Cedar Realty Trust, Inc. Liquidation Value

CDR-PB REITs

Cash & Equivalents

$5.15M
As of 2025-12-31
Current Price: N/A

Key Metrics

Cash Liquidation Value

Cash minus Total Obligations
Cash: $5.15M
Total Obligations: -$142.03M
$-136.88M
Per share: $-9.98
Period: 2025-12-31
incomplete 2 components missing — treated as $0 in formula. Why?
  • Finance Lease Liability: not reported in this period (annual-only)
  • Current Liabilities: not reported

Liquid Liquidation Value

Cash + AR minus Total Obligations
Cash: $5.15M
AR: N/A
Total Obligations: -$142.03M
$-136.88M
Per share: $-9.98
Period: 2025-12-31
incomplete 3 components missing — treated as $0 in formula. Why?
  • Accounts Receivable: not reported in this period (annual-only)
  • Finance Lease Liability: not reported in this period (annual-only)
  • Current Liabilities: not reported

Operating Liquidation Value

Cash + AR + Inventory minus Total Obligations
Cash: $5.15M
AR: N/A
Inventory: N/A
Total Obligations: -$142.03M
$-136.88M
Per share: $-9.98
Period: 2025-12-31
incomplete 4 components missing — treated as $0 in formula. Why?
  • Accounts Receivable: not reported in this period (annual-only)
  • Finance Lease Liability: not reported in this period (annual-only)
  • Current Liabilities: not reported
  • Inventory: not reported

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Liquidation Ladder

MetricTotalPer Share
Cash Liquidation Value$-136.88M$-9.98
Liquid Liquidation Value$-136.88M$-9.98
Operating Liquidation Value$-136.88M$-9.98

Key Components (as of 2025-12-31)

Data as of 2025-12-31 from 10-K filed 2026-03-05. View on SEC EDGAR →

Cash & Equivalents$5.15M
Accounts ReceivableN/A
InventoryN/A
Current LiabilitiesN/A
Long-term Debt$140.01M
Op. Lease Liability$2.02M
Finance LeaseN/A
Shares Outstanding13.7M

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Historical

PeriodCashARInventoryAPCurr LiabLT DebtOp LeaseFin Lease
2025-12-31$5.15MN/AN/AN/AN/A$140.01M$2.02MN/A
2025-09-30$3.54MN/AN/AN/AN/A$154.17MN/AN/A
2025-06-30$4.07MN/AN/AN/AN/A$144.06MN/AN/A
2025-03-31$7.36MN/AN/AN/AN/A$134.11MN/AN/A

Comments

SEC Filings

PeriodFormFiledLink
2025-12-31 10-K 2026-03-05 View
2025-09-30 10-Q 2025-11-06 View
2025-06-30 10-Q 2025-08-05 View
2025-03-31 10-Q 2025-05-06 View
2024-12-31 10-K 2025-03-04 View
2024-09-30 10-Q 2024-11-07 View
2024-06-30 10-Q 2024-08-06 View
2024-03-31 10-Q 2024-05-06 View

AI Insights

AI Insight·Generated 2026-05-06

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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