Cedar Income Fund, Ltd. Reports Year-End Results

Apr 02, 2001, 01:00 ET from Cedar Income Fund, Ltd.

    PORT WASHINGTON, N.Y., April 2 /PRNewswire/ -- Cedar Income Fund, Ltd., a
 real estate investment trust listed on the Nasdaq Small Cap Market, reported
 rental income for the three months and year ended December 31, 2000 of
 $888,680 and $3,036,943, respectively, compared to $564,983 and $2,413,958 for
 the same periods in 1999.  This increase is attributable to the additional
 rental income generated by the acquisition of a 50% interest in The Point
 Shopping Center in Harrisburg, Pennsylvania as of July 1, 2000.
     Funds from Operations ("FFO") for the Company for the three months and
 year ended December 31, 2000 were $36,042 (approximately $0.05 per share) and
 $197,434 (approximately $0.23 per share) compared to $39,793 (approximately
 $0.07 per share) and $196,276 (approximately $0.33 per share), respectively,
 for the corresponding periods in 1999.*
     FFO for the Operating Partnership (of which the Company is the sole
 general partner) for the three months and year ended December 31, 2000 were
 $159,258 (approximately $0.06 per unit) and $823,266 (approximately $0.32 per
 unit) compared to $134,789 (approximately $0.06 per unit) and $872,676
 (approximately $0.38 per unit), respectively, for the corresponding periods in
 1999.*
     FFO for the Company and the Operating Partnership, when compared to income
 (loss) results, reflect primarily an add-back of an impairment loss of
 approximately $200,000 on the potential sale of the Company's 25,200 square
 foot office facility in Bloomington, Illinois, at a price less then book
 value.
     Net income (loss) for the three months and year ended December 31, 2000
 were $8,330 ($0.01 per share) and ($12,083) (($0.01) per share) compared to a
 loss of ($141.00) ($0.01 per share) and $64,470 ($0.11 per share),
 respectively, for the same periods in 1999.  The losses are attributable
 primarily to the recognition of the impairment loss on the Bloomington
 property.*
     The Board of Directors expects to review its policy as to distribution of
 dividends during the second quarter of 2001.
     Cedar Income Fund, Ltd. is a real estate investment trust administered by
 Cedar Bay Realty Advisors, Inc., Port Washington, New York.  Shares of Cedar
 Income Fund Ltd. are traded on the Nasdaq Small Cap Market under the symbol
 "CEDR."
 
     * The per share information for the period ended December 31, 2000 as
       compared to the period ended December 31, 1999, reflects the issuance of
       400,000 new shares of common stock in November 1999 placed with certain
       foreign investors and the subsequent repurchase of 250,000 shares in
       2000.  Per-share information is based on the weighted average number of
       shares outstanding (735,415 and 869,481 respectively, for the three
       months and year ended December 31, 2000 versus 746,459 and 593,618 for
       the three months and year ended December 31, 1999).
 
 

SOURCE Cedar Income Fund, Ltd.
    PORT WASHINGTON, N.Y., April 2 /PRNewswire/ -- Cedar Income Fund, Ltd., a
 real estate investment trust listed on the Nasdaq Small Cap Market, reported
 rental income for the three months and year ended December 31, 2000 of
 $888,680 and $3,036,943, respectively, compared to $564,983 and $2,413,958 for
 the same periods in 1999.  This increase is attributable to the additional
 rental income generated by the acquisition of a 50% interest in The Point
 Shopping Center in Harrisburg, Pennsylvania as of July 1, 2000.
     Funds from Operations ("FFO") for the Company for the three months and
 year ended December 31, 2000 were $36,042 (approximately $0.05 per share) and
 $197,434 (approximately $0.23 per share) compared to $39,793 (approximately
 $0.07 per share) and $196,276 (approximately $0.33 per share), respectively,
 for the corresponding periods in 1999.*
     FFO for the Operating Partnership (of which the Company is the sole
 general partner) for the three months and year ended December 31, 2000 were
 $159,258 (approximately $0.06 per unit) and $823,266 (approximately $0.32 per
 unit) compared to $134,789 (approximately $0.06 per unit) and $872,676
 (approximately $0.38 per unit), respectively, for the corresponding periods in
 1999.*
     FFO for the Company and the Operating Partnership, when compared to income
 (loss) results, reflect primarily an add-back of an impairment loss of
 approximately $200,000 on the potential sale of the Company's 25,200 square
 foot office facility in Bloomington, Illinois, at a price less then book
 value.
     Net income (loss) for the three months and year ended December 31, 2000
 were $8,330 ($0.01 per share) and ($12,083) (($0.01) per share) compared to a
 loss of ($141.00) ($0.01 per share) and $64,470 ($0.11 per share),
 respectively, for the same periods in 1999.  The losses are attributable
 primarily to the recognition of the impairment loss on the Bloomington
 property.*
     The Board of Directors expects to review its policy as to distribution of
 dividends during the second quarter of 2001.
     Cedar Income Fund, Ltd. is a real estate investment trust administered by
 Cedar Bay Realty Advisors, Inc., Port Washington, New York.  Shares of Cedar
 Income Fund Ltd. are traded on the Nasdaq Small Cap Market under the symbol
 "CEDR."
 
     * The per share information for the period ended December 31, 2000 as
       compared to the period ended December 31, 1999, reflects the issuance of
       400,000 new shares of common stock in November 1999 placed with certain
       foreign investors and the subsequent repurchase of 250,000 shares in
       2000.  Per-share information is based on the weighted average number of
       shares outstanding (735,415 and 869,481 respectively, for the three
       months and year ended December 31, 2000 versus 746,459 and 593,618 for
       the three months and year ended December 31, 1999).
 
 SOURCE  Cedar Income Fund, Ltd.