Cedar Realty Trust, Inc. (CDR) is a wholly-owned subsidiary of Wheeler REIT (WHLR), operating a portfolio of 12 retail/shopping center properties with 1.94 million sq ft of gross leasable area as of December 31, 2025. Under a liquidation lens, the balance sheet presents materially negative recovery to common equity and deeply impaired recovery to preferred equity. Total assets are $165.2M against total liabilities of $158.8M, leaving GAAP book equity of $6.4M. However, that equity figure is almost entirely attributable to preferred stock carrying value ($76.2M) with accumulated deficit ($942.5M) and additional paid-in capital ($871.9M) netting to a nominal common book position. The primary asset — net real estate at $136.1M book value ($250.7M gross, $114.5M accumulated depreciation) — is subject to material liquidation haircut. Applying a 50-70% recovery to buildings and a closer-to-par recovery on land (which is unencumbered from depreciation) yields estimated liquidation value of real property in the range of $125M-$155M. Against this, secured debt stands at $140.0M (loans payable), plus $6.5M accounts payable and accruals, $11.3M related-party payables to WHLR, and $2.0M operating lease liability. Total liability face value exceeds $158.8M. After debt settlement, residual recovery to preferred holders ($76.2M at par) would be marginal to negative, and common recovery is nil. The MFFAIS CLV/LLV/OLV figure of negative $136.9M confirms this assessment. The portfolio has been in active rundown: gross real estate declined from $303.9M at 2024 year-end to $250.7M, driven by $50.9M in disposals and $5.8M in impairment charges. Preferred stock repurchases consumed $41.9M of cash. The August 2025 KeyBank Credit Facility (secured by South Philadelphia parcel) added new encumbrances. NOI declined year-over-year from $21.3M to $19.0M. Impairment charges in 2025 were $5.8M versus $1.1M in 2024, signaling accelerating asset value deterioration on remaining properties. The filing discusses related-party payables to WHLR totaling $11.3M but does not separately tag the due-to-parent balance as a distinct XBRL balance sheet liability line — it is captured under OtherLiabilities. The CFO (Crystal Plum) resigned effective March 13, 2026, which introduces operational risk in a wind-down scenario.
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