CEDAR REALTY TRUST, INC.

Previous wording

The Company is a subsidiary of WHLR. WHLR performs property management and leasing services for the Company pursuant to the Wheeler Real Estate Company Management Agreement. The management fee is 4% of gross operating income; leasing commissions range from 3% to 6%, and sales commissions range from 0% to 4%, contingent on third-party broker arrangement. During the three and six months ended June 30, 2026, the Company paid WHLR $0.5 million and $0.7 million for these services, respectively. During the three and six months ended June 30, 2025, the Company paid WHLR $0.2 million and $0.7 million for these services, respectively. The Operating Partnership and WHLR's operating partnership, Wheeler REIT, L.P., are party to the Cost Sharing Agreement. As of June 30, 2026 and December 31, 2025, the related party amounts due to WHLR were $11.5 million and $11.3 million, respectively.

Current wording

The Company is a subsidiary of WHLR. WHLR performs property management and leasing services for the Company pursuant to the Wheeler Real Estate Company Management Agreement. The management fee is 4% of gross operating income; leasing commissions range from 3% to 6%, and sales commissions range from 0% to 4%, contingent on third-party broker arrangement. During the three and nine months ended September 30, 2026, the Company paid WHLR $0.8 million and $1.5 million for these services, respectively. During the three and nine months ended September 30, 2025, the Company paid WHLR $0.0 million and $0.7 million for these services, respectively. The Operating Partnership and WHLR's operating partnership, Wheeler REIT, L.P., are party to the Cost Sharing Agreement. As of September 30, 2026 and December 31, 2025, the related party amounts due to WHLR were $11.1 million and $11.3 million, respectively.

Previous wording

The Company believes there have been no material changes to the items disclosed as its critical accounting policies under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's 2025 Form 10-K. See Note 2, Summary of Significant Accounting Policies, for recent accounting pronouncements.

Current wording

The Company believes there have been no material changes to the items disclosed as its critical accounting policies under Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's 2025 Form 10-K. See Note 2, Summary of Significant Accounting Policies, to our condensed consolidated financial statements included in this Form 10-Q for recent accounting pronouncements.

Previous wording

Revenues were lower primarily as a result of (1) a decrease of $1.00 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to sold properties, (2) a decrease of $0.44 million in market lease amortization and straight line rents, partially offset by (3) an increase of $0.05 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties (as defined below).

Current wording

Revenues were lower primarily as a result of (1) a decrease of $0.56 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to sold properties, (2) a decrease of $0.22 million in below market lease amortization and straight line rents, partially offset by (3) an increase of $0.66 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties (as defined below).

Previous wording

Property operating expenses were lower primarily as a result of (1) a decrease of $1.08 million in property operating expenses attributable to sold properties, partially offset by (2) an increase of $0.09 million in property operating expenses attributable to Same-Properties (as defined below).

Current wording

Property operating expenses were lower primarily as a result of (1) a decrease of $0.41 million in property operating expenses attributable to sold properties, partially offset by (2) an increase of $0.16 million in property operating expenses attributable to Same-Properties (as defined below).

Previous wording

Depreciation and amortization expenses were lower primarily as a result of (1) a decrease of $0.18 million in depreciation and amortization attributable to sold properties and (2) a decrease of $0.04 million in depreciation and amortization attributable to Same-Properties (as defined below).

Current wording

Depreciation and amortization expenses were lower primarily as a result of a decrease of $0.14 million in depreciation and amortization attributable to sold properties.

Previous wording

Revenues were lower primarily as a result of (1) a decrease of $0.34 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties (as defined below), (2) a decrease of $0.31 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to sold properties, and (3) a decrease of $0.20 million in market lease amortization and straight line rents.

Current wording

Revenues were lower primarily as a result of (1) a decrease of $1.55 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to sold properties, (2) a decrease of $0.66 million in below market lease amortization and straight line rents, partially offset by (3) an increase of $0.71 million in rental revenues and tenant reimbursements, net of credit adjustments on operating lease receivables, attributable to Same-Properties (as defined below).

Previous wording

Property operating expenses were lower primarily as a result of (1) a decrease of $0.46 million in property operating expenses attributable to sold properties and (2) a decrease of $0.06 million in property operating expenses attributable to Same-Properties (as defined below).

Current wording

Property operating expenses were lower primarily as a result of (1) a decrease of $1.49 million in property operating expenses attributable to sold properties, partially offset by (2) an increase of $0.25 million in property operating expenses attributable to Same-Properties (as defined below).

Previous wording

Corporate general and administrative costs were lower primarily as a result of decreases in professional fees and compensation expenses.

Current wording

Corporate general and administrative costs were lower primarily as a result of a decrease in professional fees.

Previous wording

Depreciation and amortization expenses were lower primarily as a result of (1) a decrease of $0.39 million in depreciation and amortization attributable to sold properties and (2) a decrease of $0.01 million in depreciation and amortization attributable to Same-Properties (as defined below).

Current wording

Depreciation and amortization expenses were lower primarily as a result of a decrease of $0.53 million in depreciation and amortization attributable to sold properties.

Previous wording

Interest expense, netwas lower as a result of (1) a decrease of $0.09 million due to a decrease in the overall weighted average interest rate, (2) a decrease of $0.03 million in amortization expense of deferred financing costs, partially offset by (3) a decrease of $0.01 million in interest income and (4) an increase of $0.01 million due to an increase in the overall weighted average principal debt balance.

Current wording

Interest expense, netwas lower primarily as a result of (1) a decrease of $0.27 million in default interest expense relating to a default notice for one of the Company's fixed term loans, which was received and cured in 2025, (2) a decrease of $0.17 million in interest expense due to a decrease in the overall weighted average principal debt balance, partially offset by (3) a decrease of $0.11 million in interest income and (4) an increase of $0.04 million in amortization expense of deferred financing costs.

Previous wording

Same-Property NOI for the three and six months ended June 30, 2026 decreased 6.1% and 0.5%, respectively, compared to the same periods in the prior year. The decreases for the three months and six months ended June 30, 2026 were primarily due to a decrease in expense recoveries, partially offset by an increase in base rents.

Current wording

Same-Property NOI for the three and nine months ended September 30, 2026 increased 12.4% and 3.6%, respectively, compared to the same periods in the prior year. The increase for the three months ended September 30, 2026 was primarily due to increases in expense recoveries and base rents, partially offset by an increase in operating expenses. The increase for the nine months ended September 30, 2026 was primarily due to an increase in base rents, partially offset by an increase in operating expenses.

Previous wording

The Company funds operating expenses and other liquidity requirements, including debt service and loan maturities, tenant improvements, and leasing commissions, primarily from its operations, asset sales and the $17.5 million in cash, cash equivalents and restricted cash as of June 30, 2026. The Company does not have any scheduled debt maturities for the twelve months ending June 30, 2027, except for the principal payments relating to Timpany Plaza. The Company is working to increase revenue by improving occupancy, which includes backfilling vacant anchor spaces and replacing defaulted tenants. Tenant improvements and leasing commissions for these efforts will be partially funded by restricted cash, strategic disposition of assets and financing of properties.

Current wording

The Company funds operating expenses and other liquidity requirements, including debt service and loan maturities, tenant improvements, and leasing commissions, primarily from its operations, asset sales and the $17.8 million in cash, cash equivalents and restricted cash as of September 30, 2026. The Company does not have any scheduled debt maturities for the twelve months ending September 30, 2027, except for the principal payments relating to Timpany Plaza. The Company is working to increase revenue by improving occupancy, which includes backfilling vacant anchor spaces and replacing defaulted tenants. Tenant improvements and leasing commissions for these efforts will be partially funded by restricted cash, strategic disposition of assets and financing of properties.

Previous wording

For the three months ended June 30, 2026, the Company retired a total of 14,950 shares of Series B Preferred Stock and 127,050 shares of Series C Preferred Stock. For the six months ended June 30, 2026, the Company retired a total of 14,950 shares of Series B Preferred Stock and 421,050 shares of Series C Preferred Stock. Since 2024, the Company retired a total of 607,322 shares of Series B Preferred Stock and a total of 3,191,828 shares of Series C Preferred Stock, which carried an aggregate liquidation value of $95.0 million, for approximately $53.4 million, including fees and expenses. Part of these retirements were funded by asset sales, the April 2025 Bridge Loan and the August 2025 Credit Facility, and part related to contributions from WHLR. The shares retired since 2024 will reduce future annual dividend payments by $6.3 million. The Company intends to continue repurchasing its Preferred Stock as both series are currently trading at a discount to their liquidation value, presenting a strategic opportunity to buy back shares at favorable prices. By reducing the number of shares eligible for dividend payments, the Company believes it may partially offset the net operating income lost from the recent sales of certain properties as it seeks to enhance its financial stability, strengthen its balance sheet, optimize its capital allocation, and maximize shareholder value.

Current wording

Facility, and part related to contributions from WHLR. The shares retired since 2024 will reduce future annual dividend payments by $6.3 million. The Company intends to continue repurchasing its Preferred Stock as both series are currently trading at a discount to their liquidation value, presenting a strategic opportunity to buy back shares at favorable prices. By reducing the number of shares eligible for dividend payments, the Company believes it may partially offset the net operating income lost from the recent sales of certain properties as it seeks to enhance its financial stability, strengthen its balance sheet, optimize its capital allocation, and maximize shareholder value.

Previous wording

In order to continue qualifying as a REIT, the Company is required to distribute at least 90% of its "REIT taxable income," as defined in the Internal Revenue Code of 1986, as amended (the "Code"). The Company paid preferred stock dividends through the second quarter of 2026 and has continued to declare preferred stock dividends through the third quarter of 2026. Future dividend declarations will continue to be at the discretion of the Board of Directors and will depend on the cash flow and financial condition of the Company, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT for U.S. federal income tax purposes.

Current wording

In order to continue qualifying as a REIT, the Company is required to distribute at least 90% of its "REIT taxable income," as defined in the Internal Revenue Code of 1986, as amended (the "Code"). The Company paid preferred stock dividends through the third quarter of 2026 and has continued to declare preferred stock dividends through the fourth quarter of 2026. Future dividend declarations will continue to be at the discretion of the Board of Directors and will depend on the cash flow and financial condition of the Company, capital requirements, annual distribution requirements under the REIT provisions of the Code, and such other factors as the Board of Directors may deem relevant. The Company intends to continue to operate its business in a manner that will allow it to qualify as a REIT for U.S. federal income tax purposes.

Previous wording

Net cash provided by operating activities, before net changes in operating assets and liabilities, was $3.7 million for the six months ended June 30, 2026. Net cash provided by operating activities, before net changes in operating assets and liabilities, was $3.5 million for the six months ended June 30, 2025.

Current wording

During the nine months ended September 30, 2026, net cash provided by operating activities, before net changes in operating assets and liabilities, was $6.1 million. During the nine months ended September 30, 2025, net cash provided by operating activities, before net changes in operating assets and liabilities, was $4.9 million.

Previous wording

Net cash flows provided by (used in) investing activities were primarily the result of net proceeds received from the sales of real estate and the Company's expenditures for property improvements. During the six months ended June 30, 2026, the Company incurred $0.7 million of expenditures for property improvements. During the six months ended June 30, 2025, the Company received $13.9 million of net proceeds from the sale of Webster Commons and $2.8 million of net proceeds from the sale of Oregon Avenue, partially offset by $1.8 million of expenditures incurred for property improvements.

Current wording

During the nine months ended September 30, 2026, the Company incurred $0.7 million of expenditures for property improvements. During the nine months ended September 30, 2025, the Company received $13.9 million of net proceeds from the sale of Webster Commons and $2.8 million of net proceeds from the sale of Oregon Avenue, partially offset by $2.3 million of expenditures incurred for property improvements.

Previous wording

During the six months ended June 30, 2026, the Company paid $2.4 million of preferred stock dividends and made $0.1 million of principal payments for the Timpany Plaza Loan. During the six months ended June 30, 2025, the Company repurchased $31.8 million of preferred stock, paid down borrowings of $9.2 million primarily for the October 2022 Term Loan, paid $3.7 million of preferred stock dividends, paid $0.5 million in a loan prepayment premium and paid $0.2 million of deferred financing costs, which was partially offset by $10.0 million of proceeds received from the April 2025 Bridge Loan.

Current wording

During the nine months ended September 30, 2026, the Company paid $3.5 million of preferred stock dividends and made $0.1 million of principal payments for the Timpany Plaza Loan. During the nine months ended September 30, 2025, the Company repurchased $41.9 million of preferred stock, paid down borrowings of $9.2 million primarily for the October 2022 Term Loan, paid $5.2 million of preferred stock dividends, paid $0.5 million in a loan prepayment premium and paid $0.5 million of deferred financing costs, which was partially offset by $10.3 million of proceeds received from the August 2025 Credit Facility and $10.0 million of proceeds received from the April 2025 Bridge Loan.

Previous wording

Evolving macroeconomic conditions, including global macroeconomic challenges such as changes in trade policies, sanctions, treaties, tariffs, regulatory requirements, uncertainty in the financial markets, economic instability and fluctuations in inflation and interest rates, may affect our business. Substantially all of the Company's leases contain provisions designed to partially mitigate the negative impact of inflation in the near term. Such lease provisions include clauses that require tenants to reimburse the Company for inflation-sensitive costs such as real estate taxes, insurance and many of the operating expenses it incurs. In addition, many of our leases are for terms of less than ten years, which permits us to seek increased rents upon re-rental at market rates. However, significant inflation rate increases over a prolonged period of time may have a material adverse impact on the Company's business. Conversely, deflation could lead to downward pressure on rents and other sources of income.

Current wording

Evolving macroeconomic conditions, including global macroeconomic challenges such as changes in trade policies, sanctions, treaties, tariffs, regulatory requirements, energy and fuel costs, uncertainty in the financial markets, economic instability and fluctuations in inflation and interest rates, may affect our business. Substantially all of the Company's leases contain provisions designed to partially mitigate the negative impact of inflation in the near term. Such lease provisions include clauses that require tenants to reimburse the Company for inflation-sensitive costs such as real estate taxes, insurance and many of the operating expenses it incurs. In addition, many of our leases are for terms of less than ten years, which permits us to seek increased rents upon re-rental at market rates. However, significant inflation rate increases over a prolonged period of time may have a material adverse impact on the Company's business. Conversely, deflation could lead to downward pressure on rents and other sources of income.