Cedar Realty Trust Gets Put on Notice on Potential Delisting by NYSE
Posted on 05/04/2020
On April 28, 2020, Cedar Realty Trust, Inc. was notified by the New York Stock Exchange that the average closing price of the REIT’s common stock, $0.06 par value per share , over the prior 30 consecutive trading-day period was below $1.00 per share, which is the minimum average closing price per share required to maintain listing on the NYSE under Section 802.01C of the NYSE Listed Company Manual. Due to unprecedented market-wide declines as a result of the ongoing COVID-19 pandemic, the NYSE notice advised that the Company has until December 31, 2020 to regain compliance with the minimum share price requirement.
The Port Washington, New York-based REIT continues to struggle. Cedar Realty Trust focuses primarily on ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. Some of its major tenants include Giant Foods, Dollar Tree, LA Fitness, Planet Fitness, Dollar Tree, United Artists, Walmart, Stop & Shop, Staples, and Food Lion.
At December 31, 2019, Cedar Realty Trust owned and managed a portfolio of 56 operating properties (excluding properties “held for sale”) totaling 8.3 million square feet of gross leasable area. Cedar Realty Trust derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to long-term leases. The REIT’s operating results therefore depend on the ability of its tenants to make the payments required by the terms of their leases.