Cedar Realty Trust to redeem $9 million of series A preferred stock

By Sahara Marte

New York, May 29 - Cedar Realty Trust, Inc. announced plans to redeem 360,000 shares of its 8.875% series A preferred stock, according to a press release.

The preferreds will be redeemed at $25 each on June 28 for a total of $9 million, plus accrued dividends for a total of $25.24 per share

The proceeds from the company's recently closed public offering of 7.25% series B preferreds will fund the redemption. On May 15, Cedar Realty priced a $10 million offering of the series B preferreds at $23.00 per share.

Cedar Realty Trust is a Port Washington, N.Y.-based real estate investment trust that focuses primarily on the ownership and operation of supermarket-anchored shopping centers straddling the Washington, D.C. to Boston corridor.

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