New York state-based Cedar Realty Trust Inc., with real estate holdings in the midstate, announced Tuesday lower net income and funds from operations in the second quarter this year and an “at-the-market” offering program under which it could sell from time to time up to a total of 10 million shares of common stock, the company said.
Net income attributable to Cedar common shareholders in the second quarter was about $977,000, down from about $1.2 million in the year-ago period. Funds from operations were about $10.3 million, or about 14 cents per diluted share, compared with about $10.9 million, or 15 cents per diluted share, in the second quarter of 2012.
Cedar also has entered a sales agreement with Merrill Lynch, Pierce, Fenner & Smith Inc. — also known as BofA Merrill Lynch — as well as KeyBanc Capital Markets Inc. and RBC Capital Markets LLC under which it may sell shares from time to time with one of the firms acting as its agent, according to prospectus supplement filed with the U.S. Securities and Exchange Commission.
Net proceeds would go to general working capital and other corporate purposes, such as the outstanding debt repayment, development or acquisition of additional properties and existing property redevelopment, according to a news release.
Cedar Realty Trust is a real estate investment trust focused on owning and operating primarily grocery-anchored shopping centers straddling the corridor from Boston to Washington, D.C. with a portfolio of 67 properties, excluding those considered held for sale. Shares are traded on the New York Stock Exchange under the ticker symbol CDR.