Cedar Realty Trust (CDR-PB) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 29, 2021
Document Information [Line Items]
Document type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2021
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2021
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		13,660,585
Entity File Number	001-31817
Entity Tax Identification Number	42-1241468
Entity Address, Address Line One	928 Carmans Road,
Entity Address, City or Town	Massapequa
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	11758
City Area Code	516
Local Phone Number	767-6492
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false
Common Stock [Member]
Document Information [Line Items]
Trading Symbol	CDR
Title of 12(b) Security	Common Stock, $0.06 par value
Security Exchange Name	NYSE
Series B Preferred Stock [Member]
Document Information [Line Items]
Trading Symbol	CDRpB
Title of 12(b) Security	7-1/4% 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	6-1/2% Series C Cumulative Redeemable Preferred Stock, $25.00 Liquidation Value
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Sep. 30, 2021	Dec. 31, 2020
ASSETS
Land	$ 280,238,000	$ 284,694,000
Buildings and improvements	1,117,950,000	1,242,784,000
Real estate, gross	1,398,188,000	1,527,478,000
Less accumulated depreciation	(432,488,000)	(428,569,000)
Real estate, net	965,700,000	1,098,909,000
Real estate held for sale	1,876,000	9,498,000
Investment in unconsolidated joint venture	3,193,000
Cash and cash equivalents	4,731,000	1,637,000
Restricted cash	230,000
Receivables	22,290,000	21,952,000
Other assets and deferred charges, net	38,751,000	45,255,000
TOTAL ASSETS	1,036,771,000	1,177,251,000
LIABILITIES AND EQUITY
Mortgage loan payable	157,040,000	45,385,000
Finance lease obligation	5,324,000	5,340,000
Unsecured revolving credit facility	66,000,000	175,000,000
Unsecured term loans	298,809,000	398,549,000
Accounts payable and accrued liabilities	45,173,000	56,580,000
Unamortized intangible lease liabilities	8,066,000	8,939,000
Total liabilities	580,412,000	689,793,000
Commitments and contingencies
Equity:
Preferred stock	159,541,000	159,541,000
Common stock ($0.06 par value, 150,000,000 shares authorized, 13,669,000 and 13,530,000 shares, issued and outstanding, respectively)	820,000	812,000
Treasury stock (415,000 and 447,000 shares, respectively, at cost)	(13,862,000)	(15,133,000)
Additional paid-in capital	879,900,000	879,790,000
Cumulative distributions in excess of net income	(562,124,000)	(522,696,000)
Accumulated other comprehensive (loss)	(12,050,000)	(18,816,000)
Total Cedar Realty Trust, Inc. shareholders' equity	452,225,000	483,498,000
Noncontrolling interests:
Minority interests in consolidated joint ventures	1,450,000	1,053,000
Limited partners' OP Units	2,684,000	2,907,000
Total noncontrolling interests	4,134,000	3,960,000
Total equity	456,359,000	487,458,000
TOTAL LIABILITIES AND EQUITY	$ 1,036,771,000	$ 1,177,251,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2021	Dec. 31, 2020
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	13,669,000	13,530,000
Common stock, shares outstanding	13,669,000	13,530,000
Treasury stock, shares	415,000	447,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES
Total revenues	$ 30,562,000	$ 31,175,000	$ 96,333,000	$ 102,280,000
EXPENSES
Operating, maintenance and management	5,570,000	5,579,000	19,646,000	18,808,000
Real estate and other property-related taxes	4,797,000	5,253,000	14,968,000	15,353,000
General and administrative	4,229,000	3,925,000	13,630,000	12,833,000
Depreciation and amortization	9,510,000	10,035,000	30,978,000	38,208,000
Total expenses	24,106,000	24,792,000	79,222,000	85,202,000
OTHER
Gain on sales		679,000	49,904,000	679,000
Impairment charges	(82,736,000)		(80,887,000)	(7,607,000)
Total other	(82,736,000)	679,000	(30,983,000)	(6,928,000)
OPERATING (LOSS) INCOME	(76,280,000)	7,062,000	(13,872,000)	10,150,000
NON-OPERATING INCOME AND EXPENSES
Interest expense	(4,603,000)	(5,658,000)	(14,294,000)	(16,853,000)
Total non-operating income and expenses	(4,603,000)	(5,658,000)	(14,294,000)	(16,853,000)
NET (LOSS) INCOME	(80,883,000)	1,404,000	(28,166,000)	(6,703,000)
Net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures	(125,000)	(144,000)	(397,000)	(460,000)
Limited partners' interest in Operating Partnership	492,000	7,000	214,000	87,000
Total net loss (income) attributable to noncontrolling interests	(367,000)	137,000	183,000	373,000
NET (LOSS) INCOME ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.	(80,516,000)	1,267,000	(28,349,000)	(7,076,000)
Preferred stock dividends	(2,688,000)	(2,688,000)	(8,064,000)	(8,064,000)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (83,204,000)	$ (1,421,000)	$ (36,413,000)	$ (15,140,000)
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$ (6.28)	$ (0.11)	$ (2.77)	$ (1.17)
Weighted average number of common shares - basic and diluted	13,252,000	13,110,000	13,191,000	13,101,000
Rental Revenues [Member]
REVENUES
Total revenues	$ 30,395,000	$ 30,890,000	$ 95,611,000	$ 94,466,000
Other [Member]
REVENUES
Total revenues	$ 167,000	$ 285,000	$ 722,000	$ 7,814,000

Consolidated Statements of Comp

Consolidated Statements of Comprehensive (Loss) Income - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement Of Income And Comprehensive Income [Abstract]
Net (loss) income	$ (80,883,000)	$ 1,404,000	$ (28,166,000)	$ (6,703,000)
Unrealized gain (loss) on change in fair value of cash flow hedges	1,595,000	1,480,000	6,811,000	(14,122,000)
Comprehensive (loss) income	(79,288,000)	2,884,000	(21,355,000)	(20,825,000)
Comprehensive loss (income) attributable to noncontrolling interests	358,000	(146,000)	(228,000)	(289,000)
Comprehensive (loss) income attributable to Cedar Realty Trust, Inc.	$ (78,930,000)	$ 2,738,000	$ (21,583,000)	$ (21,114,000)

Consolidated Statements of Equi

Consolidated Statements 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 Loss [Member]	Cedar Realty Trust, Inc. [Member]	Minority Interests In Consolidated Joint Ventures [Member]	Noncontrolling Interests [Member]
Balance at Dec. 31, 2019	$ 514,075,000	$ 3,079,000	$ 159,541,000	$ 809,000	$ (16,311,000)	$ 877,256,000	$ (503,725,000)	$ (7,009,000)	$ 510,561,000	$ 435,000	$ 3,514,000
Balance, shares at Dec. 31, 2019			6,450,000	13,488,000
Net income (loss)	(2,098,000)	(28,000)					(2,246,000)		(2,246,000)	176,000	148,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(15,014,000)	(90,000)						(14,924,000)	(14,924,000)		(90,000)
Share-based compensation, net	866,000			$ 3,000	1,006,000	(143,000)			866,000
Share-based compensation, net, shares				46,000
Common stock sales, net of issuance expenses	5,000					5,000			5,000
Preferred stock dividends	(2,688,000)						(2,688,000)		(2,688,000)
Distributions to common shareholders/noncontrolling interests	(4,495,000)	(27,000)					(4,468,000)		(4,468,000)		(27,000)
Reallocation adjustment of limited partners' interest		(5,000)				5,000			5,000		(5,000)
Balance at Mar. 31, 2020	490,651,000	2,929,000	$ 159,541,000	$ 812,000	(15,305,000)	877,123,000	(513,127,000)	(21,933,000)	487,111,000	611,000	3,540,000
Balance, shares at Mar. 31, 2020			6,450,000	13,534,000
Balance at Dec. 31, 2019	514,075,000	3,079,000	$ 159,541,000	$ 809,000	(16,311,000)	877,256,000	(503,725,000)	(7,009,000)	510,561,000	435,000	3,514,000
Balance, shares at Dec. 31, 2019			6,450,000	13,488,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(14,122,000)
Balance at Sep. 30, 2020	481,610,000	2,873,000	$ 159,541,000	$ 812,000	(15,191,000)	878,846,000	(525,119,000)	(21,047,000)	477,842,000	895,000	3,768,000
Balance, shares at Sep. 30, 2020			6,450,000	13,532,000
Balance at Mar. 31, 2020	490,651,000	2,929,000	$ 159,541,000	$ 812,000	(15,305,000)	877,123,000	(513,127,000)	(21,933,000)	487,111,000	611,000	3,540,000
Balance, shares at Mar. 31, 2020			6,450,000	13,534,000
Net income (loss)	(6,009,000)	(52,000)					(6,097,000)		(6,097,000)	140,000	88,000
Unrealized gain (loss) on change in fair value of cash flow hedges	(588,000)	(3,000)						(585,000)	(585,000)		(3,000)
Share-based compensation, net	1,030,000				57,000	973,000			1,030,000
Common stock sales, net of issuance expenses	4,000					4,000			4,000
Preferred stock dividends	(2,688,000)						(2,688,000)		(2,688,000)
Distributions to common shareholders/noncontrolling interests	(898,000)	(5,000)					(893,000)		(893,000)		(5,000)
Reallocation adjustment of limited partners' interest		2,000				(2,000)			(2,000)		2,000
Balance at Jun. 30, 2020	481,502,000	2,871,000	$ 159,541,000	$ 812,000	(15,248,000)	878,098,000	(522,805,000)	(22,518,000)	477,880,000	751,000	3,622,000
Balance, shares at Jun. 30, 2020			6,450,000	13,534,000
Net income (loss)	1,404,000	(7,000)					1,267,000		1,267,000	144,000	137,000
Unrealized gain (loss) on change in fair value of cash flow hedges	1,480,000	9,000						1,471,000	1,471,000		9,000
Share-based compensation, net	808,000				57,000	751,000			808,000
Share-based compensation, net, shares				(3,000)
Common stock sales, net of issuance expenses	2,000					2,000			2,000
Common stock sales, net of issuance expenses, shares				1,000
Preferred stock dividends	(2,688,000)						(2,688,000)		(2,688,000)
Distributions to common shareholders/noncontrolling interests	(898,000)	(5,000)					(893,000)		(893,000)		(5,000)
Reallocation adjustment of limited partners' interest		5,000				(5,000)			(5,000)		5,000
Balance at Sep. 30, 2020	481,610,000	2,873,000	$ 159,541,000	$ 812,000	(15,191,000)	878,846,000	(525,119,000)	(21,047,000)	477,842,000	895,000	3,768,000
Balance, shares at Sep. 30, 2020			6,450,000	13,532,000
Balance at Dec. 31, 2020	487,458,000	2,907,000	$ 159,541,000	$ 812,000	(15,133,000)	879,790,000	(522,696,000)	(18,816,000)	483,498,000	1,053,000	3,960,000
Balance, shares at Dec. 31, 2020			6,450,000	13,530,000
Net income (loss)	1,253,000	(9,000)					1,112,000		1,112,000	150,000	141,000
Unrealized gain (loss) on change in fair value of cash flow hedges	4,197,000	26,000						4,171,000	4,171,000		26,000
Share-based compensation, net	781,000			$ 6,000	1,172,000	(397,000)			781,000
Share-based compensation, net, shares				99,000
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	(904,000)	(5,000)					(899,000)		(899,000)		(5,000)
Reallocation adjustment of limited partners' interest		(19,000)				19,000			19,000		(19,000)
Balance at Mar. 31, 2021	490,098,000	2,900,000	$ 159,541,000	$ 818,000	(13,961,000)	879,413,000	(525,171,000)	(14,645,000)	485,995,000	1,203,000	4,103,000
Balance, shares at Mar. 31, 2021			6,450,000	13,629,000
Balance at Dec. 31, 2020	487,458,000	2,907,000	$ 159,541,000	$ 812,000	(15,133,000)	879,790,000	(522,696,000)	(18,816,000)	483,498,000	1,053,000	3,960,000
Balance, shares at Dec. 31, 2020			6,450,000	13,530,000
Unrealized gain (loss) on change in fair value of cash flow hedges	6,811,000
Balance at Sep. 30, 2021	456,359,000	2,684,000	$ 159,541,000	$ 820,000	(13,862,000)	879,900,000	(562,124,000)	(12,050,000)	452,225,000	1,450,000	4,134,000
Balance, shares at Sep. 30, 2021			6,450,000	13,669,000
Balance at Mar. 31, 2021	490,098,000	2,900,000	$ 159,541,000	$ 818,000	(13,961,000)	879,413,000	(525,171,000)	(14,645,000)	485,995,000	1,203,000	4,103,000
Balance, shares at Mar. 31, 2021			6,450,000	13,629,000
Net income (loss)	51,464,000	287,000					51,055,000		51,055,000	122,000	409,000
Unrealized gain (loss) on change in fair value of cash flow hedges	1,019,000	10,000						1,009,000	1,009,000		10,000
Share-based compensation, net	1,089,000				50,000	1,039,000			1,089,000
Share-based compensation, net, shares				(1,000)
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	(1,193,000)	(5,000)					(1,188,000)		(1,188,000)		(5,000)
Redemption of OP units	(8,000)	(8,000)									(8,000)
Reallocation adjustment of limited partners' interest		(38,000)				38,000			38,000		(38,000)
Balance at Jun. 30, 2021	539,782,000	3,146,000	$ 159,541,000	$ 818,000	(13,911,000)	880,491,000	(477,992,000)	(13,636,000)	535,311,000	1,325,000	4,471,000
Balance, shares at Jun. 30, 2021			6,450,000	13,628,000
Net income (loss)	(80,883,000)	(492,000)					(80,516,000)		(80,516,000)	125,000	(367,000)
Unrealized gain (loss) on change in fair value of cash flow hedges	1,595,000	9,000						1,586,000	1,586,000		9,000
Share-based compensation, net	(516,000)			$ 2,000	49,000	(567,000)			(516,000)
Share-based compensation, net, shares				41,000
Common stock sales, net of issuance expenses	2,000					2,000			2,000
Preferred stock dividends	(2,688,000)						(2,688,000)		(2,688,000)
Distributions to common shareholders/noncontrolling interests	(933,000)	(5,000)					(928,000)		(928,000)		(5,000)
Reallocation adjustment of limited partners' interest		26,000				(26,000)			(26,000)		26,000
Balance at Sep. 30, 2021	$ 456,359,000	$ 2,684,000	$ 159,541,000	$ 820,000	$ (13,862,000)	$ 879,900,000	$ (562,124,000)	$ (12,050,000)	$ 452,225,000	$ 1,450,000	$ 4,134,000
Balance, shares at Sep. 30, 2021			6,450,000	13,669,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
OPERATING ACTIVITIES
Net loss	$ (80,883,000)	$ 1,404,000	$ (28,166,000)	$ (6,703,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Gain on sales		(679,000)	(49,904,000)	(679,000)
Impairment charges			80,887,000	7,607,000
Straight-line rents and expenses, net			(285,000)	1,304,000
Provision for doubtful accounts			606,000	1,010,000
Depreciation and amortization	9,510,000	10,035,000	30,978,000	38,208,000
Amortization of intangible lease liabilities, net	(268,000)	(299,000)	(807,000)	(1,065,000)
Expense relating to share-based compensation, net			2,509,000	2,753,000
Amortization of deferred financing costs			1,203,000	969,000
Changes in operating assets and liabilities, net of effects of acquisitions and dispositions:
Rents and other receivables			(862,000)	(3,381,000)
Prepaid expenses and other			(4,771,000)	(12,280,000)
Accounts payable and accrued liabilities			931,000	(1,574,000)
Net cash provided by operating activities			32,319,000	26,169,000
INVESTING ACTIVITIES
Expenditures for real estate improvements			(19,612,000)	(29,815,000)
Net proceeds from sales of real estate			104,497,000	5,013,000
Contributions to unconsolidated joint venture			(3,193,000)
Net cash provided by (used in) investing activities			81,692,000	(24,802,000)
FINANCING ACTIVITIES
Repayments under revolving credit facility			(188,000,000)	(83,100,000)
Advances under revolving credit facility			79,000,000	98,000,000
Repayment of term note			(100,000,000)
Termination payment related to interest rate swap			(503,000)
Mortgage proceeds			114,000,000
Mortgage repayments			(825,000)	(797,000)
Payments of debt financing costs			(3,261,000)	(305,000)
Noncontrolling interests:
Distributions to limited partners			(15,000)	(37,000)
Redemption of OP units			(8,000)
Common stock sales less issuance expenses, net			4,000	11,000
Preferred stock dividends			(8,064,000)	(8,064,000)
Distributions to common shareholders			(3,015,000)	(6,254,000)
Net cash used in financing activities			(110,687,000)	(546,000)
Net increase in cash, cash equivalents and restricted cash			3,324,000	821,000
Cash, cash equivalents and restricted cash at beginning of period			1,637,000	2,747,000
Cash, cash equivalents and restricted cash at end of period	4,961,000	3,568,000	4,961,000	3,568,000
Reconciliation to consolidated balance sheets:
Cash and cash equivalents	4,731,000	3,568,000	4,731,000	3,568,000
Restricted cash	230,000		230,000
Cash, cash equivalents and restricted cash at end of period	$ 4,961,000	$ 3,568,000	$ 4,961,000	$ 3,568,000

Business and Organization

Business and Organization	9 Months Ended
	Sep. 30, 2021
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 primarily on ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. At September 30, 2021, the Company owned and managed a portfolio of 53 operating properties (excluding properties “held for sale”). 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, 2021, the Company owned a 99.4% general and limited partnership interest in, and was the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership (0.6% at September 30, 2021) is represented by partnership units in the Operating Partnership (“OP Units”). The carrying amount of such interest is adjusted at the end of each reporting period to an amount equal to the limited partners’ ownership percentage of the Operating Partnership’s net equity. The 81,000 OP Units outstanding at September 30, 2021 are economically equivalent to shares of the Company’s common stock. The holders of OP Units have the right to exchange their OP Units for the same number of shares of the Company’s common stock or, at the Company’s option, for cash. Unless specifically noted otherwise, all references to OP Units exclude limited partnership units held by the Company. 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.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Principles of Consolidation/Basis of Preparation The accompanying unaudited 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 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, 2020. The unaudited consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary. Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2021 2020 Supplemental disclosure of cash activities: Cash paid for interest $ 15,467,000 $ 17,621,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 2,449,000 1,865,000 Buildings and improvements included in accounts payable and accrued liabilities (654,000 ) — Recognition of right-of-use assets and related lease liabilities — 703,000 Recently Issued and Adopted Accounting Pronouncements In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three and nine months ended September 30, 2021, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under ASC 842 if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the Company’s rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its receivables as tenant payments accrue and continues to recognize rental income. Through September 30, 2021, the Company has entered into lease modifications that deferred approximately $3.5 million, of which $2.4 million relates to deferrals that the Company continued to recognize rental income. In addition, through September 30, 2021, the Company has entered into agreements that waived approximately $2.4 million of rent.

Real Estate

Real Estate	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate	Note 3. Real Estate On September 9, 2021, the Company announced that it is exploring, among other alternatives, a potential sale or merger involving the entire Company, and alternatively the potential sale of its core grocery-anchored shopping center portfolio and its mixed-use redevelopment projects. As part of this dual-track strategic alternatives process, the Company has determined that certain of the Company’s operating properties would be sold significantly prior to the end of their previously estimated hold periods. Therefore, the Company recorded $82.7 million in impairment charges. Investment in unconsolidated joint venture On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners (the “Joint Venture”) for the construction of an approximately 258,000 square foot six-story commercial building in Washington, D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services (“DGS”) for its headquarters and approximately 18,000 square feet of street-level retail. The term of the lease with DGS is for 20 years and 10 months, to commence upon substantial completion and delivery to the DGS. This building is planned as the first phase of Northeast Heights, a redevelopment of two existing shopping centers, East River Park and Senator Square, into a mixed-use residential, office and retail property. Further, the Joint Venture has secured construction financing from JP Morgan not to exceed $105 million. The construction loan initially bears interest at LIBOR plus 200 basis points and has an initial term of three years with two, one-year extension options subject to customary conditions. The Company has a 10% interest in the joint venture and is a co-general partner along with Asland Capital Partners. The Company has contributed approximately $3.2 million of capital to the Joint Venture as of September 30, 2021. The Company has sold approximately $8.0 million of development costs to the Joint Venture as of September 30, 2021. The Joint Venture currently estimates that the space will be delivered during the end of the fourth quarter 2022. Upon completion of the building, DGS will be obligated to pay initial annual net rent of approximately $5.4 million per year, subject to a 2.5% annual escalator on each anniversary of rent commencement, plus certain operating costs, property taxes and amortization of tenant improvements together totaling approximately an additional $8.1 million per year, for an aggregate total annual rent of approximately $ 13.5 million. The lease provides for a free rent period of 10 months immediately following rent commencement. The Lease also provides DGS with a tenant credit of approximately $ 6.8 million to be applied, at DGS’s election, against either annual rent or any other tenant payment obligations including tenant improvement costs, in excess of the tenant improvement allowance. Pursuant to the lease , the Joint Venture will contribute up to $ 155 per rentable square foot toward the cost of tenant improvements, to be amortized over 240 months . In addition, the lease provides that the Joint Venture will contribute $ 9.38 per rentable square foot in additional tenant improvement allowance between the 10th and 12th lease years, upon DGS’s timely election. The obligations of DGS under the Lease are subject to annual budget appropriation. Dispositions The following table shows the property dispositions during the nine months ended September 30, 2021: Gain on Sale/ Date Sales Reversal of Dispositions Location GLA Sold Price Impairment Kempsville Crossing (land parcel) Virginia Beach, VA - 2/24/2021 $ 1,300,000 $ 1,047,000 The Commons Dubois, PA 203,309 5/5/2021 9,761,000 1,849,000 Camp Hill Shopping Center Camp Hill, PA 430,198 6/21/2021 89,662,500 48,857,000 633,507 $ 100,723,500 $ 51,753,000 The Real Estate Held for Sale As of September 30, 2021, Carll’s Corner, located in Bridgeton, New Jersey, has been classified as “real estate held for sale” on the accompanying consolidated balance sheet. The Company, when applicable, conducts a continuing review of the values for all properties “held for sale” based on final sales prices and sales contracts entered into. Impairment charges/reversals, if applicable, are based on a comparison of the carrying values of the properties with either (1) actual sales prices less costs to sell for properties sold, or contract amounts for properties in the process of being sold, (2) estimated sales prices, less costs to sell, based on discounted cash flow or income capitalization analyses, if no contract amounts are being negotiated (see Note 4 - “Fair Value Measurements”), or (3) with respect to land parcels, estimated sales prices, less costs to sell, based on comparable sales completed in the selected market areas. Prior to the Company’s determination to dispose of properties, which are subsequently reclassified to “held for sale”, the Company performed recoverability analyses based on the estimated undiscounted cash flows that were expected to result from the real estate investments’ use and eventual disposal. The projected undiscounted cash flows of each property reflects that the carrying value of each real estate investment would be recovered. However, as a result of the properties’ meeting the “held for sale” criteria, such properties were written down to the lower of their carrying value and estimated fair value less costs to sell, if applicable.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value Measurements	Note 4. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, rents and other receivables, certain other assets, accounts payable and accrued liabilities, approximate their fair value due to their terms and/or short-term nature. The fair value of the Company’s investments and liabilities related to share-based compensation were determined to be Level 1 within the valuation hierarchy, and were based on independent values provided by financial institutions. The fair value of the Company’s fixed rate mortgage loan 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 maturity. As of September 30, 2021 and December 31, 2020, the fair value of the Company’s fixed rate mortgage loans payable, which were determined to be Level 3 within the valuation hierarchy, was $162.5 million and $47.0 million, respectively; the carrying value of such loan was $157.0 million and $45.4 million, respectively. As of September 30, 2021 and December 31, 2020, respectively, the aggregate fair values of the Company’s unsecured revolving credit facility and term loans approximated their carrying values. In addition, the fair value of the Company’s mortgage note receivable and finance lease obligation, which were determined to be Level 3 within the valuation hierarchy, approximated their carrying values as of September 30 , 202 1 and December 31, 20 20 , respectively. The valuations of the assets and liabilities for the Company’s interest rate swaps, which are measured on a recurring basis, were determined to be Level 2 within the valuation hierarchy, and were based on independent values provided by financial institutions. Such valuations were determined using widely accepted valuation techniques, including discounted cash flow analyses, on the expected cash flows of each derivative. The analyses reflect the contractual terms of the swaps, including the period to maturity, and observable market-based inputs, including interest rate curves (“significant other observable inputs”). The fair value calculation also includes an amount for risk of non-performance using “significant unobservable inputs” such as estimates of current credit spreads to evaluate the likelihood of default. The Company has concluded that, as of September 30, 2021, the fair value associated with the “significant unobservable inputs” relating to the Company’s risk of non-performance was insignificant to the overall fair value of the interest rate swap agreements and, as a result, that the relevant inputs for purposes of calculating the fair value of the interest rate swap agreements, in their entirety, were based upon “significant other observable inputs”. Nonfinancial assets and liabilities measured at fair value in the consolidated financial statements consist of real estate held for use and 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. 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. The following tables show the hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, respectively: September 30, 2021 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 906,000 $ — $ — $ 906,000 Deferred compensation liabilities (b) $ 924,000 $ — $ — $ 924,000 Interest rate swaps liability (b) $ — $ 11,830,000 $ — $ 11,830,000 December 31, 2020 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 948,000 $ — $ — $ 948,000 Deferred compensation liabilities (b) $ 952,000 $ — $ — $ 952,000 Interest rate swaps liability (b) $ — $ 18,927,000 $ — $ 18,927,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. In connection with the dual-track strategic alternatives process being pursued by the Company, it was determined that certain of the Company’s operating properties would be sold significantly prior to the end of their previously estimated hold periods. As of September 30, 2021, the Company tested the recoverability of real estate held for use and, as a result of the carrying amount of the assets not being deemed recoverable and exceeding their fair value as measured on an asset by asset basis, recorded $82.3 million in impairment charges. These charges are included in Impairment charges in the consolidated statement of operations. Such assets have an aggregate fair value of $ 247.4 million as of September 30, 2021. The fair value of the assets was determined to be Level 3 under the hierarchy and was measured at fair value on a nonrecurring basis using a direct capitalization approach, consisting of capitalization rates ranging from 6.0 % to 8.8 %, with a weighted average of 6.9 %. As of September 30, 2021, real estate held for sale in the consolidated balance sheet consisted of one retail property, totaling $1.9 million, which was determined to be Level 3 assets under the hierarchy, and was measured at fair value less cost to sell on a nonrecurring basis using a direct capitalization approach, consisting of a capitalization rate of 9.1%. As of September 30, 2021, the Company recorded an impairment of $0.4 million, which is included in Impairment charges in the consolidated statement of operations.

Mortgage Loans Payable and Unse

Mortgage Loans Payable and Unsecured Credit Facility	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Mortgage Loans Payable and Unsecured Credit Facility	Note 5. Mortgage Loans Payable and Unsecured Credit Facility Debt and finance lease obligations are composed of the following at September 30, 2021: September 30, 2021 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Franklin Village Jun 2026 $ 44,843,000 3.9% Shops at Suffolk Downs (a) Jun 2031 15,600,000 3.5% Trexlertown Plaza (a) Jun 2031 36,100,000 3.5% The Point (a) Jun 2031 29,700,000 3.5% Christina Crossing (a) Jun 2031 17,000,000 3.5% Lawndale Plaza (a) Jun 2031 15,600,000 3.5% Senator Square finance lease obligation Sep 2050 5,608,000 5.3% 164,451,000 3.6% Unsecured credit facilities: Variable-rate: Revolving credit facility (b) Aug 2024 66,000,000 1.6% Fixed-rate (c): Term loan Apr 2023 100,000,000 3.3% Term loan Sep 2024 75,000,000 3.8% Term loan Jul 2025 75,000,000 4.7% Term loan Aug 2026 50,000,000 3.3% 530,451,000 3.5% Unamortized issuance costs (3,278,000 ) $ 527,173,000 (a) The mortgages for these properties are cross-collateralized. (b) The revolving credit facility is subject to two one-year (c) The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt. Unsecured Revolving Credit Facility and Term Loans On August 30, 2021, the Company amended its existing $300 million unsecured credit facility and $50 million term loan. After the amendment, the new unsecured revolving credit facility is $185 million with an expiration in August 2024 one-year August 2026 On August 4 , 2020, the Company amended its then existing $300 million unsecured credit facility and term loans . After such amendments, the Company’s financial ratios and borrowing base are all computed using the trailing four quarters as opposed to the current quarter annualized and interest rate swaps that are a hedge of existing debt are now excluded from the definition of debt . The Company’s unsecured credit facility and term loans contain financial covenants including, but not limited to, maximum debt leverage, maximum secured debt, minimum fixed charge coverage, and minimum net worth. In addition, the facility contains restrictions including, but not limited to, limits on indebtedness, certain investments and distributions. The Company’s failure to comply with the covenants or the occurrence of an event of default under the facilities could result in the acceleration of the related debt and exercise of other lender remedies. Although the credit facility is unsecured, borrowing availability is based on unencumbered property adjusted net operating income for the trailing twelve months, as defined in the agreements. As of September 30, 2021, the Company had $66.0 million outstanding and $117.9 million available for additional borrowings under its revolving credit facility, and was in compliance with all financial covenants. Mortgage Loans Payable On May 5, 2021, the Company closed a non-recourse mortgage for $114.0 million. The mortgage matures June 1, 2031, bears interest at a fixed-rate of 3.49% and requires payment of interest only for the first five years followed by payments of principal and interest based on thirty-year amortization for the remainder of the term. The loan is secured by five shopping centers consisting of Lawndale Plaza, The Shops at Suffolk Downs, Christina Crossing, Trexlertown Plaza, and The Point. These properties had no pre-existing debt and the proceeds from this new loan were used to reduce amounts outstanding under the Company’s revolving credit facility. Derivative Financial Instruments The fair values of the interest rate swaps applicable to the unsecured term loans discussed above are included in accounts payable and accrued liabilities on the consolidated balance sheet at September 30, 2021. Charges and/or credits relating to the changes in the fair value of the interest rate swaps are made to accumulated other comprehensive income (loss), limited partners’ interest, or operations (included in interest expense), as applicable. Over time, the unrealized gains and losses recorded in accumulated other comprehensive income (loss) will be reclassified into earnings as an increase or reduction to interest expense in the same periods in which the hedged interest payments affect earnings. The Company estimates that approximately $6.1 million of accumulated other comprehensive income (loss) will be reclassified as a decrease to earnings within the next twelve months. The following is a summary of the derivative financial instruments held by the Company at September 30, 2021 and December 31, 2020, respectively: September 30, 2021 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 11,830,000 2022-2025 Accounts payable and accrued liabilities December 31, 2020 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 18,927,000 2021-2025 Accounts payable and accrued liabilities The notional values of the interest rate swaps held by the Company at September 30, 2021 and December 31, 2020 were $300.0 million and $425.0 million, respectively. The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2021 and 2020, respectively: Gain (loss) recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2021 2020 2021 2020 Qualifying Interest rate swaps $ 113,000 $ (552,000 ) $ 1,869,000 $ (18,141,000 ) (Loss) gain recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2021 2020 2021 2020 Continuing Operations $ (1,482,000 ) $ (2,032,000 ) $ (4,942,000 ) $ (4,019,000 ) As of September 30, 2021, the Company believes it has no significant risk associated with non-performance of the financial institutions which are the counterparties to its derivative contracts.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 6. Commitments and Contingencies The Company is a party to certain legal actions arising in the normal course of business. Management does not expect there to be adverse consequences from these actions that would be material to the Company’s consolidated financial statements. The Company is the lessee under several ground leases and its executive office lease agreement. As of September 30, 2021, the Company’s weighted average remaining lease term is approximately 29.4 years and the weighted average discount rate used to calculate the Company’s lease liability is approximately 5.7%. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.2 million and $0.4 million for the three months ended September 30, 2021 and 2020, respectively. Rent expense under the Company’s ground lease and executive office lease agreements was approximately $0.9 million and $1.3 million for the nine months ended September 30, 2021 and 2020, respectively. During the first quarter of 2020, COVID-19 began spreading globally, with the outbreak being classified as a pandemic by the World Health Organization on March 11, 2020 . The Company currently faces significant risks and uncertainties related to the adverse effect of the COVID-19 pandemic, which has created significant economic uncertainty and volatility. Certain tenants have announced temporary closures of their stores and have requested rent deferrals or forgiveness during this pandemic. COVID-19 could have a material and adverse effect on the Company’s financial condition, results of operations and cash flow which could result in (1) the Company’s tenants being unable to fully meet their obligations and to seek modification of their obligations, resulting in increases in uncollectible rents and a reduction in rental income, (2) difficulties in the Company’s future compliance with financial covenants in regards to its unsecured credit facilities, and (3) the recognition of impairments charges of the Company’s real estate. As a result of COVID-19, the Company has received numerous rent relief requests, most often in the form of rent deferrals. The Company has evaluated, and continues to evaluate, each tenant rent relief request on an individual basis, considering a number of factors. During the quarters ended September 30, 2021 and June 30, 2021, the Company collected 97% of contractual base rents and monthly tenant reimbursements

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
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 September 30, 2021 December 31, 2020 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 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 Common Stock On November 25, 2020, the Company effected a 1-for-6.6 Dividends The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Common stock $ 0.066 $ 0.066 $ 0.198 $ 0.462 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 12, 2021, the Company’s Board of Directors declared a dividend of $0.066 per share with respect to its common stock. At the same time, the Board 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 22, 2021 to shareholders of record on November 12, 2021.

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Revenues	Note 8. Revenues Rental revenues for the three and nine months ended September 30, 2021 and 2020, respectively, comprise the following: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Base rents $ 22,657,000 $ 23,233,000 $ 70,249,000 $ 71,776,000 Expense recoveries 7,385,000 6,812,000 23,185,000 21,695,000 Percentage rent 78,000 823,000 1,004,000 1,152,000 Straight-line rents 7,000 (277,000 ) 366,000 (1,222,000 ) Amortization of intangible lease liabilities, net 268,000 299,000 807,000 1,065,000 Total rents $ 30,395,000 $ 30,890,000 $ 95,611,000 $ 94,466,000 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. During 2021 and 2020, the Company’s assessment has specifically included the impact of the COVID-19 pandemic, which represents a material risk to collectability. 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. During 2021 and 2020, the Company identified various tenants where collection was no longer considered probable , and therefore, during the three and nine months ended September 30 , 202 1 , respectively , $ million and $ 1.3 million o f billed charges, consisting of rent and tenant reimbursements, were unpaid . B ased on the Company’s determination to record revenue on a cash basis for these tenants, th e se amounts wer e not recorded as revenue .

Share-Based Compensation

Share-Based Compensation	9 Months Ended
	Sep. 30, 2021
Share Based Compensation [Abstract]
Share-Based Compensation	N ote 9. Share-Based Compensation The following tables set forth certain share-based compensation information for the three and nine months ended September 30, 2021 and 2020, respectively: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Expense relating to share/unit grants $ 629,000 $ 822,000 $ 2,650,000 $ 2,930,000 Amounts capitalized (46,000 ) (55,000 ) (141,000 ) (177,000 ) Total charged to operations $ 583,000 $ 767,000 $ 2,509,000 $ 2,753,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2020 642,000 $ 25.86 Restricted share grants 144,000 11.68 Vested during period (239,000 ) 22.71 Forfeitures/cancellations (40,000 ) 17.20 Unvested shares/units, March 31, 2021 507,000 $ 24.00 On June 15, 2018, the Company’s President and CEO was granted a market performance-based equity award of 227,272 restricted stock units (“RSUs”) and 227,272 dividend equivalent rights (“DERs”) of the Company. Each RSU represents a contingent right to receive one common share if certain market performance criteria are achieved. Each DER accrues and will be deemed to be reinvested into the Company’s common stock for which payment will only be made for the portion of the market performance-based equity award that are earned and vest. During the three years ending June 15, 2021 (the “Interim Performance Period”), a maximum of 113,636 shares were earned. Any portion of the market performance-based equity award that was not earned as of the end of the Interim Performance Period will be carried forward for calculation for the five years ending June 15, 2023 (the “Full Performance Period”). The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%. Linear interpolation shall be applied to determine the percentage of the market performance-based equity award that is earned where the average annual TSR over the performance period falls between the percentages set forth above. Based on market performance for the Interim Performance Period, it was determined the Company’s President and CEO earned 113,636 shares. Accordingly, on July 20, 2021, the Company issued 113,636 common shares to the CEO and paid him $0.3 million for the related DERs.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2021
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 nine months ended September 30, 2021 and 2020, the Company had 0.4 million and 0.5 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, 2021 and 2020, respectively: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Net (loss) income $ (80,883,000 ) $ 1,404,000 $ (28,166,000 ) $ (6,703,000 ) Preferred stock dividends (2,688,000 ) (2,688,000 ) (8,064,000 ) (8,064,000 ) Net loss (income) attributable to noncontrolling interests 367,000 (137,000 ) (183,000 ) (373,000 ) Net earnings allocated to unvested shares (29,000 ) (28,000 ) (92,000 ) (210,000 ) Net loss attributable to vested common shares $ (83,233,000 ) $ (1,449,000 ) $ (36,505,000 ) $ (15,350,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,252,000 13,110,000 13,191,000 13,101,000 Net loss per common share attributable to common shareholders, basic and diluted $ (6.28 ) $ (0.11 ) $ (2.77 ) $ (1.17 ) 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 nine months ended September 30, 2021 and June 30, 2020, no RSUs would have been issuable under the Company’s President and CEO market performance-based equity award had the measurement period ended on September 30, 2021 and September 30, 2020, and therefore this market performance-based equity award had no impact in the calculation of diluted EPS. Net loss (income) 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 included. The weighted average number of OP Units outstanding were 81,000 for the three and nine months ended September 30, 2021 and September 30, 2020.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
Subsequent Events	Note 11. Subsequent Events In determining subsequent events, management reviewed all activity from October 1, 2021 through the date of filing this Quarterly Report on Form 10-Q. Other than those events disclosed in this report, there were no other events or transactions that occurred that would require adjustment to, or disclosure in, the Company’s consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Principles of Consolidation/Basis of Preparation	Principles of Consolidation/Basis of Preparation The accompanying unaudited 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 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, 2020. The unaudited consolidated financial statements include the accounts and operations of the Company, the Operating Partnership, its subsidiaries, and certain joint venture partnerships in which it participates. The Company consolidates all variable interest entities for which it is the primary beneficiary.
Supplemental Consolidated Statements of Cash Flows Information	Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2021 2020 Supplemental disclosure of cash activities: Cash paid for interest $ 15,467,000 $ 17,621,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 2,449,000 1,865,000 Buildings and improvements included in accounts payable and accrued liabilities (654,000 ) — Recognition of right-of-use assets and related lease liabilities — 703,000
Recently Issued and Adopted Accounting Pronouncements	Recently Issued and Adopted Accounting Pronouncements In April 2020, the FASB issued a question-and-answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of a novel strain of coronavirus (“COVID-19”). Under existing lease guidance, the Company would have to determine, on a lease by lease basis, if a lease concession was the result of a new arrangement reached with the tenant (treated with the lease modification accounting framework) or if a lease concession was under the enforceable rights and obligations within the existing lease agreement (precluded from applying the lease modification accounting framework). The Lease Modification Q&A clarifies that entities may elect to not evaluate whether lease-related relief that lessors provide to mitigate the economic effects of COVID-19 on lessees is a lease modification under ASC 842. Instead, an entity that elects not to evaluate whether a concession directly related to COVID-19 is a modification can then elect whether to apply the modification guidance (i.e. assume the relief was always contemplated by the contract or assume the relief was not contemplated by the contract). Both lessees and lessors may make this election. The Company is evaluating its election on a disaggregated basis, with such election applied consistently to leases with similar characteristics and similar circumstances. During the three and nine months ended September 30, 2021, the Company provided lease concessions to certain tenants in response to the impact of COVID-19, in the form of rent deferrals. The Company has made an election to account for such lease concessions consistent with how those concessions would be accounted for under ASC 842 if enforceable rights and obligations for those concessions had already existed in the leases. This election is available for concessions related to the effects of the COVID-19 pandemic that do not result in a substantial increase in the Company’s rights as lessor, including concessions that result in the total payments required by the modified lease being substantially the same as or less than total payments required by the original lease. Substantially all of the Company’s concessions to date provide for a deferral of payments with no substantive changes to the consideration in the original lease. These deferrals affect the timing, but not the amount, of the lease payments. The Company is accounting for these deferrals as if no changes to the lease were made. Under this accounting, the Company increases its receivables as tenant payments accrue and continues to recognize rental income. Through September 30, 2021, the Company has entered into lease modifications that deferred approximately $3.5 million, of which $2.4 million relates to deferrals that the Company continued to recognize rental income. In addition, through September 30, 2021, the Company has entered into agreements that waived approximately $2.4 million of rent.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Supplemental Consolidated Statements of Cash Flows Information	Supplemental Consolidated Statements of Cash Flows Information Nine months ended September 30, 2021 2020 Supplemental disclosure of cash activities: Cash paid for interest $ 15,467,000 $ 17,621,000 Supplemental disclosure of non-cash activities: Capitalization of interest and financing costs 2,449,000 1,865,000 Buildings and improvements included in accounts payable and accrued liabilities (654,000 ) — Recognition of right-of-use assets and related lease liabilities — 703,000

Real Estate (Tables)

Real Estate (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Summary of Property Dispositions	The following table shows the property dispositions during the nine months ended September 30, 2021: Gain on Sale/ Date Sales Reversal of Dispositions Location GLA Sold Price Impairment Kempsville Crossing (land parcel) Virginia Beach, VA - 2/24/2021 $ 1,300,000 $ 1,047,000 The Commons Dubois, PA 203,309 5/5/2021 9,761,000 1,849,000 Camp Hill Shopping Center Camp Hill, PA 430,198 6/21/2021 89,662,500 48,857,000 633,507 $ 100,723,500 $ 51,753,000

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis	The following tables show the hierarchy for those assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020, respectively: September 30, 2021 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 906,000 $ — $ — $ 906,000 Deferred compensation liabilities (b) $ 924,000 $ — $ — $ 924,000 Interest rate swaps liability (b) $ — $ 11,830,000 $ — $ 11,830,000 December 31, 2020 Description Level 1 Level 2 Level 3 Total Investments related to deferred compensation liabilities (a) $ 948,000 $ — $ — $ 948,000 Deferred compensation liabilities (b) $ 952,000 $ — $ — $ 952,000 Interest rate swaps liability (b) $ — $ 18,927,000 $ — $ 18,927,000 (a) Included in other assets and deferred charges, net, in the accompanying consolidated balance sheets. (b) Included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets.

Mortgage Loans Payable and Un_2

Mortgage Loans Payable and Unsecured Credit Facility (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of Debt and Finance Lease Obligations Related to Continuing Operations	Debt and finance lease obligations are composed of the following at September 30, 2021: September 30, 2021 Contractual Maturity Balance interest rates Description dates outstanding weighted-average Fixed-rate mortgage Franklin Village Jun 2026 $ 44,843,000 3.9% Shops at Suffolk Downs (a) Jun 2031 15,600,000 3.5% Trexlertown Plaza (a) Jun 2031 36,100,000 3.5% The Point (a) Jun 2031 29,700,000 3.5% Christina Crossing (a) Jun 2031 17,000,000 3.5% Lawndale Plaza (a) Jun 2031 15,600,000 3.5% Senator Square finance lease obligation Sep 2050 5,608,000 5.3% 164,451,000 3.6% Unsecured credit facilities: Variable-rate: Revolving credit facility (b) Aug 2024 66,000,000 1.6% Fixed-rate (c): Term loan Apr 2023 100,000,000 3.3% Term loan Sep 2024 75,000,000 3.8% Term loan Jul 2025 75,000,000 4.7% Term loan Aug 2026 50,000,000 3.3% 530,451,000 3.5% Unamortized issuance costs (3,278,000 ) $ 527,173,000 (a) The mortgages for these properties are cross-collateralized. (b) The revolving credit facility is subject to two one-year (c) The interest rates on these term loans consist of the London Interbank Offered Rate (“LIBOR”) plus a credit spread based on the Company’s leverage ratio, for which the Company has interest rate swap agreements which convert the LIBOR rates to fixed rates. Accordingly, these term loans are presented as fixed-rate debt.
Summary of Derivative Financial Instruments Held	The following is a summary of the derivative financial instruments held by the Company at September 30, 2021 and December 31, 2020, respectively: September 30, 2021 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 5 $ 11,830,000 2022-2025 Accounts payable and accrued liabilities December 31, 2020 Designation/ Fair Maturity Balance sheet Cash flow Derivative Count value dates location Qualifying Interest rate swaps 7 $ 18,927,000 2021-2025 Accounts payable and accrued liabilities
Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity	The following presents the effect of the Company’s derivative financial instruments on the consolidated statements of operations and the consolidated statements of equity for the three and nine months ended September 30, 2021 and 2020, respectively: Gain (loss) recognized in other comprehensive (loss) income (effective portion) Designation/ Three months ended September 30, Nine months ended September 30, Cash flow Derivative 2021 2020 2021 2020 Qualifying Interest rate swaps $ 113,000 $ (552,000 ) $ 1,869,000 $ (18,141,000 ) (Loss) gain recognized in other comprehensive (loss) income reclassified into earnings (effective portion) Three months ended September 30, Nine months ended September 30, Classification 2021 2020 2021 2020 Continuing Operations $ (1,482,000 ) $ (2,032,000 ) $ (4,942,000 ) $ (4,019,000 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of Dividends	The following table provides a summary of dividends declared and paid per share: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Common stock $ 0.066 $ 0.066 $ 0.198 $ 0.462 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
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 September 30, 2021 December 31, 2020 Series B Series C Series B Series C Preferred Stock Preferred Stock Preferred Stock Preferred Stock Shares authorized 1,450,000 6,450,000 1,450,000 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)	9 Months Ended
	Sep. 30, 2021
Revenues [Abstract]
Schedule of Rental Revenues	Rental revenues for the three and nine months ended September 30, 2021 and 2020, respectively, comprise the following: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Base rents $ 22,657,000 $ 23,233,000 $ 70,249,000 $ 71,776,000 Expense recoveries 7,385,000 6,812,000 23,185,000 21,695,000 Percentage rent 78,000 823,000 1,004,000 1,152,000 Straight-line rents 7,000 (277,000 ) 366,000 (1,222,000 ) Amortization of intangible lease liabilities, net 268,000 299,000 807,000 1,065,000 Total rents $ 30,395,000 $ 30,890,000 $ 95,611,000 $ 94,466,000

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2021
Share Based Compensation [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, 2021 and 2020, respectively: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Expense relating to share/unit grants $ 629,000 $ 822,000 $ 2,650,000 $ 2,930,000 Amounts capitalized (46,000 ) (55,000 ) (141,000 ) (177,000 ) Total charged to operations $ 583,000 $ 767,000 $ 2,509,000 $ 2,753,000 Weighted average Shares grant date value Unvested shares/units, December 31, 2020 642,000 $ 25.86 Restricted share grants 144,000 11.68 Vested during period (239,000 ) 22.71 Forfeitures/cancellations (40,000 ) 17.20 Unvested shares/units, March 31, 2021 507,000 $ 24.00

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2021
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, 2021 and 2020, respectively: Three months ended September 30, Nine months ended September 30, 2021 2020 2021 2020 Numerator Net (loss) income $ (80,883,000 ) $ 1,404,000 $ (28,166,000 ) $ (6,703,000 ) Preferred stock dividends (2,688,000 ) (2,688,000 ) (8,064,000 ) (8,064,000 ) Net loss (income) attributable to noncontrolling interests 367,000 (137,000 ) (183,000 ) (373,000 ) Net earnings allocated to unvested shares (29,000 ) (28,000 ) (92,000 ) (210,000 ) Net loss attributable to vested common shares $ (83,233,000 ) $ (1,449,000 ) $ (36,505,000 ) $ (15,350,000 ) Denominator Weighted average number of vested common shares outstanding, basic and diluted 13,252,000 13,110,000 13,191,000 13,101,000 Net loss per common share attributable to common shareholders, basic and diluted $ (6.28 ) $ (0.11 ) $ (2.77 ) $ (1.17 )

Business and Organization (Deta

Business and Organization (Details)	9 Months Ended
	Sep. 30, 2021propertyshares
Consolidation Less Than Wholly Owned Subsidiary Parent Ownership Interest Effects Of Changes Net [Line Items]
Number of properties | property	53
OP units outstanding | shares	81,000
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	99.40%
Limited partners' interest in Operating Partnership	0.60%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Supplemental Consolidated Statements of Cash Flows Information) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Supplemental disclosure of cash activities:
Cash paid for interest	$ 15,467,000	$ 17,621,000
Supplemental disclosure of non-cash activities:
Capitalization of interest and financing costs	2,449,000	1,865,000
Buildings and improvements included in accounts payable and accrued liabilities	$ (654,000)
Recognition of right-of-use assets and related lease liabilities		$ 703,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2021USD ($)
Accounting Policies [Abstract]
Lease rent deferred	$ 3.5
Lease rent deferrals continued to recognize rental income	2.4
Lease rent waived	$ 2.4

Real Estate (Narrative) (Detail

Real Estate (Narrative) (Details)	May 05, 2021USD ($)ft²ShoppingCenter$ / ft²	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Real Estate Properties [Line Items]
Impairment charges		$ 80,887,000	$ 7,607,000
Contributed capital to joint venture		3,193,000
Investment in Unconsolidated Joint Venture [Member]
Real Estate Properties [Line Items]
Area of commercial building | ft²	258,000
Area of commercial space leased percentage	100.00%
Term of lease	20 years 10 months
Number of redevelopment of existing shopping centers | ShoppingCenter	2
Initial term of construction loan	3 years
Percentage of interest in joint venture	10.00%
Development cost sold to Joint Venture		8,000,000
Initial annual net rent amount to be paid upon completion of building	$ 5,400,000
Annual escalator percentage to be paid on each anniversary of rent commencement	2.50%
Operating costs, property taxes and amortization of tenant improvements	$ 8,100,000
Annual net rent amount to be paid upon completion of building	$ 13,500,000
Free rent period	10 months
Tenant credit against either annual rent or any other tenant payment obligations including tenant improvement costs, in excess of tenant improvement allowance	$ 6,800,000
Amortized over period	240 months
Investment in Unconsolidated Joint Venture [Member] | Between the 10th and 12th Lease Years [Member]
Real Estate Properties [Line Items]
Additional per rentable square foot tenant improvement allowance to be contributed | $ / ft²	9.38
Investment in Unconsolidated Joint Venture [Member] | Maximum [Member]
Real Estate Properties [Line Items]
Construction financing maximum amount	$ 105,000,000
Joint venture contribution to be made per rentable square foot toward cost of tenant improvements | $ / ft²	155
Investment in Unconsolidated Joint Venture [Member] | LIBOR Rate [Member]
Real Estate Properties [Line Items]
Construction loan initial interest	LIBOR plus 200 basis
Basis spread on borrowings variable rate	200.00%
Investment in Unconsolidated Joint Venture [Member] | Office Space [Member]
Real Estate Properties [Line Items]
Area of commercial building | ft²	240,000
Investment in Unconsolidated Joint Venture [Member] | Street-Level Retail [Member]
Real Estate Properties [Line Items]
Area of commercial building | ft²	18,000
Dual-track Strategic Alternatives Process [Member]
Real Estate Properties [Line Items]
Impairment charges		$ 82,700,000

Real Estate - Summary of Proper

Real Estate - Summary of Property Dispositions (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)ft²	Sep. 30, 2020USD ($)
Real Estate Properties [Line Items]
Gain on Sale/Reversal of Impairment	$ 679,000	$ 49,904,000	$ 679,000
Discontinued Operations, Disposed of by Sale [Member]
Real Estate Properties [Line Items]
GLA | ft²		633,507
Sales Price		$ 100,723,500
Gain on Sale/Reversal of Impairment		$ 51,753,000
Discontinued Operations, Disposed of by Sale [Member] | Kempsville Crossing (Land Parcel) [Member]
Real Estate Properties [Line Items]
Location		Virginia Beach, VA
Date Sold		Feb. 24, 2021
Sales Price		$ 1,300,000
Gain on Sale/Reversal of Impairment		$ 1,047,000
Discontinued Operations, Disposed of by Sale [Member] | The Commons [Member]
Real Estate Properties [Line Items]
Location		Dubois, PA
GLA | ft²		203,309
Date Sold		May 5, 2021
Sales Price		$ 9,761,000
Gain on Sale/Reversal of Impairment		$ 1,849,000
Discontinued Operations, Disposed of by Sale [Member] | Camp Hill Shopping Center [Member]
Real Estate Properties [Line Items]
Location		Camp Hill, PA
GLA | ft²		430,198
Date Sold		Jun. 21, 2021
Sales Price		$ 89,662,500
Gain on Sale/Reversal of Impairment		$ 48,857,000

Fair Value Measurements (Narrat

Fair Value Measurements (Narrative) (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2021USD ($)property	Sep. 30, 2021USD ($)property	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of fixed rate mortgage loans payable	$ 162,500,000	$ 162,500,000		$ 47,000,000
Carrying value of fixed rate mortgage payable	$ 157,000,000	$ 157,000,000		45,400,000
Number of properties | property	53	53
Real estate held for sale	$ 1,876,000	$ 1,876,000		$ 9,498,000
Impairment charges	82,736,000	80,887,000	$ 7,607,000
Aggregate fair value of impairment charges	$ 247,400,000	247,400,000
Dual-track Strategic Alternatives Process [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impairment charges		$ 82,300,000
Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Weighted average		6.90%
Level 3 [Member] | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate		6.00%
Level 3 [Member] | Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate		8.80%
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Number of properties | property	1	1
Real estate held for sale	$ 1,900,000	$ 1,900,000
Impairment charges		$ 400,000
Nonrecurring Basis [Member] | Level 3 [Member] | Assets [Member] | Retail Properties [Member] | Direct Approach Valuation Technique | Measurement Input, Cap Rate | Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Capitalization rate		9.10%

Fair Value Measurements (Schedu

Fair Value Measurements (Schedule of Assets and Liabilities Measured at a Fair Value on Recurring Basis) (Details) - Recurring Basis [Member] - USD ($)	Sep. 30, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to deferred compensation liabilities	$ 906,000	$ 948,000
Deferred compensation liabilities	924,000	952,000
Interest rate swaps liability	11,830,000	18,927,000
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments related to deferred compensation liabilities	906,000	948,000
Deferred compensation liabilities	924,000	952,000
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps liability	$ 11,830,000	$ 18,927,000

Mortgage Loans Payable and Un_3

Mortgage Loans Payable and Unsecured Credit Facility (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Credit facilities	$ 66,000,000	$ 175,000,000
Unamortized issuance costs	(3,278,000)
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Credit facilities	66,000,000
Continuing Operations [Member]
Debt Instrument [Line Items]
Total debt gross	530,451,000
Total debt	$ 527,173,000
Weighted average contractual interest rate	3.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member]
Debt Instrument [Line Items]
Total debt gross	$ 164,451,000
Weighted average contractual interest rate	3.60%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Franklin Village [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 30, 2026
Total debt gross	$ 44,843,000
Weighted average contractual interest rate	3.90%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Shops at Suffolk Downs [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 30, 2031
Total debt gross	$ 15,600,000
Weighted average contractual interest rate	3.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Trexlertown Plaza [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 30, 2031
Total debt gross	$ 36,100,000
Weighted average contractual interest rate	3.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | The Point [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 30, 2031
Total debt gross	$ 29,700,000
Weighted average contractual interest rate	3.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Christina Crossing [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 30, 2031
Total debt gross	$ 17,000,000
Weighted average contractual interest rate	3.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Lawndale Plaza [Member]
Debt Instrument [Line Items]
Maturity date	Jun. 30, 2031
Total debt gross	$ 15,600,000
Weighted average contractual interest rate	3.50%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Senator Square Finance Lease Obligation [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2050
Total debt gross	$ 5,608,000
Weighted average contractual interest rate	5.30%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Three [Member] | Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Apr. 30, 2023
Credit facilities	$ 100,000,000
Weighted average contractual interest rate	3.30%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Four [Member] | Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Sep. 30, 2024
Credit facilities	$ 75,000,000
Weighted average contractual interest rate	3.80%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Five [Member] | Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Jul. 31, 2025
Credit facilities	$ 75,000,000
Weighted average contractual interest rate	4.70%
Continuing Operations [Member] | Fixed-Rate Mortgage [Member] | Term Loan Six [Member] | Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Aug. 31, 2026
Credit facilities	$ 50,000,000
Weighted average contractual interest rate	3.30%
Continuing Operations [Member] | Variable-Rate Mortgage [Member] | Revolving Credit Facility [Member] | Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Maturity date	Aug. 31, 2024
Credit facilities	$ 66,000,000
Weighted average contractual interest rate	1.60%

Mortgage Loans Payable and Un_4

Mortgage Loans Payable and Unsecured Credit Facility (Schedule of Debt and Finance Lease Obligations Related to Continuing Operations) (Parenthetical) (Details) - Revolving Credit Facility [Member] - Term	Aug. 30, 2021	Sep. 30, 2021
Debt Instrument [Line Items]
Basis spread on borrowings variable rate		1.50%
Line of credit facility extension allowed period		1 year
Line of credit facility extension allowed term		2
Unsecured Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility extension allowed period	1 year
Line of credit facility extension allowed term	2

Mortgage Loans Payable and Un_5

Mortgage Loans Payable and Unsecured Credit Facility (Narrative) (Details)	Aug. 30, 2021USD ($)Term	May 05, 2021USD ($)	Sep. 30, 2021USD ($)Term	Dec. 31, 2020USD ($)	Aug. 04, 2020USD ($)
Line Of Credit Facility [Line Items]
Credit facilities			$ 66,000,000	$ 175,000,000
Approximate amount of accumulated other comprehensive loss to be reclassified into earnings			6,100,000
Interest Rate Swap [Member]
Line Of Credit Facility [Line Items]
Derivative, notional amount			300,000,000	$ 425,000,000
Non-recourse Mortgage [Member]
Line Of Credit Facility [Line Items]
Non-recourse mortgage amount		$ 114,000,000
Maturity date		Jun. 1, 2031
Interest at fixed-rate		3.49%
Unsecured Credit Facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 300,000,000				$ 300,000,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity			$ 117,900,000
Line of credit facility extension allowed term | Term			2
Line of credit facility extension allowed period			1 year
Basis spread on borrowings variable rate			1.50%
Credit facilities			$ 66,000,000
Revolving Credit Facility [Member] | Minimum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.35%
Revolving Credit Facility [Member] | Maximum [Member]
Line Of Credit Facility [Line Items]
Basis spread on borrowings variable rate	1.95%
Revolving Credit Facility [Member] | Unsecured Credit Facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 185,000,000
Credit facility expiration date	Aug. 31, 2024
Line of credit facility extension allowed term | Term	2
Line of credit facility extension allowed period	1 year
Term loan facility [Member] | Unsecured Credit Facility [Member]
Line Of Credit Facility [Line Items]
Credit facility borrowing capacity	$ 50,000,000
Credit facility expiration date	Aug. 31, 2026
Line of credit facility extension allowed period	4 years

Mortgage Loans Payable and Un_6

Mortgage Loans Payable and Unsecured Credit Facility (Summary of Derivative Financial Instruments Held) (Details) - Interest Rate Swap [Member]	9 Months Ended	12 Months Ended
	Sep. 30, 2021USD ($)contract	Dec. 31, 2020USD ($)contract
Cash Flow Hedging, Count 7 [Member]
Derivatives Fair Value [Line Items]
Count | contract	5
Fair value | $	$ 11,830,000
Cash Flow Hedging, Count 7 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Maturity dates	2022
Cash Flow Hedging, Count 7 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Maturity dates	2025
Cash Flow Hedging, Count 2 [Member]
Derivatives Fair Value [Line Items]
Count | contract		7
Fair value | $		$ 18,927,000
Cash Flow Hedging, Count 2 [Member] | Minimum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2021
Cash Flow Hedging, Count 2 [Member] | Maximum [Member]
Derivatives Fair Value [Line Items]
Maturity dates		2025

Mortgage Loans Payable and Un_7

Mortgage Loans Payable and Unsecured Credit Facility (Effect of Derivative Financial Instruments on Consolidated Statements of Operations and Consolidated Statements of Equity) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Designation/Cash Flow [Member] | Interest Rate Swap [Member]
Derivative Instruments Gain Loss [Line Items]
Gain (loss) recognized in other comprehensive (loss) income (effective portion)	$ 113,000	$ (552,000)	$ 1,869,000	$ (18,141,000)
Continuing Operations [Member]
Derivative Instruments Gain Loss [Line Items]
(Loss) gain recognized in other comprehensive (loss) income reclassified into earnings (effective portion)	$ (1,482,000)	$ (2,032,000)	$ (4,942,000)	$ (4,019,000)

Commitments and Contingencies (

Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Weighted average remaining lease term	29 years 4 months 24 days			29 years 4 months 24 days
Weighted average discount rate	5.70%			5.70%
Rent expense	$ 0.2		$ 0.4	$ 0.9	$ 1.3
Percentage of contractual base rents and monthly tenant reimbursements collected	97.00%	97.00%
Lease rent deferred	$ 3.5			3.5
Lease rent waived				$ 2.4
Weighted average payback period for remaining deferred rent receivable				10 months

Shareholders' Equity (Narrative

Shareholders' Equity (Narrative) (Details)	Oct. 12, 2021$ / shares	Nov. 25, 2020	Sep. 30, 2021shares	Dec. 31, 2020shares
Class Of Stock [Line Items]
Preferred stock, shares authorized | shares			12,500,000
Dividends payable, date declared	Oct. 12, 2021
Common stock, dividends declared | $ / shares	$ 0.066
Dividends payable, date to be paid	Nov. 22, 2021
Dividends payable, date of record	Nov. 12, 2021
Series B [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized | shares			1,450,000	1,450,000
Preferred stock dividends declared | $ / shares	$ 0.453125
Series C [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized | shares			6,450,000	6,450,000
Preferred stock dividends declared | $ / shares	$ 0.406250
Common Stock [Member]
Class Of Stock [Line Items]
Stockholders' equity, reverse stock split, conversion ratio		0.15
Stockholders' equity, reverse stock split			Each 6.6 shares of the Company’s issued and outstanding common stock were combined into one share of the Company’s common stock.

Shareholders' Equity (Summary o

Shareholders' Equity (Summary of Preferred Stock) (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020
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	1,450,000	1,450,000
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class Of Stock [Line Items]
Common stock	$ 0.066	$ 0.066	$ 0.198	$ 0.462
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Cumulative Redeemable Preferred Stock	$ 0.453	$ 0.453	$ 1.359	$ 1.359
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	$ 1.219	$ 1.219
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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Revenues [Abstract]
Base rents	$ 22,657,000	$ 23,233,000	$ 70,249,000	$ 71,776,000
Expense recoveries	7,385,000	6,812,000	23,185,000	21,695,000
Percentage rent	78,000	823,000	1,004,000	1,152,000
Straight-line rents	7,000	(277,000)	366,000	(1,222,000)
Amortization of intangible lease liabilities, net	268,000	299,000	807,000	1,065,000
Total rents	$ 30,395,000	$ 30,890,000	$ 95,611,000	$ 94,466,000

Revenues (Narrative) (Details)

Revenues (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Revenues [Abstract]
Unpaid billed charges of rent and tenant reimbursements	$ 0.3	$ 1.3
Unrecorded revenue from tenants	$ 0.3	$ 1.3

Share-Based Compensation (Sched

Share-Based Compensation (Schedule of Share-Based Compensation Information) (Details) - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2021	Mar. 31, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Share Based Compensation [Abstract]
Expense relating to share/unit grants	$ 629,000		$ 822,000	$ 2,650,000	$ 2,930,000
Amounts capitalized	(46,000)		(55,000)	(141,000)	(177,000)
Total charged to operations	$ 583,000		$ 767,000	$ 2,509,000	$ 2,753,000
Unvested shares/units, December 31, 2020		642,000		642,000
Restricted share grants		144,000
Vested during period		(239,000)
Forfeitures/cancellations		(40,000)
Unvested shares/units, March 31, 2021		507,000
Unvested shares/unit, December 31, 2020, weighted average grant date fair value		$ 25.86		$ 25.86
Restricted share grants, weighted average grant date fair value		11.68
Vested during period, weighted average grant date fair value		22.71
Forfeitures/cancellations, weighted average grant date fair value		17.20
Unvested shares/unit, March 31, 2021, weighted average grant date fair value		$ 24

Share-Based Compensation (Narra

Share-Based Compensation (Narrative) (Details) - shares	Jul. 20, 2021	Jun. 15, 2018	Mar. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted under Stock incentive plan			144,000
Maximum shares to be earned				113,636
Share based compensation average annual total stock holders return, description				The percentage of the market performance-based equity award to be earned will be determined based on the Company’s annual return on an investment in the Company’s common stock (“TSR”) over the Interim Performance Period and/or over the Full Performance Period as follows: if average annual TSR (1) is below 4%, the percentage of grant earned would be 0%, (2) equals 4%, the percentage of grant earned would be 33.3%, (3) equals 6.5%, the percentage of grant earned would be 66.7%, and (4) equals 10% or above, the percentage of grant earned would be 100%.
Common stock, shares issued				13,669,000	13,530,000
Chief Executive Officer [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted to Company's President		113,636
Common stock, shares issued	113,636
Dividend equivalents rights paid	300,000
Chief Executive Officer [Member] | Market Performance-Based Equity Award [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares granted under Stock incentive plan		227,272
Dividend equivalent rights		227,272

Earnings Per Share (Narrative)

Earnings Per Share (Narrative) (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Weighted average nonvested restricted shares outstanding	400,000	500,000	400,000	500,000
Weighted average number of OP units outstanding	81,000	81,000	81,000	81,000
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	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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Net (loss) income	$ (80,883,000)	$ 1,404,000	$ (28,166,000)	$ (6,703,000)
Preferred stock dividends	(2,688,000)	(2,688,000)	(8,064,000)	(8,064,000)
Net loss (income) attributable to noncontrolling interests	367,000	(137,000)	(183,000)	(373,000)
Net earnings allocated to unvested shares	(29,000)	(28,000)	(92,000)	(210,000)
Net loss attributable to vested common shares	$ (83,233,000)	$ (1,449,000)	$ (36,505,000)	$ (15,350,000)
Weighted average number of vested common shares outstanding, basic and diluted	13,252,000	13,110,000	13,191,000	13,101,000
NET LOSS PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$ (6.28)	$ (0.11)	$ (2.77)	$ (1.17)