Greetings and welcome to the Fourth Quarter 2013 Cedar Realty Trust Earnings Conference Call. As a reminder, this conference is being recorded. At this time, all audience lines have been placed on mute. We will conduct a question and answer session following the formal presentation. I will now turn the call over to Jennifer Bitterman, Director of Investor Relations and Corporate Analytics. Please proceed.

: Before we begin, please be aware that statements made during the call, that are not historical maybe deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements due to a variety of risks and uncertainties including those disclosed in the Company’s most recent Form 10-K and other periodic filings with the SEC. Forward-looking statements speak only as the date of this call, February 25, 2014 and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including funds from operations and net operating income. Please see Cedar’s earnings press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will now turn the call over to Bruce Schanzer. : Before we begin, please be aware that statements made during the call, that are not historical maybe deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements due to a variety of risks and uncertainties including those disclosed in the Company’s most recent Form 10-K and other periodic filings with the SEC. Forward-looking statements speak only as the date of this call, February 25, 2014 and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including funds from operations and net operating income. Please see Cedar’s earnings press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will now turn the call over to Bruce Schanzer. : Before we begin, please be aware that statements made during the call, that are not historical maybe deemed forward-looking statements and actual results may differ materially from those indicated by such forward-looking statements due to a variety of risks and uncertainties including those disclosed in the Company’s most recent Form 10-K and other periodic filings with the SEC. Forward-looking statements speak only as the date of this call, February 25, 2014 and the company undertakes no duty to update them. During this call, management may refer to certain non-GAAP financial measures including funds from operations and net operating income. Please see Cedar’s earnings press release posted on its website for reconciliations of these non-GAAP financial measures with the most directly comparable GAAP financial measures. With that, I will now turn the call over to Bruce Schanzer.

Thanks, Jennifer and thank you all for joining us this evening on Cedar’s fourth quarter 2013 earnings call. On this call, we will review our fourth quarter and full year 2013 results as well as our expectations for 2014. I will also spend a few minutes on our long-term strategic plan for Cedar and how it is being implemented. I will conclude with the comments about our longest serving employee, who has recently told that she is planning on retiring. Before jumping in, I would like to acknowledge my senior management team colleagues who are with me on this call, namely Phil Mays, Brenda Walker, Nancy Mozzachio, Mike Winters, Charles Burkert, and Stuart Widowski, as well as the balance of team Cedar who have embraced the mantra of everyday excellence in their efforts on behalf of the company. As a shareholder myself, I want to thank you all for all you do on my behalf and on behalf of the other shareholders of Cedar. The fourth quarter was another solid quarter for the company. We generated $0.13 a share of operating FFO, a penny better than last year’s fourth quarter and consistent with our strategy of steadily growing the company’s earnings while continuing to focus on improving our portfolio and strengthening our balance sheet. Same-center net operating income or NOI growth was particularly solid at nearly 3% for the quarter, as were cash basis lease spreads at 7.1%. 2013 full year results were equally solid. We had $0.50 per share of operating FFO consistent with the revised guidance we put out in November. Same-store NOI growth of 1.8% and 9.4% cash basis lease spreads were squarely what we were expecting. Our occupancy and rents continue to slowly improve. We are carefully managing the wave of lease expirations, ensuring we maximize…

Thanks so much, Bruce. Opportunistic, one word that describes the current leasing environment and Cedar’s unique leasing position as we enter 2014. With almost one-third of our leases rolling over the next three years, we have carefully studied and are addressing all of our upcoming lease expirations. In some instances, we are strategically allowing tenants to expire in favor of exciting re-tenanting opportunities and in other instances, we are upwardly adjusting below market rent. At the onset of the fourth quarter of 2013, notably 65% of 2014 expiring tenants maintained exercisable options but nearly 35% are true negotiated renewal opportunities. Of the 912,000 square feet that we were expected to expire in 2014, approximately 30% of the total square footage to be renewed has already been leased. And over one-half of these completed transactions reflects new term renewals not exercisable options. We anticipate renewals to be completed as we have guided to in the past at on average 8% positive spreads from current rent with no anticipated capital spend. We have identified through portfolio-wide review specific tenant sectors that we consider low growth and view as out of favor and have begun to slowly replace these expiring phases with new high quality tenants in growth sectors such as the health and fitness category, fast casual restaurants and dollar stores. Our assets also have characteristics that appeal to discount retailers who have announced plans for aggressive expansion and would make great new junior anchors to complement the tenant mix at many of our centers. As a result, Cedar stands to recognize gains in both anchor and small shop occupancy. Throughout 2013, we continue to identify possible re-tenanting, redevelopment and pad expansion opportunities to drive NOI growth and bolster the strength of our tenant rosters. A fine example of this laid out…

Thanks Nancy. And good evening, everyone. 2013 was a solid year for Cedar as we continue to grow operating FFO per share, while at the same time improving the quality of our portfolio and balance sheet. On this call, I will highlight our 2013 earnings, recent capital markets activity and our initial 2014 guidance. Beginning with earnings, operating FFO was $0.13 per diluted share for the quarter compared to $0.12 for the same period last year. For the full year 2013, operating FFO was $0.50 per diluted share consistent with the full year 2012. However, please note that 2012 included $3.4 million or $0.05 per share of lease termination-related income. Additionally, the fourth quarter and full year of 2013 had a non-recurring drag on G&A of about $0.5 million. As Bruce noted, this was driven by the acceleration of compensation expense associated with Brenda as she nears retirement. Taken in context we are pleased with our 2013 earnings. Moving to property results. Same-property NOI increased 2.9% for the quarter and 1.8% for the full year. The fourth quarter was favorably impacted by retenanting the dark anchor at Oakland Commons. Excluding this retenanting impact, same-property NOI increased 1.8% for the quarter and 1.9% for the full year. Turning to our balance sheet and recent capital markets activity. We completed a $41 million common stock offering less than two weeks after the end of 2013, after taking these proceeds and discounts, our adjusted net debt-to-EBITDA at 7.5 times. As the new management team in 2011, we committed to decreasing net debt-to-EBIDTA and we have consistently done so. We have gone from an excess of nine times in 2011 to 8.4 times at the end of 2012, 7.9 times at the end of 2013 and 7.5 times upon the completion of this equity…

Thank you. (Operator Instructions) Our first question comes from the line of Todd Thomas with Keybanc Capital Markets. Please proceed with your question. Todd Thomas – Keybanc Capital: Hi, thanks. Good afternoon.

Hi, Todd. Todd Thomas – Keybanc Capital: Hi, the first question is, speaking about the same-store NOI growth, Phil, I hear your comments about, that you’d be disappointed if it were to fall toward the lower end of the range. But I am just wondering with 50 to 100 basis points of occupancy pick up in annual rent bumps, you did almost 9% leasing spreads on the comp leasing done in 2013, that should flow through slightly higher recovery ratio, I guess, what’s the offset? Why wouldn’t that be more like a 2% to 3% range out of the gate from the start here?

Hey Todd, so the 50 to 100 basis point is on the whole portfolio. A lot of that will be captured in redevelopment and you won't see in same-store growth. So – and the same-store growth we are having we anticipate being latter in the year of occupancy pick up mostly in the fourth quarter, a little bit in the third quarter. So, that won't be a huge contribution from the occupancy gain for same-store. Todd Thomas – Keybanc Capital: Okay, and then, in terms of the leases that you are signing today, it sounds like the environment is pretty favorable, are you able to get better annual rent growth escalators on the leases that you are signing today versus what’s in place?

Hi, Todd, it’s Nancy. Yes, I would answer that we are able to get annual rent growth in many instances not all instances makes a favorable environment as I mentioned in the remarks, your property type helps attract discounters and discounters are growing quite rapidly today and because there is lack of new phase, it also causes us to go back and structure deals or maybe a little bit more favorably to us gaining with annual growth bumps. Todd Thomas – Keybanc Capital: Okay, are those annual escalators that you are getting today, is that sort of spread across or are you able to get those in some of the anchor leases that you’ve signed recently as well or is it mostly still just the small shops?

No, I would say we have, I mean, it’s not as common as the small shops category. But we certainly have gotten it. Todd Thomas – Keybanc Capital: Okay, and then just last question, maybe for Bruce or Phil, I guess, just in terms of the equity offering, Bruce, I appreciate your comments about the prudent decision to issue equity given some of the uncertainty and volatility in the markets. But I was just wondering maybe if you could expand on that decision a bit specifically, the amount that was raised, why not issue a little bit more and take the opportunity delever a bit further and sort of load up the balance sheet now that you are beginning to invest?

It really is quite simply the balancing of different considerations. We are really reluctant to dilute ourselves from an NAV perspective and so we really try to limit it to the amount that we thought we need it in order to make sure that between the term loan that we knew was likely to close and the proceeds from this equity offering plus the free cash flow that we just generated off of our business that we would have sufficient capital to address the capital requirements for 2014. So it was really that simple. And, to the extent that I guess we needed to raise equity later in the year and not that we contemplate that but we would just do another small equity offering. I think the other thing that I would mention is that from an execution perspective, again, since we were selling equity at a discounted NAV one of the things we were very focused on was minimizing the discounts between our closing share price and our offer price and we thought that we would be able to optimize that by limiting the number of shares to the greatest extent possible and I think that was that borne out by the relatively tight discount we were able to achieve. Todd Thomas – Keybanc Capital: Okay, so, there is no additional capital-raising activity either new equity or debt embedded in guidance?

No. Todd Thomas – Keybanc Capital: Okay, all right. Thank you.

You are welcome. Have a good day.

Thank you. Our next question comes from the line of Craig Schmidt with Bank of America. Please proceed with your question. Craig Schmidt – Bank of America Merrill Lynch: Thank you. First of all, I’d say congratulations to Brenda Walker on her upcoming retirement. It comes well deserved.

Thank you, Craig. I appreciate that. Craig Schmidt – Bank of America Merrill Lynch: Okay. And looking at the acquisitions and dispositions, it seem like they are on a volume basis neutral, could you provide us what you think might be the differential in cap rates versus the acquisitions and dispositions?

Well, I guess, I would answer that in two ways. One is, in terms – we have specific assets that we are marketing. These are really among our weaker assets and the cap rate differential between the residual portfolios that we plan on holding on to in these particular assets is probably north of 200 basis points or call it 250 basis points just to keep the number somewhat round. As we start cutting a little bit deeper into our portfolio, going forward, I would expect that spread to narrow and probably be less than 200, probably, falling between 150 and 200 basis points, but the particular assets we are selling right now are north of 200 basis points. Craig Schmidt – Bank of America Merrill Lynch: Thanks. And then on the NOI guidance of 1% to 2%, does that include the Wal-Mart at the Kempsville Crossing?

No Craig, the Wal-Mart is at the front of a redevelopment where the old space is getting completely taken down, a new store is being built, it’s a little bit of additional small shops being added and we’ve been keeping a lot of small shop adjacent it on short-term leases that we expect to roll it to make bumps. So that is moved over to redevelopment. Craig Schmidt – Bank of America Merrill Lynch: Okay, thanks.

Thank you.

Thank you. (Operator Instructions) Our next question comes from the line of Nathan Isbee with Stifel. Please proceed with your question. Nathan Isbee – Stifel Nicolaus: Hi, good afternoon.

Hi, good afternoon, Nate. Nathan Isbee – Stifel Nicolaus: Thanks. Like to echo the comments about Brenda as well. It is hard to believe it’s been 11 years since you guys came public. Just wanted to ask about first on the status of the Shore Mall.

Okay, on the Shore Mall, Nate, it’s an incredibly timely question, we literally – Mike Winter is not on this call right now. He is in another conference room in office, literally closing the Shore Mall right now and so, I would say, by the end of the day, we will be – the Shore Mall will no longer be part of the Cedar portfolio and that will really represent truly the final step in concluding the near-term strategic plan that we talked about two years ago. And I really would commend Mike and the teams for getting this deal over the finish line, the pricing on it is incredibly tight when you think about it on a 2013 cap rate basis, it represents a four cap and in terms of the impact on our leverage. Phil had mentioned that pro forma to the equity offering, we go down to about 7.5 times pro forma for the closing of the Shore Mall, we will be below 7.3 times. And so this is again another constructive step in advancing the cause of just continuing to improve our balance sheet. Nathan Isbee – Stifel Nicolaus: All right. Can you talk about the buyer and what type of financing they got?

Yes, I wouldn’t get into too much detail on the buyer. The buyer is a relatively local operator, somebody who acquires assets in this region and they received bank financing as we understand it in order to close the transaction. Nathan Isbee – Stifel Nicolaus: All right. Thank you and then I guess on the acquisition side, can you give a little bit of an update on where things stand in terms of looking at today, leases-wise and perhaps, are you looking mostly one-offs or any small portfolio speculating?

So we are – right now we have a pretty active acquisition pipeline that we are working on. I’ll give you the characteristics of all the centers we are looking at are centers as I had mentioned in my prepared remarks, centers that would fir squarely in the top quartile. Our existing portfolio – now, the one thing I would say schematically with respect to all of our acquisitions is that, we are very focused on doing our acquisitions one after at a time since we think that there is just a benefit from a diligence perspective in terms of unearthing issues with the assets and being able to address those issues in a way that minimizes some of the inevitable slippage that happens when you acquire an asset we haven’t done before. And so we have found that that is something that serves our shareholders well in terms of doing things on a one-off basis. And the only other thing that would say just schematically is that, we are continuing to focus on the DC to Boston footprint and on grocery anchored centers. Although the only thing that I would say is that the assets we are looking at some of them, I would say fall within the more expansive definition of grocery that we’ve talked about in the past and include discount stores or supercenters or what have you. So again, those are the types of deals that we are looking at and I am optimistic that over the coming months, we will have one or two deals to be able to talk to you about that again represent portfolio upgrades and are consistent with the strategy we’ve been articulating all along. Nathan Isbee – Stifel Nicolaus: Okay, and then just one going back to Brenda’s departure – is there any plans to bring in a CEO or is it’s something that you are considering looking (inaudible) to bring in from inside or outside?

The answer to that is yes. We are looking both inside and outside and the nice thing about Brenda being as gracious as she always is and giving us this much notice is that, we have time to reflect on it and think about it and that’s exactly what we are going to do and again there is no bullet to our head and there is no gun to our head – pardon me – and we will just do things in the ordinary course and in a way that optimizes the executive offices of the company. Nathan Isbee – Stifel Nicolaus: All right, thank you so much.

Thank you so much, Nate.

Thank you. We have no further questions in queue at this time. I would like to turn the floor back over to Bruce Schanzer for closing. Thank you sir.

Thank you. Thank you everyone for joining us this evening. We appreciate your continued attention and support. I expect the coming quarters will continue to be exciting for all of us at Cedar and hopefully rewarding for all of our shareholders. Have a good night.