CEDAR REALTY TRUST, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CEDAR REALTY TRUST, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	151	146	152	144	127	39.2	34.3	34.6	34.5	29.7
General and administrative	18.2	16.9	16.9	18.8	16.7	17.8	10.1	3.19	2.41	2.57
Operating expenses	107	102	105	113	44.7	43.8	34.1	27.3	24.3	21
Operating income	37.9	42.1	31.3	25.1	-2.68	-21.8	-68.1	10	13.6	7.98
Interest expense	26.5	22.2	22.1	23.5	22	18.6		8.02	9.1	9.13
Other non-operating income	-29.2	-22.4	-27	-23.5	-19.8	-13.9	-10.9	-8.02	-9.1	-9.85
Income from continuing operations					-33.9	-46.7	-89.3	-8.75
Net income to minority interests	-0.18	0.51	0.47	0.49	0.55	0.1	0.13	0
Net income	8.94	19.1	3.89	1.08	-1.07	-45.1	44	2.01	4.55	-1.87
EBITDA	78.7	82.2	71.4	70.9	13.8	-9.63	-48.7	20.9	22.3	15.7
EPS, basic	-0.51	-0.26	-0.83	-0.78	-0.92	-4.24	2.48	-0.64	0.14	0.79
EPS, diluted	-0.51	-0.26	-0.83	-0.78	-0.92	-4.24	2.48	-0.64	0.14	0.79
Shares, basic (weighted)	12.8	13.2	13.4	13.1	13.1	13.2	13.4	13.7	13.7	13.7
Shares, diluted (weighted)	12.8	13.2	13.4	13.1	13.1	13.2	13.4	13.7	13.7	13.7
Dividend per share	1.28	1.28	1.32	1.32	0.53	0.26	19.52	0.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	2.88	3.7	1.98	2.75	1.64	3.04	3.9	6.52	23.1	5.15
Property, plant and equipment	0.43	0.39	0.36	0.2	0.09	0.05
Lease right-of-use assets			15	13.6	13.8	9.86	2.06	2.06	2.02	2.02
Total assets	1,234	1,252	1,223	1,206	1,177	1,017	234	233	217	165
Total liabilities	652	622	664	692	690	577	152	160	161	159
Total debt	608	580	625	631	624	527	131	140	143	140
Paid-in capital	830	875	876	877	880	881	868	868	869	872
Treasury stock	-18.1	-18.5	-16.6	-16.3	-15.1	-13.3
Other comprehensive income	0.43	5.69	7.19	-7.01	-18.8	-8.26
Shareholders' equity	581	628	555	511	483	437	82.2	73.5	56.2	6.36
Minority interests	1.26	1.78	3.29	3.51	3.96	2.59
Total equity	582	630	559	514	487	440	82.2	73.5	56.2	6.36
Total liabilities and equity	1,234	1,252	1,223	1,206	1,177	1,017	234	233	217	165
Shares outstanding	13.4	14.3	90.4	13.5	13.5	13.7	13.7	13.7	13.7	13.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	8.76	19.7	4.36	1.57	-0.52	-45	44.2	2.01	4.55	-1.87
Depreciation and amortization	40.8	40.1	40.1	45.9	16.5	12.1	19.4	10.9	8.68	7.7
Stock-based compensation	2.93	3.55	3.76	4.12	3.72	3.04	1.61	0
Change in receivables	-0.94	-3.47	-3.9	-0.81	-2.81	-1.27	-15.6	1.34	1.06	-0.27
Change in payables	0.93	-0.34	1.65	1.38	-2.93	0.22	29.7	0.4	-0.17	1.39
Cash from operations	59.2	57.1	57.9	53.7	42.6	45	-20.5	8.25	9.46	7.97
Capital expenditures							-22.4	-6.46	-11.6	-3.52
Cash from investing	48.8	-45.5	-14.9	-22.3	-18.4	71.5	677	-3.7	25.6	30
Debt repaid								0	-0.46
Share buybacks			-2.33	-6.84
Dividends paid	-17	-17.7	-18.3	-17.8	-7.15	-3.92	-397	0
Cash from financing	-110	-10.1	-48.2	-30.6	-25.3	-115	-646	-2.11	-20.3	-52.7
Net change in cash	-1.91	1.46	-5.24	0.77	-1.11	1.63	10.2	2.45	14.7	-14.8
Free cash flow							-42.9	1.79	-2.14	4.46
Interest paid	26.3	21.4	22.2	23.9	23.2	20.2	14.3	7.5	8.3	8.43

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $16.28 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	20.9%	Operating income / revenue.
EBITDA margin	46.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-11.9%	Net income / revenue.
FCF margin	22.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	30.7%	Cash from operations / revenue.
Return on equity (ROE)	-87.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-2.1%	Net income / average total assets.
Return on invested capital (ROIC)	3.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Capex / revenue	8.3%	Capital expenditures / revenue.
D&A / revenue	25.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-14.1%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-25.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-41.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-29.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 5y	2.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-141.2%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	464.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-31.7%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-15.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	-28.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-88.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-57.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-57.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-23.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-11.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-32.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	36.4x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	86.5%	Total debt / total assets.
Liabilities / assets	97.6%	Total liabilities / total assets.
Net debt	$135.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	10.2x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.64x	Operating income / interest expense.
Tangible book value	$3.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.17x	Revenue / average total assets.
Capex / operating cash flow	26.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.06	Revenue / diluted weighted shares.
FCF per share	$0.46	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.63	Cash from operations / diluted weighted shares.
Book value per share	$0.28	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.28	Tangible book value / shares outstanding.
Cash per share	$0.37	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$223.3M	Share price x shares outstanding.
Enterprise value	$358.4M	Market cap + total debt - cash - short-term investments.
P/S	7.91x	Market cap / revenue.
P/B	57.9x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	57.9x	Market cap / tangible book value, when positive.
P/FCF	35.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	25.7x	Market cap / cash from operations, when positive.
EV/Sales	12.7x	Enterprise value / revenue.
EV/EBIT	60.8x	Enterprise value / operating income, when both are positive.
EV/EBITDA	27.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	56.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.8%	Free cash flow / market cap.
Earnings yield	-1.5%	Net income / market cap (the inverse of P/E).

What was CEDAR REALTY TRUST, INC.'s revenue in fiscal 2025?

CEDAR REALTY TRUST, INC. reported revenue of $29.7M for fiscal 2025, 14.1% lower than the year before.

Was CEDAR REALTY TRUST, INC. profitable in fiscal 2025?

No. It reported a net loss of $1.9M.

How much free cash flow did CEDAR REALTY TRUST, INC. generate in fiscal 2025?

Cash from operations of $8.0M minus capital expenditures of $3.5M left free cash flow of $4.5M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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