3rd Quarter 2020

CORPORATE PRESENTATION

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CEDAR REALTY TRUST

Cedar Realty Trust Inc. is a real estate investment trust focused on ownership, operation and redevelopment of shopping centers, predominantly with a grocery component, in markets from Washington, D.C. to Boston.

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OUR VALUES

Collaboration & Collegiality

Everyday Excellence

Disciplined Strategic Focus

Alignment with Our Shareholders

Risk Management

Our values are founded in a culture of collaboration and collegiality, a commitment to everyday excellence and disciplined capital allocation.

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OUR GOALS

Our goals are to be a best-in-class

shopping center REIT and a best-in-

class employer, not simply the

biggest, and we are committed to

achieving the highest results, both for

our shareholders and the

communities we serve.

REDEVELOP PURSUE VALUE-ADD AND LARGE-SCALE REDEVELOPMENTS IN SELECT CENTERS

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OUR STRATEGY

DC TO BOSTON REGIONAL AND LOCAL-MARKET EXPERTISE

CAPITAL ALLOCATION

FOCUS ON COST OF CAPITAL AND RISK ADJUSTED RETURNS WITH CONSERVATIVE BALANCE SHEET

DIVEST NON-CORE CENTERS AND MIGRATE CAPITAL INTO STRONGER ASSETS AND MARKETS

CAPITAL MIGRATION

“SIMPLICITY IS THE ULTIMATE SOPHISTICATION” – Leonardo da Vinci

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CEDAR IN CONTEXT: COVID-19 RESPONSE AND PERFORMANCE

From the onset of the Covid-19 pandemic, Cedar management focused on initiatives to maximize cash inflows, minimize cash outflows and optimize tenant retention and health

This intense cross-functional company-wide focus has led to strong portfolio performance with among the strongest collection results of any retail REIT to date

In addition, our grocery anchored portfolio has proven to have qualities that give us optimism that Cedar is well-positioned for the continued secular evolution in retail

.

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CEDAR IN CONTEXT – COVID 19: MEASURES TAKEN

• At outset of pandemic, formed cross‐functional working group that actively engaged with all tenants in order to optimize collections and retention

• Reduced dividend $0.20/share to $0.04/share, made decisive moves to reduce overhead and drew down $75mm on revolver in order to maximize cash situation during depths of pandemic. Paid down revolver by ~$70M on August 7, 2020.

• Engaged early with lending group. Entered into agreement to modify certain credit facility definitions in order to avoid potential covenant issues

• Decreased redevelopment capital spend for 2020

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CEDAR IN CONTEXT – COVID 19: COLLECTIONS

PEER COLLECTIONS COMPARISON

Cedar collected 90.8% of August rent as of 9/1/2020.

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CEDAR IN CONTEXT – COVID 19: COLLECTIONS

CollectionsAccrual basis 25,289,000Cash basis 738,000Total Collected 26,027,000 77%

Accrued but not CollectedDeferral agreements 1,968,000 6%No deferral agreements 1,243,000 4%Total recognized for GAAP 29,238,000 87%

Not Accrued and Not CollectedWaived Rent 400,000 1%Uncollectible rent 3,988,000 12%Total Gross Potential Rental Revenue 33,626,000 100%

Notes: Excludes straight-line rent and intangible lease amortization

Q2 2020 DETAIL

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KEY BANK AMENDMENT

CEDAR IN CONTEXT – COVID 19: CAPITAL STRUCTURE

Amended loan documents to be more consistent with peers as follows:

1. Financial ratios and borrowing base to be calculated using trailing four quarters as opposed to current quarter annualized

2. Exclude interest rate swap liabilities from the definition of debt

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CEDAR IN CONTEXT – COVID 19: PORTFOLIO POSITION

Cedar’s portfolio has a high % of its properties anchored by

“E-Savvy Grocers”, low exposure to “At-Risk” retail categories,

and low exposure to MSAs with negative employment prospects.____________________

Source: Shopping Center REITs – Strategic Landscape by Greenhill & Co.

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CEDAR IN CONTEXT – COVID 19: PORTFOLIO POSITION

____________________

Source: CBRE Global Retail Services

Cedar’s focus on bricks and mortar grocery is supported by the

fact that no other delivery channel is as profitable, if at all.

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CAPITAL ALLOCATIONCedar’s senior executives come from some of the leading Wall Street firms and premier Shopping Center REITs. Our professional pedigrees inform Cedar’s approach to capital allocation.

We have a demonstrated track record of issuing equity when we are trading at a premium to our consensus net asset value (NAV) and repurchasing shares when trading at a discount to NAV. This is textbook REIT capital allocation.

We use rigorous analytics to evaluate all capital allocation decisions. We continually monitor our cost of capital and make capital allocations decisions that are intended to achieve appropriate risk-adjusted returns.

.

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OUR STRATEGYDISCIPLINED CAPITAL ALLOCATION

Source: Citigroup Research – Citi’s New Year’s 2019 REITSolutions, December 27, 2018

Issue equity when there is an accretive use of proceeds and stock is trading above NAV

Repurchase shares when stock is trading at a discount to NAV

Acquire assets when it is accretive and attractive

Sell assets when it makes sense

Redevelop assets when there is a solid risk-adjusted return

0%

25%

50%

75%

100%

125%

1/1/2014 10/31/2014 8/31/2015 6/29/2016 4/29/2017 2/27/2018 12/27/2018 10/27/2019 8/26/2020

100% Line

CDR:24%

Wall St. NAV) 12/18/2018

CDR announces a $30 million share repurchase program

(~50% discount to

1/6/2015

CDR raises $42 million of common equity at $7.30 per share.

(~5% premium to Wall St. NAV)

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OUR STORYDISCIPLINED CAPITAL ALLOCATION

____________________Source: SNL as of August 26, 2020.

7/26/2016

CDR raises $45 million of common equity at $7.86 per share.

(~4% premium to Wall St. NAV)

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CAPITAL MIGRATIONSince 2011, Cedar has systematically divested non-core assets in inferior markets/trade-areas and migrated capital into superior assets in better markets/trade-areas.

At first, the capital from these sales was used to reduce debt. Subsequently, the proceeds have been used to purchase assets as well as to fund redevelopment and value-add investments in these high-population density markets. More recently we have used capital from asset sales to fund highly accretive stock repurchases.

CAPITAL MIGRATIONPORTFOLIO QUARTILES – AS OF JUNE 30, 2020

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~80% of value

20% of value

Weighted Average

3rdQ

uart

ile

3-Mile HH Income

4thQ

uart

ile

$68,164

Top

Qua

rtile

Households / sq.mi.Average Base Rent

2ndQ

uart

ile

% of Cash NOI 3-Mile Population

14 Assets2.2M SF

14 Assets2.6M SF

14 Assets1.9M SF

13 Assets1.6M SF

29%

35%

23%

12%

$19.42 PSF

$14.15 PSF

$12.11 PSF

$8.57 PSF

3,268

1,324

704

622

216,796

92,795

49,508

42,507

$69,931

$73,976

$65,815

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CAPITAL MIGRATIONFOCUS ON POPULATION DENSITY: PHILADELPHIA

South Quarter Crossing (Quartermaster Plaza and South Philadelphia)3-Mile Pop: 344,634

Lawndale Plaza3-Mile Pop: 369,938

Fishtown Crossing (F/K/A Port Richmond Village)3-Mile Pop: 364,105

Revelry (F/K/A Riverview Plaza)3-Mile Pop: 348,923

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CAPITAL MIGRATIONFOCUS ON POPULATION DENSITY: WASHINGTON, D.C.

Northeast Heights (F/K/A East River Park and Senator Square)

3-Mile Pop: 233,886

Shoppes at Arts District3-Mile Pop: 177,355

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CAPITAL MIGRATIONFOCUS ON POPULATION DENSITY: NEW YORK METRO

Carman’s Plaza3-Mile Pop: 159,471

The Shops at Bloomfield Station3-Mile Pop: 323,176

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CAPITAL MIGRATIONFOCUS ON POPULATION DENSITY: BOSTON

The Shops at Suffolk Downs3-Mile Pop: 188,558

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REDEVELOPMENT & VALUE-ADD INVESTINGOur strategy for accomplishing our goals includes redevelopment and value-add investments into our centers, especially those in high-density urban markets. In addition, we lease and merchandise our shopping centers to address evolving retail and demographic trends.

Through this process of investment and a continual focus on improvement, we advance the urban communities we serve while generating attractive long-term returns on capital. We spark profound transformations within these communities through the improvements we make to our shopping centers.

We’re committed to being a valuable corporate citizen growing the per-share value of Cedar while serving and improving our communities. Investing capital into high-density urban markets allows us to do well while doing good since we generate attractive investment returns while also increasing access to fresh food and improving the amenities of our communities.

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SOUTH QUARTER CROSSING

South Quarter Crossing is a proposed 1.2 million square foot mixed-use redevelopment serving as the cornerstone for Philadelphia’s new South Quarter neighborhood, and is within a trade area boasting a daytime population of over 800,000.

The combination of the already successful South Philadelphia Shopping Center and Quartermaster Plaza, South Quarter Crossing’s uniquely convenient location, with close proximity to multiple highways and situated between a number of thriving and expanding employment hubs in Philadelphia, offers a compelling opportunity for prospective tenants through anchor, junior anchor, pad and shop lease offerings.

South Quarter Crossing is planned to feature a combination of renowned national and regional anchors –including a new prototypical LA Fitness, and a renovated ShopRite, along with top-performing local merchants and on-site multifamily residences. This exciting project is poised to make an unparalleled impact on the city of Philadelphia and stimulate the exciting evolution of this growing South Philadelphia neighborhood.

Key Info:• Address: 2301-11 Oregon Ave (South Philadelphia) /Oregon Ave. and 23rd St. (Quartermaster Plaza), Philadelphia, PA• Neighborhood: South Philadelphia• Current GLA : 708,483 square feet• Proposed GLA:

• Retail: ~800,000 square feet• Apartments: ~270 units

Demographics 1 Mile 3 Miles 5 MilesPopulation 47,682 344,634 755,296Households 19,633 155,468 320,709Median HH Income ($) $64,584 $78,774 $66,927

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SOUTH QUARTER CROSSING TRADE AREA

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SOUTH QUARTER CROSSING

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SOUTH QUARTER CROSSING

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SOUTH QUARTER CROSSINGMARKET STUDY EXCERPTS

• “The South Philadelphia submarket is poised to capitalize on price pressure from Center City and job growth at Navy Yard.”

• “Improved access to high quality employment will likely accelerate the changing character of the neighborhood and growth dynamics.”

• “ A strong opportunity is available to deliver a product that is targeted to an underserved market audience of renters who are priced out of new construction Center City apartments but who desire a quality mixed-use environment.”

Source: RCLCO Report dated January 18, 2017

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REVELRY(FORMERLY “RIVERVIEW PLAZA”)

Revelry sits along three city blocks just south of Washington Avenue on Columbus Boulevard. The proposed initial phase of redevelopment will focus on the southern two blocks of the center, and is expected to include approximately 145,000 square feet of new entertainment, shops and restaurants as well as 325 multifamily units.

The redevelopment of Riverview Plaza will increase pedestrian traffic and enhance the entertainment space in this Philadelphia neighborhood to offer best-in-class entertainment and shopping experiences not currently being met in the market. This property offers a prime location for prospective merchants on an established retail corridor —directly at the I-95 ramp — with visibility from the highway and arterial roads.

Key Info:• Address: 1100-1400 S. Christopher Columbus Blvd., Philadelphia, PA 19147• Neighborhood: Pennsport• Current GLA (Riverview A & B) : 153,793 square feet• Proposed GLA:

• Retail: ~145,000 square feet• Apartments: ~325 units

Demographics 1 Mile 3 Miles 5 MilesPopulation 50,356 348,923 823,819

Households 23,360 162,472 343,329

Median HH Income ($) $98,785 $84,052 $66,590

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REVELRY

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REVELRY

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REVELRY

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REVELRYMARKET STUDY EXCERPTS

• “There is a growing market opportunity for new residential and retail redevelopment along the Delaware waterfront.”

• “The Delaware Riverfront has seen significant growth and investment in recent years from both the private sector and public sector.”

• “The Delaware Riverfront continues to be a focus of public investment in waterfront parks, programming, and trials that will soon connect all the way from Penn’s Landing to Oregon Avenue.”

Source: RCLCO Report dated January 18, 2017

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NORTHEAST HEIGHTS(FORMERLY “EAST RIVER PARK & SENATOR SQUARE”)

A cornerstone of northeast Washington D.C.’s ongoing evolution, Northeast Heights is the area’s destination for a unique shopping and dining experience. This landmark destination reimagines two existing shopping centers in the rapidly emerging Ward 7, just 15 minutes from the heart of the District. The mixed-use development sees exceptional pedestrian and vehicular traffic (close to 50,000 cars each day) at the intersection of Benning Road and Minnesota Avenue and is at the forefront of progressive development in a key D.C. region . In addition, the Minnesota Avenue Metro Station is within a 5-minute walk of this major node which is also serviced by several major bus routes. A retail staple to its surrounding neighborhood, Northeast Heights forges an experience never before seen in Ward 7 and will maintain its role as a one stop shop for the community.

Redevelopment of the property will allow for best-in-class national and local retail tenants and provide an unparalleled shopping destination, including a new grocery store and national junior anchors not currently available east of the Anacostia River. Northeast Heights is a catalyst for progressive growth and development as this key Washington, D.C. region continues to evolve, and the property enhances its role as a valuable resource to the surrounding community.

Key Info:• Address: 322 40th Street NE, Washington, DC 20019• Neighborhood: Benning• Current GLA: 211,729 square feet• Proposed GLA:

• Retail: ~210,000 square feet• Apartments: ~1,400 units• Office: ~270,000 square feet

Demographics 1 Mile 3 Miles 5 MilesPopulation 32,922 233,886 647,942

Households 13,410 93,829 261,462

Median HH Income ($) $54,697 $89,715 $94,598

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NORTHEAST HEIGHTS TRADE AREA

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NORTHEAST HEIGHTSDGS BUILDING

• District of Columbia's Department of General Services• Six-story new construction office building totaling 240,000 SF• Term: 20 Year 10 Month• Expected Commencement: 1Q 2021• Estimated net rent to Cedar to be approximately $9.5mm to 10mm per year (1)

• Estimated total cost of $135mm-$155mm (1)

• Estimated development profit (undiscounted) of $31mm to $42mm (1)

(1) Source: KeyBanc Capital Markets dated July 28, 2020

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NORTHEAST HEIGHTS

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NORTHEAST HEIGHTS

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NORTHEAST HEIGHTS MARKET STUDY EXCERPTS

• “The core Washington D.C. market continues to expand east from the downtown core.”

• “The Benning submarket is poised to experience new residential growth due to its proximity and accessibility to downtown D.C. and the “emerging” neighborhoods a short distance to the west.”

• “The site is an established retail location, and strategic repositioning of existing retail along with curated tenanting of new space is key to creating an attractive sense of place.”

Source: RCLCO Report dated January 18, 2017

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FISHTOWN CROSSING

The Port Richmond Village Shopping Center has been a community staple for northeast Philadelphia’s thriving Fishtown neighborhood, which has become “the” destination for young professionals looking to stay in the city.

Fishtown Crossing is the reimagination of Port Richmond Village Shopping Center and will transform obsolete small-shops into upgraded pads with better visibility on the highly trafficked Aramingo Avenue. The organic grocer IGA is undergoing a complete rebranding in conjunction with a façade upgrade, and features a unique craft beer bottle shop with a communal area for consumers to enjoy on site.

Offering numerous amenities for the area’s largest audiences, Fishtown Crossing is ideally situated directly off I-95 and is easily accessible for shoppers.

Key Info:• Address: 2401-2499 Aramingo Ave., Philadelphia, PA 19125• Neighborhood: Fishtown• Current GLA : 126,778 square feet• Proposed GLA:

• Retail: ~140,000 square feet• Apartments: None

Demographics 1 Mile 3 Miles 5 MilesPopulation 40,211 364,105 981,517

Households 16,642 142,074 394,968

Median HH Income ($) $67,044 $60,426 $63,034

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FISHTOWN CROSSING

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FISHTOWN CROSSING

FISHTOWNCROSSING

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FISHTOWN CROSSING

ESG AT CDR

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ESG AT CDR: ENVIRONMENTAL

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ESG AT CDR: SOCIAL

Roughly half of our executives (manager and higher) are female.

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ESG AT CDR: GOVERNANCE

• Independent chairman and 86% independent directors; entirely independent committees

• 50% minority or women independent board members

• CEO incentive structure aligned with shareholders

Q2 2020 RESULTS

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Q2 2020 HIGHLIGHTS

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Q2 2020

• Operating FFO per share of $0.06 per diluted share

• Signed 21 new and renewal leases for 182,300 square feet in the quarter

• February 2021: Term Loan ($75 Million)

• Exploring secured debt refinancing as well as refinancing with members of bank group

• September 2021: Revolving Credit Facility ($108.7 Million) (1)

• Subject to 1 year extension at Company's option

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2021 DEBT MATURITIES

(1) Net of unrestricted cash and cash equivalents

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SAFE HARBOR AND NON-GAAP DISCLOSURES

Statements made in this presentation that are not strictly historicalmay be deemed to be "forward-looking" statements within themeaning of the federal securities laws. These statements are notguarantees of future performance and are subject to known andunknown risks, uncertainties, assumptions and other factors, manyof which are out of the Company’s and its management’s control anddifficult to forecast, that could cause actual results to differ materiallyfrom those set forth in or implied by such forward-lookingstatements. Factors which could cause actual results to differmaterially from current expectations include, among others: adversegeneral economic conditions in the United States and uncertainty inthe credit and retail markets; financing risks, such as the inability toobtain new financing or refinancing on favorable terms as the resultof market volatility or instability; risks related to the market for retailspace generally, including reductions in consumer spending,variability in retailer demand for leased space, tenant bankruptcies,adverse impact of internet sales demand, ongoing consolidation inthe retail sector and changes in economic conditions and consumerconfidence; risks endemic to real estate and the real estate industrygenerally; the impact of the Company's level of indebtedness onoperating performance; inability of tenants to meet their rent andother lease obligations; and the inability of the Company to realizeanticipated returns from its redevelopment activities.

These risks and uncertainties are described in further detail fromtime to time in the Company’s SEC filings, and specifically theCompany’s most recently filed reports on Forms 10-K and 10-Q. The Company assumes no, and hereby disclaims any, obligationto update any of the foregoing or any other forward-lookingstatements as a result of new information or new or futuredevelopments, except as otherwise required by law.

This presentation references certain non-GAAP financial measures.More information regarding these non-GAAP financial measures canbe found in the Company’s SEC filings.

Franklin Village Plaza, Franklin, Massachusetts