MeritValue

CEDAR REALTY TRUST, INC.

CDR-PBdata completeness 100%17 fiscal years on file

Data notes: no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

CEDAR REALTY TRUST, INC. earns about 5% on equity, but has diluted owners by 4% over 5 years — worth asking whether the growth reaches owners. The applicable estimate puts fair value near $1.52 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$39.2M1$34.3M2$34.6M3$34.5M4$29.7M4
Net income−$45.1M5$44M6$2.01M7$4.55M8−$1.87M8
Operating cash flow$45M9−$20.5M10$8.25M11$9.46M12$7.97M12
Capital expenditure—$22.4M13$6.46M14$11.6M15$3.52M15
Free cash flow (derived)—−$42.9M10$1.79M11−$2.14M12$4.46M12
Total debt$527M16$131.5M17$140.5M18$143M19$140M19
Cash & equivalents$3.04M20$3.9M21$6.52M22$23.1M23$5.15M23
Diluted shares13.2M13.4M13.7M13.7M13.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$4.64
your share of equity
Profit it earned you last year
−$1.36
Free cash flow it threw off
$3.25
Debt you’d be carrying
$102.06

10 shares is a claim on $4.64 of net worth that earned you −$1.36 and generated $3.25 of cash last year, against $102.06 of debt.

iii. Is this a good business?
Moat signal · return on equity
5% avg · 5y
FY21 -10%FY22 54%FY23 3%FY24 8%FY25 -29%

It earned an average 5% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+4% shares · 5y

Share count is up 4% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 73% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth5.0%
  • fcfBase$1.79M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth5.0%
  • fcfBase$1.79M
Earnings Power Value
$1.52
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$2.01M
  • growthAssumed0.0%
Graham Number
$2.87
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000950170-23-005812 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000761648-24-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000761648-25-000019 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2024-12-31 · accession 0000761648-26-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
  5. 10-K · period ending 2021-12-31 · accession 0000950170-23-005812 (NetIncomeLoss)
  6. 10-K · period ending 2022-12-31 · accession 0000761648-24-000010 (NetIncomeLoss)
  7. 10-K · period ending 2023-12-31 · accession 0000761648-25-000019 (NetIncomeLoss)
  8. 10-K · period ending 2024-12-31 · accession 0000761648-26-000008 (NetIncomeLoss)
  9. 10-K · period ending 2021-12-31 · accession 0000950170-23-005812 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-12-31 · accession 0000761648-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-12-31 · accession 0000761648-25-000019 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-12-31 · accession 0000761648-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2022-12-31 · accession 0000761648-24-000010 (PaymentsForCapitalImprovements)
  14. 10-K · period ending 2023-12-31 · accession 0000761648-25-000019 (PaymentsForCapitalImprovements)
  15. 10-K · period ending 2024-12-31 · accession 0000761648-26-000008 (PaymentsForCapitalImprovements)
  16. 10-K · period ending 2021-12-31 · accession 0001564590-22-009649 (LongTermDebt)
  17. 10-K · period ending 2022-12-31 · accession 0000761648-24-000010 (LongTermDebt)
  18. 10-K · period ending 2023-12-31 · accession 0000761648-25-000019 (LongTermDebt)
  19. 10-K · period ending 2024-12-31 · accession 0000761648-26-000008 (LongTermDebt)
  20. 10-K · period ending 2021-12-31 · accession 0000950170-23-005812 (CashAndCashEquivalentsAtCarryingValue)
  21. 10-K · period ending 2022-12-31 · accession 0000761648-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2023-12-31 · accession 0000761648-25-000019 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K · period ending 2024-12-31 · accession 0000761648-26-000008 (CashAndCashEquivalentsAtCarryingValue)