CEDAR REALTY TRUST, INC.

Where It Passes

Where It Falls Short

• Debt & Leverage0% pass✗ 15▾

  All 12 investors flag CDR-PB's debt & leverage

  LT Debt vs Net Current Assets

  ✗GrahamLT Debt <= Net Current Assets

  Debt/Equity & Interest CoverageD/E: 45.79, IC: 1.2x

  ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

  Total Debt / Equity45.79

  ✗Lynch< 0.33

  Cash - Long-term Debt$-134.6M

  ✗LynchPositive preferred

  LT Debt / Total Assets Change65.90% -> 84.75%

  ✗PiotroskiDecreased YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)

  Total Debt / Shareholders' Equity45.79

  ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x

  Debt Levels45.79

  ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3

  Interest Coverage & Debt/EBITDAIC=1.2x, D/EBITDA=7.8x

  ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x

  Total Debt / Shareholders Equity45.79

  ✗Ackman<= 1.0

  Negative debt-to-equity (higher means less debt)-45.7916; #4201/4210 (top 99.8%)

  ✗AsnessTop 30% of eligible cross-section
• Efficiency0% pass✓ 1✗ 10▾

  No clean pass — all 8 investors flag at least one efficiency criterion

  Current Ratio

  ✗Graham>= 2.0

  ROIC (3-5 yr avg)-2.6%

  ✗Buffett> 10%

  ROIC - WACC-12.6%

  ✗BuffettPositive (WACC = 10%)

  EBIT / (NWC + Net Fixed Assets)

  ✗Greenblatt> 25%

  Current Ratio Change YoY

  ✗PiotroskiIncreased YoY

  Revenue / Total Assets Change YoY0.16x -> 0.18x

  ✓PiotroskiImproved YoY

  Current Assets / Current Liabilities

  ✗Dreman> 1.5

  Return on Invested Capital6.0%

  ✗Munger> 15%

  ROIC (high and growing)FY2023: ROIC=3.7%; FY2024: ROIC=5.4%; FY2025: ROIC=4.3%

  ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each

  Reinvestment Rate x ROICN/A (non-positive net income)

  ✗AkreReinvestment Rate * ROIC > 10%

  ROIC (5-year)0/5 years above 12% (latest 4.3%)

  ✗SleepROIC > 12% in a majority of years
• Valuation models0% pass✗ 5▾

  CDR-PB overvalued: all 5 models price fair value below $17.15 (median $2.35)

  Graham fair value$2.87

  ✗Graham-497.3% margin vs $17.15

  Greenblatt fair value$6.08

  ✗Greenblatt-182.2% margin vs $17.15

  Dreman fair value$1.45

  ✗Dreman-1082.8% margin vs $17.15

  Pabrai fair value$2.35

  ✗Pabrai-629.8% margin vs $17.15

  Akre fair value$0.30

  ✗Akre-5616.7% margin vs $17.15
• Profitability6% pass✓ 7✗ 28▾

  15 of 16 flag CDR-PB's profitability — Graham, Buffett, Lynch +12 more

  Positive EPS (10 years)6/26 years positive

  ✗GrahamPositive EPS every year for 10 years

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Net Income Positive (10+ years)16/26 years positive

  ✗BuffettPositive every year for 10+ years

  ROE (up to 5-year arithmetic mean)4.9%

  ✗Buffett> 15% arithmetic mean (app rule)

  Operating Margin (10-yr trend)26.9% (latest)

  ✗BuffettStable or rising over 10 years

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Earnings Variance (10-yr CoV)

  ✗BuffettCoV < 0.3

  Retained Earnings Effectiveness

  ✗Buffett$1 retained -> > $1 market value created

  Basic earnings-growth PEG (dividends excluded)P/E 21.7x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR-31.7%

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  ROE65.8%

  ✓Lynch> 15%

  EBIT / Enterprise Value2.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=2.2%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Net Income / Total Assets-1.13%

  ✗PiotroskiROA > 0

  ROA Change YoY2.10% -> -1.13% (delta: -3.23%)

  ✗PiotroskiCurrent ROA > Prior ROA

  (CFO / Total Assets) vs ROACFO/Assets=4.83%, ROA=-1.13%

  ✓PiotroskiCFO/Assets > ROA

  Gross Margin Change YoY

  ✗PiotroskiImproved YoY

  Pre-Tax Income / Revenue

  ✗Dreman>= 8%

  Net Income / Shareholders' Equity65.8%

  ✓Dreman> 12%

  Margin of SafetyP/FFO=300.5x

  ✗PabraiP/FFO < 15

  Return on Equity-6.2% (3-yr avg)

  ✗AkreROE > 20% (3-year avg)

  Discount to Intrinsic Value-1082.8% (IV=$1.45 vs Price=$17.15)

  ✗Marks>= 20% below intrinsic value

  Positive Net Income Frequency16/22 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  Operating Income / Revenue38.6%

  ✓Ackman>= 15%

  Net Income / Shareholders Equity65.8%

  ✓Ackman>= 15%

  5-Year EPS CAGR-31.7% CAGR over 3 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Operating Margin Trend29.0% (2023) -> 26.9% (2025)

  ✗TempletonNon-negative operating-margin trend over 3 years

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 29.0% -> 26.9%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  Net income / market capitalization+0.86%; #3016/6340 (top 47.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Gross profit / total assets

  ✗AsnessTop 30% of eligible cross-section

  Net income / positive book equity+65.82%; #152/5226 (top 2.9%)

  ✓AsnessTop 30% of eligible cross-section

  Negative 5-year standard deviation of ROA-0.0809; #3216/5884 (top 54.7%)

  ✗AsnessTop 30% of eligible cross-section

  3-5 Year Diluted EPS CAGR-31.7% over 3 years

  ✗Neff7%-20% annualized

  Positive Diluted-EPS Years3/10 years positive

  ✗Schloss>= 70% positive over 5-10 observed years (app rule)
• Valuation8% pass✓ 2✗ 23▾

  12 of 13 flag CDR-PB's valuation — Graham, Lynch, Greenblatt +9 more

  Price / FFO per Share300.5x

  ✗Graham<= 15x✗Dreman< 12x✗Ackman<= 25

  Basic earnings-growth PEG (dividends excluded)P/E 21.7x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  EBIT / Enterprise Value2.2%

  ✗Greenblatt> 10%

  Earnings Yield + ROC AssessmentEY=2.2%, ROC=None

  ✗GreenblattBoth EY > 10% and ROC > 25%

  Price / (CFO / Shares)29.5x

  ✗Dreman< 8x

  Valuation ReasonablenessP/E=21.7x, OE Yield=2.5%

  ✓MungerP/E < 25 or Owner Earnings Yield > 5%

  P/FFO or FFO YieldP/FFO=300.5x, FFO Yield=0.3%

  ✗PabraiP/FFO < 15 or FFO Yield > 10%

  P/B or P/E vs. Historical AverageP/E=21.7x, P/B=37.0x

  ✗MarksP/E < 15 or P/B < 2.0

  Discount to Intrinsic Value-1082.8% (IV=$1.45 vs Price=$17.15)

  ✗Marks>= 20% below intrinsic value

  Price / EPS21.7x

  ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)

  Price vs. Trailing Low109% of trailing low ($15.75)

  ✓Templeton<= 120% of trailing low (certified split-adjusted live window)

  Price / Book Value per Share37.0x

  ✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)

  Net income / market capitalization+0.86%; #3016/6340 (top 47.6%)

  ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section

  Positive book equity / market capitalization+0.0130; #5173/6449 (top 80.2%)

  ✗AsnessTop 30% of eligible cross-section

  Price / Diluted EPS21.7x

  ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)

  (EPS CAGR % + Dividend Yield %) / P/E

  ✗Neff> 0.7 (Neff's published traditional edge)

  Price / Tangible Book Value per ShareN/A (non-positive TBVPS)

  ✗SchlossP/TBV <= 1.00x (app cutoff)

  Book Value per Share Change-98.6%

  ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)

  Revenue / market capitalization+0.1195; #4231/5247 (top 80.6%)

  ✗OshaughnessyTop 10% of eligible cross-section

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section

  Trailing six-month price return through the evaluation date-15.10%; #3724/6202 (top 60.0%)

  ✗OshaughnessyTop 10% of eligible cross-section
• Growth13% pass✓ 3✗ 10▾

  7 of 8 flag CDR-PB's growth — Graham, Lynch, Dreman +4 more

  EPS Growth (3-yr avg, 10-yr window)

  ✗Graham>= 33% growth

  Basic earnings-growth PEG (dividends excluded)P/E 21.7x (growth N/A)

  ✗Lynch< 1.0 (ideally < 0.5)

  3-5 Year EPS CAGR-31.7%

  ✗Lynch15-30% (Fast Grower); > 0% to pass

  Inventory Growth vs Revenue GrowthN/A (no inventory)

  ✓LynchInventory growth < Revenue growth

  EPS Growth Direction

  ✗DremanPositive over recent years

  EPS CAGR

  ✗Dreman> 5% annualized

  Positive Net Income Frequency16/22 years positive

  ✓MarksPositive net income in >= 7 of last 10 years

  3yr Median Revenue Growth-0.2%

  ✗Ackman>= 5%

  Positive EPS Growth Frequency3/5 years with positive EPS growth

  ✓AckmanPositive EPS growth in >= 3 of last 5 years

  5-Year EPS CAGR-31.7% CAGR over 3 years

  ✗Templeton> 0% (5-year EPS CAGR)

  Revenue growth vs. gross and operating margin trendrevenue flat/down, operating margin 29.0% -> 26.9%

  ✗SleepRevenue rising; gross margin flat or falling; operating margin holding

  5-year Revenue CAGR-8.4%

  ✗SleepCAGR > 7%

  3-5 Year Diluted EPS CAGR-31.7% over 3 years

  ✗Neff7%-20% annualized
• Verdicts14% pass✓ 2✗ 12▾

  Split decision: 12 FAIL · 2 PASS · 2 NEUTRAL

  Overall verdict

  ✗GrahamFAIL (0/7)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✓PiotroskiPASS (F-Score 4)✗DremanFAIL (1/10)✗MungerFAIL (1/4)✗PabraiFAIL (0/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✓AckmanPASS (4/9)✗TempletonFAIL (2/8)✗SleepFAIL (2/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (0/6)✗SchlossFAIL (0/7)•OshaughnessyNEUTRAL (Not ranked)
• Cash Flow33% pass✓ 3✗ 4▾

  4 of 6 flag CDR-PB's cash flow — Buffett, Dreman, Neff +1 more

  Free Cash Flow Proxy

  ✗BuffettPositive and growing

  Operating Cash Flow$8.0M

  ✓PiotroskiCFO > 0

  (CFO / Total Assets) vs ROACFO/Assets=4.83%, ROA=-1.13%

  ✓PiotroskiCFO/Assets > ROA

  Price / (CFO / Shares)29.5x

  ✗Dreman< 8x

  Positive Operating Cash Flow frequency20/21 years positive

  ✓SleepPositive OCF in >= 70% of available years

  Operating Cash Flow - Capital Expenditures

  ✗Neff> $0 (app proxy for a strong fundamental case)

  (Operating cash flow - capex) / market capitalization

  ✗OshaughnessyTop 10% of eligible cross-section