Cedar Realty Trust (CDR-PB) 10-Q 7 Nov 23 2023 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2023	Nov. 03, 2023
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
Document Transition Report	false
Entity File Number	001-31817
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	42-1241468
Entity Address, Address Line One	2529 Virginia Beach Blvd.
Entity Address, City or Town	Virginia Beach
Entity Address, State or Province	VA
Entity Address, Postal Zip Code	23452
City Area Code	757
Local Phone Number	627-9088
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		13,718,169
Entity Central Index Key	0000761648
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false
7.25% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Document Information [Line Items]
Title of 12(b) Security	7.25% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Trading Symbol	CDRpB
Security Exchange Name	NYSE
6.50% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Document Information [Line Items]
Title of 12(b) Security	6.50% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Trading Symbol	CDRpC
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Real estate:
Investment properties	$ 365,107,000	$ 364,110,000
Less accumulated depreciation	(164,369,000)	(157,468,000)
Real estate, net	200,738,000	206,642,000
Cash and cash equivalents	8,606,000	3,899,000
Restricted cash	10,029,000	9,564,000
Receivables, net	5,715,000	6,135,000
Deferred costs and other assets, net	9,756,000	7,924,000
TOTAL ASSETS	234,844,000	234,164,000
LIABILITIES AND EQUITY
Loans payable, net	140,384,000	131,462,000
Accounts payable, accrued expenses, and other liabilities	7,300,000	10,094,000
Due to Wheeler Real Estate Investment Trust, Inc.	$ 8,386,000	$ 7,328,000
Due to Wheeler Real Estate Investment Trust, Inc. [Extensible Enumeration]	Related Party	Related Party
Below market lease intangibles, net	$ 2,759,000	$ 3,078,000
Total liabilities	158,829,000	151,962,000
Commitments and contingencies	0	0
Equity:
Preferred stock	159,541,000	159,541,000
Common stock ($0.06 par value, 150,000,000 shares authorized, 13,718,000 shares, issued and outstanding)	823,000	823,000
Additional paid-in capital	868,323,000	868,323,000
Cumulative distributions in excess of net income	(952,672,000)	(946,485,000)
Total equity	76,015,000	82,202,000
TOTAL LIABILITIES AND EQUITY	234,844,000	234,164,000
Land
Real estate:
Investment properties	69,085,000	69,111,000
Buildings and improvements
Real estate:
Investment properties	$ 296,022,000	$ 294,999,000

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value per share (in dollars per share)	$ 0.06	$ 0.06
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	13,718,000	13,718,000
Common stock, shares outstanding (in shares)	13,718,000	13,718,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
REVENUES
Total revenues	$ 8,620,000	$ 7,810,000	$ 25,827,000	$ 24,955,000
EXPENSES
Operating, maintenance and management	1,506,000	2,080,000	5,646,000	6,260,000
Real estate and other property-related taxes	1,417,000	1,557,000	4,210,000	4,325,000
Corporate general and administrative	679,000	3,875,000	2,349,000	9,648,000
Depreciation and amortization	2,738,000	4,010,000	8,540,000	9,361,000
Total expenses	6,340,000	11,522,000	20,745,000	29,594,000
OTHER
Gain on sale	2,662,000	0	2,662,000	0
Transaction costs	0	(23,971,000)	0	(58,163,000)
Impairment charges	0	(9,151,000)	0	(9,350,000)
Total other	2,662,000	(33,122,000)	2,662,000	(67,513,000)
OPERATING INCOME (LOSS)	4,942,000	(36,834,000)	7,744,000	(72,152,000)
NON-OPERATING INCOME AND EXPENSES
Interest (expense) income, net	(2,012,000)	615,000	(5,867,000)	(5,222,000)
Total non-operating income and expenses	(2,012,000)	615,000	(5,867,000)	(5,222,000)
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	2,930,000	(36,219,000)	1,877,000	(77,374,000)
DISCONTINUED OPERATIONS
Income from discontinued operations	0	356,000	0	14,302,000
Impairment charges	0	0	0	(16,629,000)
Gain on sales	0	125,500,000	0	125,500,000
Total income from discontinued operations	0	125,856,000	0	123,173,000
NET INCOME	2,930,000	89,637,000	1,877,000	45,799,000
Net income attributable to noncontrolling interests:
Limited partners' interest in Operating Partnership	0	(328,000)	0	(132,000)
Total net income attributable to noncontrolling interests	0	(328,000)	0	(132,000)
NET INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	2,930,000	89,309,000	1,877,000	45,667,000
Preferred stock dividends	(2,688,000)	(2,688,000)	(8,064,000)	(8,064,000)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	242,000	86,621,000	(6,187,000)	37,603,000
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ 242,000	$ 86,621,000	$ (6,187,000)	$ 37,603,000
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):
Continuing operations, basic (in dollars per share)	$ 0.02	$ (2.87)	$ (0.45)	$ (6.37)
Continuing operations, diluted (in dollars per share)	0.02	(2.87)	(0.45)	(6.37)
Discontinued operations, basic (in dollars per share)	0	9.29	0	9.19
Discontinued operations, diluted (in dollars per share)	0	9.29	0	9.19
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, BASIC (in dollars per share)	0.02	6.42	(0.45)	2.82
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, DILUTED (in dollars per share)	$ 0.02	$ 6.42	$ (0.45)	$ 2.82
Weighted average number of common shares - basic (in shares)	13,718,000	13,494,000	13,718,000	13,357,000
Weighted average number of common shares - diluted (in shares)	13,718,000	13,494,000	13,718,000	13,357,000
Rental revenues
REVENUES
Total revenues	$ 8,340,000	$ 7,522,000	$ 25,234,000	$ 24,329,000
Other revenues
REVENUES
Total revenues	$ 280,000	$ 288,000	$ 593,000	$ 626,000

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 2,930,000	$ 89,637,000	$ 1,877,000	$ 45,799,000
Unrealized (loss) gain on change in fair value of cash flow hedges	0	(3,131,000)	0	8,321,000
Comprehensive income	2,930,000	86,506,000	1,877,000	54,120,000
Comprehensive income attributable to noncontrolling interests	0	(332,000)	0	(195,000)
Comprehensive income attributable to Cedar Realty Trust, Inc.	$ 2,930,000	$ 86,174,000	$ 1,877,000	$ 53,925,000

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($)	Total	Cedar Realty Trust, Inc.	Preferred stock	Common stock	Treasury stock, at cost	Additional paid-in capital	Cumulative distributions in excess of net income	Accumulated other comprehensive income	Noncontrolling Interests	Noncontrolling Interests Limited partners' interest in Operating Partnership
Beginning balance (in shares) at Dec. 31, 2021			6,450,000
Beginning balance at Dec. 31, 2021	$ 439,968,000	$ 437,382,000	$ 159,541,000	$ 820,000	$ (13,266,000)	$ 881,009,000	$ (582,464,000)	$ (8,258,000)	$ 2,586,000	$ 2,586,000
Beginning balance (in shares) at Dec. 31, 2021				13,658,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(1,076,000)	(1,056,000)					(1,056,000)		(20,000)	(20,000)
Unrealized gain (loss) on change in fair value of cash flow hedges	8,338,000	8,289,000						8,289,000	49,000	49,000
Share-based compensation, net (in shares)				(21,000)
Share-based compensation, net	(40,000)	(40,000)		$ (1,000)	2,459,000	(2,498,000)
Common stock sales, net of issuance expenses	1,000	1,000				1,000
Preferred stock dividends	(2,688,000)	(2,688,000)					(2,688,000)
Distributions to common shareholders/noncontrolling interests	(905,000)	(900,000)					(900,000)		(5,000)	(5,000)
Reallocation adjustment of limited partners' interest	0	(4,000)				(4,000)			4,000	4,000
Ending balance (in shares) at Mar. 31, 2022			6,450,000
Ending balance at Mar. 31, 2022	443,598,000	440,984,000	$ 159,541,000	$ 819,000	(10,807,000)	878,508,000	(587,108,000)	31,000	2,614,000	2,614,000
Ending balance (in shares) at Mar. 31, 2022				13,637,000
Beginning balance (in shares) at Dec. 31, 2021			6,450,000
Beginning balance at Dec. 31, 2021	439,968,000	437,382,000	$ 159,541,000	$ 820,000	(13,266,000)	881,009,000	(582,464,000)	(8,258,000)	2,586,000	2,586,000
Beginning balance (in shares) at Dec. 31, 2021				13,658,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on change in fair value of cash flow hedges	8,321,000
Ending balance (in shares) at Sep. 30, 2022			6,450,000
Ending balance at Sep. 30, 2022	86,525,000	86,525,000	$ 159,541,000	$ 823,000	0	868,323,000	(942,162,000)	0	0	0
Ending balance (in shares) at Sep. 30, 2022				13,718,000
Beginning balance (in shares) at Mar. 31, 2022			6,450,000
Beginning balance at Mar. 31, 2022	443,598,000	440,984,000	$ 159,541,000	$ 819,000	(10,807,000)	878,508,000	(587,108,000)	31,000	2,614,000	2,614,000
Beginning balance (in shares) at Mar. 31, 2022				13,637,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(42,763,000)	(42,587,000)					(42,587,000)		(176,000)	(176,000)
Unrealized gain (loss) on change in fair value of cash flow hedges	3,114,000	3,104,000						3,104,000	10,000	10,000
Share-based compensation, net (in shares)				(79,000)
Share-based compensation, net	287,000	287,000		$ (5,000)	47,000	245,000
Purchase of OP Units	(726,000)								(726,000)	(726,000)
Preferred stock dividends	(2,688,000)	(2,688,000)					(2,688,000)
Acquisition of minority interests	(1,000,000)	(1,000,000)				(1,000,000)
Reallocation adjustment of limited partners' interest	0	228,000				228,000			(228,000)	(228,000)
Ending balance (in shares) at Jun. 30, 2022			6,450,000
Ending balance at Jun. 30, 2022	399,822,000	398,328,000	$ 159,541,000	$ 814,000	(10,760,000)	877,981,000	(632,383,000)	3,135,000	1,494,000	1,494,000
Ending balance (in shares) at Jun. 30, 2022				13,558,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	89,637,000	89,309,000					89,309,000		328,000	328,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(3,131,000)	(3,135,000)						(3,135,000)	4,000	4,000
Share-based compensation, net (in shares)				(3,000)
Share-based compensation, net	713,000	713,000			10,760,000	(10,047,000)
Common stock offering (in shares)				13,718,000
Common stock offering	0	0		$ 823,000		(823,000)
Common stock repurchases (in shares)				(13,669,000)
Common stock repurchases	0	0		$ (821,000)		821,000
Common stock issuance (in shares)				114,000
Common stock issuance	0	0		$ 7,000		(7,000)
Preferred stock dividends	(2,688,000)	(2,688,000)					(2,688,000)
Distributions to common shareholders/noncontrolling interests	(397,828,000)	(396,400,000)					(396,400,000)		(1,428,000)	(1,428,000)
Reallocation adjustment of limited partners' interest	0	398,000				398,000			(398,000)	(398,000)
Ending balance (in shares) at Sep. 30, 2022			6,450,000
Ending balance at Sep. 30, 2022	$ 86,525,000	86,525,000	$ 159,541,000	$ 823,000	$ 0	868,323,000	(942,162,000)	$ 0	$ 0	$ 0
Ending balance (in shares) at Sep. 30, 2022				13,718,000
Beginning balance (in shares) at Dec. 31, 2022			6,450,000
Beginning balance at Dec. 31, 2022		82,202,000	$ 159,541,000	$ 823,000		868,323,000	(946,485,000)
Beginning balance (in shares) at Dec. 31, 2022	13,718,000			13,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		14,000					14,000
Preferred stock dividends		(2,688,000)					(2,688,000)
Ending balance (in shares) at Mar. 31, 2023			6,450,000
Ending balance at Mar. 31, 2023		79,528,000	$ 159,541,000	$ 823,000		868,323,000	(949,159,000)
Ending balance (in shares) at Mar. 31, 2023				13,718,000
Beginning balance (in shares) at Dec. 31, 2022			6,450,000
Beginning balance at Dec. 31, 2022		82,202,000	$ 159,541,000	$ 823,000		868,323,000	(946,485,000)
Beginning balance (in shares) at Dec. 31, 2022	13,718,000			13,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Unrealized gain (loss) on change in fair value of cash flow hedges	$ 0
Ending balance (in shares) at Sep. 30, 2023			6,450,000
Ending balance at Sep. 30, 2023		76,015,000	$ 159,541,000	$ 823,000		868,323,000	(952,672,000)
Ending balance (in shares) at Sep. 30, 2023	13,718,000			13,718,000
Beginning balance (in shares) at Mar. 31, 2023			6,450,000
Beginning balance at Mar. 31, 2023		79,528,000	$ 159,541,000	$ 823,000		868,323,000	(949,159,000)
Beginning balance (in shares) at Mar. 31, 2023				13,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		(1,067,000)					(1,067,000)
Preferred stock dividends		(2,688,000)					(2,688,000)
Ending balance (in shares) at Jun. 30, 2023			6,450,000
Ending balance at Jun. 30, 2023		75,773,000	$ 159,541,000	$ 823,000		868,323,000	(952,914,000)
Ending balance (in shares) at Jun. 30, 2023				13,718,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)		2,930,000					2,930,000
Unrealized gain (loss) on change in fair value of cash flow hedges	$ 0
Preferred stock dividends		(2,688,000)					(2,688,000)
Ending balance (in shares) at Sep. 30, 2023			6,450,000
Ending balance at Sep. 30, 2023		$ 76,015,000	$ 159,541,000	$ 823,000		$ 868,323,000	$ (952,672,000)
Ending balance (in shares) at Sep. 30, 2023	13,718,000			13,718,000

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
OPERATING ACTIVITIES
Net income	$ 1,877,000	$ 45,799,000
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on sales	(2,662,000)	(125,500,000)
Impairment charges	0	25,979,000
Straight-line rents and expenses, net	(665,000)	(376,000)
Credit adjustments on operating lease receivables	(504,000)	1,070,000
Depreciation and amortization	8,540,000	19,088,000
Above (below) market lease amortization, net	(233,000)	(595,000)
Expense relating to share-based compensation, net	0	1,608,000
Amortization of deferred financing costs	276,000	2,679,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net	1,588,000	(15,232,000)
Deferred costs and other assets, net	(2,630,000)	(6,007,000)
Accounts payable, accrued expenses, and other liabilities	(662,000)	29,063,000
Net cash provided by (used in) operating activities	4,925,000	(22,424,000)
INVESTING ACTIVITIES
Expenditures for real estate improvements	(3,094,000)	(21,693,000)
Net proceeds from sales of real estate	2,759,000	699,337,000
Contributions to unconsolidated joint venture	0	(155,000)
Net cash (used in) provided by investing activities	(335,000)	677,489,000
FINANCING ACTIVITIES
Repayments under revolving credit facility	0	(70,000,000)
Advances under revolving credit facility	0	4,000,000
Repayment of term note	0	(300,000,000)
Proceeds (termination payment) related to interest rate swap	0	3,400,000
Mortgage proceeds	9,060,000	130,000,000
Mortgage repayments	0	(664,000)
Payments of deferred financing costs	(414,000)	(3,807,000)
Noncontrolling interests:
Distributions to limited partners	0	(467,000)
Acquisition of joint venture minority interest share	0	(1,000,000)
Redemption of OP units	0	(966,000)
Preferred stock dividends	(8,064,000)	(8,064,000)
Distributions to common shareholders	0	(397,300,000)
Net cash provided by (used in) financing activities	582,000	(644,868,000)
Net increase in cash, cash equivalents and restricted cash	5,172,000	10,197,000
Cash, cash equivalents and restricted cash at beginning of period	13,463,000	3,269,000
Cash, cash equivalents and restricted cash at end of period	18,635,000	13,466,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	8,606,000	2,062,000
Restricted cash	10,029,000	11,404,000
Cash, cash equivalents and restricted cash	$ 18,635,000	$ 13,466,000

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Business and Organization Cedar Realty Trust, Inc. (the “Company”) is a real estate investment trust (“REIT”) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers primarily in the Northeast. At September 30, 2023, the Company owned a portfolio of 19 operating properties. Cedar Realty Trust Partnership, L.P. (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 September 30, 2023, the Company owned a 100.0% interest in, and was the sole general partner of, the Operating Partnership and is a wholly-owned subsidiary of WHLR (as defined herein). 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. Asset Sale and Merger On March 2, 2022, the Company entered into definitive agreements for the sale of the Company and its assets in a series of related all-cash transactions. Specifically, the Company and certain of its subsidiaries entered into an asset purchase and sale agreement (the “Asset Purchase Agreement”) with DRA Fund X-B LLC and KPR Centers LLC (together with their respective designees, the “Grocery-Anchored Purchasers”) for the sale of a portfolio of 33 grocery-anchored shopping centers for cash (the “Grocery-Anchored Portfolio Sale”). In addition, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Wheeler Real Estate Investment Trust, Inc. (“WHLR”) and certain of its affiliates pursuant to which, following closing of the Grocery-Anchored Portfolio Sale, WHLR acquired the balance of the Company’s shopping center assets by way of an all-cash merger transaction (the “Merger”). The transactions contemplated by the Asset Purchase Agreement and the Merger Agreement are collectively referred to as the “Transactions”. The Transactions were unanimously approved by the Company’s former Board of Directors and were approved by the Company’s common stockholders at a special meeting of stockholders held on May 27, 2022. On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. There were no material relationships among the Company, the Grocery-Anchored Purchasers, or any of their respective affiliates. On August 22, 2022, the Company completed the Merger. Each outstanding share of common stock of the Company and outstanding common unit of the Operating Partnership held by persons other than the Company immediately prior to the Merger were canceled and converted into the right to receive a cash payment of $9.48 per share or unit. As a result of the Merger, WHLR acquired all of the outstanding shares of the Company's common stock, which ceased to be publicly traded on the New York Stock Exchange (“NYSE”). The Company's outstanding 7.25% Series B Preferred Stock and 6.50% Series C Preferred Stock remain outstanding and continue to trade on the NYSE. In addition, prior to consummation of the Merger, the Company's Board of Directors declared a special dividend on shares of the Company's outstanding common stock and OP Units of $19.52 per share, payable to holders of record of the Company's common stock and OP Units at the close of business on August 19, 2022. In connection with the Transactions, the Company incurred transaction costs included in the accompanying condensed consolidated statement of operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The 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. The unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. The unaudited condensed consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participated. The Company consolidates all variable interest entities for which it is the primary beneficiary. Certain prior year amounts in the condensed consolidated financial statements and notes thereto have been reclassified to conform to current year presentation. Supplemental Condensed Consolidated Statements of Cash Flows Information Nine months ended September 30, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 5,467,000 $ 12,273,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs — 1,035,000 Buildings and improvements included in accounts payable, accrued expenses, and other liabilities 407,000 641,000 Payoff of mortgages through mortgage assumptions — 157,925,000 Recently Issued and Adopted Accounting Pronouncements Accounting standards that have been recently issued or proposed by the Financial Accounting Standards Board 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.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate	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. Dispositions On July 11, 2023, the Company sold an outparcel building adjacent to Carll's Corner, located in Bridgeton, New Jersey for $3.0 million, resulting in a $2.7 million gain, which is included in operating income in the accompanying condensed consolidated statements of operations. Discontinued Operations On July 7, 2022, the Company and certain of its subsidiaries completed the Grocery-Anchored Portfolio Sale and the East River Park and Senator Square redevelopment asset sales for total gross proceeds of approximately $879 million, including the assumed debt. The Grocery-Anchored Portfolio Sale represented a strategic shift and had a material effect on the Company’s operations and financial results, and, therefore, the Company determined that it was deemed a discontinued operation. Accordingly, the portfolio of 33 grocery-anchored shopping centers were classified as held for sale and the results of their operations were classified as discontinued operations in 2022. The following is a summary of income from discontinued operations: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 REVENUES Rental revenues $ — $ 1,340,000 $ — $ 44,130,000 Other revenues — 26,000 — 184,000 Total revenues — 1,366,000 — 44,314,000 EXPENSES Operating, maintenance and management — 321,000 — 9,557,000 Real estate and other property-related taxes — 216,000 — 6,750,000 Corporate general and administrative — — — 468,000 Depreciation and amortization — — — 9,726,000 Total expenses — 537,000 — 26,501,000 OPERATING INCOME — 829,000 — 17,813,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net — (473,000) — (3,511,000) Total non-operating income and expenses — (473,000) — (3,511,000) INCOME FROM DISCONTINUED OPERATIONS — 356,000 — 14,302,000 Impairment charges — — — (16,629,000) Gain on sales — 125,500,000 — 125,500,000 TOTAL INCOME FROM DISCONTINUED OPERATIONS $ — $ 125,856,000 $ — $ 123,173,000 Net cash provided by operating activities from discontinued operations was $0.0 million and $25.9 million for the nine months ended September 30, 2023 and 2022, respectively. Net cash provided by investing activities from discontinued operations was $0.0 million and $651.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, receivables, certain other assets, and accounts payable, accrued expenses, and other liabilities 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 was estimated using available market information and discounted cash flow analyses based on borrowing rates the Company believes it could obtain with a similar term and maturities. As of September 30, 2023 and December 31, 2022, the fair value of the Company’s fixed rate secured term loans, which were determined to be Level 3 within the valuation hierarchy, was $138.3 million and $131.8 million, respectively, and the carrying value of such loans, was $140.4 million and $131.5 million, respectively. Nonfinancial assets and liabilities measured at fair value in the condensed 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

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Loans Payable	Loans Payable Debt obligations are composed of the following at September 30, 2023 and collateralized by 13 properties: September 30, 2023 Description Maturity Balance Contractual Fixed-rate secured term loans: Timpany Plaza Sep 2028 $ 9,060,000 7.3% Guggenheim (a) Nov 2032 110,000,000 5.3% Patuxent Crossing/Coliseum Marketplace Jan 2033 25,000,000 6.4% 144,060,000 5.6% Unamortized issuance costs (3,676,000) $ 140,384,000 (a) Collateralized by 10 properties. 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 will be received upon the satisfaction of certain lease-related contingencies. The Timpany Plaza Loan Agreement is collateralized by the Timpany Plaza shopping center. Scheduled Principal Payments Scheduled principal payments on secured term loans at September 30, 2023, due on various dates from 2024 to 2033, are as follows: For the three months ending December 31, 2023 $ — December 31, 2024 74,000 December 31, 2025 306,000 December 31, 2026 329,000 December 31, 2027 481,000 December 31, 2028 9,456,000 Thereafter 133,414,000 $ 144,060,000 Derivative Financial Instruments The interest rate swaps were terminated as part of the Grocery-Anchored Portfolio Sale. Charges and/or credits relating to the changes in the fair value of the interest rate swaps were made to accumulated other comprehensive loss, limited partners’ interest, or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive loss were reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affected earnings. The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022: (Loss) recognized in other Three months ended September 30, Nine months ended September 30, Classification 2023 2022 2023 2022 Continuing Operations $ — $ — $ — $ (2,320,000)

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Lease Commitments The Company is the lessee under ground lease agreements. The executive office lease agreement was terminated in 2022. As of September 30, 2023, the Company’s weighted average remaining lease term is approximately 48.1 years and the weighted average 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 $0.1 million and $0.1 million for the three months ended September 30, 2023 and 2022, respectively. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.2 million and $0.2 million for the nine months ended September 30, 2023 and 2022, respectively. 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. In addition, the below legal proceedings are in process: On April 8, 2022, several purported holders of the Company’s outstanding preferred stock filed a putative class action complaint against the Company, the Board of Directors prior to the Merger, and WHLR in Montgomery County Circuit Court, Maryland entitled Sydney, et al. v. Cedar Realty Trust, Inc., et al. , (Case No. C-15-CV-22-001527). On May 6, 2022, the Plaintiffs in Sydney filed a motion for a preliminary injunction. Also on May, 6, 2022, a purported holder of the Company’s outstanding preferred stock filed a separate putative class action complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the District of Maryland, entitled Kim v. Cedar Realty Trust, Inc., et al. , Civil Action No. 22-cv-01103. On May 11, 2022, the Company, the former Board of Directors of the Company and WHLR removed the Sydney action to the United States District Court for the District of Maryland, Case No. 8:22-cv-01142-GLR. On May 16, 2022, the court ordered that a hearing on the Sydney Plaintiffs’ motion for preliminary injunction be held on June 22, 2022. On June 2, 2022, the Plaintiffs in Kim also filed a motion for a preliminary injunction. The court consolidated the motions for preliminary injunction. On June 23, 2022, following a hearing, the court issued an order denying both motions for preliminary injunction, holding that the Plaintiffs in both cases were unlikely to succeed on the merits and that Plaintiffs had not established that they would suffer irreparable harm if the injunction was denied. By order dated July 11, 2022, the court consolidated the Sydney and Kim cases and set an August 24, 2022 deadline for the Plaintiffs in both cases to file a consolidated amended complaint. Plaintiffs filed their amended complaint on August 24, 2022. The amended complaint alleges on behalf of a putative class of holders of the Company's preferred stock, among other things, claims for breach of contract against the Company and the former Board of Directors with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty against the former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. On October 7, 2022, Defendants moved to dismiss the amended complaint. Plaintiffs opposed the motion to dismiss and filed a motion to certify a question of law to Maryland’s Supreme Court. On August 1, 2023, the court issued a decision and order granting Defendants’ motions to dismiss, without leave to amend, and denying Plaintiffs’ motion to certify a question of law to the Maryland Supreme Court. The Plaintiffs appealed the dismissal to the United States Court of Appeals for the Fourth Circuit, Case No. 23-1905, docketed on August 30, 2023. The Court has set a briefing schedule. At this juncture, the outcome of the litigation remains uncertain. On July 11, 2022, a purported holder of the Company's outstanding preferred stock filed a complaint against the Company and the Board of Directors prior to the Merger in the United States District Court for the Eastern District of New York, entitled High Income Securities Fund v. Cedar Realty Trust, Inc., et al. , No. 2:22-cv-4031. The complaint alleged that the Defendants violated Section 10(b) of the Exchange Act and SEC Rule 10b-5 promulgated thereunder by making false and misleading statements and omissions, and that the former Board of Directors are control persons under Section 20(a) of the Exchange Act. On September 25, 2023, the Court granted Defendants’ motion to dismiss the complaint with prejudice, and the time within which the Plaintiff could have appealed such decision has passed. On October 14, 2022, a purported holder of the Company's outstanding preferred stock filed a putative class action against the Company, the Board of Directors prior to the Merger, and WHLR in Nassau County Supreme Court, New York entitled Krasner v. Cedar Realty Trust, Inc., et al. , (Case No. 613985/2022). The complaint alleges on behalf of a putative class of holders of the Company's preferred stock, among other things, claims for breach of contract against the Company and the former Board of Directors with respect to the articles supplementary governing the terms of the Company's preferred stock, breach of fiduciary duty against the former Board of Directors, and tortious interference and aiding and abetting breach of fiduciary duty against WHLR. The complaint seeks, among other relief, an award of monetary damages, attorneys' fees, and expert fees. Defendants removed the case to a federal court. On April 24, 2023, the federal court granted Plaintiff’s motion to remand the case to the Nassau County Supreme Court. Defendants sought and received leave from the federal appellate court for permission to appeal the remand decision. The appeal has been briefed and argued. In the interim, Defendants filed motions in the Nassau County action to dismiss or stay the case based both on the pendency of the lawsuit in Maryland in which the same claims were asserted by other preferred stockholders and on the merits. The motions have been fully briefed, including supplemental briefing on the impact of the Maryland decision. The court held a hearing on the motions on October 27, 2023, but has not yet issued a ruling thereon. At this juncture, the outcome of the litigation is uncertain.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Shareholders’ Equity Preferred Stock 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 Series C Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 September 30, 2023 December 31, 2022 Series B Series C Series B Series C Shares authorized 6,050,000 6,450,000 6,050,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000 Dividends The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Common stock $ — $ 19.520 $ — $ 19.586 7.25% Series B Preferred Stock $ 0.453 $ 0.453 $ 1.359 $ 1.359 6.50% Series C Preferred Stock $ 0.406 $ 0.406 $ 1.219 $ 1.219 On October 20, 2023, the Company’s Board of Directors declared dividends 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 distributions are payable on November 20, 2023 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on November 10, 2023. On August 26, 2022, the Company paid merger consideration of $9.48 per share on shares of the Company's outstanding common stock.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2023
Revenues [Abstract]
Revenues	Revenues Rental revenues for the three and nine months ended September 30, 2023 and 2022, respectively, are comprised of the following: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Base rents $ 6,003,000 $ 5,698,000 $ 17,789,000 $ 18,180,000 Expense recoveries - variable lease revenue 1,759,000 1,698,000 5,674,000 5,953,000 Percentage rent - variable lease revenue 85,000 71,000 369,000 337,000 Straight-line rents 203,000 3,000 665,000 (42,000) Above (below) market lease amortization, net 105,000 90,000 233,000 411,000 8,155,000 7,560,000 24,730,000 24,839,000 Credit adjustments on operating lease receivables 185,000 (38,000) 504,000 (510,000) Total rental revenues $ 8,340,000 $ 7,522,000 $ 25,234,000 $ 24,329,000

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	Share-Based Compensation The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2023 and 2022, respectively: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Expense relating to share/unit grants $ — $ 785,000 $ — $ 1,662,000 Amounts capitalized — — — (54,000) Total charged to operations $ — $ 785,000 $ — $ 1,608,000 On August 22, 2022, due to a change in control of the Company in connection with the Transactions, all share-based compensation outstanding at that time fully vested, including the Company’s then-President and CEO's restricted stock units. At

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	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 including participating securities (restricted shares that have non-forfeitable rights to receive dividends issued pursuant to the Company’s share-based compensation program are considered participating securities). Unvested restricted shares that are participating securities are not allocated net losses and/or any excess of dividends declared over net income, as such amounts are allocated entirely to the common shareholders. For the three and nine months ended September 30, 2023, the Company had 0.0 million of weighted average unvested restricted shares outstanding that were participating securities. For the three and nine months ended September 30, 2022, the Company had 0.1 million and 0.3 million, respectively, of weighted average unvested restricted shares outstanding that were participating securities. The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Numerator Net income (loss) from continuing operations $ 2,930,000 $ (36,219,000) $ 1,877,000 $ (77,374,000) Preferred stock dividends (2,688,000) (2,688,000) (8,064,000) (8,064,000) Net loss attributable to noncontrolling interests — 147,000 — 299,000 Net earnings allocated to unvested shares — 17,000 — 58,000 Income (loss) from continuing operations, net of noncontrolling interest, attributable to vested common shares 242,000 (38,743,000) (6,187,000) (85,081,000) Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares — 125,381,000 — 122,742,000 Net income (loss) attributable to vested common shares $ 242,000 $ 86,638,000 $ (6,187,000) $ 37,661,000 Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,718,000 13,494,000 13,718,000 13,357,000 Net income (loss) per common share attributable to common shareholders (basic and diluted): Continuing operations $ 0.02 $ (2.87) $ (0.45) $ (6.37) Discontinued operations — 9.29 — 9.19 $ 0.02 $ 6.42 $ (0.45) $ 2.82

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party TransactionsWith the completion of the Company's merger with WHLR, the Company became a wholly-owned subsidiary of WHLR. WHLR performs property management and leasing services for the Company, pursuant to the Wheeler Real Estate Company Management Agreement. During the three and nine months ended September 30, 2023, the Company paid WHLR $0.7 million and $1.1 million, respectively, for these services. During the three and nine months ended September 30, 2022, the Company paid WHLR $0.1 million 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”). The related party amounts due to WHLR as of September 30, 2023 and December 31, 2022 are comprised of: September 30, December 31, 2023 2022 2022 financings and real estate taxes $ 7,166,000 $ 7,166,000 Management fees 220,000 110,000 Leasing commissions 555,000 85,000 Cost Sharing Agreement allocations (a) 424,000 — Other 21,000 (33,000) Total $ 8,386,000 $ 7,328,000

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of Preparation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and include all of the information and disclosures required by U.S. Generally Accepted Accounting Principles (“GAAP”) for interim reporting. Accordingly, they do not include all of the disclosures required by GAAP for complete financial statement disclosures. In the opinion of management, all adjustments necessary for fair presentation (including normal recurring accruals) have been included. The 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. The unaudited condensed consolidated financial statements in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
Principles of Consolidation	The unaudited condensed consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participated. The Company consolidates all variable interest entities for which it is the primary beneficiary. Certain prior year amounts in the condensed consolidated financial statements and notes thereto have been reclassified to conform to current year presentation.
Recently Issued and Adopted Accounting Pronouncements	Accounting standards that have been recently issued or proposed by the Financial Accounting Standards Board 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of supplemental cash flow information	Supplemental Condensed Consolidated Statements of Cash Flows Information Nine months ended September 30, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 5,467,000 $ 12,273,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs — 1,035,000 Buildings and improvements included in accounts payable, accrued expenses, and other liabilities 407,000 641,000 Payoff of mortgages through mortgage assumptions — 157,925,000

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Summary of income from discontinued operations	The following is a summary of income from discontinued operations: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 REVENUES Rental revenues $ — $ 1,340,000 $ — $ 44,130,000 Other revenues — 26,000 — 184,000 Total revenues — 1,366,000 — 44,314,000 EXPENSES Operating, maintenance and management — 321,000 — 9,557,000 Real estate and other property-related taxes — 216,000 — 6,750,000 Corporate general and administrative — — — 468,000 Depreciation and amortization — — — 9,726,000 Total expenses — 537,000 — 26,501,000 OPERATING INCOME — 829,000 — 17,813,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net — (473,000) — (3,511,000) Total non-operating income and expenses — (473,000) — (3,511,000) INCOME FROM DISCONTINUED OPERATIONS — 356,000 — 14,302,000 Impairment charges — — — (16,629,000) Gain on sales — 125,500,000 — 125,500,000 TOTAL INCOME FROM DISCONTINUED OPERATIONS $ — $ 125,856,000 $ — $ 123,173,000

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of debt obligations	Debt obligations are composed of the following at September 30, 2023 and collateralized by 13 properties: September 30, 2023 Description Maturity Balance Contractual Fixed-rate secured term loans: Timpany Plaza Sep 2028 $ 9,060,000 7.3% Guggenheim (a) Nov 2032 110,000,000 5.3% Patuxent Crossing/Coliseum Marketplace Jan 2033 25,000,000 6.4% 144,060,000 5.6% Unamortized issuance costs (3,676,000) $ 140,384,000 (a) Collateralized by 10 properties.
Schedule of scheduled principal payments on secured term loans	Scheduled principal payments on secured term loans at September 30, 2023, due on various dates from 2024 to 2033, are as follows: For the three months ending December 31, 2023 $ — December 31, 2024 74,000 December 31, 2025 306,000 December 31, 2026 329,000 December 31, 2027 481,000 December 31, 2028 9,456,000 Thereafter 133,414,000 $ 144,060,000
Schedule of effect of derivative financial instruments on condensed consolidated statements of operations	The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022: (Loss) recognized in other Three months ended September 30, Nine months ended September 30, Classification 2023 2022 2023 2022 Continuing Operations $ — $ — $ — $ (2,320,000)

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Stockholders' Equity Note [Abstract]
Schedule of preferred stock	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 Series C Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 September 30, 2023 December 31, 2022 Series B Series C Series B Series C Shares authorized 6,050,000 6,450,000 6,050,000 6,450,000 Shares issued and outstanding 1,450,000 5,000,000 1,450,000 5,000,000 Balance $ 34,767,000 $ 124,774,000 $ 34,767,000 $ 124,774,000
Schedule of dividends declared and paid	The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Common stock $ — $ 19.520 $ — $ 19.586 7.25% Series B Preferred Stock $ 0.453 $ 0.453 $ 1.359 $ 1.359 6.50% Series C Preferred Stock $ 0.406 $ 0.406 $ 1.219 $ 1.219

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2023
Revenues [Abstract]
Schedule of rental revenues	Rental revenues for the three and nine months ended September 30, 2023 and 2022, respectively, are comprised of the following: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Base rents $ 6,003,000 $ 5,698,000 $ 17,789,000 $ 18,180,000 Expense recoveries - variable lease revenue 1,759,000 1,698,000 5,674,000 5,953,000 Percentage rent - variable lease revenue 85,000 71,000 369,000 337,000 Straight-line rents 203,000 3,000 665,000 (42,000) Above (below) market lease amortization, net 105,000 90,000 233,000 411,000 8,155,000 7,560,000 24,730,000 24,839,000 Credit adjustments on operating lease receivables 185,000 (38,000) 504,000 (510,000) Total rental revenues $ 8,340,000 $ 7,522,000 $ 25,234,000 $ 24,329,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Schedule of share-based compensation information	The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2023 and 2022, respectively: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Expense relating to share/unit grants $ — $ 785,000 $ — $ 1,662,000 Amounts capitalized — — — (54,000) Total charged to operations $ — $ 785,000 $ — $ 1,608,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2023
Earnings Per Share [Abstract]
Schedule of calculation of numerator and denominator in earnings per share	The following table provides a reconciliation of the numerator and denominator of the EPS calculations for the three and nine months ended September 30, 2023 and 2022: Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Numerator Net income (loss) from continuing operations $ 2,930,000 $ (36,219,000) $ 1,877,000 $ (77,374,000) Preferred stock dividends (2,688,000) (2,688,000) (8,064,000) (8,064,000) Net loss attributable to noncontrolling interests — 147,000 — 299,000 Net earnings allocated to unvested shares — 17,000 — 58,000 Income (loss) from continuing operations, net of noncontrolling interest, attributable to vested common shares 242,000 (38,743,000) (6,187,000) (85,081,000) Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares — 125,381,000 — 122,742,000 Net income (loss) attributable to vested common shares $ 242,000 $ 86,638,000 $ (6,187,000) $ 37,661,000 Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,718,000 13,494,000 13,718,000 13,357,000 Net income (loss) per common share attributable to common shareholders (basic and diluted): Continuing operations $ 0.02 $ (2.87) $ (0.45) $ (6.37) Discontinued operations — 9.29 — 9.19 $ 0.02 $ 6.42 $ (0.45) $ 2.82

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of related party amounts due	The related party amounts due to WHLR as of September 30, 2023 and December 31, 2022 are comprised of: September 30, December 31, 2023 2022 2022 financings and real estate taxes $ 7,166,000 $ 7,166,000 Management fees 220,000 110,000 Leasing commissions 555,000 85,000 Cost Sharing Agreement allocations (a) 424,000 — Other 21,000 (33,000) Total $ 8,386,000 $ 7,328,000

Business and Organization (Deta

Business and Organization (Details) $ / shares in Units, $ in Millions				3 Months Ended		9 Months Ended
	Aug. 22, 2022 $ / shares	Aug. 19, 2022 $ / shares	Jul. 07, 2022 USD ($)	Sep. 30, 2023 property	Sep. 30, 2022	Sep. 30, 2023 property	Sep. 30, 2022	Dec. 31, 2022 property	Mar. 02, 2022 property
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties | property				19		19
Cash payment option (in dollars per share) | $ / shares	$ 9.48
Common stock dividends declared (in dollars per share) | $ / shares		$ 19.52
7.25% Series B Preferred Stock
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Preferred stock, dividends rate	7.25%			7.25%	7.25%	7.25%	7.25%
6.50% Series C Preferred Stock
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Preferred stock, dividends rate	6.50%			6.50%	6.50%	6.50%	6.50%
Held-for-Sale | Grocery-Anchored Portfolio Sale, East River Park and Senator Square Redevelopment Assets
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Proceeds from sale of property | $			$ 879
Held-for-Sale | Grocery-Anchored Shopping Center
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties | property								33	33
Disposed of by Sale | Grocery-Anchored Portfolio Sale, East River Park and Senator Square Redevelopment Assets
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Proceeds from sale of property | $			$ 879
Cedar Realty Trust Partnership L.P
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Company's interest in operating partnership						100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Supplemental disclosure of cash activities:
Cash paid for interest	$ 5,467,000	$ 12,273,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and financing costs	0	1,035,000
Buildings and improvements included in accounts payable, accrued expenses, and other liabilities	407,000	641,000
Payoff of mortgages through mortgage assumptions	$ 0	$ 157,925,000

Real Estate - Additional Inform

Real Estate - Additional Information (Details)			3 Months Ended		9 Months Ended
	Jul. 11, 2023 USD ($)	Jul. 07, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 property	Mar. 02, 2022 property
Real Estate Properties [Line Items]
Gain on sale of real estate			$ 0	$ 125,500,000	$ 0	$ 125,500,000
Number of properties | property			19		19
Net cash provided by operations from discontinued operations					$ 0	25,900,000
Net cash used in investing activities from discontinued operations					0	651,500,000
Disposed of by Sale | Outparcel Building Adjacent to Carll's Corner
Real Estate Properties [Line Items]
Consideration from real estate	$ 3,000,000
Gain on sale of real estate	$ 2,700,000
Held-for-Sale | Grocery-Anchored Portfolio Sale, East River Park and Senator Square Redevelopment Assets
Real Estate Properties [Line Items]
Gross proceeds from sale of real estate		$ 879,000,000
Held-for-Sale | Grocery-Anchored Shopping Center
Real Estate Properties [Line Items]
Gain on sale of real estate			$ 0	$ 125,500,000	$ 0	$ 125,500,000
Number of properties | property							33	33

Real Estate - Summary of Loss f

Real Estate - Summary of Loss from Discontinued Operations (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
NON-OPERATING INCOME AND EXPENSES
INCOME FROM DISCONTINUED OPERATIONS	$ 0	$ 356,000	$ 0	$ 14,302,000
Impairment charges	0	0	0	(16,629,000)
Gain on sales	0	125,500,000	0	125,500,000
Total income from discontinued operations	0	125,856,000	0	123,173,000
Held-for-Sale | Grocery-Anchored Shopping Center
REVENUES
Rental revenues	0	1,340,000	0	44,130,000
Other revenues	0	26,000	0	184,000
Total revenues	0	1,366,000	0	44,314,000
EXPENSES
Operating, maintenance and management	0	321,000	0	9,557,000
Real estate and other property-related taxes	0	216,000	0	6,750,000
Corporate general and administrative	0	0	0	468,000
Depreciation and amortization	0	0	0	9,726,000
Total expenses	0	537,000	0	26,501,000
OPERATING INCOME	0	829,000	0	17,813,000
NON-OPERATING INCOME AND EXPENSES
Interest expense, net	0	(473,000)	0	(3,511,000)
Total non-operating income and expenses	0	(473,000)	0	(3,511,000)
INCOME FROM DISCONTINUED OPERATIONS	0	356,000	0	14,302,000
Impairment charges	0	0	0	(16,629,000)
Gain on sales	0	125,500,000	0	125,500,000
Total income from discontinued operations	$ 0	$ 125,856,000	$ 0	$ 123,173,000

Fair Value Measurements (Detail

Fair Value Measurements (Details) - Fixed-rate secured term loans - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Estimate of Fair Value Measurement
Debt Instrument [Line Items]
Long-term debt, fair value	$ 138.3	$ 131.8
Reported Value Measurement
Debt Instrument [Line Items]
Long-term debt, fair value	$ 140.4	$ 131.5

Loans Payable - Additional Info

Loans Payable - Additional Information (Details)		9 Months Ended
	Sep. 12, 2023 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Number of collateral real estate properties | property		13
Proceeds from issuance of secured debt		$ 9,060,000	$ 130,000,000
Timpany Plaza | Fixed-rate secured term loans
Debt Instrument [Line Items]
Face amount	$ 11,560,000
Stated interest rate	7.27%
Interest only payments, term	12 months
Amortization term	30 years
Proceeds from issuance of secured debt	$ 9,060,000
Receivable from issuance of secured debt, contingency	$ 2,500,000

Loans Payable - Schedule of Deb

Loans Payable - Schedule of Debt Obligations (Details)	Sep. 30, 2023 USD ($) property
Debt Instrument [Line Items]
Total debt gross	$ 144,060,000
Unamortized issuance costs	(3,676,000)
Long-Term Debt	$ 140,384,000
Contractual interest rates weighted average	5.60%
Number of collateral real estate properties | property	13
Fixed-rate secured term loans | Timpany Plaza
Debt Instrument [Line Items]
Total debt gross	$ 9,060,000
Contractual interest rates weighted average	7.30%
Fixed-rate secured term loans | Guggenheim
Debt Instrument [Line Items]
Total debt gross	$ 110,000,000
Contractual interest rates weighted average	5.30%
Number of collateral real estate properties | property	10
Fixed-rate secured term loans | Patuxent Crossing/Coliseum Marketplace
Debt Instrument [Line Items]
Total debt gross	$ 25,000,000
Contractual interest rates weighted average	6.40%

Loans Payable - Schedule of Sch

Loans Payable - Schedule of Scheduled Principal Payments on Secured Term Loans (Details)	Sep. 30, 2023 USD ($)
Debt Disclosure [Abstract]
For the three months ending December 31, 2023	$ 0
December 31, 2024	74,000
December 31, 2025	306,000
December 31, 2026	329,000
December 31, 2027	481,000
December 31, 2028	9,456,000
Thereafter	133,414,000
Long-Term Debt	$ 144,060,000

Loans Payable - Schedule of Eff

Loans Payable - Schedule of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations (Details) - Continuing Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments Gain Loss [Line Items]
(Loss) recognized in other comprehensive income reclassified into earnings (effective portion)	$ 0	$ 0	$ 0	$ (2,320,000)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest (expense) income, net	Interest (expense) income, net	Interest (expense) income, net	Interest (expense) income, net

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	48 years 1 month 6 days		48 years 1 month 6 days
Weighted average discount rate	8.60%		8.60%
Rent expense	$ 0.1	$ 0.1	$ 0.2	$ 0.2

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Preferred Stock (Details) - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Shares authorized (in shares)	12,500,000
Balance	$ 159,541,000	$ 159,541,000
Series B Preferred Stock
Class Of Stock [Line Items]
Par value (in dollars per share)	$ 0.01
Liquidation value (in dollars per share)	$ 25
Shares authorized (in shares)	6,050,000	6,050,000
Shares issued (in shares)	1,450,000	1,450,000
Shares outstanding (in shares)	1,450,000	1,450,000
Balance	$ 34,767,000	$ 34,767,000
Series C Preferred Stock
Class Of Stock [Line Items]
Par value (in dollars per share)	$ 0.01
Liquidation value (in dollars per share)	$ 25
Shares authorized (in shares)	6,450,000	6,450,000
Shares issued (in shares)	5,000,000	5,000,000
Shares outstanding (in shares)	5,000,000	5,000,000
Balance	$ 124,774,000	$ 124,774,000

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Dividends Declared and Paid (Details) - $ / shares		3 Months Ended		9 Months Ended
	Aug. 22, 2022	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Class Of Stock [Line Items]
Common stock, dividends (in dollars per share)		$ 0	$ 19.520	$ 0	$ 19.586
7.25% Series B Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends (in dollars per share)		$ 0.453	$ 0.453	$ 1.359	$ 1.359
Preferred stock, dividends rate	7.25%	7.25%	7.25%	7.25%	7.25%
6.50% Series C Preferred Stock
Class Of Stock [Line Items]
Preferred stock, dividends (in dollars per share)		$ 0.406	$ 0.406	$ 1.219	$ 1.219
Preferred stock, dividends rate	6.50%	6.50%	6.50%	6.50%	6.50%

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - $ / shares	Oct. 20, 2023	Aug. 26, 2022
Class Of Stock [Line Items]
Merger consideration, cash payments (in dollars per share)		$ 9.48
Series B Preferred Stock | Subsequent Event
Class Of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.453125
Series C Preferred Stock | Subsequent Event
Class Of Stock [Line Items]
Preferred stock dividends declared (in dollars per share)	$ 0.406250

Revenues - Schedule of Rental R

Revenues - Schedule of Rental Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenue [Line Items]
Above (below) market lease amortization, net			$ (233,000)	$ (595,000)
Total revenues	$ 8,620,000	$ 7,810,000	25,827,000	24,955,000
Base rents
Disaggregation of Revenue [Line Items]
Base Rents and revenue	6,003,000	5,698,000	17,789,000	18,180,000
Expense recoveries - variable lease revenue
Disaggregation of Revenue [Line Items]
Base Rents and revenue	1,759,000	1,698,000	5,674,000	5,953,000
Percentage rent - variable lease revenue
Disaggregation of Revenue [Line Items]
Base Rents and revenue	85,000	71,000	369,000	337,000
Rental revenues
Disaggregation of Revenue [Line Items]
Straight-line rents	203,000	3,000	665,000	(42,000)
Above (below) market lease amortization, net	105,000	90,000	233,000	411,000
Total rental revenue, gross	8,155,000	7,560,000	24,730,000	24,839,000
Credit adjustments on operating lease receivables	185,000	(38,000)	504,000	(510,000)
Total revenues	$ 8,340,000	$ 7,522,000	$ 25,234,000	$ 24,329,000

Share-Based Compensation - Sche

Share-Based Compensation - Schedule of Share-Based Compensation Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Expense relating to share/unit grants	$ 0	$ 785,000	$ 0	$ 1,662,000
Amounts capitalized	0	0	0	(54,000)
Total charged to operations	$ 0	$ 785,000	$ 0	$ 1,608,000

Share-Based Compensation - Addi

Share-Based Compensation - Additional Information (Details)	Sep. 30, 2023 shares
2017 Stock Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for grant under for grant (in shares)	0

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average nonvested restricted shares outstanding (in shares)	0	100,000	0	300,000
Weighted average number of OP units outstanding (in shares)	0	30,000	0	59,000
Market Performance-Based Equity Award
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity awards issued (in shares)	0	0	0	0
Equity awards outstanding (in shares)	0		0

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Earnings Per Share [Abstract]
Net income (loss) from continuing operations	$ 2,930,000	$ (36,219,000)	$ 1,877,000	$ (77,374,000)
Preferred stock dividends	(2,688,000)	(2,688,000)	(8,064,000)	(8,064,000)
Net loss attributable to noncontrolling interests	0	147,000	0	299,000
Net earnings allocated to unvested shares	0	17,000	0	58,000
Income (loss) from continuing operations, net of noncontrolling interest, attributable to vested common shares	242,000	(38,743,000)	(6,187,000)	(85,081,000)
Income from discontinued operations, net of noncontrolling interests, attributable to vested common shares	0	125,381,000	0	122,742,000
Net income (loss) attributable to vested common shares	242,000	86,638,000	(6,187,000)	37,661,000
Net income (loss) attributable to vested common shares	$ 242,000	$ 86,638,000	$ (6,187,000)	$ 37,661,000
Weighted average number of vested common shares outstanding, basic (in shares)	13,718,000	13,494,000	13,718,000	13,357,000
Weighted average number of vested common shares outstanding, diluted (in shares)	13,718,000	13,494,000	13,718,000	13,357,000
Net income (loss) per common share attributable to common shareholders (basic and diluted):
Continuing operations, basic (in dollars per share)	$ 0.02	$ (2.87)	$ (0.45)	$ (6.37)
Continuing operations, diluted (in dollars per share)	0.02	(2.87)	(0.45)	(6.37)
Discontinued operations, basic (in dollars per share)	0	9.29	0	9.19
Discontinued operations, diluted (in dollars per share)	0	9.29	0	9.19
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, BASIC (in dollars per share)	0.02	6.42	(0.45)	2.82
NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, DILUTED (in dollars per share)	$ 0.02	$ 6.42	$ (0.45)	$ 2.82

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Related Party Transaction [Line Items]
Related party transaction expenses	$ 6,340,000	$ 11,522,000	$ 20,745,000	$ 29,594,000
Related Party | Property Management and Leasing Services | WHLR
Related Party Transaction [Line Items]
Related party transaction expenses	$ 700,000	$ 100,000	$ 1,100,000	$ 100,000

Related Party Transactions - Su

Related Party Transactions - Summary of Related Party Amounts Due (Details) - Related Party - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Amounts of transaction	$ 8,386,000	$ 7,328,000
2022 financings and real estate taxes
Related Party Transaction [Line Items]
Amounts of transaction	7,166,000	7,166,000
Management fees
Related Party Transaction [Line Items]
Amounts of transaction	220,000	110,000
Leasing commissions
Related Party Transaction [Line Items]
Amounts of transaction	555,000	85,000
Cost Sharing Agreement Allocations
Related Party Transaction [Line Items]
Amounts of transaction	424,000	0
Other
Related Party Transaction [Line Items]
Amounts of transaction	$ 21,000	$ (33,000)