Cedar Shopping Centers Inc. (CDR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Cedar Shopping Centers Inc. has a market cap of $426.57 million; its shares were traded at around $6.49 with and P/S ratio of 2.35. The dividend yield of Cedar Shopping Centers Inc. stocks is 5.55%. Cedar Shopping Centers Inc. had an annual average earning growth of 5.8% over the past 5 years.CDR is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Pioneer Investments.
Property operating expenses increased primarily as a result of (i) an increase in non-billable operating expenses ($0.1 million), (ii) an increase in landscaping ($25,000), (iii) an increase in real estate taxes ($25,000), (iv) an increase in utilities ($24,000), (v) an increase in management fees ($22,000), (vi) an increase in other operating expenses ($28,000), which is partially off-set by (vii) a decrease in bad debt expense ($171,000).
Non-operating income and expense, net, increased primarily as a result of (i) higher amortization of deferred financing costs ($3.4 million) resulting from (a) extending the secured revolving stabilized property credit facility, originally in January 2009 and again in November 2009, and (b) the Companys reduction in September 2010 of its aggregate commitments under its secured revolving stabilized property credit facility, resulting in an accelerated write-off of deferred financing costs of approximately $2.6 million, (ii) a decrease in development activity reducing the amount of interest expense capitalized to development projects ($0.9 million), (iii) a decrease in equity in income of unconsolidated joint ventures ($0.5 million), (iv) higher loan interest expense principally related to an increase in the interest rate for the secured revolving stabilized property credit facility, which was partially offset by a reduction in the outstanding balance of the secured revolving stabilized credit facility ($28,000), partially offset by (v) a decrease in mortgage interest expense ($1.4 million) principally related to the transfer of properties to the Cedar/RioCan joint venture.
Total revenues decreased primarily as a result of (i) a decrease in non-cash amortization of intangible lease liabilities primarily as a result of the completion of scheduled amortization at certain properties ($3.0 million) (which also resulted in a decrease in depreciation and amortization expense), (ii) a decrease in base rents ($1.9 million), (iii) a decrease in tenant recovery income ($0.7 million), (iv) a decrease in other income predominately related to insurance proceeds received during the second quarter of 2009 ($0.1 million), (v) a decrease in non-cash straight-line rents primarily as a result of early lease terminations ($0.5 million) and (vi) a decrease in percentage rent ($0.2 million). In connection with the worsening economic climate beginning in the latter part of 2008 and continuing throughout the respective periods, the Company received a number of requests from tenants for rent relief. While the Company did in fact grant such relief in selected limited circumstances, the aggregate amount of such relief granted had a limited impact on results of operations.
and maintenance ($0.1 million) and (iv) an increase in non-billable operating expenses ($0.2 million), partially offset by (v) a decrease in insurance expense ($0.3 million), (vi) a decrease in bad debt expense ($0.3 million) and (vii) a decrease in other operating expenses ($0.1 million).
Non-operating income and expense, net, increased primarily as a result of (i) higher amortization of deferred financing costs ($4.4 million) resulting from (a) extending the secured revolving stabilized property credit facility, originally in January 2009 and again in November 2009, and (b) the Companys reduction in September 2010 of its aggregate commitments under its secured revolving stabilized property credit facility, resulting in an accelerated write-off of deferred financing costs of approximately $2.6 million, (ii) higher loan interest expense principally related to an increase in the interest rate for the secured revolving stabilized property credit facility and increase in borrowings under the secured revolving development property credit facility, which was partially offset by a reduction in the outstanding balance of the secured revolving stabilized property credit facility ($1.6 million), (iii) a decrease in the development activity reducing the amount of interest expense capitalized to the development projects ($2.2 million), (iv) a decrease in the gain on sale of land parcel ($0.2 million), (v) a decrease in equity in income of unconsolidated joint venture ($0.3 million) partially offset by (vi) a decrease in mortgage interest expense ($1.9 million) principally related to the transfer of properties to the Cedar/RioCan joint venture.
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Cedar Shopping Centers Inc. has a market cap of $426.57 million; its shares were traded at around $6.49 with and P/S ratio of 2.35. The dividend yield of Cedar Shopping Centers Inc. stocks is 5.55%. Cedar Shopping Centers Inc. had an annual average earning growth of 5.8% over the past 5 years.CDR is in the portfolios of Kenneth Fisher of Fisher Asset Management, LLC, Jim Simons of Renaissance Technologies LLC, Pioneer Investments.
Highlight of Business Operations:
Differences in results of operations between 2010 and 2009 were primarily the result of the impact of the Cedar/RioCan joint venture transactions, the Companys property acquisition/disposition program, and continuing development/redevelopment activities. During the period January 1, 2009 through September 30, 2010, the Company acquired two shopping centers aggregating approximately 522,000 square feet of GLA for a total cost of approximately $72.5 million. In addition, the Company placed into service four ground-up developments having an aggregate cost of approximately $151.4 million. The Company sold or treated as held for sale 11 drug store/convenience/supermarket anchored centers aggregating approximately 416,000 square feet of GLA for an aggregate sales price of approximately $33.2 million. The Company has transferred seven properties to the Cedar/RioCan joint venture, aggregating approximately 1,167,000 square feet of GLA. In connection with such transfer, the Company realized approximately $64 million in net proceeds. Net (loss) income attributable to common shareholders was ($6.8) million and $1.4 million for three months ended September 30, 2010 and 2009, respectively, and ($14.5) million and $5.0 million for the nine months ended September 30, 2010 and 2009, respectively.Property operating expenses increased primarily as a result of (i) an increase in non-billable operating expenses ($0.1 million), (ii) an increase in landscaping ($25,000), (iii) an increase in real estate taxes ($25,000), (iv) an increase in utilities ($24,000), (v) an increase in management fees ($22,000), (vi) an increase in other operating expenses ($28,000), which is partially off-set by (vii) a decrease in bad debt expense ($171,000).
Non-operating income and expense, net, increased primarily as a result of (i) higher amortization of deferred financing costs ($3.4 million) resulting from (a) extending the secured revolving stabilized property credit facility, originally in January 2009 and again in November 2009, and (b) the Companys reduction in September 2010 of its aggregate commitments under its secured revolving stabilized property credit facility, resulting in an accelerated write-off of deferred financing costs of approximately $2.6 million, (ii) a decrease in development activity reducing the amount of interest expense capitalized to development projects ($0.9 million), (iii) a decrease in equity in income of unconsolidated joint ventures ($0.5 million), (iv) higher loan interest expense principally related to an increase in the interest rate for the secured revolving stabilized property credit facility, which was partially offset by a reduction in the outstanding balance of the secured revolving stabilized credit facility ($28,000), partially offset by (v) a decrease in mortgage interest expense ($1.4 million) principally related to the transfer of properties to the Cedar/RioCan joint venture.
Total revenues decreased primarily as a result of (i) a decrease in non-cash amortization of intangible lease liabilities primarily as a result of the completion of scheduled amortization at certain properties ($3.0 million) (which also resulted in a decrease in depreciation and amortization expense), (ii) a decrease in base rents ($1.9 million), (iii) a decrease in tenant recovery income ($0.7 million), (iv) a decrease in other income predominately related to insurance proceeds received during the second quarter of 2009 ($0.1 million), (v) a decrease in non-cash straight-line rents primarily as a result of early lease terminations ($0.5 million) and (vi) a decrease in percentage rent ($0.2 million). In connection with the worsening economic climate beginning in the latter part of 2008 and continuing throughout the respective periods, the Company received a number of requests from tenants for rent relief. While the Company did in fact grant such relief in selected limited circumstances, the aggregate amount of such relief granted had a limited impact on results of operations.
and maintenance ($0.1 million) and (iv) an increase in non-billable operating expenses ($0.2 million), partially offset by (v) a decrease in insurance expense ($0.3 million), (vi) a decrease in bad debt expense ($0.3 million) and (vii) a decrease in other operating expenses ($0.1 million).
Non-operating income and expense, net, increased primarily as a result of (i) higher amortization of deferred financing costs ($4.4 million) resulting from (a) extending the secured revolving stabilized property credit facility, originally in January 2009 and again in November 2009, and (b) the Companys reduction in September 2010 of its aggregate commitments under its secured revolving stabilized property credit facility, resulting in an accelerated write-off of deferred financing costs of approximately $2.6 million, (ii) higher loan interest expense principally related to an increase in the interest rate for the secured revolving stabilized property credit facility and increase in borrowings under the secured revolving development property credit facility, which was partially offset by a reduction in the outstanding balance of the secured revolving stabilized property credit facility ($1.6 million), (iii) a decrease in the development activity reducing the amount of interest expense capitalized to the development projects ($2.2 million), (iv) a decrease in the gain on sale of land parcel ($0.2 million), (v) a decrease in equity in income of unconsolidated joint venture ($0.3 million) partially offset by (vi) a decrease in mortgage interest expense ($1.9 million) principally related to the transfer of properties to the Cedar/RioCan joint venture.
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