Cedar Realty Trust (CDR-PB) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Document Information [Line Items]
Document type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity Registrant Name	CEDAR REALTY TRUST, INC.
Entity Central Index Key	0000761648
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding		13,718,169
Entity File Number	001-31817
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 Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false
Series B Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CDRpB
Title of 12(b) Security	7.25% Series B Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE
Series C Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CDRpC
Title of 12(b) Security	6.50% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Land	$ 69,085,000	$ 69,111,000
Buildings and improvements	295,106,000	294,999,000
Real estate, gross	364,191,000	364,110,000
Less accumulated depreciation	(161,961,000)	(157,468,000)
Real estate, net	202,230,000	206,642,000
Real estate held for sale	113,000
Cash and cash equivalents	1,291,000	3,899,000
Restricted cash	10,533,000	9,564,000
Receivables, net	5,067,000	6,135,000
Deferred costs and other assets, net	7,964,000	7,924,000
TOTAL ASSETS	227,198,000	234,164,000
LIABILITIES AND EQUITY
Loans payable, net	131,555,000	131,462,000
Accounts payable, accrued expenses, and other liabilities	8,450,000	10,094,000
Below market lease intangibles, net	2,864,000	3,078,000
Total liabilities	151,425,000	151,962,000
Commitments and contingencies
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	(952,914,000)	(946,485,000)
Total equity	75,773,000	82,202,000
TOTAL LIABILITIES AND EQUITY	227,198,000	234,164,000
Related Party [Member]
LIABILITIES AND EQUITY
Due to Wheeler Real Estate Investment Trust, Inc.	$ 8,556,000	$ 7,328,000

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, shares par value	$ 0.06	$ 0.06
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	13,718,000	13,718,000
Common stock, shares outstanding	13,718,000	13,718,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
REVENUES
Total revenues	$ 8,284,000	$ 8,430,000	$ 17,207,000	$ 17,146,000
EXPENSES
Operating, maintenance and management	1,729,000	1,945,000	4,140,000	4,181,000
Real estate and other property-related taxes	1,404,000	1,526,000	2,793,000	2,768,000
Corporate general and administrative	958,000	2,862,000	1,670,000	5,773,000
Depreciation and amortization	3,309,000	2,850,000	5,802,000	5,351,000
Total expenses	7,400,000	9,183,000	14,405,000	18,073,000
OTHER
Transaction costs		(30,457,000)		(34,192,000)
Impairment charges		(2,000)		(199,000)
Total other		(30,459,000)		(34,391,000)
OPERATING INCOME (LOSS)	884,000	(31,212,000)	2,802,000	(35,318,000)
NON-OPERATING INCOME AND EXPENSES
Interest expense, net	(1,951,000)	(3,130,000)	(3,855,000)	(5,837,000)
Total non-operating income and expenses	(1,951,000)	(3,130,000)	(3,855,000)	(5,837,000)
NET LOSS FROM CONTINUING OPERATIONS	(1,067,000)	(34,342,000)	(1,053,000)	(41,155,000)
DISCONTINUED OPERATIONS
Income from discontinued operations		7,698,000		13,946,000
Impairment charges		(16,119,000)		(16,630,000)
Total loss from discontinued operations		(8,421,000)		(2,684,000)
NET LOSS	(1,067,000)	(42,763,000)	(1,053,000)	(43,839,000)
Net loss attributable to noncontrolling interests:
Limited partners' interest in Operating Partnership		176,000		196,000
Total net loss attributable to noncontrolling interests		176,000		196,000
NET LOSS ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	(1,067,000)	(42,587,000)	(1,053,000)	(43,643,000)
Preferred stock dividends	(2,688,000)	(2,688,000)	(5,376,000)	(5,376,000)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (3,755,000)	$ (45,275,000)	$ (6,429,000)	$ (49,019,000)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):
Continuing operations, basic per share	$ (0.27)	$ (2.78)	$ (0.47)	$ (3.49)
Continuing operations, diluted per share	(0.27)	(2.78)	(0.47)	(3.49)
Discontinued operations, basic per share		(0.63)		(0.20)
Discontinued operations, diluted per share		(0.63)		(0.20)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, BASIC	(0.27)	(3.41)	(0.47)	(3.69)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS, DILUTED	$ (0.27)	$ (3.41)	$ (0.47)	$ (3.69)
Weighted average number of common shares - basic	13,718,000	13,288,000	13,718,000	13,287,000
Weighted average number of common shares - diluted	13,718,000	13,288,000	13,718,000	13,287,000
Rental Revenues [Member]
REVENUES
Total revenues	$ 8,253,000	$ 8,293,000	$ 16,894,000	$ 16,808,000
Other Revenues [Member]
REVENUES
Total revenues	$ 31,000	$ 137,000	$ 313,000	$ 338,000

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net loss	$ (1,067,000)	$ (42,763,000)	$ (1,053,000)	$ (43,839,000)
Unrealized gain on change in fair value of cash flow hedges		3,114,000		11,452,000
Comprehensive loss	(1,067,000)	(39,649,000)	(1,053,000)	(32,387,000)
Comprehensive loss attributable to noncontrolling interests		166,000		137,000
Comprehensive loss attributable to Cedar Realty Trust, Inc.	$ (1,067,000)	$ (39,483,000)	$ (1,053,000)	$ (32,250,000)

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Equity - USD ($)	Total	Limited Partners' Interest In Operating Partnership [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock, At Cost [Member]	Additional Paid-In Capital [Member]	Cumulative Distributions In Excess Of Net Income [Member]	Accumulated Other Comprehensive Income [Member]	Cedar Realty Trust, Inc. [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2021	$ 439,968,000	$ 2,586,000	$ 159,541,000	$ 820,000	$ (13,266,000)	$ 881,009,000	$ (582,464,000)	$ (8,258,000)	$ 437,382,000	$ 2,586,000
Balance, shares at Dec. 31, 2021			6,450,000	13,658,000
Net income (loss)	(1,076,000)	(20,000)					(1,056,000)		(1,056,000)	(20,000)
Unrealized gain on change in fair value of cash flow hedges	8,338,000	49,000						8,289,000	8,289,000	49,000
Share-based compensation, net	(40,000)			$ (1,000)	2,459,000	(2,498,000)			(40,000)
Share-based compensation, net, shares				(21,000)
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)	(5,000)					(900,000)		(900,000)	(5,000)
Reallocation adjustment of limited partners' interest		4,000				(4,000)			(4,000)	4,000
Balance at Mar. 31, 2022	443,598,000	2,614,000	$ 159,541,000	$ 819,000	(10,807,000)	878,508,000	(587,108,000)	31,000	440,984,000	2,614,000
Balance, shares at Mar. 31, 2022			6,450,000	13,637,000
Balance at Dec. 31, 2021	439,968,000	2,586,000	$ 159,541,000	$ 820,000	(13,266,000)	881,009,000	(582,464,000)	(8,258,000)	437,382,000	2,586,000
Balance, shares at Dec. 31, 2021			6,450,000	13,658,000
Unrealized gain on change in fair value of cash flow hedges	11,452,000
Balance at Jun. 30, 2022	399,822,000	1,494,000	$ 159,541,000	$ 814,000	(10,760,000)	877,981,000	(632,383,000)	3,135,000	398,328,000	1,494,000
Balance, shares at Jun. 30, 2022			6,450,000	13,558,000
Balance at Mar. 31, 2022	443,598,000	2,614,000	$ 159,541,000	$ 819,000	(10,807,000)	878,508,000	(587,108,000)	31,000	440,984,000	2,614,000
Balance, shares at Mar. 31, 2022			6,450,000	13,637,000
Net income (loss)	(42,763,000)	(176,000)					(42,587,000)		(42,587,000)	(176,000)
Unrealized gain on change in fair value of cash flow hedges	3,114,000	10,000						3,104,000	3,104,000	10,000
Share-based compensation, net	287,000			$ (5,000)	47,000	245,000			287,000
Share-based compensation, net, shares				(79,000)
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		(228,000)				228,000			228,000	(228,000)
Balance at Jun. 30, 2022	$ 399,822,000	$ 1,494,000	$ 159,541,000	$ 814,000	$ (10,760,000)	877,981,000	(632,383,000)	$ 3,135,000	398,328,000	$ 1,494,000
Balance, shares at Jun. 30, 2022			6,450,000	13,558,000
Balance at Dec. 31, 2022			$ 159,541,000	$ 823,000		868,323,000	(946,485,000)		82,202,000
Balance, shares at Dec. 31, 2022			6,450,000	13,718,000
Net income (loss)							14,000		14,000
Preferred stock dividends							(2,688,000)		(2,688,000)
Balance at Mar. 31, 2023			$ 159,541,000	$ 823,000		868,323,000	(949,159,000)		79,528,000
Balance, shares at Mar. 31, 2023			6,450,000	13,718,000
Net income (loss)							(1,067,000)		(1,067,000)
Preferred stock dividends							(2,688,000)		(2,688,000)
Balance at Jun. 30, 2023			$ 159,541,000	$ 823,000		$ 868,323,000	$ (952,914,000)		$ 75,773,000
Balance, shares at Jun. 30, 2023			6,450,000	13,718,000

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
OPERATING ACTIVITIES
Net loss	$ (1,067,000)	$ (42,763,000)	$ (1,053,000)	$ (43,839,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Impairment charges				16,829,000
Straight-line rents and expenses, net			(461,000)	(4,000)
Credit adjustments on operating lease receivables			(319,000)	840,000
Depreciation and amortization			5,802,000	15,066,000
Above (below) market lease amortization, net			(128,000)	(506,000)
Expense relating to share-based compensation, net				823,000
Amortization of deferred financing costs			179,000	440,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Receivables, net			1,848,000	(1,006,000)
Deferred costs and other assets, net			(675,000)	3,659,000
Accounts payable, accrued expenses, and other liabilities			613,000	23,780,000
Net cash provided by operating activities			5,806,000	16,082,000
INVESTING ACTIVITIES
Expenditures for real estate improvements			(2,069,000)	(16,932,000)
Net proceeds from sales of real estate				31,866,000
Contributions to unconsolidated joint venture				(155,000)
Net cash (used in) provided by investing activities			(2,069,000)	14,779,000
FINANCING ACTIVITIES
Repayments under revolving credit facility				(29,000,000)
Advances under revolving credit facility				4,000,000
Mortgage repayments				(571,000)
Payments of deferred financing costs				(6,000)
Noncontrolling interests:
Distributions to limited partners				(5,000)
Acquisition of joint venture minority interest share				(1,000,000)
Preferred stock dividends			(5,376,000)	(5,376,000)
Distributions to common shareholders				(900,000)
Net cash used in financing activities			(5,376,000)	(32,858,000)
Net decrease in cash, cash equivalents and restricted cash			(1,639,000)	(1,997,000)
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	11,824,000	1,272,000	11,824,000	1,272,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	1,291,000	1,042,000	1,291,000	1,042,000
Restricted cash	10,533,000	230,000	10,533,000	230,000
Cash, cash equivalents and restricted cash at end of period	$ 11,824,000	$ 1,272,000	$ 11,824,000	$ 1,272,000

Business and Organization

Business and Organization	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business and Organization	Note 1. 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 June 30, 2023, the Company owned a portfolio of 19 o perating 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 June 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	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. 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 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 Six months ended June 30, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 3,585,000 $ 9,419,000 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 ( 1,028,000 ) 3,764,000 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	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate	Note 3. Real Estate A significant portion of the Company's land, buildings and improvements serve as collateral for the Company's term loans. Accordingly, restrictions exist as to the encumbered properties' transferability, use and other common rights typically associated with property ownership. Real Estate Held for Sale As of June 30, 2023, an outparcel building adjacent to Carll's Corner, located in Bridgeton, New Jersey has been classified as “real estate held for sale” in the accompanying condensed consolidated balance sheet. Real estate held for sale consists of the following: June 30, December 31, 2023 2022 Real estate held for sale $ 113,000 $ — Receivables, net — — Deferred costs and other assets, net — — Total real estate held for sale $ 113,000 $ — 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 loss from discontinued operations: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 REVENUES Rental revenues $ — $ 20,824,000 $ — $ 42,472,000 Other revenues — 102,000 — 157,000 Total revenues — 20,926,000 — 42,629,000 EXPENSES Operating, maintenance and management — 4,386,000 — 9,236,000 Real estate and other property-related taxes — 3,278,000 — 6,534,000 Corporate general and administrative — 91,000 — 151,000 Depreciation and amortization — 3,964,000 — 9,726,000 Total expenses — 11,719,000 — 25,647,000 OPERATING INCOME — 9,207,000 — 16,982,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net — ( 1,509,000 ) — ( 3,036,000 ) Total non-operating income and expenses — ( 1,509,000 ) — ( 3,036,000 ) INCOME FROM DISCONTINUED OPERATIONS — 7,698,000 — 13,946,000 Impairment charges — ( 16,119,000 ) — ( 16,630,000 ) TOTAL LOSS FROM DISCONTINUED OPERATIONS $ — $ ( 8,421,000 ) $ — $ ( 2,684,000 ) Net cash provided by operations from discontinued operations was $ 0.0 million and $ 25.4 million for the six months ended June 30, 2023 and 2022, respectively. Net cash used in investing activities from discontinued operations was $ 0.0 million and $ 16.0 million for the six months ended June 30, 2023 and 2022, respectively.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. 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 June 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 $ 131.1 million and $ 131.8 million, respectively, and the carrying value of such loans, was $ 131.6 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 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.

Loans Payable

Loans Payable	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Loans Payable	Note 5. Loans Payable Debt obligations are composed of the following at June 30, 2023 and collateralized by 12 properties: June 30, 2023 Contractual Maturity Balance interest rates Description dates outstanding weighted average Fixed-rate: Term loan Nov 2032 $ 110,000,000 5.3 % Term loan Jan 2033 25,000,000 6.4 % 135,000,000 5.5 % Unamortized issuance costs ( 3,445,000 ) $ 131,555,000 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 six months ended June 30, 2023 and 2022: (Loss) recognized in other comprehensive income reclassified into earnings (effective portion) Three months ended June 30, Six months ended June 30, Classification 2023 2022 2023 2022 Continuing Operations $ — $ ( 958,000 ) $ — $ ( 2,320,000 )

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. 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 June 30, 2023, the Company’s weighted average remaining lease term is approximate ly 48.3 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 June 30, 2023 and 2022, respectively. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $ 0.1 million and $ 0.2 million for the six months ended June 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 decision becomes final unless Plaintiffs seek reconsideration within 14 days or file an appeal within 30 days. 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 August 12, 2022, Defendants requested permission to file a motion to dismiss, and Plaintiff responded opposing Defendants’ request on September 7, 2022. The court granted Defendants’ request to file a motion to dismiss on October 25, 2022. Defendants served their motion to dismiss on December 23, 2022, which Plaintiff opposed on January 27, 2023. Defendants filed a reply brief on the motion to dismiss on February 17, 2023. At this juncture, the outcome of the litigation is uncertain. 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 have sought leave from the appellate court for permission to appeal the remand decision. Defendants have 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 . Plaintiff has opposed the motions. The court has set a hearing on the motions for August 23, 2023. At this juncture, the outcome of the litigation is uncertain.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity Note [Abstract]
Shareholders' Equity	Note 7. Shareholders’ Equity Preferred Stock The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 June 30, 2023 December 31, 2022 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock 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 June 30, Six months ended June 30, 2023 2022 2023 2022 Common stock $ — $ — $ — $ 0.066 7.25 % Series B Preferred Stock $ 0.453 $ 0.453 $ 0.906 $ 0.906 6.50 % Series C Preferred Stock $ 0.406 $ 0.406 $ 0.813 $ 0.813 On July 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 August 21, 2023 to shareholders of record of the Series B Preferred Stock and Series C Preferred Stock, as applicable, on August 10, 2023.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Revenues	Note 8. Revenues Rental revenues for the three and six months ended June 30, 2023 and 2022, respectively, are comprised of the following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Base rents $ 5,951,000 $ 6,197,000 $ 11,786,000 $ 12,482,000 Expense recoveries - variable lease revenue 1,654,000 2,258,000 3,915,000 4,255,000 Percentage rent - variable lease revenue 117,000 143,000 285,000 266,000 Straight-line rents 271,000 ( 35,000 ) 461,000 ( 45,000 ) Above (below) market lease amortization, net 105,000 161,000 128,000 322,000 8,098,000 8,724,000 16,575,000 17,280,000 Credit adjustments on operating lease receivables 155,000 ( 431,000 ) 319,000 ( 472,000 ) Total rental revenues $ 8,253,000 $ 8,293,000 $ 16,894,000 $ 16,808,000 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.

Share-Based Compensation

Share-Based Compensation	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Share-Based Compensation	N ote 9. Share-Based Compensation The following tables set forth certain share-based compensation information for the three and six months ended June 30, 2023 and 2022, respectively: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Expense relating to share/unit grants $ — $ 293,000 $ — $ 877,000 Amounts capitalized — ( 12,000 ) — ( 54,000 ) Total charged to operations $ — $ 281,000 $ — $ 823,000 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 June 30, 2023, there were no shares available for grants pursuant to the 2017 Plan since this plan was terminated in connection with the Merger.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Note 10. 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 six months ended June 30, 2023, the Company had 0.0 million of weighted average unvested restricted shares outstanding that were participating securities. For the three and six months ended June 30, 2022, the Company had 0.3 million 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 six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator Net loss from continuing operations $ ( 1,067,000 ) $ ( 34,342,000 ) $ ( 1,053,000 ) $ ( 41,155,000 ) Preferred stock dividends ( 2,688,000 ) ( 2,688,000 ) ( 5,376,000 ) ( 5,376,000 ) Net loss attributable to noncontrolling interests — 143,000 — 185,000 Net loss allocated to unvested shares — ( 18,000 ) — ( 41,000 ) Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares ( 3,755,000 ) ( 36,905,000 ) ( 6,429,000 ) ( 46,387,000 ) Loss from discontinued operations, net of noncontrolling interests, attributable to vested common shares — ( 8,388,000 ) — ( 2,673,000 ) Net loss attributable to vested common shares $ ( 3,755,000 ) $ ( 45,293,000 ) $ ( 6,429,000 ) $ ( 49,060,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,718,000 13,288,000 13,718,000 13,287,000 Net loss per common share attributable to common shareholders (basic and diluted): Continuing operations $ ( 0.27 ) $ ( 2.78 ) $ ( 0.47 ) $ ( 3.49 ) Discontinued operations — ( 0.63 ) — ( 0.20 ) $ ( 0.27 ) $ ( 3.41 ) $ ( 0.47 ) $ ( 3.69 ) Fully-diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into shares of common stock. For the three and six months ended June 30, 2022, no restricted stock units would have been issuable under the Company’s then-President and CEO market performance-based equity award had the measurement period ended on June 30, 2022, and therefore this market performance-based equity award had no impact in calculating diluted EPS for this period . For the three and six months ended June 30, 2023, there were no market performance-based equity awards issued or outstanding. Net loss attributable to noncontrolling interests of the Operating Partnership has been excluded from the numerator and the related OP Units have been excluded from the denominator for the purpose of calculating diluted EPS as there would have been no dilutive effect had such amounts been include d. The weighted average number of OP Units outstanding was 0 for the three and six months ended June 30, 2023 and 65,000 and 73,000 for the three and six months ended June 30, 2022, respectively.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Note 11. Related Party Transactions With 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. During the th ree and six months ended June 30, 2023, the Company paid WHLR $ 0.0 million and $ 0.4 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”). The related party amounts due to WHLR as of June 30, 2023 and December 31, 2022 are comprised of: June 30, December 31, 2023 2022 2022 financings and real estate taxes $ 7,166,000 $ 7,166,000 Management fees 533,000 110,000 Leasing commissions 418,000 85,000 Cost Sharing Agreement allocations (a) 322,000 — Other 117,000 ( 33,000 ) Total $ 8,556,000 $ 7,328,000 (a) Includes allocations for executive compensation and directors' liability insurance. In 2022, WHLR did no t make any allocations to the Company for these services due to certain limitations set forth in the Cost Sharing Agreement.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Note 12. Subsequent Events On July 11, 2023, the Company sold an outparcel building adjacent to Carll's Corner, located in Bridgeton, New Jerse y for $ 3.0 million.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Principles of Consolidation/Basis of Preparation	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 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	Supplemental Condensed Consolidated Statements of Cash Flows Information Six months ended June 30, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 3,585,000 $ 9,419,000 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 ( 1,028,000 ) 3,764,000
Recently Issued and Adopted Accounting Pronouncements	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)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Supplemental Condensed Consolidated Statements of Cash Flows Information	Supplemental Condensed Consolidated Statements of Cash Flows Information Six months ended June 30, 2023 2022 Supplemental disclosure of cash activities: Cash paid for interest $ 3,585,000 $ 9,419,000 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 ( 1,028,000 ) 3,764,000

Real Estate (Tables)

Real Estate (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Real Estate Held for Sale	Real estate held for sale consists of the following: June 30, December 31, 2023 2022 Real estate held for sale $ 113,000 $ — Receivables, net — — Deferred costs and other assets, net — — Total real estate held for sale $ 113,000 $ —
Summary of Loss from Discontinued Operations	The following is a summary of loss from discontinued operations: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 REVENUES Rental revenues $ — $ 20,824,000 $ — $ 42,472,000 Other revenues — 102,000 — 157,000 Total revenues — 20,926,000 — 42,629,000 EXPENSES Operating, maintenance and management — 4,386,000 — 9,236,000 Real estate and other property-related taxes — 3,278,000 — 6,534,000 Corporate general and administrative — 91,000 — 151,000 Depreciation and amortization — 3,964,000 — 9,726,000 Total expenses — 11,719,000 — 25,647,000 OPERATING INCOME — 9,207,000 — 16,982,000 NON-OPERATING INCOME AND EXPENSES Interest expense, net — ( 1,509,000 ) — ( 3,036,000 ) Total non-operating income and expenses — ( 1,509,000 ) — ( 3,036,000 ) INCOME FROM DISCONTINUED OPERATIONS — 7,698,000 — 13,946,000 Impairment charges — ( 16,119,000 ) — ( 16,630,000 ) TOTAL LOSS FROM DISCONTINUED OPERATIONS $ — $ ( 8,421,000 ) $ — $ ( 2,684,000 )

Loans Payable (Tables)

Loans Payable (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations	Debt obligations are composed of the following at June 30, 2023 and collateralized by 12 properties: June 30, 2023 Contractual Maturity Balance interest rates Description dates outstanding weighted average Fixed-rate: Term loan Nov 2032 $ 110,000,000 5.3 % Term loan Jan 2033 25,000,000 6.4 % 135,000,000 5.5 % Unamortized issuance costs ( 3,445,000 ) $ 131,555,000
Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Equity	The following presents the effect of the Company’s qualifying interest rate swaps on the condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022: (Loss) recognized in other comprehensive income reclassified into earnings (effective portion) Three months ended June 30, Six months ended June 30, Classification 2023 2022 2023 2022 Continuing Operations $ — $ ( 958,000 ) $ — $ ( 2,320,000 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Schedule of Dividends	The following table provides a summary of dividends declared and paid per share: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Common stock $ — $ — $ — $ 0.066 7.25 % Series B Preferred Stock $ 0.453 $ 0.453 $ 0.906 $ 0.906 6.50 % Series C Preferred Stock $ 0.406 $ 0.406 $ 0.813 $ 0.813
Preferred Stock [Member]
Summary of Preferred Stock	The Company is authorized to issue up to 12,500,000 shares of preferred stock. The following tables summarize details about the Company’s preferred stock: Series B Series C Preferred Stock Preferred Stock Par value $ 0.01 $ 0.01 Liquidation value $ 25.00 $ 25.00 June 30, 2023 December 31, 2022 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock 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

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2023
Revenues [Abstract]
Schedule of Rental Revenues	Rental revenues for the three and six months ended June 30, 2023 and 2022, respectively, are comprised of the following: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Base rents $ 5,951,000 $ 6,197,000 $ 11,786,000 $ 12,482,000 Expense recoveries - variable lease revenue 1,654,000 2,258,000 3,915,000 4,255,000 Percentage rent - variable lease revenue 117,000 143,000 285,000 266,000 Straight-line rents 271,000 ( 35,000 ) 461,000 ( 45,000 ) Above (below) market lease amortization, net 105,000 161,000 128,000 322,000 8,098,000 8,724,000 16,575,000 17,280,000 Credit adjustments on operating lease receivables 155,000 ( 431,000 ) 319,000 ( 472,000 ) Total rental revenues $ 8,253,000 $ 8,293,000 $ 16,894,000 $ 16,808,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	6 Months Ended
	Jun. 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 six months ended June 30, 2023 and 2022, respectively: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Expense relating to share/unit grants $ — $ 293,000 $ — $ 877,000 Amounts capitalized — ( 12,000 ) — ( 54,000 ) Total charged to operations $ — $ 281,000 $ — $ 823,000

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 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 six months ended June 30, 2023 and 2022: Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 Numerator Net loss from continuing operations $ ( 1,067,000 ) $ ( 34,342,000 ) $ ( 1,053,000 ) $ ( 41,155,000 ) Preferred stock dividends ( 2,688,000 ) ( 2,688,000 ) ( 5,376,000 ) ( 5,376,000 ) Net loss attributable to noncontrolling interests — 143,000 — 185,000 Net loss allocated to unvested shares — ( 18,000 ) — ( 41,000 ) Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares ( 3,755,000 ) ( 36,905,000 ) ( 6,429,000 ) ( 46,387,000 ) Loss from discontinued operations, net of noncontrolling interests, attributable to vested common shares — ( 8,388,000 ) — ( 2,673,000 ) Net loss attributable to vested common shares $ ( 3,755,000 ) $ ( 45,293,000 ) $ ( 6,429,000 ) $ ( 49,060,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,718,000 13,288,000 13,718,000 13,287,000 Net loss per common share attributable to common shareholders (basic and diluted): Continuing operations $ ( 0.27 ) $ ( 2.78 ) $ ( 0.47 ) $ ( 3.49 ) Discontinued operations — ( 0.63 ) — ( 0.20 ) $ ( 0.27 ) $ ( 3.41 ) $ ( 0.47 ) $ ( 3.69 )

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Summary of Related Party Amounts Due	The related party amounts due to WHLR as of June 30, 2023 and December 31, 2022 are comprised of: June 30, December 31, 2023 2022 2022 financings and real estate taxes $ 7,166,000 $ 7,166,000 Management fees 533,000 110,000 Leasing commissions 418,000 85,000 Cost Sharing Agreement allocations (a) 322,000 — Other 117,000 ( 33,000 ) Total $ 8,556,000 $ 7,328,000 (a) Includes allocations for executive compensation and directors' liability insurance. In 2022, WHLR did no t make any allocations to the Company for these services due to certain limitations set forth in the Cost Sharing Agreement.

Business and Organization (Deta

Business and Organization (Details) $ / shares in Units, $ in Millions		6 Months Ended
	Jul. 07, 2022 USD ($)	Jun. 30, 2023 Property $ / shares	Aug. 22, 2022 $ / shares	Mar. 02, 2022 Property
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties | Property		19
Cash payments per share | $ / shares			$ 9.48
Common stock dividends per share declared | $ / shares		$ 19.52
Discontinued Operations [Member]
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Proceeds from sale of grocery-anchored shopping centers | $	$ 879
Series B Preferred Stock [Member]
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Preferred stock outstanding percentage			7.25%
Series C Preferred Stock [Member]
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Preferred stock outstanding percentage			6.50%
Asset Purchase Agreement [Member]
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties | Property				33
Cedar Realty Trust Partnership L.P [Member]
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 Condensed Consolidated Statements of Cash Flows Information) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental disclosure of cash activities:
Cash paid for interest	$ 3,585,000	$ 9,419,000
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	$ (1,028,000)	$ 3,764,000

Real Estate (Summary of Real Es

Real Estate (Summary of Real Estate Held For Sale) (Details)	Jun. 30, 2023 USD ($)
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Real estate held for sale	$ 113,000
Total real estate held for sale	$ 113,000

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details) $ in Millions		6 Months Ended
	Jul. 07, 2022 USD ($)	Jun. 30, 2023 USD ($) Property	Jun. 30, 2022 USD ($)
Real Estate Properties [Line Items]
Number of properties | Property		19
Net cash provided by operations from discontinued operations		$ 0	$ 25.4
Net cash used in investing activities from discontinued operations		$ 0	$ 16
Discontinued Operations [Member]
Real Estate Properties [Line Items]
Gross proceeds from sale of real estate	$ 879
Grocery-Anchored Shopping Center [Member] | Discontinued Operations [Member]
Real Estate Properties [Line Items]
Number of properties | Property		33

Real Estate (Summary of Loss fr

Real Estate (Summary of Loss from Discontinued Operations) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
REVENUES
Rental revenues	$ 20,824,000	$ 42,472,000
Other revenues	102,000	157,000
Total revenues	20,926,000	42,629,000
EXPENSES
Operating, maintenance and management	4,386,000	9,236,000
Real estate and other property-related taxes	3,278,000	6,534,000
Corporate general and administrative	91,000	151,000
Depreciation and amortization	3,964,000	9,726,000
Total expenses	11,719,000	25,647,000
OPERATING INCOME	9,207,000	16,982,000
NON-OPERATING INCOME AND EXPENSES
Interest expense, net	(1,509,000)	(3,036,000)
Total non-operating income and expenses	(1,509,000)	(3,036,000)
INCOME FROM DISCONTINUED OPERATIONS	7,698,000	13,946,000
Impairment charges	(16,119,000)	(16,630,000)
Total loss from discontinued operations	$ (8,421,000)	$ (2,684,000)

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Fair value of fixed rate secured term loans	$ 131.1	$ 131.8
Carrying value of fixed rate secured term loans	$ 131.6	$ 131.5

Loans Payable (Narrative) (Deta

Loans Payable (Narrative) (Details)	6 Months Ended
	Jun. 30, 2023 PropertyPortfolio
Debt Disclosure [Abstract]
Number of properties collateralize by secured term loans	12

Loans Payable (Schedule of Debt

Loans Payable (Schedule of Debt Obligations) (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Total debt gross	$ 135,000,000
Unamortized issuance costs	(3,445,000)
Continuing Operations [Member]
Debt Instrument [Line Items]
Total debt	$ 131,555,000
Weighted average contractual interest rate	5.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Maturity date	Nov. 30, 2032
Credit facilities	$ 110,000,000
Weighted average contractual interest rate	5.30%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Two [Member] | Secured Debt [Member]
Debt Instrument [Line Items]
Maturity date	Jan. 31, 2033
Credit facilities	$ 25,000,000
Weighted average contractual interest rate	6.40%

Loans Payable (Effect of Deriva

Loans Payable (Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations and Condensed Consolidated Statements of Equity) (Details) - Continuing Operations [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments Gain Loss [Line Items]
(Loss) recognized in other comprehensive income reclassified into earnings (effective portion)		$ (958,000)		$ (2,320,000)
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net	Interest Income (Expense), Net

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Weighted average remaining lease term	48 years 3 months 18 days		48 years 3 months 18 days
Weighted average discount rate	8.60%		8.60%
Rent expense	$ 0.1	$ 0.1	$ 0.1	$ 0.2

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details) - $ / shares	Jul. 20, 2023	Jun. 30, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Preferred stock, shares authorized		12,500,000
Series B [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized		6,050,000	6,050,000
Series B [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Preferred stock dividends declared	$ 0.453125
Series C [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized		6,450,000	6,450,000
Series C [Member] | Subsequent Event [Member]
Class Of Stock [Line Items]
Preferred stock dividends declared	$ 0.406250

Shareholders' Equity (Summary o

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

Shareholders' Equity (Schedule

Shareholders' Equity (Schedule of Dividends) (Details) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Class Of Stock [Line Items]
Common stock				$ 0.066
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.453	$ 0.453	$ 0.906	$ 0.906
Dividend rate percentage	7.25%	7.25%	7.25%	7.25%
Series C Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.406	$ 0.406	$ 0.813	$ 0.813
Dividend rate percentage	6.50%	6.50%	6.50%	6.50%

Revenues (Schedule of Rental Re

Revenues (Schedule of Rental Revenues) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total rental revenues	$ 8,284,000	$ 8,430,000	$ 17,207,000	$ 17,146,000
Rental Revenues [Member]
Disaggregation of Revenue [Line Items]
Base rents	5,951,000	6,197,000	11,786,000	12,482,000
Expense recoveries - variable lease revenue	1,654,000	2,258,000	3,915,000	4,255,000
Percentage rent - variable lease revenue	117,000	143,000	285,000	266,000
Straight-line rents	271,000	(35,000)	461,000	(45,000)
Above (below) market lease amortization, net	105,000	161,000	128,000	322,000
Rental revenues before adjustments	8,098,000	8,724,000	16,575,000	17,280,000
Credit adjustments on operating lease receivables	155,000	(431,000)	319,000	(472,000)
Total rental revenues	$ 8,253,000	$ 8,293,000	$ 16,894,000	$ 16,808,000

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract]
Expense relating to share/unit grants	$ 293,000	$ 877,000
Amounts capitalized	(12,000)	(54,000)
Total charged to operations	$ 281,000	$ 823,000

Share-Based Compensation (Narra

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

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average nonvested restricted shares outstanding	0	300,000	0	300,000
Weighted average number of OP units outstanding	0	65,000	0	73,000
Market Performance-Based Equity Award [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Equity awards issued	0		0
Equity awards outstanding	0		0
Market Performance-Based Equity Award [Member] | Chief Executive Officer [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Shares issuable under Stock incentive plan		0		0

Earnings Per Share (Schedule of

Earnings Per Share (Schedule of Calculation of Numerator and Denominator in Earnings Per Share) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net loss from continuing operations	$ (1,067,000)	$ (34,342,000)	$ (1,053,000)	$ (41,155,000)
Preferred stock dividends	(2,688,000)	(2,688,000)	(5,376,000)	(5,376,000)
Net loss attributable to noncontrolling interests		143,000		185,000
Net loss allocated to unvested shares		(18,000)		(41,000)
Loss from continuing operations, net of noncontrolling interest, attributable to vested common shares	(3,755,000)	(36,905,000)	(6,429,000)	(46,387,000)
Loss from discontinued operations, net of noncontrolling interests, attributable to vested common shares		(8,388,000)		(2,673,000)
Net loss attributable to vested common shares	$ (3,755,000)	$ (45,293,000)	$ (6,429,000)	$ (49,060,000)
Weighted average number of vested common shares outstanding, basic	13,718,000	13,288,000	13,718,000	13,287,000
Weighted average number of vested common shares outstanding, diluted	13,718,000	13,288,000	13,718,000	13,287,000
Continuing operations, basic per share	$ (0.27)	$ (2.78)	$ (0.47)	$ (3.49)
Continuing operations, diluted per share	(0.27)	(2.78)	(0.47)	(3.49)
Discontinued operations, basic per share		(0.63)		(0.20)
Discontinued operations, diluted per share		(0.63)		(0.20)
Net loss per common share attributable to common shareholders, basic	(0.27)	(3.41)	(0.47)	(3.69)
Net loss per common share attributable to common shareholders, diluted	$ (0.27)	$ (3.41)	$ (0.47)	$ (3.69)

Related Party Transactions (Add

Related Party Transactions (Additional Information) (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
WHLR [Member] | Related Party [Member]
Related Party Transaction [Line Items]
Related party transaction expenses	$ 0	$ 0.4

Related Party Transactions (Sum

Related Party Transactions (Summary of Related Party Amounts Due) (Details) - Related Party [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party amounts due	$ 8,556,000	$ 7,328,000
WHLR [Member]
Related Party Transaction [Line Items]
Related party amounts due	8,556,000	7,328,000
WHLR [Member] | 2022 Financings and Real Estate Taxes [Member]
Related Party Transaction [Line Items]
Related party amounts due	7,166,000	7,166,000
WHLR [Member] | Management Fees [Member]
Related Party Transaction [Line Items]
Related party amounts due	533,000	110,000
WHLR [Member] | Leasing Commissions [Member]
Related Party Transaction [Line Items]
Related party amounts due	418,000	85,000
WHLR [Member] | Cost Sharing Agreement Allocations [Member]
Related Party Transaction [Line Items]
Related party amounts due	322,000	0
WHLR [Member] | Other [Member]
Related Party Transaction [Line Items]
Related party amounts due	$ 117,000	$ (33,000)

Related Party Transactions (S_2

Related Party Transactions (Summary of Related Party Amounts Due) (Parenthetical) (Details) - Related Party [Member] - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Related party amounts due	$ 8,556,000	$ 7,328,000
WHLR [Member]
Related Party Transaction [Line Items]
Related party amounts due	8,556,000	7,328,000
WHLR [Member] | Cost Sharing Agreement Allocations [Member]
Related Party Transaction [Line Items]
Related party amounts due	$ 322,000	$ 0

Subsequent Events - (Narrative)

Subsequent Events - (Narrative) (Details) - USD ($)		6 Months Ended
	Jul. 11, 2023	Jun. 30, 2023	Jun. 30, 2022
Subsequent Event [Line Items]
Proceeds from sale of outparcel building			$ 31,866,000
Outparcel Building [Member]
Subsequent Event [Line Items]
Location		Bridgeton, New Jerse
Subsequent Event [Member] | Outparcel Building [Member]
Subsequent Event [Line Items]
Proceeds from sale of outparcel building	$ 3,000,000