Cedar Realty Trust, Inc. is a

real estate investment trust A real estate investment trust (REIT, pronounced "reet") is a company that owns, and in most cases operates, income-producing real estate. REITs own many types of real estate, including office and apartment buildings, studios, warehouses, hos ...

that invests in

shopping center A shopping center in American English, shopping centre in English in the Commonwealth of Nations, Commonwealth English (see American and British English spelling differences#-re, -er, spelling differences), shopping complex, shopping arcade, ...

s. It is a

subsidiary A subsidiary, subsidiary company, or daughter company is a company (law), company completely or partially owned or controlled by another company, called the parent company or holding company, which has legal and financial control over the subsidia ...

of Wheeler Real Estate Investment Trust. As of December 31, 2022, the company owned 19 properties with 2.9 million square feet of leasable space primarily in the

Northeastern United States The Northeastern United States (also referred to as the Northeast, the East Coast, or the American Northeast) is List of regions of the United States, census regions United States Census Bureau. Located on the East Coast of the United States, ...

, including 7 properties in

Pennsylvania Pennsylvania, officially the Commonwealth of Pennsylvania, is a U.S. state, state spanning the Mid-Atlantic (United States), Mid-Atlantic, Northeastern United States, Northeastern, Appalachian, and Great Lakes region, Great Lakes regions o ...

. The company's major tenants are

TJX Companies The TJX Companies, Inc. (abbreviated TJX) is an American multinational off-price department store corporation, headquartered in Framingham, Massachusetts. It was formed as a subsidiary of Zayre Corp. in 1987, and became the legal successor t ...

(4.8% of revenues),

Kohl's Kohl's Corporation (Kohl's is stylized in all caps) is an American department store retail chain store, chain. currently has 1,165 locations, operating stores in every U.S. state except Hawaii. The company was founded by Polish immigrant Maxwe ...

(4.2% of revenues),

Shaw's Shaw's and Star Market are two American supermarket chains under united management based in West Bridgewater, Massachusetts, employing about 30,000 associates in 150 total stores; 129 stores are operated under the Shaw's banner in Maine, Massac ...

(3.8% of revenues),

Dollar Tree Dollar Tree, Inc. is an American multi-price-point chain of discount variety stores. Headquartered in Chesapeake, Virginia, it is a ''Fortune'' 500 (sometimes referred to as Fortune 200) company and operates 15,115 stores throughout the 48 ...

(3.5% of revenues), and

Walmart Walmart Inc. (; formerly Wal-Mart Stores, Inc.) is an American multinational retail corporation that operates a chain of hypermarkets (also called supercenters), discount department stores, and grocery stores in the United States and 23 other ...

(3.5% of revenues). The only notable property owned by the company is The Shoppes at Trexler.

History

The company was founded in 1984 as Cedar Shopping Centers. In October 2003, the company became a

public company A public company is a company whose ownership is organized via shares of share capital, stock which are intended to be freely traded on a stock exchange or in over-the-counter (finance), over-the-counter markets. A public (publicly traded) co ...

via an

initial public offering An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investm ...

. In 2005, the company acquired a 27-property portfolio for $90 million. In 2009,

RioCan Real Estate Investment Trust RioCan Real Estate Investment Trust is the second-largest real estate investment trust (REIT) in Canada. As of 2024, it has an enterprise value of approximately $14.3 billion and owns 188 properties with a net leasable area of 33 million squa ...

acquired a 15% stake in the company as part of a joint venture agreement. In 2010, the company acquired 7 shopping centers from

PREIT PREIT is a privately held company that owns and develops shopping centers, mostly in the Mid-Atlantic states. The company was formerly known as Pennsylvania Real Estate Investment Trust. History The company was founded by Sylvan M. Cohen (1914-2 ...

for $168 million. In 2011, the company changed its name to Cedar Realty Trust. It also sold 5 sites in Ohio anchored by Discount Drug Mart. In 2011, Bruce Schanzer became

chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...

. In July 2022, the company sold a portfolio of 33 shopping centers to a joint venture between a fund managed by DRA Advisors LLC and KPR Centers for $879 million. In August 2022, Wheeler Real Estate Investment Trust acquired the company. M. Andrew Franklin became president and chief executive officer of the company and Crystal Plum became chief financial officer.

References

{{Authority control 1984 establishments in New York (state) 2003 initial public offerings 2022 mergers and acquisitions American corporate subsidiaries Companies based in Virginia Beach, Virginia Companies formerly listed on the New York Stock Exchange Financial services companies established in 1984 Real estate investment trusts of the United States