Terms

Series

6.50% Series C Cumulative Redeemable Preferred Stock

Liquidation Preference

$25.00

Coupon Rate

6.5%

Rate Type

Fixed

Annual Dividend

$1.62

Payment Frequency

Quarterly

Cumulative

Yes

Perpetual

Yes

Convertible

Yes

Callable

Yes

First Call Date

August 24, 2022

First Call Price

$25.00

Capital Stack Ranking

Pari Passu With: Outstanding Preferred Stock; Senior To: Common Stock

Regulatory (Basel III) Call

Yes

Tax Classification

Reit Passthrough

Shares Offered

2,000,000

Prospectus Summary

Cedar Realty Trust, Inc. is issuing 2,000,000 shares of its 6.50% Series C Cumulative Redeemable Preferred Stock, with a liquidation preference of $25.00 per share and an annual dividend of $1.625 per share, payable quarterly on February 20, May 20, August 20, and November 20. As a cumulative preferred, unpaid dividends accrue and must be paid before any distribution to common shareholders, providing downside protection during dividend suspensions. The stock is perpetual with no maturity date and is redeemable at the issuer's option on or after August 24, 2022, at $25.00 per share plus accrued dividends. The Series C Preferred Stock ranks pari passu with Cedar Realty's other outstanding preferred stock and senior to common stock with respect to dividends and liquidation rights. However, as a REIT holding company issuer, this preferred stock is structurally subordinated to all debt and equity claims of Cedar Realty's operating subsidiaries and other businesses. The issuer retains a regulatory redemption right prior to August 24, 2022, to preserve its qualification as a REIT under federal tax law—a critical provision that allows early redemption if changes in tax rules would jeopardize REIT status, demonstrating Cedar Realty's commitment to maintaining its tax-advantaged structure. The preferred yields 6.50% annually, or $1.625 per share, paid quarterly. Because Cedar Realty is a REIT, dividends are taxed as ordinary income and do not qualify for preferential 15% or 20% qualified dividend income (QDI) treatment; corporate holders likewise do not receive a dividends-received deduction (DRD). Dividends are paid in arrears with no explicit record-date rule disclosed in this excerpt. Upon a Change of Control event (acquisition of >50% voting control and delisting from major exchanges, or per a future shareholder rights plan), holders gain conversion rights into common stock at a rate capped at 9.8814 shares per preferred share, providing upside participation if the issuer is acquired at a premium valuation.

Summarized from the SEC prospectus filing.

Distribution History

Conversion Terms

Ranking vs. Other Preferreds

Div Score Breakdown

Reinvesty's multi-factor safety analysis for this preferred, composite score: 43 (Average)