Company type | Subsidiary |
---|---|
Founded | 1984 |
Headquarters | |
Key people | M. Andrew Franklin, President & CEO Crystal Plum, CFO |
Revenue | $34 million (2022) |
$44 million (2022) | |
Total assets | $234 million (2022) |
Total equity | $82 million (2022) |
Parent | Wheeler Real Estate Investment Trust |
Website | cedarrealtytrust |
Footnotes /references [1] |
Cedar Realty Trust, Inc. is a real estate investment trust that invests in shopping centers. It is a subsidiary 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, including 7 properties in Pennsylvania. The company's major tenants are TJX Companies (4.8% of revenues), Kohl's (4.2% of revenues), Shaw's (3.8% of revenues), Dollar Tree (3.5% of revenues), and Walmart (3.5% of revenues). The only notable property owned by the company is The Shoppes at Trexler. [1]
The company was founded in 1984 as Cedar Shopping Centers. In October 2003, the company became a public company via an initial public offering. [2]
In 2005, the company acquired a 27-property portfolio for $90 million. [3]
In 2009, RioCan Real Estate Investment Trust acquired a 15% stake in the company as part of a joint venture agreement. [4]
In 2010, the company acquired 7 shopping centers from PREIT for $168 million. [5]
In 2011, the company changed its name to Cedar Realty Trust. It also sold 5 sites in Ohio anchored by Discount Drug Mart. [6]
In 2011, Bruce Schanzer became chief executive officer. [2]
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. [7] [8] [9]
In August 2022, Wheeler Real Estate Investment Trust acquired the company. [10] [11] M. Andrew Franklin became president and chief executive officer of the company and Crystal Plum became chief financial officer. [1]
GGP Inc. was an American commercial real estate company and the second-largest shopping mall operator in the United States. It was founded by brothers Martin, Matthew and Maurice Bucksbaum in Cedar Rapids, Iowa, in 1954, and was headquartered in Chicago, Illinois, from 2000. It was subject to the largest real estate bankruptcy in American history at the time of its filing in 2009.
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.
Colonial Properties Trust was a publicly traded diversified real estate investment trust headquartered in Birmingham, Alabama. In October 2013, the company was acquired by Mid-America Apartment Communities.
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
Forest City Realty Trust, Inc., formerly Forest City Enterprises, was a real estate investment trust that invested in office buildings, shopping centers and apartments in Boston, Chicago, Dallas, Denver, Los Angeles, Philadelphia, and the greater metropolitan areas of New York City, San Francisco and Washington, D.C. The company was organized in Maryland with its headquarters in Cleveland, Ohio. As of December 31, 2017, the company owned 29 office buildings, 29 shopping centers, and 78 apartment complexes. On December 7, 2018, the company was acquired by Brookfield Asset Management.
SITE Centers Corp. is a publicly traded real estate investment trust that invests in shopping centers. Founded in 1965 by Bert Wolstein, the company is headquartered in Beachwood, Ohio. As of December 31, 2019 the company owned interests in 170 shopping centers in the United States containing 57.0 million square feet and managed 13.2 million square feet for Retail Value Inc. Notable properties wholly owned by the company include Shopper's World in Framingham, Massachusetts. Its major tenants include retailers such as TJX Companies, PetsMart, Dick's Sporting Goods, Ulta Beauty, Ross Stores, and Nordstrom.
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 square feet. The company properties are located across Canada. The current chief executive officer is Jonathan Gitlin.
Brandywine Realty Trust is a Philadelphia-based real estate investment trust that invests in office buildings in Philadelphia, Washington, D.C., and Austin, Texas.
Crown American is a privately held American company that manages and develops commercial real estate. The corporate headquarters is in downtown Johnstown, Pennsylvania, in a building designed by architect Michael Graves.
Palmer Park Mall is an indoor one-story shopping mall of 457,734 square feet (42,524.9 m2) located in the Lehigh Valley region of eastern Pennsylvania. The mall is located at the intersection of PA Route 248 and Park Avenue in Palmer Township, Pennsylvania.
Regency Centers Corporation is a real estate investment trust based in Jacksonville, Florida and is one of the largest operators of shopping centers with grocery stores as anchor tenants. As of October 21, 2020, the company owned 415 properties comprising 56 million square feet of space. Notable properties owned by the company include Serramonte Center and a 30% interest in Village District.
Trizec Properties, Inc., previously known as TrizecHahn Corporation, was a real estate investment trust headquartered in Chicago, Illinois. It was originally a Canadian company. The name is derived from the initials of the three groups (Tri) that formed Trizec Properties Ltd: Zeckendorf, Eagle Star, and Covent Gardens.
JMB Realty was a real estate investment company based in Chicago. In 1993, after suffering during the early 1990s recession, the company spun off its retail properties as Urban Shopping Centers, Inc., which was acquired by Rodamco in 2000 and broken up. After selling off its remaining assets in the late 2000s, JMB Realty was defunct; although its debt finance group was spun-out as JMB Financial Advisors and still exists as a going concern based in Chicago.
The South Mall is an enclosed shopping mall located on Lehigh Street south of Interstate 78 exit 57 near Allentown's southern border with Salisbury Township and Emmaus in the Lehigh Valley region of eastern Pennsylvania.
Prologis, Inc. is a real estate investment trust headquartered in San Francisco, California that invests in logistics facilities. The company was formed through the merger of AMB Property Corporation and Prologis in June 2011, which made Prologis the largest industrial real estate company in the world. As of December 2022, the company owned 5,495 buildings comprising about 1.2 billion square feet in 19 countries across North America, Latin America, Europe, and Asia. According to The Economist, its business strategy is focused on warehouses that are located close to huge urban areas where land is scarce. It serves about 6,600 tenants. Prologis began to expand its non-real estate business, Essentials, in 2022, offering customers solar power, racking systems, forklifts, generators, EV charging infrastructure, and other logistics tech equipment for purchase.
Weingarten Realty Investors was a real estate investment trust that invested in shopping centers, primarily in the Southern United States and primarily with grocery stores as the anchor stores. In August 2021, the company was acquired by Kimco Realty.
Brixmor Property Group is a publicly traded real estate investment trust that invests in shopping centers. As of December 31, 2022, the company owned 373 shopping centers containing 66 million square feet of retail space. The company's largest markets are Florida, California, and Texas. The company's largest tenants are TJX Companies, Kroger, and Burlington.
Washington Prime Group Inc. is an American real estate investment trust that invests in shopping centers. The company is organized in Indiana with its headquarters in Columbus, Ohio. From January 2015 to September 2016, the company had the name WP Glimcher. On June 13, 2021, Washington Prime filed for Chapter 11 bankruptcy.
Namdar Realty Group is an American shopping mall investment company based in Great Neck, New York. They primarily purchase dying or dead shopping malls with partner Mason Asset Management. Namdar and Mason are both family owned, and as of 2021, own over 400 properties including 100 plus malls.