Deal Details
Preferred Stock Offering
Summary
Baird served as a co-manager on this offering.
About
Cedar Realty Trust, Inc. (“Cedar” or the “Company”) (NYSE: CDR) recently completed an offering of 3,000,000 shares of Series C Cumulative Redeemable Preferred Stock for estimated total gross proceeds of $75 million. Cedar intends to use the net proceeds from the offering to partially redeem its outstanding shares of Series B Preferred Stock. Pending such use, the net proceeds will be used to temporarily repay amounts outstanding under the Company’s unsecured revolving credit facility.Cedar is a fully-integrated real estate investment trust (“REIT”) that focuses primarily on ownership, operation and redevelopment of grocery-anchored shopping centers in high-density urban markets from Washington D.C. to Boston. Cedar derives substantially all of its revenues from rents and operating expense reimbursements received pursuant to leases. At June 30, 2017, the Company owned and managed a portfolio of 61 operating properties (excluding properties “held for sale”) totaling approximately 9.0 million square feet of gross leasable area, or GLA. Cedar is headquartered in Port Washington, New York.
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- Date
- October 2017
- Company
- Cedar Realty Trust
- Transaction
- M&A
- Sectors
- Real Estate
- Target Geography
- North America
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