following a "Change in Control" or is terminated by WHLR without "Cause" (as such terms are defined in his employment agreement) and such termination occurred within six months of a change in control, Mr. Franklin would generally be entitled to a lump sum payment equal to 2.99 times his annual base salary ($400,000), less mandatory deductions, payable within ninety calendar days of the termination (and, in the case of such a termination without Cause, a bonus amount based on any bonus determined by WHLR's Board of Directors and payable to other executives of WHLR during the twelve months after the change in control). In addition, Mr. Franklin would be entitled to health care coverage pursuant to COBRA at Mr. Franklin's expense for up to eighteen months.
As of December 31, 2024, Ms. Plum was not party to any arrangements with the Company or WHLR that provide for benefits payable upon a termination of employment or change in control. On August 13, 2024, Ms. Plum's employment agreement with WHLR expired by its terms, at which point she remained employed by WHLR on an "at will" basis.
Policies and Practices Related to the Grant of Certain Equity Awards
None.
Disclosure of Equity Awards Based on Material Nonpublic Information
None.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Based upon our records and the information reported in filings with the SEC, the following were beneficial owners of more than 5% of our shares of common stock as of February 28, 2025:

Name and Address of Beneficial Owner |  | Number of Shares Beneficially Owned |  | Percentage of Class Beneficially Owned (1)
Wheeler Real Estate Investment Trust, Inc. 2529 Virginia Beach Boulevard Virginia Beach, VA 23452 |  | 13,718,169 |  |  | 100.0 | %

(1)Based upon 13,718,169 shares of common stock outstanding on February 28, 2025. All beneficial ownership identified on this table is held by the beneficial owner with sole voting power and sole investment power.
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Name of NEO or Director |  | Number of Series B Shares Beneficially Owned |  | Percentage of Series B Shares Beneficially Owned |  | Number of Series C Shares Beneficially Owned |  | Percentage of Series C Shares Beneficially Owned
Kerry G. Campbell |  | — |  |  | * |  | — |  |  | *
E.J. Borrack |  | — |  |  | * |  | — |  |  | *
Paula J. Poskon |  | — |  |  | * |  | — |  |  | *
Gary Skoien |  | — |  |  | * |  | 3,407 |  |  | *
M. Andrew Franklin |  | 2,890 |  |  | * |  | 1,050 |  |  | *
Crystal Plum |  | — |  |  | * |  | — |  |  | *

*Less than 1%
The Company does not have any securities authorized for issuance under any equity compensation plans.
Item 13. Certain Relationships and Related Transactions, and Director Independence
Related Party Policies and Related Party Transactions
WHLR's Code of Business Conduct and Ethics requires that our directors and officers deal with the Company on an arms-length basis in any related party transaction. All transactions between us and any of our directors, named executive officers or other vice presidents, or between us and any entity in which any of our directors, named executive officers or other vice presidents is an officer or director or has an ownership interest, must be pre-approved by the Board of Directors.
The Company is a subsidiary of WHLR. WHLR performs property management and leasing services for the Company pursuant to the Wheeler Real Estate Company Management Agreement. The management fee is 4% of gross operating income, and leasing commissions range from 3% to 6%. During the years ended December 31, 2024 and 2023, the Company paid WHLR $1.4 million and $2.1 million, respectively, for these services. The Operating Partnership and WHLR's operating partnership, Wheeler REIT, L.P., are party to the Cost Sharing Agreement. The related party amounts due to WHLR are comprised of:

| December 31,
| 2024 |  | 2023
Financings and real estate taxes | $ | 7,166,000 |  |  | $ | 7,166,000 |
Management fees | 634,000 |  |  | 225,000 |
Leasing commissions | 548,000 |  |  | 161,000 |
Cost Sharing Agreement allocations (1) | 800,000 |  |  | 548,000 |
Transaction fees | 343,000 |  |  | — |
Other | — |  |  | (6,000) |
Total | $ | 9,491,000 |  |  | $ | 8,094,000 |

(1)Includes allocations for executive compensation and directors and officers liability insurance.
Determination of Director Independence
The Board of Directors currently consists of six members. The Chair of the Board of Directors is Kerry G. Campbell. The Board of Directors reviews the independence of each director yearly. During this review, the Board of Directors considers whether there are any transactions and relationships between any director (and his or her immediate family and affiliates) and the Company and its management that are inconsistent with a determination that the director is independent in light of applicable law and listing standards. The Company believes that under the applicable rules and regulations of the New York Stock Exchange, Mr. Campbell, Ms. Poskon, Mr. Skoien, and Ms. Borrack are independent. Mr. Franklin and Ms. Plum are not independent because they are officers of the Company.
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Item 14. Principal Accountant Fees and Services
The Company's independent registered public accounting firm was Cherry Bekaert LLP in 2023 and 2024. The following table summarizes fees paid to our independent registered public accounting firms for the years ended December 31, 2024 and 2023:

Type of Fee |  | 2024 |  | 2023
Audit Fees (1) |  | $ | 256,000 |  |  | $ | 297,000 |
Audit Related Fees |  | — |  |  | — |
Tax Fees |  | — |  |  | — |
All Other Fees (2) |  | 10,000 |  |  | — |
Total |  | $ | 266,000 |  |  | $ | 297,000 |

(1)Audit fees were incurred for professional services in connection with the audit of our consolidated financial statements for the years ended December 31, 2024 and 2023, reviews of our interim consolidated financial statements which are included in each of our quarterly reports on Form 10-Q for the years ended December 31, 2024 and 2023, and certain accounting consultations.
(2)All other fees for 2024 were incurred for professional services in connection with the compilation of stand-alone financial statements required by a lender.
WHLR's Audit Committee serves as the Company's audit committee, which reviewed and approved all of the 2023 and 2024 fees of the Company's independent registered public accounting firm in accordance with its policies and procedures.
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Part IV
Item 15. Exhibits and Financial Statement Schedules
(a)1. Financial Statements
The response to this portion of Item 15 is included in Item 8 of this report.
2.Financial Statement Schedules
The response to this portion of Item 15 is included in Item 8 of this report.
3.Exhibits

|  |  | Incorporated by Reference
Item |  | Title or Description | Form | Filing Date
3.1.a |  | Articles of Incorporation of Cedar Realty Trust, Inc. | Annual Report on Form 10-K | February 25, 2014
3.1.b |  | Articles Supplementary to Articles of Incorporation of Cedar Realty Trust, Inc. | Registration Statement on Form 8-A | August 18, 2017
3.1.c |  | Articles Supplementary to Articles of Incorporation of Cedar Realty Trust, Inc. | Current Report on Form 8-K | August 22, 2017
3.1.d |  | Articles Supplementary to Articles of Incorporation of Cedar Realty Trust, Inc. | Current Report on Form 8-K | December 15, 2017
3.1.e |  | Articles of Amendment to the Articles of Incorporation of Cedar Realty Trust, Inc. | Current Report on Form 8-K | May 7, 2018
3.1.f |  | Articles of Amendment to the Articles of Incorporation of Cedar Realty Trust, Inc. | Current Report on Form 8-K | November 27, 2020
3.1.g |  | Articles of Amendment to the Articles of Incorporation of Cedar Realty Trust, Inc. | Current Report on Form 8-K | November 27, 2020
3.2 |  | Amended and Restated By-laws of Cedar Realty Trust, Inc. | Current Report on Form 8-K | November 2, 2020
4.1† |  | Description of the Registrant's Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934. |  |
10.1 |  | Term Loan Agreement dated October 28, 2022, between Guggenheim Real Estate LLC and the Borrowers party thereto. | Current Report on Form 8-K | October 31, 2022
10.2 |  | Loan Agreement dated December 21, 2022, between Citi Real Estate Funding Inc and the Borrowers party thereto. | Current Report on Form 8-K | December 22, 2022
19.1† |  | W HLR Insider Trading Policy |  |
21.1† |  | List of Subsidiaries of the Registrant |  |

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|  |  | Incorporated by Reference
Item |  | Title or Description | Form | Filing Date
31.1† |  | Rule 13a-14(a) Certification of Chief Executive Officer |  |
31.2† |  | Rule 13a-14(a) Certification of Chief Financial Officer |  |
32.1† |  | Section 1350 Certification of Chief Executive Officer |  |
32.2† |  | Section 1350 Certification of Chief Financial Officer |  |
97.1 |  | Cedar Realty Trust, Inc. Incentive Compensation Clawback Policy | Annual Report on Form 10-K | March 5, 2024
101.INS |  | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because iXBRLtags are embedded within the Inline XBRL document. |  |
101.SCH |  | Inline XBRL Taxonomy Extension Schema Document |  |
101.CAL |  | Inline XBRL Taxonomy Extension Calculation Linkbase Document |  |
101.DEF |  | Inline XBRL Taxonomy Extension Definition Linkbase Document |  |
101.LAB |  | Inline XBRL Taxonomy Extension Label Linkbase Document |  |
101.PRE |  | Inline XBRL Taxonomy Extension Presentation Linkbase Document |  |
104 |  | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |

_______________________________________________
† Filed or furnished herewith.
(b)Exhibits
The response to this portion of Item 15 is included in Item 15(a)(3) above.
(c)The following financial statement schedules are filed as part of the report:
The response to this portion of Item 15 is included in Item 15(a)(2) above.
Item 16. Form 10-K Summary: None
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CEDAR REALTY TRUST, INC.

/s/ M. ANDREW FRANKLIN |  | /s/ CRYSTAL PLUM
M. Andrew Franklin |  | Crystal Plum
Chief Executive Officer and President (Principal Executive Officer) |  | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

March 4, 2025
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ M. ANDREW FRANKLIN |  | /s/ CRYSTAL PLUM
M. Andrew Franklin |  | Crystal Plum
Chief Executive Officer, President and Director (Principal Executive Officer) |  | Chief Financial Officer and Director (Principal Financial Officer and Principal Accounting Officer)
/s/ KERRY G. CAMPBELL |  | /s/ E.J. BORRACK
Kerry G. Campbell |  | E.J. Borrack
Chair of Board |  | Director
/s/ PAULA J. POSKON |  | /s/ GARY SKOIEN
Paula J. Poskon |  | Gary Skoien
Director |  | Director

March 4, 2025
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