Segment Reporting

9 Months Ended

Sep. 30, 2025

The Company's Chief Executive Officer is the Chief Operating Decision Maker ("CODM"). The Company's primary business is the ownership and operation of grocery-anchored shopping centers. The CODM reviews operating and financial information for each property on an individual basis and, accordingly, each property represents an individual operating segment. The CODM uses net operating income ("NOI") to assist in making decisions on how to allocate resources and assess the Company's financial performance. The Company defines NOI as revenues (rental and other revenues), less real estate and other property-related taxes, insurance and property operating expenses. CAM expenses, utilities, ground rent and management fees are reviewed by the CODM collectively as property operating expenses. The Company has no operations outside of the United States of America. Therefore, the Company has aggregated its properties into one reportable segment as the properties share similar long-term economic characteristics and have other similarities including the fact that they are operated using consistent business strategies, are typically located in similar markets, and have similar tenant mixes.

The following tables provide information about the Company's segment revenues, significant segment expenses, NOI and a reconciliation of NOI to the Company’s consolidated operating income:


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Revenues	$	6,854,000	$	8,111,000	$	21,724,000	$	25,487,000
Operating expenses:
Real estate and other property-related taxes	1,154,000		1,127,000		3,396,000		3,943,000
Insurance	133,000		247,000		586,000		763,000
Property operating expenses	1,167,000		1,755,000		4,057,000		5,435,000
Total	2,454,000		3,129,000		8,039,000		10,141,000
Net operating income	$	4,400,000	$	4,982,000	$	13,685,000	$	15,346,000


	Three months ended September 30,				Nine months ended September 30,
	2025		2024		2025		2024
Net operating income	$	4,400,000	$	4,982,000	$	13,685,000	$	15,346,000
Add (deduct):
Corporate general and administrative	(478,000)		(525,000)		(1,965,000)		(1,789,000)
Depreciation and amortization	(1,937,000)		(2,272,000)		(5,903,000)		(6,487,000)
Gain on sales, net	—		1,703,000		2,422,000		1,648,000

Impairment charges	(4,436,000)		(1,064,000)		(4,436,000)		(1,064,000)
Operating (loss) income	$	(2,451,000)	$	2,824,000	$	3,803,000	$	7,654,000

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

CEDAR REALTY TRUST, INC. 10-Q