Print
Email
Cedar Shopping Centers Inc. (CDR) filed Quarterly Report for the period ended 2011-09-30.
Cedar Shopping Centers Inc. has a market cap of $254.4 million; its shares were traded at around $3.74 with a P/E ratio of 8 and P/S ratio of 1.6. The dividend yield of Cedar Shopping Centers Inc. stocks is 9.6%.
This is the annual revenues and earnings per share of CDR over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of CDR.
Highlight of Business Operations:
Rental income with scheduled rent increases is recognized using the straight-line method over the respective terms of the leases. The aggregate excess of rental revenue recognized on a straight-line basis over base rents under applicable lease provisions is included in straight-line rents receivable on the consolidated balance sheet. Leases also generally contain provisions under which the tenants reimburse the Company for a portion of property operating expenses and real estate taxes incurred; such income is recognized in the periods earned. In addition, certain operating leases contain contingent rent provisions under which tenants are required to pay a percentage of their sales in excess of a specified amount as additional rent. The Company defers recognition of contingent rental income until those specified targets are met. Other contingent fees are recognized when earned.Total revenues were higher primarily as a result of increases in (i) base rents related to continued leasing at ground-up and redevelopment properties ($1.2 million), (ii) base rents at operating properties ($0.6 million), (iii) tenant recoveries at ground-up and redevelopment properties ($0.5 million), (iv) tenant recoveries at operating properties ($0.2 million), (v) percentage rent ($0.1 million), (vi) other income, predominately from nine months of management of the Cedar/RioCan joint venture properties acquired throughout 2010, reduced by lower acquisition fees in 2011 compared with 2010 ($0.1 million), offset by decreases in (vii) amortization of intangible lease liabilities, based on the mix of scheduled amortization being completed for above-market and below-market leases ($1.5 million), (viii) straight-line rent adjustments at ground-up and redevelopment properties ($0.3 million), and (ix) straight-line rent adjustments at operating properties ($0.1 million).
Net cash flows used in investing activities were $67.1 million and $5.4 million for the nine months ended September 30, 2011 and September 30, 2010, respectively. During the nine months ended September 30, 2011, the Company (i) acquired one shopping center and incurred expenditures for property improvements (an aggregate of $76.1 million), (ii) made loans and other advances ($4.6 million), and (iii) investments in and advances to unconsolidated joint ventures ($4.2 million) (iv) construction escrows and other ($2.7 million) , offset by the receipt of net proceeds from (v) the sales of properties treated as discontinued operations and other real estate ($11.7 million), (vi) additional settlement payments related to the original transfers of properties to the Cedar/RioCan joint venture ($4.8 million), and (vii) distributions of capital from unconsolidated joint ventures ($4.0 million). During the nine months ended September 30, 2010, the Company (i) made investments in the Cedar/RioCan joint venture ($30.4 million) and (ii) incurred expenditures for property improvements ($20.8 million), offset by (iii) proceeds from the transfer of five properties to the Cedar/RioCan joint venture ($31.4 million net of a settlement receivable of $0.9 million), (iv) distributions of capital from unconsolidated joint ventures ($7.7 million), (v) construction escrows and other ($4.6 million) and (vi) the sales of properties treated as discontinued operation and other real estate ($2.1 million).
Net cash flows provided by financing activities were $43.2 million for the nine months ended September 30, 2011 and net cash flows used in financing activities were $19.8 million for the nine months ended September 30, 2010. During the nine months ended September 30, 2011, the Company had net proceeds from (i) mortgage financings ($45.8 million), (ii) net advances from its revolving credit facilities ($33.7 million), (iii) sales of common stock ($4.3 million), and (iv) a contribution from consolidated joint venture minority interest ($0.3 million), offset by (v) preferred and common stock dividend distributions ($29.0 million), (vi) repayment of mortgage obligations ($9.3 million), and (vii) distributions paid to noncontrolling interests (minority interests and limited partners — $2.6 million). During the nine months ended September 30, 2010, the Company (i) had net repayments to its revolving credit facilities ($131.2 million), (ii) preferred and common stock distributions ($22.4 million), (iii) repayment of mortgage obligations ($18.6 million, including $11.0 million of mortgage balloon payments), (iv) termination payments relating to interest rate swaps ($5.5 million), (v) redemptions of OP Units ($2.8 million), (vi) distributions paid to noncontrolling interests (consolidated minority interest and limited partners - $2.7 million), and (vii) the payment of debt financing costs ($1.1 million), offset by (viii) the proceeds from sales of preferred and common stock ($138.3 million), (ix) the proceeds of mortgage financings ($16.2 million), and (x) the proceeds from the exercise of the RioCan warrant ($10.0 million).
Subscribe RSS
