Cedar Realty Trust, Inc. reported a significant decline in financial performance for the third quarter of 2025, with total revenues of $6.85 million, down 15.5% from $8.11 million in the same period last year. For the nine months ending September 30, 2025, revenues also decreased by 14.8% to $21.72 million compared to $25.49 million in 2024. The company experienced a net loss of $5.05 million for the quarter, compared to a net income of $357,000 in the prior year. Year-to-date, the net loss stood at $3.74 million, a stark contrast to the $698,000 net income reported for the same period in 2024.
The decline in revenue was primarily attributed to a decrease in rental revenues and tenant reimbursements, which fell by $1.39 million due to properties sold in 2024 and 2025. Additionally, the company recorded impairment charges of approximately $4.4 million related to Fieldstone Marketplace, which further impacted profitability. Operating expenses also decreased, totaling $4.87 million for the quarter, down from $5.93 million in the previous year, largely due to lower property operating expenses associated with sold properties.
Strategically, Cedar Realty Trust has been active in asset management, selling several properties during the year, including Webster Commons for $14.5 million and Oregon Avenue for $3 million. As of September 30, 2025, the company had classified approximately $15.7 million in assets as held for sale, including Fieldstone Marketplace and other parcels. The company has also initiated a stock repurchase program, authorizing up to $20 million for its preferred stock, which is expected to enhance shareholder value by reducing future dividend obligations.
Operationally, Cedar Realty Trust's portfolio consisted of 14 properties, primarily grocery-anchored shopping centers located in the Northeast. The company reported a same-property occupancy rate of 87.0% as of September 30, 2025, slightly up from 86.8% a year earlier. The company aims to improve occupancy rates by backfilling vacant spaces and replacing defaulted tenants, with plans to fund these efforts through asset sales and cash reserves.
Looking ahead, Cedar Realty Trust remains focused on stabilizing its financial performance amid challenging market conditions. The company is committed to maintaining its status as a Real Estate Investment Trust (REIT) and plans to continue its strategic asset management and repurchase initiatives to enhance its balance sheet and optimize capital allocation. The management's outlook reflects cautious optimism, contingent on improving market conditions and operational efficiencies.
About CEDAR REALTY TRUST, INC.
Cedar Realty Trust, Inc. is a real estate investment trust (REIT) specializing in owning and operating income-producing retail properties, primarily grocery-anchored shopping centers in the U.S. Northeast. Its portfolio focuses on necessity-based retail serving daily consumer needs, offering stable cash flows through long-term, triple net leases with tenants. The company manages leasing, property operations, and capital improvements to optimize occupancy and returns, targeting secondary and tertiary markets with strong demographics.
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