Cedar Realty Trust is a REIT that owns and operates grocery-anchored shopping centers in the Northeast U.S. Cedar's portfolio consists of 12 properties totaling 1.9 million square feet of gross leasable area (GLA), with a 92.4% occupancy rate. Cedar focuses on "necessity-based" retail — shopping centers anchored by grocery stores and tenants that sell everyday essentials — arguing that these tenants generate consistent foot traffic regardless of economic conditions. Cedar targets secondary and tertiary markets in the Northeast, where it sees stable demand and limited new competing supply. Cedar leases space under triple-net (NNN) structures, where tenants pay most property-level operating costs including maintenance, insurance, and taxes, insulating Cedar's net operating income (NOI) from property expense fluctuations. Revenue is driven by the number of properties owned, occupancy rates, and rent per square foot. Cedar's capital strategy focuses on two things: selling non-core assets to pay down debt and repurchase its preferred shares (Series B at 7.25% and Series C at 6.50%), and selectively reinvesting in properties to increase rents and improve occupancy. Cedar is a subsidiary of Wheeler Real Estate Investment Trust, which provides all employees and administrative infrastructure.