{"data":{"id":"sw_b372b9c3a699f789ab3c","slug":"cedar-realty-trust-s-7-25-series-b-preferred-still-trades-35-below-par-years-pas","title":"Cedar Realty Trust's 7.25% Series B Preferred Still Trades 35% Below Par, Years Past Call Date","subheadline":"CDR-P-B yields over 11% at current prices, nearly a decade after the security first became callable in 2017.","summary":"Cedar Realty Trust's 7.25% Series B preferred trades near $16, a 35% discount to its $25 par value, despite being callable since 2017. The gap highlights how legacy REIT preferreds can persist at deep discounts long after issuers gain redemption rights.","body":"Cedar Realty Trust's 7.25% Series B cumulative preferred stock, listed under the ticker CDR-P-B, was recently trading around $16.27, a discount of roughly 35% to its $25 liquidation preference, according to market pricing that first stood out in data tracked on Preferred Stock AI, a Madison Labs research site. The security has been callable since May 22, 2017, meaning the issuer has had the contractual right to redeem it at full par value for nearly nine years without doing so.\n\nThat combination, a deep discount to par on a security the issuer could redeem at any time, is unusual on its face, since a call at $25 would represent an immediate gain of more than 50% for holders who bought at current levels. The persistence of the discount suggests the market is not pricing in redemption as a near-term likelihood, a reading consistent with the fact that the shares continue to trade well below par years after the call window opened rather than converging toward it.\n\nFor income-focused investors, the arithmetic is straightforward but carries distinct risks. At the current price, CDR-P-B's $1.8125 annual dividend, paid quarterly, produces a current yield of 11.14%, well above the security's original 7.25% coupon rate. Because the preferred is cumulative, any missed dividends would in principle need to be paid before common shareholders receive distributions, a structural protection built into the original prospectus. But a high current yield on a preferred trading far below par typically reflects the market's assessment of credit, liquidity, or redemption uncertainty rather than a straightforward income opportunity, and the size of the discount here, nearly 35 percentage points versus an average discount of about 25% among comparable securities in its category, points to conditions specific to this issuer or this security rather than sector-wide preferred stock pricing alone.\n\nCedar Realty Trust originally issued the Series B preferred in May 2012, offering 400,000 shares with a $25 liquidation preference each and a 7.25% coupon. The company also has a Series C preferred outstanding, carrying a 6.5% coupon and currently showing a 10.48% yield, giving investors a second data point on how the market is pricing the issuer's preferred capital structure. Both series remain perpetual instruments with no stated maturity, meaning redemption is entirely at the issuer's discretion rather than a scheduled event, which is a common feature of REIT preferred stock but one that places the burden of any eventual repayment timeline squarely on management's decisions rather than a fixed calendar.\n\nThe stock's 52-week range of $16.01 to $22.49 shows the shares have moved within a band that never approached par during that period, and dividend records show a $0.453125 per-share payment on the most recent ex-date of August 10, 2026, consistent with the stated $1.8125 annualized rate. Recent news flow tied to the issuer has centered on routine dividend declarations for both the Series B and Series C preferreds, according to wire reports referenced on financial data platforms, rather than any announcement regarding redemption or capital restructuring.\n\nThe broader market backdrop this week has been dominated by sharp single-day moves in large-cap names (Intel shares rose more than 9%, while Amgen, Stryker, and Booking Holdings each fell more than 6%) alongside continued attention to interest-rate-sensitive sectors following a run of large corporate capital allocation announcements in energy and technology. None of that activity is directly tied to Cedar Realty Trust's capital structure, but the general environment for rate-sensitive income securities, including REIT preferreds, tends to be shaped by shifts in broader fixed-income sentiment and Treasury yield movement.\n\nGoing forward, investors tracking CDR-P-B are likely to watch for any change in the issuer's redemption posture, continued quarterly dividend declarations as a signal of ongoing cumulative payment obligations, and any SEC filings that might update the security's terms or the company's broader financial condition. Absent a call announcement or a shift in the underlying credit picture, the gap between the security's trading price and its $25 par value is likely to remain a live data point for anyone assessing legacy preferred issues that have passed their call date without being redeemed.","source":{"name":"Preferred Stock AI","slug":"preferredstock-ai"},"category":"Preferred Stocks","article_type":"Data Story","license":"Free to republish, in full or in part, with attribution to SourceWire and a link to the original article. No fees, registration, or permission required.","quality_score":83,"human_reviewed":false,"original_url":"https://preferredstock.ai/symbol/CDR-P-B","featured_image":null,"published_at":"2026-09-09T11:23:35.671709+00:00","updated_at":"2026-09-09T11:23:35.671709+00:00","is_demo":false,"attribution":"Via SourceWire. Discovered via Preferred Stock AI.","attribution_html":"Via SourceWire. Discovered via <a href=\"https://preferredstock.ai/symbol/CDR-P-B\">Preferred Stock AI</a>."},"meta":{"demo_data":false}}