In This Article:
VIRGINIA BEACH, VA / ACCESS Newswire / April 9, 2025 / Cedar Realty Trust, Inc. (NYSE:CDRpB) (NYSE:CDRpC) (the "Company") announced today the final results of its offer to purchase up to 563,380 shares of its 7.25% Series B Cumulative Redeemable Preferred Stock (the "Series B Shares") for a purchase price of $17.75 per share, in cash (the "Offer"), which expired at 5:00 p.m., New York City time, on April 4, 2025.
Based on the final count by Computershare Inc. ("Computershare"), the depositary for the tender offer, an aggregate of 787,343 Series B Shares were properly tendered and not properly withdrawn. The Company accepted for purchase 592,372 Series B Shares that were properly tendered and not properly withdrawn, which includes 28,992 Series B Shares that the Company elected to purchase pursuant to its ability to purchase up to an additional 2% of its outstanding Series B Shares. The final proration factor is approximately 75%. The Company will promptly pay for the Series B Shares accepted for purchase and return to tendering shareholders any Series B Shares tendered and not purchased.
The aggregate purchase price for the Series B Shares purchased in the tender offer is approximately $10.5 million, excluding fees and expenses relating to the tender offer. The shares purchased represent approximately 41% of the Company's issued and outstanding Series B Shares as of April 8, 2025.
The Company may purchase additional Series B Shares in the future. The amount and timing of any such purchases depends on a number of factors, including the availability of cash and/or financing on acceptable terms, the amount and timing of dividend payments, if any, and periods in which the Company is restricted from repurchasing Series B Shares, as well as any decision to use cash for other strategic objectives. Under applicable law, the Company may not repurchase any additional Series B Shares until at least ten business days after the expiration of the tender offer.
For all questions relating to the Offer, please call the information agent, Georgeson LLC toll-free at (866) 735-3807; banks and brokers may call the depositary, Computershare Inc., at (800) 736-3001.
About Cedar Realty Trust
Cedar Realty Trust, Inc., a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, Inc., is a Maryland corporation (taxed as a real estate investment trust) that focuses on owning and operating income producing retail properties with a primary focus on grocery-anchored shopping centers in the Northeast. Cedar's portfolio comprises 14 properties, with approximately 2.3 million square feet of gross leasable area.