O
n September 4th, 2024, Cedar Realty Trust, Inc., a company listed on both NYSE:CDRpB and NYSE:CDRpC, and Wheeler Real Estate Investment Trust, Inc., listed on Nasdaq:WHLR, announced a joint statement regarding a legal matter involving a putative class action complaint filed against them by purported holders of Cedar's preferred stock. The complaint was dismissed by the United States District Court for the District of Maryland in 2023, and this decision was recently affirmed by the United States Court of Appeals for the Fourth Circuit. The court's decision was based on the fact that the plaintiffs did not adequately allege any legal rights or duties that were violated by the defendants. Instead, they simply regretted the terms they had agreed to in their contracts.

    Wheeler Real Estate Investment Trust acquired all of Cedar's outstanding common stock in August 2022, which led to allegations against Cedar and its former directors for breach of contract related to the terms of Cedar's preferred stock contract, breach of fiduciary duty against Cedar's former directors, and tort claims against Wheeler.

    M. Andrew Franklin, CEO of both Cedar and Wheeler, expressed satisfaction over the Fourth Circuit's decision to uphold the District Court's decision, which he believes is a positive outcome for both companies. With this legal matter now behind them, both companies are well-positioned to focus on their strategic plans moving forward.

    Cedar Realty Trust, Inc., a wholly-owned subsidiary of Wheeler Real Estate Investment Trust, is a Maryland corporation (taxed as a real estate investment trust or "REIT") that specializes in owning and operating income-producing retail properties, primarily focusing on grocery-anchored shopping centers in the Northeast region. Cedar's portfolio consists of 18 properties, totaling approximately 2.7 million square feet of gross leasable area.

    Wheeler Real Estate Investment Trust, Inc., headquartered in Virginia Beach, Virginia, is also a Maryland corporation (taxed as a REIT) that focuses on owning and operating income-producing retail properties, primarily grocery-anchored centers.

    For more information on Cedar and Wheeler, please visit www.whlr.us. If you have any questions or would like to learn more about Cedar's or Wheeler's investor relations, please call (757) 627-9088.