cdr-8k_20210729.htm

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). In addition, certain statements made or incorporated by reference herein are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and other documents that the Company files with the Securities and Exchange Commission from time to time.

Except for ongoing obligations to disclose material information as required by the federal securities laws, the Company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. All of the above factors are difficult to predict, contain uncertainties that may materially affect the Company’s actual results and may be beyond the Company’s control. New factors emerge from time to time, and it is not possible for the Company’s management to predict all such factors or to assess the effects of each factor on the Company’s business. Accordingly, there can be no assurance that the Company’s current expectations will be realized.

Massapequa, New York – July 29, 2021 – Cedar Realty Trust, Inc. (NYSE: CDR – the “Company”) today reported results for the second quarter of 2021. Net income attributable to common shareholders was $3.52 per diluted share. Other highlights include:

Net income attributable to common shareholders for the second quarter of 2021 was $48.4 million or $3.52 per diluted share, compared to net loss of $(8.8) million or $(0.67) per diluted share for the same period in 2020. Net income attributable to common shareholders for the six-months period ending June 30, 2021was $46.8 million or $3.41 per dilutive share, compared to net loss of $(13.7) million or $(1.06) per dilutive share for the same period of 2020. The principal differences in the comparative three and six month results were gain on sales of properties in 2021, and an impairment (reversal) charges on a properties held for sale in 2021 and 2020, a lease termination fee from a property held for sale in 2020, and the acceleration of depreciation relating to the demolition of certain existing buildings at redevelopment properties in 2020.

NAREIT-defined FFO for the second quarter of 2021 was $8.2 million or $0.59 per diluted share, compared to $5.7 million or $0.41 per diluted share for the same period in 2020. Operating FFO for the second quarter of 2021 was $8.5 million or $0.61 per diluted share, compared to $5.7 million or $0.41 per diluted share for the same period in 2020. The difference between Operating FFO and NAREIT-defined FFO in 2020 was redevelopment costs and financing costs. The principal difference in the comparative three-month NAREIT-defined FFO and Operating FFO was the second quarter of 2020 was significantly impacted by the effects of COVID-19.

NAREIT-defined FFO for the six months ended June 30, 2021 was $16.8 million or $1.21 per diluted share, compared to $22.0 million or $1.59 per dilutive share for the same period in 2020. Operating FFO for the six-months ended June 30, 2021 was $17.1 million or $1.21 per diluted share, as compared to $22.5 million or $1.62 per dilutive share for the same period in 2020. The principal differences between the comparative six-month NAREIT-defined FFO and Operating FFO results were the effects of COVID-19 and lease termination income in 2020.

During the second quarter of 2021, the Company signed 40 leases for 209,100 square feet. On a comparable space basis, the Company signed 23 renewal leases for 153,200 square feet at an increase of and 2.6% and 15 new leases for 46,100 square feet at a decrease of (18.7)%. During the six-month period ended June 30, 2021, the Company signed 71 leases for 477,300 square feet. On a comparable space basis, the Company signed 44 renewal leases for 297,300 square feet at an increase of 1.2% and 19 new leases for 79,600 square feet at a decrease of (8.1)%.

Excluding redevelopments, same property NOI increased 8.2% for the second quarter of 2021 and increased 0.8% for the six months ended June 30, 2021, as compared to the same periods of 2020. Including redevelopments same property NOI increased 10.5% for the second quarter of 2021 and decreased (0.7)% for the six months ended June 30, 2021, as compared to the same period of 2020. The second quarter of 2020 was significantly impacted by the effects of COVID-19.

The Company’s same-property portfolio was 90.9% leased at June 30, 2021, compared to 90.1% at March 31, 2021 and 92.1% at June 30, 2020. The Company’s total portfolio, excluding properties held for sale, was 88.7% leased at June 30, 2021, compared to 87.8% at March 31, 2021 and 90.0% at June 30, 2020. Subsequent to June 30, 2021, the Company executed three anchor leases for 95,207 square feet. Hobby

Lobby and Grocery Outlet will be our new anchors at Valley Plaza, back filling a former Kmart box. Additionally, Porter and Chester Institute will be joining the lineup at the ShopRite-anchored New London Mall.

On May 5, 2021, the Company closed a non-recourse mortgage for $114.0 million. The mortgage matures June 1, 2031, bears interest at a fixed-rate of 3.49% and requires payment of interest only for the first five years followed by payments of principal and interest based on thirty-year amortization for the remainder of the term. The loan is secured by five shopping centers consisting of Lawndale Plaza, The Shops at Suffolk Downs, Christina Crossing, Trexlertown Plaza, and The Point. These properties had no pre-existing debt and the proceeds from this new loan were used to reduce amounts outstanding under the Company’s revolving credit facility.

On May 5, 2021, the Company formed a joint venture with Goldman Sachs Urban Investment Group and Asland Capital Partners for the construction of an approximately 258,000 square foot six-story commercial building in Washington D.C. consisting of approximately 240,000 square feet of office space which is 100% leased to the Washington, D.C., Department of General Services (DGS) for its headquarters and approximately 18,000 square feet of street-level retail. This building is planned as the first phase of Northeast Heights, a redevelopment of two existing shopping centers, East River Park and Senator Square, into a mixed-use residential, office and retail property. Further, the joint venture has secured construction financing from JP Morgan not to exceed $105 million. The construction loan initially bears interest at LIBOR plus 200 basis points and has an initial term of three years with two, one-year extension options subject to customary conditions. The Company has a 10% interest in the joint venture and be a co-general partner along with Asland Capital Partners. As of June 30, 2021, the Company has contributed approximately $2.5 million to the unconsolidated joint venture.

On May 5, 2021, the Company sold The Commons for $9.8 million and on June 21, 2021, sold Camp Hill for $89.7 million.

On June 29, 2021, the Company paid-off a $50.0 million term note that was schedules to mature in February 2022. As of June 30, 2021, the Company has $112.1 million available under its revolving credit facility and is in compliance with all financial covenants.

NAREIT-defined FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company considers NAREIT-defined FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets. The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. NAREIT-defined FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. A reconciliation of net income (loss) attributable to common shareholders to NAREIT-defined FFO and Operating FFO for the three and twelve months ended December 31, 2020 and 2019 is detailed in the attached schedule.

EBITDAre is a recognized supplemental non-GAAP financial measure. The Company presents EBITDAre in accordance with the definition adopted by NAREIT, which generally defines EBITDAre as net income plus interest expense, income tax expense, depreciation, amortization, and impairment write-downs of depreciated property, plus or minus losses and gains on the disposition of depreciated property, and adjustments to reflect the Company’s share of EBITDAre of unconsolidated affiliates. The Company believes EBITDAre provides additional information with respect to the Company’s performance and ability to meet its future debt service requirements. The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as management transition, acquisition pursuit and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items. EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI is a widely recognized supplemental non-GAAP financial measure for REITs. Properties are included in same-property NOI if they are owned and operated for the entirety of both periods being compared, except for properties undergoing significant redevelopment and expansion until such properties have stabilized, and properties classified as held for sale. Consistent with the capital treatment of such costs under GAAP, tenant improvements, leasing commissions and other direct leasing costs are excluded from same-property NOI. The Company considers same-property NOI useful to investors as it provides an indication of the recurring cash generated by the Company’s properties by excluding certain non-cash revenues and expenses, as well as other infrequent items such as lease termination income which tends to fluctuate more than rents from year to year. Same property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure.

The Company has issued “Supplemental Financial Information” for the period ended June 30, 2021. Such information has been filed today as an exhibit to Form 8-K and will also be available on the Company’s website at www.cedarrealtytrust.com.

The Company will host a conference call today, July 29, 2021, at 5:00 PM (ET) to discuss the quarterly results. The conference call can be accessed by dialing (877) 705-6003 or (1) (201) 493-6725 for international participants. A live webcast of the conference call will be available online on the Company’s website at www.cedarrealtytrust.com.

A replay of the call will be available from 8:00 PM (ET) on July 29, 2021, until midnight (ET) on August 12, 2021. The replay dial-in numbers are (844) 512-2921 or (1) (412) 317-6671 for international callers. Please use passcode 13720828 for the telephonic replay. A replay of the Company’s webcast will be available on the Company’s website for a limited time.

Cedar Realty Trust, Inc. is a fully-integrated real estate investment trust which focuses on the ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington, D.C. to Boston. The Company’s portfolio (excluding properties treated as “held for sale”) comprises 53 properties, with approximately 7.6 million square feet of gross leasable area.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarrealtytrust.com.

Certain statements made in this this press release that are not strictly historical are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Cedar Realty Trust, Inc. (the “Company”) to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors that could cause actual results, performance or achievements to differ materially from current expectations include, but are not limited to: (i) the economic, political and social impact of, and uncertainty relating to, the COVID-19 pandemic, including: (a) the effectiveness or lack of effectiveness of governmental relief in providing assistance to large and small businesses, particularly including our retail tenants and other retailers, that have suffered significant declines in revenues as a result of mandatory business shut-downs, “shelter-in-place” or “stay-at-home” orders and social distancing practices, as well as individuals adversely impacted by the COVID-19 pandemic, (b) the duration of any such orders or other formal recommendations for social distancing and the speed and extent to which revenues of our retail tenants recover following the lifting of any such orders or recommendations, (c) the potential impact of any such events on the obligations of the Company’s tenants to make rent and other payments or honor other commitments under existing leases, (d) the potential adverse impact on returns from redevelopment projects, (e) to the extent we were seeking to sell properties in the near term, significantly greater uncertainty regarding our ability to do so at attractive prices, and (f) the broader impact of the severe economic contraction and increase in unemployment that has occurred in the short term and negative consequences that will occur if these trends are not quickly reversed; (ii) the ability and willingness of the Company’s tenants and other third parties to satisfy their obligations under their respective contractual arrangements with the Company; (iii) the loss or bankruptcy of the Company’s tenants, particularly in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic; (iv) the ability and willingness of the Company’s tenants to renew their leases with the Company upon expiration, the Company’s ability to re-lease its properties on the same or better terms in the event of nonrenewal or in the event the Company exercises its right to replace an existing tenant, and obligations the Company may incur in connection with the replacement of an existing tenant, particularly, in light of the adverse impact to the financial health of many retailers that has occurred and continues to occur as a result of the COVID-19 pandemic, and the significant uncertainty as to when and the conditions under which potential tenants will be able to operate physical retail locations in future; (v) macroeconomic conditions, such as a disruption of or lack of access to capital markets and the adverse impact of the recent significant decline in the Company’s share price from prices prior to the spread of the COVID-19 pandemic; (vi) financing risks, such as the Company’s inability to obtain new financing or refinancing on favorable terms as the result of market volatility or instability; (vii) increases in the Company’s borrowing costs as a result of changes in interest rates and other factors, including the potential phasing out of LIBOR after 2021; (viii) the impact of the Company’s leverage on operating performance; (ix) risks related to the market for retail space generally, including reductions in consumer spending, variability in retailer demand for leased space, adverse impact of e-commerce, ongoing consolidation in the retail sector and changes in economic conditions and consumer confidence; (x) risks endemic to real estate and the real estate industry generally(xi) competitive risks; (xii) risks related to the geographic concentration of the Company’s properties in the Washington, D.C. to Boston corridor; (xiii) damage to the Company’s properties from catastrophic weather and other natural events, and the physical effects of

climate change; (xiv) the inability of the Company to realize anticipated returns from its redevelopment activities; (xv) uninsured losses; (xvi) the Company’s ability and willingness to maintain its qualification as a REIT in light of economic, market, legal, tax and other considerations; and (xvii) information technology security breaches. For further discussion of factors that could materially affect the outcome of forward-looking statements, see “Risk Factors” in Part I, Item 1A, of the Company’s Annual Report on Form 10-K for the years ended December 31, 2020 and December 31, 2019, when available, and other documents that the Company files with the Securities and Exchange Commission from time to time.

	June 30,			December 31,
	2021			2020
ASSETS
Real estate, at cost	$	1,474,090,000		$	1,527,478,000
Less accumulated depreciation		(423,671,000	)		(428,569,000	)
Real estate, net		1,050,419,000			1,098,909,000
Real estate held for sale		2,219,000			9,498,000
Investment in unconsolidated joint venture		2,481,000			-
Cash and cash equivalents		5,603,000			1,637,000
Restricted cash		230,000			-
Receivables		23,254,000			21,952,000
Other assets and deferred charges, net		32,488,000			45,255,000
TOTAL ASSETS	$	1,116,694,000		$	1,177,251,000

LIABILITIES AND EQUITY
Liabilities:
Mortgage loan payable, net	$	157,298,000		$	45,385,000
Finance lease obligation		5,328,000			5,340,000
Unsecured revolving credit facility		12,000,000			175,000,000
Unsecured term loans, net		348,894,000			398,549,000
Accounts payable and accrued liabilities		45,037,000			56,580,000
Unamortized intangible lease liabilities		8,355,000			8,939,000
Total liabilities		576,912,000			689,793,000

Equity:
Preferred stock		159,541,000			159,541,000
Common stock and other shareholders' equity		375,770,000			323,957,000
Noncontrolling interests		4,471,000			3,960,000
Total equity		539,782,000			487,458,000

TOTAL LIABILITIES AND EQUITY	$	1,116,694,000		$	1,177,251,000

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
PROPERTY REVENUES
Rental revenues	$	31,880,000		$	28,461,000		$	65,216,000		$	63,576,000
Other		340,000			159,000			555,000			7,529,000
Total property revenues		32,220,000			28,620,000			65,771,000			71,105,000
PROPERTY OPERATING EXPENSES
Operating, maintenance and management		6,296,000			5,508,000			14,076,000			13,229,000
Real estate and other property-related taxes		5,051,000			4,978,000			10,171,000			10,100,000
Total property operating expenses		11,347,000			10,486,000			24,247,000			23,329,000

PROPERTY OPERATING INCOME		20,873,000			18,134,000			41,524,000			47,776,000

OTHER EXPENSES AND INCOME
General and administrative		4,873,000			3,906,000			9,401,000			8,908,000
Depreciation and amortization		10,257,000			14,426,000			21,468,000			28,173,000
Gain on sales		(48,857,000	)		-			(49,904,000	)		-
Impairment (reversal) charges		(1,849,000	)		133,000			(1,849,000	)		7,607,000
Total other expenses and income		(35,576,000	)		18,465,000			(20,884,000	)		44,688,000

OPERATING INCOME (LOSS)		56,449,000			(331,000	)		62,408,000			3,088,000

NON-OPERATING INCOME AND EXPENSES
Interest expense		(4,985,000	)		(5,678,000	)		(9,691,000	)		(11,195,000	)
Total non-operating income and expense		(4,985,000	)		(5,678,000	)		(9,691,000	)		(11,195,000	)

NET INCOME (LOSS)		51,464,000			(6,009,000	)		52,717,000			(8,107,000	)

Attributable to noncontrolling interests		(409,000	)		(88,000	)		(550,000	)		(236,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO CEDAR REALTY TRUST, INC.		51,055,000			(6,097,000	)		52,167,000			(8,343,000	)

Preferred stock dividends		(2,688,000	)		(2,688,000	)		(5,376,000	)		(5,376,000	)

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	48,367,000		$	(8,785,000	)	$	46,791,000		$	(13,719,000	)

NET INCOME (LOSS) PER COMMON SHARE ATTRIBUTABLE TO COMMON SHAREHOLDERS (BASIC AND DILUTED):	$	3.52		$	(0.67	)	$	3.41		$	(1.06	)

Weighted average number of common shares - basic and diluted		13,197,000			13,107,000			13,171,000			13,097,000

Balance Sheets	June 30,		December 31,
	2021		2020

Construction in process (included in real estate, at cost)	$	33,020,000	$	41,699,000

Receivables
Rents and other tenant receivables, net (a)	$	6,383,000	$	6,541,000
Mortgage note and other receivable		5,500,000		3,500,000
Straight-line rents		11,371,000		11,911,000
	$	23,254,000	$	21,952,000

Other assets and deferred charges, net
Lease origination costs	$	16,266,000	$	22,331,000
Right-of-use assets		10,054,000		13,828,000
Prepaid expenses		4,539,000		6,906,000
Revolving credit facility issuance costs		180,000		623,000
Other		1,449,000		1,567,000
	$	32,488,000	$	45,255,000

Accounts payable and accrued liabilities
Accounts payable and accrued liabilities	$	21,472,000	$	23,576,000
Right-of-use liabilities		10,357,000		14,077,000
Interest rate swap liabilities		13,208,000		18,927,000
	$	45,037,000	$	56,580,000

Statements of Operations	Three months ended June 30,					Six months ended June 30,
	2021		2020			2021		2020
Rental revenues
Base rents	$	23,574,000	$	22,781,000		$	47,591,000	$	48,543,000
Expense recoveries		7,452,000		6,328,000			15,800,000		14,883,000
Percentage rent		362,000		33,000			927,000		329,000
Straight-line rents		229,000		(988,000	)		359,000		(945,000	)
Amortization of intangible lease liabilities, net		263,000		307,000			539,000		766,000
	$	31,880,000	$	28,461,000		$	65,216,000	$	63,576,000

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Net income (loss) attributable to common shareholders	$	48,367,000		$	(8,785,000	)	$	46,791,000		$	(13,719,000	)
Real estate depreciation and amortization		10,227,000			14,400,000			21,420,000			28,105,000
Limited partners' interest		287,000			(52,000	)		278,000			(80,000	)
Gain on sales		(48,857,000	)		-			(49,904,000	)		-
Impairment charges		(1,849,000	)		133,000			(1,849,000	)		7,607,000
Consolidated minority interests:
Share of income		122,000			140,000			272,000			316,000
Share of FFO		(88,000	)		(118,000	)		(201,000	)		(261,000	)
Funds From Operations ("FFO") applicable to diluted common shares		8,209,000			5,718,000			16,807,000			21,968,000
Adjustments for items affecting comparability:		-			-
Redevelopment costs (a)		230,000			-			230,000			483,000
Financing costs (b)		44,000			-			44,000			-
Operating Funds From Operations ("Operating FFO") applicable to diluted common shares	$	8,483,000		$	5,718,000		$	17,081,000		$	22,451,000

FFO per diluted common share:	$	0.59		$	0.41		$	1.21		$	1.59

Operating FFO per diluted common share:	$	0.61		$	0.41		$	1.23		$	1.62

Weighted average number of diluted common shares:
Common shares and equivalents		13,855,000			13,762,000			13,845,000			13,757,000
OP Units		81,000			81,000			81,000			81,000
		13,936,000			13,843,000			13,926,000			13,838,000

Additional Disclosures (c):
Straight-line rents	$	229,000		$	(988,000	)	$	359,000		$	(945,000	)
Amortization of intangible lease liabilities		263,000			307,000			539,000			766,000
Non-real estate amortization		436,000			334,000			795,000			686,000
Share-based compensation, net		880,000			972,000			1,760,000			1,986,000
Maintenance capital expenditures (d)		770,000			1,820,000			1,627,000			3,528,000
Lease related expenditures (e)		2,866,000			2,242,000			5,169,000			4,550,000
Development and redevelopment capital expenditures		3,184,000			5,359,000			7,020,000			11,125,000
Capitalized interest and financing costs		756,000			631,000			1,555,000			1,224,000

	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Net income (loss)	$	51,464,000		$	(6,009,000	)	$	52,717,000		$	(8,107,000	)
Interest expense		4,985,000			5,678,000			9,691,000			11,195,000
Depreciation and amortization		10,257,000			14,426,000			21,468,000			28,173,000
Gain on sales		(48,857,000	)		-			(49,904,000	)		-
Impairment charges		(1,849,000	)		133,000			(1,849,000	)		7,607,000
EBITDAre		16,000,000			14,228,000			32,123,000			38,868,000
Adjustments for items affecting comparability:
Redevelopment costs (a)		230,000			-			230,000			483,000
Financing costs (b)		44,000			-			44,000			-
Adjusted EBITDAre	$	16,274,000		$	14,228,000		$	32,397,000		$	39,351,000

Net debt
Debt, excluding issuance costs	$	521,113,000		$	698,067,000		$	521,113,000		$	698,067,000
Finance lease obligation		5,615,000			5,649,000			5,615,000			5,649,000
Unrestricted cash and cash equivalents		(5,603,000	)		(68,233,000	)		(5,603,000	)		(68,233,000	)
	$	521,125,000		$	635,483,000		$	521,125,000		$	635,483,000

Fixed charges (c)
Interest expense	$	5,280,000		$	5,966,000		$	10,387,000		$	11,731,000
Preferred stock dividends		2,688,000			2,688,000			5,376,000			5,376,000
Scheduled mortgage repayments		275,000			265,000			548,000			528,000
	$	8,243,000		$	8,919,000		$	16,311,000		$	17,635,000

Debt and Coverage Ratios (d)
Net debt to Adjusted EBITDAre		8.7	x		10.8	x		8.9	x		9.7	x
Interest coverage ratio (based on Adjusted EBITDAre)		2.8	x		2.5	x		2.8	x		2.8	x
Fixed charge coverage ratio (based on Adjusted EBITDAre)		1.8	x		1.7	x		1.8	x		1.9	x

	Maturity	Interest
	Dates	Rates	Amounts
Secured fixed-rate debt:
Franklin Village Plaza	Jun 2026	3.9%	$	45,113,000
Shops at Suffolk Downs (a)	June 2031	3.5%		15,600,000
Trexlertown Plaza (a)	June 2031	3.5%		36,100,000
The Point (a)	June 2031	3.5%		29,700,000
Christina Crossing (a)	June 2031	3.5%		17,000,000
Lawndale Plaza (a)	June 2031	3.5%		15,600,000
Senator Square finance lease obligation (b)	Sep 2050	5.3%		5,615,000
Total fixed rate debt	weighted average	3.6%		164,728,000

Unsecured debt (c):
Variable-rate (d):
Revolving credit facility (e)	Sep 2021	1.74%		12,000,000
Term loan	Sep 2022	1.81%		50,000,000
Fixed-rate (f):
Term loan	Sep 2022	3.49%		50,000,000
Term loan	Apr 2023	3.46%		100,000,000
Term loan	Sep 2024	3.94%		75,000,000
Term loan	Jul 2025	4.82%		75,000,000
Total unsecured debt	weighted average	3.56%		362,000,000

Total debt	weighted average	3.59%		526,728,000

Unamortized mortgage, finance lease and term loan issuance costs				(3,208,000	)

Total debt			$	523,520,000

Fixed to variable rate debt ratio:
Fixed-rate debt		88.2%	$	464,728,000
Variable-rate debt		11.8%		62,000,000
		100.0%	$	526,728,000

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Connecticut
Bethel Shopping Center		2013		101,105		95.1	%	$	23.50	Big Y	Dollar Tree
Brickyard Plaza		2004		227,598		99.2	%		8.83		Home Depot
											Kohl's
											Michaels
											PetSmart
Groton Shopping Center		2007		130,264		100.0	%		12.31	Aldi	TJ Maxx
											Goodwill
											Planet Fitness
											Dollar Tree
											Pet Supplies Plus
Jordan Lane		2005		174,679		94.3	%		10.84	Stop & Shop	Crunch Fitness
											Dollar Tree
											Shopper's World
New London Mall		2009		259,566		89.0	%		12.89	Shop Rite	Marshalls
											Home Goods
											PetSmart
Oakland Commons		2007		90,100		100.0	%		6.37	Walmart	Bristol Ten Pin
Southington Center		2003		155,842		98.5	%		7.90	Walmart	NAMCO
											Southington Wine & Spirit
Total Connecticut				1,139,154		95.8	%		11.37

Delaware
Christina Crossing		2017		119,446		90.7	%		19.53	Shop Rite

Maryland / Washington, D.C.
East River Park		2015		150,038		92.3	%		20.68	Safeway	District of Columbia
											CVS
Oakland Mills		2005		57,008		92.6	%		11.36	LA Mart
Patuxent Crossing (f/k/a San Souci Plaza) (a)		2009		264,134		82.4	%		11.63	McKay's Market and Café	Marshalls
											Home Goods
											World Gym
											JOANN Fabrics
											Dollar Tree
Senator Square		2018		42,941		100.0	%		28.78		Unity Health Care
											Dollar Tree
Shoppes at Arts District		2016		35,676		100.0	%		38.83	Yes! Organic Market	Busboys and Poets
Valley Plaza		2003		190,939		27.9	%		10.16		Tractor Supply

Yorktowne Plaza		2007		136,197		65.6	%		12.75	Food Lion	Dollar Tree
Total Maryland / Washington, D.C.				876,933		71.8	%		16.34

Massachusetts
Fieldstone Marketplace	2005/2012			150,123		84.3	%		12.05	Shaw's	Work Out World
											Dollar Tree
											Family Dollar
Franklin Village Plaza	2004/2012			305,937		87.3	%		20.54	Stop & Shop	Marshalls
											NRG Labs
Kings Plaza		2007		168,243		82.2	%		8.69		Fun Z Trampoline Park
											Ocean State Job Lot
											Savers
											Dollar General
Norwood Shopping Center		2006		42,308		85.9	%		8.61	Big Y	Planet Fitness
											Dollar Tree
The Shops at Suffolk Downs		2005		121,187		98.8	%		14.62	Stop & Shop	Dollar Tree
										Target (b)

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Massachusetts (continued)
Timpany Plaza		2007		182,799		67.4	%		10.28		Big Lots
											Gardner Theater
											Tractor Supply
											Dollar Tree
Webster Commons		2007		98,984		96.7	%		11.95		Big Lots
											Planet Fitness
											CVS
											Aubuchon Hardware
Total Massachusetts				1,069,581		84.8	%		13.99

New Jersey
Pine Grove Plaza		2003		79,306		49.6	%		14.68	Acme Markets (b)	Dollar Tree
The Shops at Bloomfield Station		2016		63,844		86.0	%		17.80	Super Foodtown
Washington Center Shoppes		2001		157,300		92.8	%		11.42	Acme Markets	Planet Fitness
Total New Jersey				300,450		79.9	%		13.42

New York
Carman's Plaza		2007		182,081		64.9	%		22.19	Key Foods	Department of Motor Vehicle
											Popcorn Beauty
											Dollar Tree
Pennsylvania
Academy Plaza		2001		136,685		90.9	%		15.53	Acme Markets	Rite Aid
Colonial Commons		2011		410,432		92.0	%		13.66	Giant Foods (c)	Dick's Sporting Goods
											Home Goods
											Ross Dress For Less
											Marshalls
											JoAnn Fabrics
											David's Furniture
											Old Navy
											Dollar Tree
Crossroads II (a)		2008		133,717		98.7	%		19.74	Giant Foods	Dollar Tree
Fairview Commons		2007		52,964		75.3	%		10.10	Grocery Outlet	Dollar Tree
Fishtown Crossing		2001		127,265		88.0	%		17.40	IGA Supermarket	Pep Boys
											Dollar Tree
											Dollar General
Girard Plaza		2019		35,688		100.0	%		16.29	Save A Lot	Dollar General
Gold Star Plaza		2006		71,720		100.0	%		9.02	Redner's	Dollar Tree
Golden Triangle		2003		202,790		97.5	%		12.71		LA Fitness
											Marshalls
											Staples
											Immunotek
											American Freight
											Walgreens
											Dollar Tree
Halifax Plaza		2003		51,510		100.0	%		13.68	Giant Foods	Rite Aid
Hamburg Square		2004		102,058		96.7	%		6.50	Redner's	Chesaco RV
Lawndale Plaza		2015		92,773		100.0	%		18.62	Shop Rite
Meadows Marketplace	2004/2012			91,518		89.8	%		15.87	Giant Foods
Newport Plaza		2003		64,489		97.0	%		13.21	Giant Foods	Rite Aid
Northside Commons		2008		69,136		100.0	%		10.42	Redner's	Dollar Tree
Palmyra Shopping Center		2005		111,051		90.2	%		7.95	Weis Markets	Goodwill

								Average
	Year				Percent			base rent per			Selected
Property Description	acquired		GLA		occupied			leased sq. ft.		Grocer Anchor	Other Anchors
Pennsylvania (continued)
Quartermaster Plaza		2014		456,602		91.2	%		14.83	BJ's Wholesale Club	Home Depot
											Planet Fitness
											Staples
											PetSmart
											Walgreens
Riverview Plaza		2003		108,902		74.5	%		21.90		Pep Boys
											Staples
South Philadelphia		2003		193,740		76.3	%		12.63	Shop Rite	Ross Dress For Less
											LA Fitness
											Kid City
Swede Square		2003		100,809		94.0	%		15.84	Grocery Outlet	LA Fitness
The Point		2000		260,625		87.8	%		14.62	Giant Foods	Burlington
											Barton's Home Outlet
											Staples
											Dollar Tree
Trexler Mall		2005		336,687		98.2	%		11.02		Kohl's
											Urban Air
											Lehigh Wellness Partners
											Maxx Fitness
											Marshalls
											Home Goods
											Dollar Tree
Trexlertown Plaza		2006		325,171		94.5	%		14.32	Giant Foods	Hobby Lobby
											Burlington
											Big Lots
											Tractor Supply
Total Pennsylvania				3,536,332		92.0	%		13.89

Virginia
Coliseum Marketplace		2005		106,648		45.9	%		14.18		Michaels
Elmhurst Square		2006		66,254		91.1	%		10.13	Food Lion
General Booth Plaza		2005		71,639		100.0	%		15.33	Food Lion
Kempsville Crossing		2005		79,512		96.1	%		10.94	Walmart	The Iron Asylum
Oak Ridge Shopping Center		2006		38,700		100.0	%		11.07	Food Lion
Total Virginia				362,753		81.6	%		12.39

Total (88.7% leased at June 30, 2021)				7,586,730		87.6	%	$	13.88

				Percentage			Percentage	Q2-2021
				of occupied	Annualized		of annualized	percent
Tenant Categories	Examples/Description	GLA		GLA	base rent		base rents	collected
Grocer Anchor	Giant Foods, Shop Rite, Stop & Shop, Big Y, BJ's Wholesale Club, Food Lion, Walmart Neighborhood Market		2,143,000	32.2%	$	25,985,000	28.2%	99.3%
Limited/Fast Service Restaurants	Panera Bread, Subway, Dunkin, McDonalds, Chipotle		271,000	4.1%		7,276,000	7.9%	96.6%
Fitness	LA Fitness, Planet Fitness		402,000	6.0%		4,775,000	5.2%	89.9%
Full Service Restaurants	Chili's, Red Lobster, Busboys and Poets		218,000	3.3%		4,737,000	5.1%	84.8%
Discount Department Stores	Marshalls, Kohl's, Burlington, Ross Dress For Less, TJ Maxx		493,000	7.4%		4,167,000	4.5%	99.8%
Dollar/Variety	Dollar Tree, Big Lots, Five Below		479,000	7.2%		4,394,000	4.8%	97.6%
Medical, Dental and Optical	Medical Centers, Urgent Care, Physical Therapy, Dentists, Optical		191,000	2.9%		4,113,000	4.5%	98.4%
Personal Care	Nail Salons, Hair Salons, Spas		149,000	2.2%		3,458,000	3.7%	97.5%
Home Improvement/Hardware	Home Depot, Tractor Supply		366,000	5.5%		2,883,000	3.1%	100.0%
Banking	Santander Bank, Wells Fargo, Bank of America, Middlesex Savings Bank		64,000	1.0%		1,888,000	2.0%	99.9%
Wireless and Gaming	AT&T Mobility, T-Mobile, Verizon Wireless, GameStop		88,000	1.3%		2,293,000	2.5%	94.4%
Pharmacy/Drug Store	Rite Aid, Walgreens, CVS		92,000	1.4%		2,291,000	2.5%	99.1%
Office Supply	Staples, The UPS Store		100,000	1.5%		1,692,000	1.8%	99.5%
Beer, Wine and Liquor	Beer, Wine and Liquor Stores		119,000	1.8%		2,065,000	2.2%	92.3%
Governmental Office	District of Columbia, Department of Motor Vehicle, USPS		74,000	1.1%		1,937,000	2.1%	99.9%
Clothing	Old Navy, Carter's, Madrag		102,000	1.5%		1,467,000	1.6%	94.3%
Home Furnishing	Homegoods, Mattress Firm		185,000	2.8%		2,016,000	2.2%	94.2%
Automotive Parts and Service	Pep Boys, Advance Auto Parts, AutoZone, Mavis		122,000	1.8%		1,599,000	1.7%	98.9%
Shoes	Famous Footwear, Shoe City		69,000	1.0%		1,390,000	1.5%	97.1%
Non-Retail	Various office tenants		67,000	1.0%		1,145,000	1.2%	92.8%
Sporting and Outdoor Stores	Dicks, NAMCO Pools		95,000	1.4%		1,373,000	1.5%	96.0%
Hobby Stores	Michaels, Hobby Lobby, JoAnn Fabrics		155,000	2.3%		1,263,000	1.4%	98.6%
Beauty Supplies	Sally Beauty, Popcorn Beauty, Ulta		49,000	0.7%		1,232,000	1.3%	99.9%
Pet	PetSmart, Pet Supplies Plus		86,000	1.3%		1,249,000	1.4%	100.0%
Other	Professional Services, Thrift Stores, Movie Theatre, Cleaners, Education, Books and Other		467,000	7.0%		5,552,000	6.0%	94.9%
			6,646,000	100.0%	$	92,240,000	100.0%	96.8%

	Number									Annualized		Percentage
	of				Percentage			Annualized		base rent		annualized
Tenant	stores		GLA		of GLA			base rent		per sq. ft.		base rents
Top twenty-five tenants (a):
Giant Foods		7		445,000		5.9	%	$	7,327,000	$	16.47		7.9	%
Shop Rite		4		250,000		3.3	%		4,092,000		16.37		4.4	%
Stop & Shop		3		211,000		2.8	%		2,938,000		13.92		3.2	%
Dollar Tree		22		233,000		3.1	%		2,545,000		10.92		2.8	%
Home Depot		2		253,000		3.3	%		1,977,000		7.81		2.1	%
BJ's Wholesale Club		1		118,000		1.6	%		1,760,000		14.92		1.9	%
Marshalls		6		170,000		2.2	%		1,576,000		9.27		1.7	%
Food Lion		4		163,000		2.1	%		1,559,000		9.56		1.7	%
Big Y		1		64,000		0.8	%		1,484,000		23.19		1.6	%
Staples		4		86,000		1.1	%		1,383,000		16.08		1.5	%
LA Fitness		3		113,000		1.5	%		1,361,000		12.04		1.5	%
Planet Fitness		5		99,000		1.3	%		1,283,000		12.96		1.4	%
Walmart		3		192,000		2.5	%		1,193,000		6.21		1.3	%
Redner's		3		159,000		2.1	%		1,160,000		7.30		1.3	%
Home Goods		4		105,000		1.4	%		1,034,000		9.85		1.1	%
Kohl's		2		147,000		1.9	%		1,031,000		7.01		1.1	%
District of Columbia		1		34,000		0.4	%		932,000		27.41		1.0	%
Shaw's		1		68,000		0.9	%		925,000		13.60		1.0	%
Walgreens		2		29,000		0.4	%		875,000		30.17		0.9	%
PetSmart		3		63,000		0.8	%		857,000		13.60		0.9	%
Dick's Sporting Goods		1		56,000		0.7	%		784,000		14.00		0.8	%
CVS		2		20,000		0.3	%		783,000		39.15		0.8	%
Burlington Coat Factory		2		84,000		1.1	%		760,000		9.05		0.8	%
Lehigh Valley Health		1		33,000		0.4	%		673,000		20.39		0.7	%
Department of Motor Vehicles		1		19,000		0.3	%		656,000		34.53		0.7	%
Sub-total top twenty-five tenants		88		3,214,000		42.4	%		40,948,000		12.74		44.4	%
Remaining tenants		663		3,432,000		45.2	%		51,292,000		14.95		55.6	%
Sub-total all tenants (b)		751		6,646,000		87.6	%	$	92,240,000	$	13.88		100.0	%
Vacant space	N/A			941,000		12.4	%
Total		751		7,587,000		100.0	%

(1) Giant Foods, Stop & Shop and Food Lion, and (2) Marshalls, Home Goods, and TJ Maxx (GLA of 30,000; annualized base rent of $315,000).

Total Portfolio
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		55		167,000		2.5	%	$	18.71		3.4	%
2021		50		235,000		3.5	%		16.30		4.2	%
2022		99		440,000		6.6	%		17.48		8.3	%
2023		87		652,000		9.8	%		14.99		10.6	%
2024		101		795,000		12.0	%		14.56		12.5	%
2025		97		1,069,000		16.1	%		12.90		15.0	%
2026		68		560,000		8.4	%		14.40		8.7	%
2027		43		368,000		5.5	%		13.73		5.5	%
2028		35		374,000		5.6	%		11.23		4.6	%
2029		35		603,000		9.1	%		13.04		8.5	%
2030		33		436,000		6.6	%		10.48		5.0	%
Thereafter		48		947,000		14.2	%		13.41		13.8	%
All tenants		751		6,646,000		100.0	%	$	13.88		100.0	%
Spaces ≥ 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		1		21,000		0.4	%	$	5.52		0.2	%
2021		6		142,000		2.9	%		13.18		3.4	%
2022		9		189,000		3.9	%		13.24		4.6	%
2023		14		471,000		9.7	%		11.85		10.2	%
2024		18		586,000		12.0	%		11.67		12.5	%
2025		25		795,000		16.3	%		10.47		15.2	%
2026		15		385,000		7.9	%		11.89		8.4	%
2027		12		248,000		5.1	%		11.77		5.3	%
2028		11		299,000		6.1	%		9.01		4.9	%
2029		13		528,000		10.8	%		12.03		11.6	%
2030		10		365,000		7.5	%		8.31		5.5	%
Thereafter		16		839,000		17.2	%		11.82		18.1	%
All tenants		150		4,868,000		100.0	%	$	11.24		100.0	%
Spaces < 10,000 GLA
								Annualized		Percentage
	Number				Percentage			expiring		of annualized
Year of lease	of leases		GLA		of GLA			base rents		expiring
expiration	expiring		expiring		expiring			per sq. ft.		base rents
Month-To-Month		54		146,000		8.2	%	$	20.60		8.0	%
2021		44		93,000		5.2	%		21.08		5.2	%
2022		90		251,000		14.1	%		20.67		13.8	%
2023		73		181,000		10.2	%		23.16		11.2	%
2024		83		209,000		11.8	%		22.65		12.6	%
2025		72		274,000		15.4	%		19.97		14.6	%
2026		53		175,000		9.8	%		19.93		9.3	%
2027		31		120,000		6.7	%		17.78		5.7	%
2028		24		75,000		4.2	%		20.09		4.0	%
2029		22		75,000		4.2	%		20.17		4.0	%
2030		23		71,000		4.0	%		21.65		4.1	%
Thereafter		32		108,000		6.1	%		25.82		7.4	%
All tenants		601		1,778,000		100.0	%	$	21.12		100.0	%

									Cash	Tenant		Average
	Leases		Square		New Rent		Prior Rent		Basis	Improvements		Lease
	Signed		Feet		Per. Sq. Ft (a)		Per. Sq. Ft (a)		% Change	Per. Sq. Ft (b)		Term (Yrs)
Total Comparable Leases
2nd Quarter 2021		38		199,300	$	13.72	$	14.32	-4.2%	$	10.82		6.4
1st Quarter 2021		25		177,600	$	17.23	$	16.99	1.4%	$	5.46		5.7
4th Quarter 2020		37		222,100	$	19.07	$	18.78	1.5%	$	0.59		5.4
3rd Quarter 2020		32		240,100	$	11.27	$	11.06	1.9%	$	4.24		6.9
Total		132		839,100	$	15.18	$	15.13	0.3%	$	5.10		6.1


New Leases - Comparable
2nd Quarter 2021		15		46,100	$	15.99	$	19.66	-18.7%	$	41.35		8.1
1st Quarter 2021		4		33,500	$	21.84	$	20.66	5.7%	$	17.91		9.9
4th Quarter 2020		4		8,900	$	20.57	$	24.36	-15.6%	$	2.52		7.6
3rd Quarter 2020		8		72,900	$	9.07	$	7.46	21.5%	$	13.99		9.1
Total		31		161,400	$	14.33	$	14.62	-2.0%	$	21.99		8.9


Renewals - Comparable
2nd Quarter 2021		23		153,200	$	13.04	$	12.71	2.6%	$	1.63		5.9
1st Quarter 2021		21		144,100	$	16.16	$	16.14	0.1%	$	2.56		4.7
4th Quarter 2020		33		213,100	$	19.01	$	18.55	2.5%	$	0.51		5.3
3rd Quarter 2020		24		167,300	$	12.23	$	12.63	-3.1%	$	0.00		5.9
Total		101		677,700	$	15.38	$	15.25	0.8%	$	1.08		5.4


Total Comparable and Non-Comparable
2nd Quarter 2021		40		209,100	$	14.30	N/A		N/A	$	15.02		6.2
1st Quarter 2021		31		268,200	$	16.88	N/A		N/A	$	25.98		8.9
4th Quarter 2020		37		222,000	$	19.07	N/A		N/A	$	0.59		5.4
3rd Quarter 2020		33		249,200	$	11.32	N/A		N/A	$	5.33		6.8
Total		141		948,500	$	15.37	N/A		N/A	$	12.20		6.9

Same-Property NOI (a)	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Base Rents	$	19,225,000		$	17,814,000		$	38,764,000		$	37,685,000
Expense Recoveries		6,148,000			5,318,000			12,846,000			10,794,000
Total Revenues		25,373,000			23,132,000			51,610,000			48,479,000
Operating expenses		8,583,000			7,621,000			18,208,000			15,332,000
Same-Property NOI	$	16,790,000		$	15,511,000		$	33,402,000		$	33,147,000

Occupied	90.1%			90.7%			90.1%			90.7%
Leased	90.9%			92.1%			90.9%			92.1%
Average base rent	$	13.55		$	13.73		$	13.55		$	13.73
Number of same properties	45			45			45			45
Same-Property NOI growth	8.2%						0.8%


Same-Property NOI Reconciliation (a)	Three months ended June 30,						Six months ended June 30,
	2021			2020			2021			2020
Operating income (loss)	$	56,449,000		$	(331,000	)	$	62,408,000		$	3,088,000
Add (deduct):
General and administrative		4,873,000			3,906,000			9,401,000			8,908,000
Gain on sales		(48,857,000	)		-			(49,904,000	)		-
Impairment charges		(1,849,000	)		133,000			(1,849,000	)		7,607,000
Depreciation and amortization		10,257,000			14,426,000			21,468,000			28,173,000
Straight-line rents		(229,000	)		988,000			(359,000	)		945,000
Amortization of intangible lease liabilities		(263,000	)		(307,000	)		(539,000	)		(766,000	)
Other adjustments		14,000			(59,000	)		(15,000	)		12,000
NOI related to properties not defined as same-property		(3,605,000	)		(3,245,000	)		(7,209,000	)		(14,820,000	)
Same-Property NOI	$	16,790,000		$	15,511,000		$	33,402,000		$	33,147,000

Funds From Operations (“FFO”) and Operating Funds From Operations (“Operating FFO”)

FFO is a widely recognized supplemental non-GAAP measure utilized to evaluate the financial performance of a REIT. The Company presents FFO in accordance with the definition adopted by the National Association of Real Estate Investments Trusts (“NAREIT”). NAREIT generally defines FFO as net income attributable to common shareholders (determined in accordance with GAAP), excluding gains (losses) from sales of real estate properties, impairment write-downs on real estate properties directly attributable to decreases in the value of depreciable real estate, plus real estate related depreciation and amortization, and adjustments for partnerships and joint ventures to reflect FFO on the same basis. The Company considers FFO to be an appropriate measure of its financial performance because it captures features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than other depreciable assets.

The Company also considers Operating FFO to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as non-capitalized acquisition pursuit costs, amounts relating to early extinguishment of debt and preferred stock redemption costs, management transition costs and certain redevelopment costs. The Company believes Operating FFO further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

FFO and Operating FFO should be reviewed with GAAP net income attributable to common shareholders, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. FFO and Operating FFO do not represent cash generated from operating activities and should not be considered as an alternative to net income attributable to common shareholders or to cash flow from operating activities. The Company’s computations of FFO and Operating FFO may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”) and Adjusted EBITDAre

The Company also considers Adjusted EBITDAre to be an additional meaningful financial measure of financial performance because it excludes items the Company does not believe are indicative of its core operating performance, such as acquisition pursuit, management transition, and redevelopment costs. The Company believes Adjusted EBITDAre further assists in comparing the Company’s performance across reporting periods on a consistent basis by excluding such items.

EBITDAre and Adjusted EBITDAre should be reviewed with GAAP net income, the most directly comparable GAAP financial measure, when trying to understand the Company’s operating performance. EBITDAre and Adjusted EBITDAre do not represent cash generated from operating activities and should not be considered as an alternative to income from continuing operations or to cash flow from operating activities. The Company’s computation of Adjusted EBITDAre may differ from the computations utilized by other companies and, accordingly, may not be comparable to such companies.

Same-property NOI should be reviewed with consolidated operating income, the most directly comparable GAAP financial measure. Same-property NOI should not be considered as an alternative to consolidated operating income prepared in accordance with GAAP or as a measure of liquidity. The Company’s computations of same-property NOI may differ from the computations utilized by other REITs and, accordingly, may not be comparable to such REITs.

Earnings Press Release		4 — 7

Financial Information
Condensed Consolidated Balance Sheets		8
Condensed Consolidated Statements of Operations		9
Supporting Schedules to Consolidated Statements		10
Funds From Operations and Additional Disclosures		11
EBITDA for Real Estate and Additional Disclosures		12
Summary of Outstanding Debt and Maturities		13

Portfolio Information
Real Estate Summary		14 — 16
Tenant Categories		17
Tenant Concentration		18
Lease Expirations		19
Leasing Activity		20
Same-Property Net Operating Income		21
Summary of Dispositions and Real Estate Held for Sale		22

Non-GAAP Financial Disclosures		23

	Mortgage Loan		Finance Lease		Revolving			Term
Year	Payable		Obligation		Credit Facility			Loans		Amounts
2021	$	542,000	$	19,000	$	12,000,000	(e)	$	-	$	12,561,000
2022		1,116,000		37,000		-			100,000,000		101,153,000
2023		1,160,000		39,000		-			100,000,000		101,199,000
2024		1,206,000		41,000		-			75,000,000		76,247,000
2025		1,253,000		44,000		-			75,000,000		76,297,000
2026		40,922,000		48,000		-			-		40,970,000
Thereafter		112,914,000		5,387,000		-			-		118,301,000
	$	159,113,000	$	5,615,000	$	12,000,000		$	350,000,000	$	526,728,000