SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------------
FORM 8-K/A
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 10, 2003
CEDAR INCOME FUND, LTD.
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(Exact name of registrant as specified in charter)
Maryland 0-14510 42-1241468
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(State or other (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Incorporation)
44 South Bayles Avenue, Port Washington, New York 11050
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (516) 767-6492
________________________________________________________________________________
(Former name or former address, if changed since last report)
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant hereby amends the following items, financial statements, exhibits or
other portions of its current Report on Form 8-K dated February 6, 2003, as
filed with the Securities and Exchange Commission on February 21, 2003, as set
forth in the pages attached hereto.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
Acquisition Property
Report of Independent Auditors
Statement of Revenues and Expenses
Notes to Statements of Revenues and Certain Expenses
Unaudited Pro Forma Consolidated Financial Statements
Pro Forma Condensed Consolidated Balance Sheet as of
December 31, 2002
Pro Forma Condensed Consolidated Statement of
Operations for the twelve months ended December 31,
2002
Notes to Pro Forma Financial Statements
Exhibits.
None
Independent Auditor's Report
----------------------------
To the Board of Directors and Stockholders
Cedar Income Fund, Ltd.
We have audited the accompanying statement of revenue and certain expenses of
Fairview Plaza for the year ended December 31, 2002. This financial statement is
the responsibility of the Fairview Plaza's management. Our responsibility is to
express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying statement of revenue and certain expenses was prepared for the
purpose of complying with Rule 3-14 of Regulation S-X of the Securities and
Exchange Commission for inclusion in Form 8-K of Cedar Income Fund, Ltd., and is
not intended to be a complete presentation of the Fairview Plaza's revenue and
expenses.
In our opinion, the financial statement referred to above, presents fairly, in
all material respects, the revenue and certain expenses of Fairview Plaza, as
described in Note 2, for the year ended December 31, 2002, in conformity with
accounting principles generally accepted in the United States of America.
Joseph L. Gil, CPA, PC
Port Washington, New York
March 17, 2003
3
FAIRVIEW PLAZA
STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUE:
Base rents $ 793,900
Tenant reimbursements 99,038
Other income 4,974
-----------
TOTAL REVENUE 897,912
-----------
CERTAIN EXPENSES:
Real estate taxes 40,878
General, administrative
And overhead 88,132
Utilities 13,119
Leasing commission 3,451
Insurance 9,768
-----------
TOTAL CERTAIN EXPENSES 155,348
-----------
REVENUE IN EXCESS OF CERTAIN EXPENSES $ 742,564
===========
See Accompanying Notes to Financial Statements
4
FAIRVIEW PLAZA
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
1. Background
Presented herein is the statement of revenue and certain expenses related to the
operation of a multi-tenant shopping center, owned and operated by Fairview
Plaza Associates, LP (the "Partnership"). The shopping center is located in
Fairview Township, Pennsylvania and has approximately 5 tenants. The shopping
center has an aggregate net rentable area of approximately 69,579 square feet,
of which 97% was leased as of December 31, 2002.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statement has been prepared in accordance with the
applicable rules and regulations of the Securities and Exchange Commission for
the acquisition of real estate properties. Accordingly, the financial statement
excludes certain expenses that may not be comparable to those expected to be
incurred in the proposed future operations of the aforementioned property. Items
excluded consist of interest, depreciation, amortization, and general and
administrative expenses not directly related to the future operations. The
accompanying statement was prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the amounts reported in the financial
statement and accompanying notes. Actual results could differ from those
estimates.
Revenue Recognition
The shopping center is being leased to tenants under operating leases. Rental
revenue is recognized on a straight-line basis over the terms of the leases. The
excess of amounts recognized over amounts due pursuant to the underlying leases
amounted to approximately $29,169 for the year ended December 31, 2002.
5
FAIRVIEW PLAZA
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
3. Future Minimum Lease Payments
The Partnership leases retail space under various non-cancelable operating
leases that expire on the various dates through July 2016. The lease agreements
typically provide for specific monthly payments plus reimbursements for certain
operating costs.
A summary of minimum future lease rentals due to the Partnership on
non-cancelable operating leases in place as of December 31, 2002, is as follows:
For the year ended December 31,
-------------------------------
2003 $ 782,116
2004 759,445
2005 725,735
2006 702,430
2007 674,601
2008 & thereafter 6,513,175
-----------
$10,157,502
===========
The preceding future minimum rentals do not include charges for reimbursement of
operating costs. Operating cost reimbursements aggregated $99,038.
4. Significant Tenants
Approximately 83% of the current period's rental income was derived from one (1)
tenant whose lease expires July 2017.
6
Independent Auditor's Report
----------------------------
To the Board of Directors and Stockholders
Cedar Income Fund, Ltd.
We have audited the accompanying statement of revenue and certain expenses of
Halifax Plaza for the year ended December 31, 2002. This financial statement is
the responsibility of the Halifax Plaza's management. Our responsibility is to
express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying statement of revenue and certain expenses was prepared for the
purpose of complying with Rule 3-14 of Regulation S-X of the Securities and
Exchange Commission for inclusion in Form 8-K of Cedar Income Fund, Ltd., and is
not intended to be a complete presentation of Halifax Plaza's revenue and
expenses.
In our opinion, the financial statement referred to above, presents fairly, in
all material respects, the revenue and certain expenses of Halifax Plaza, as
described in Note 2, for the year ended December 31, 2002, in conformity with
accounting principles generally accepted in the United States of America.
Joseph L. Gil, CPA, PC
Port Washington, New York
March 17, 2003
7
HALIFAX PLAZA
STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUE:
Base rents $ 577,145
Tenant reimbursements 157,497
Other income 16
-----------
TOTAL REVENUE 734,658
-----------
CERTAIN EXPENSES:
Real estate taxes 57,282
General, administrative
And overhead 105,192
Utilities 19,943
Leasing commission 4,785
Insurance 11,066
-----------
TOTAL CERTAIN EXPENSES 198,268
-----------
REVENUE IN EXCESS OF CERTAIN EXPENSES $ 536,390
===========
See Accompanying Notes to Financial Statements
8
HALIFAX PLAZA
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
1. Background
Presented herein is the statement of revenue and certain expenses related to the
operation of a multi-tenant shopping center, owned and operated by Halifax Plaza
Associates, LP (the "Partnership"). The shopping center is located in Halifax
Township, Pennsylvania and has approximately 9 tenants. The shopping center has
an aggregate net rentable area of approximately 54,150 square feet, of which
100% was leased as of December 31, 2002.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statement has been prepared in accordance with the
applicable rules and regulations of the Securities and Exchange Commission for
the acquisition of real estate properties. Accordingly, the financial statement
excludes certain expenses that may not be comparable to those expected to be
incurred in the proposed future operations of the aforementioned property. Items
excluded consist of interest, depreciation, amortization, and general and
administrative expenses not directly related to the future operations. The
accompanying statement was prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the amounts reported in the financial
statement and accompanying notes. Actual results could differ from those
estimates.
Revenue Recognition
The shopping center is being leased to tenants under operating leases. Rental
revenue is recognized on a straight-line basis over the terms of the leases. The
excess of amounts recognized over amounts due pursuant to the underlying leases
amounted to approximately $27,853 for the year ended December 31, 2002.
9
HALIFAX PLAZA
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
3. Future Minimum Lease Payments
The Partnership leases retail space under various non-cancelable operating
leases that expire on the various dates through October 2018. The lease
agreements typically provide for specific monthly payments plus reimbursements
for certain operating costs.
A summary of minimum future lease rentals due to the Partnership on
non-cancelable operating leases in place as of December 31, 2002, is as follows:
For the year ended December 31,
-------------------------------
2003 $ 540,167
2004 515,237
2005 433,637
2006 424,902
2007 419,730
2008 and thereafter 4,181,050
----------
$6,514,723
==========
The preceding future minimum rentals do not include charges for reimbursement of
operating costs. Operating cost reimbursements aggregated $157,497.
4. Significant Tenants
Approximately 54% of the current period's rental income was derived from two (2)
tenants whose leases expire between November 2008 and November 2018.
10
Independent Auditor's Report
----------------------------
To the Board of Directors and Stockholders
Cedar Income Fund, Ltd.
We have audited the accompanying statement of revenue and certain expenses of
Newport Plaza for the year ended December 31, 2002. This financial statement is
the responsibility of the Newport Plaza's management. Our responsibility is to
express an opinion on this financial statement based on our audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statement is free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statement. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
The accompanying statement of revenue and certain expenses was prepared for the
purpose of complying with Rule 3-14 of Regulation S-X of the Securities and
Exchange Commission for inclusion in Form 8-K of Cedar Income Fund, Ltd., and is
not intended to be a complete presentation of the Newport Plaza's revenue and
expenses.
In our opinion, the financial statement referred to above, presents fairly, in
all material respects, the revenue and certain expenses of Newport Plaza, as
described in Note 2, for the year ended December 31, 2002, in conformity with
accounting principles generally accepted in the United States of America.
Joseph L. Gil, CPA, PC
Port Washington, New York
March 17, 2003
11
NEWPORT PLAZA
STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
REVENUE:
Base rents $ 578,347
Tenant reimbursements 174,383
Other income 16
-----------
TOTAL REVENUE 752,746
-----------
CERTAIN EXPENSES:
Real estate taxes 60,328
General, administrative
And overhead 70,092
Utilities 67,881
Insurance 9,265
-----------
TOTAL CERTAIN EXPENSES 207,566
-----------
REVENUE IN EXCESS OF CERTAIN EXPENSES $ 545,180
===========
See Accompanying Notes to Financial Statements
12
NEWPORT PLAZA
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
1. Background
Presented herein is the statement of revenue and certain expenses related to the
operation of a multi-tenant shopping center, owned and operated by Newport Plaza
Associates, LP (the "Partnership"). The shopping center is located in Howe
Township, Pennsylvania and has approximately 9 tenants. The shopping center has
an aggregate net rentable area of approximately 66,789 square feet, of which
100% was leased as of December 31, 2002.
2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying financial statement has been prepared in accordance with the
applicable rules and regulations of the Securities and Exchange Commission for
the acquisition of real estate properties. Accordingly, the financial statement
excludes certain expenses that may not be comparable to those expected to be
incurred in the proposed future operations of the aforementioned property. Items
excluded consist of interest, depreciation, amortization, and general and
administrative expenses not directly related to the future operations. The
accompanying statement was prepared on the accrual basis of accounting.
Use of Estimates
The preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the amounts reported in the financial
statement and accompanying notes. Actual results could differ from those
estimates.
Revenue Recognition
The shopping center is being leased to tenants under operating leases. Rental
revenue is recognized on a straight-line basis over the terms of the leases. The
excess of amounts recognized over amounts due pursuant to the underlying leases
amounted to approximately $101,001 for the year ended December 31, 2002.
13
NEWPORT PLAZA
NOTES TO STATEMENT OF REVENUE AND CERTAIN EXPENSES
FOR THE YEAR ENDED DECEMBER 31, 2002
3. Future Minimum Lease Payments
The Partnership leases retail space under various non-cancelable operating
leases that expire on the various dates through April 2023. The lease agreements
typically provide for specific monthly payments plus reimbursements for certain
operating costs.
A summary of minimum future lease rentals due to the Partnership on
non-cancelable operating leases in place as of December 31, 2002, is as follows:
For the year ended December 31,
-------------------------------
2003 $ 479,654
2004 506,711
2005 521,433
2006 465,579
2007 431,902
2008 & thereafter 5,633,837
----------
$8,039,116
==========
The preceding future minimum rentals do not include charges for reimbursement of
operating costs. Operating cost reimbursements aggregated $174,383.
4. Significant Tenants
Approximately 67% of the current period's rental income was derived from two (2)
tenants whose leases expire between May 2015 and April 2023.
14
Cedar Income Fund, Ltd.
Pro Forma Condensed Combined Balance Sheet
As of December 31, 2002
-----------------------
The following unaudited Pro Forma Condensed Combined Balance Sheet is presented
as if the Company had acquired the 30% general partner interest in Fairview
Plaza Associates, L.P. ("Fairview"), Halifax Plaza Associates, L.P. ("Halifax")
and Newport Plaza Associates, L.P. ("Newport") on December 31, 2002. This Pro
Forma Condensed Combined Balance Sheet should be read in conjunction with the
Pro Forma Condensed Combined Statement of Operations of the Company and the
historical financial statements and notes thereto of the Company as filed on
Form 10-K for the twelve months ended December 31, 2002. The Pro Forma Condensed
Combined Balance Sheet is unaudited and is not necessarily indicative of what
the actual financial position would have been had the Company acquired the 30%
interest in Fairview, Halifax and Newport on December 31, 2002, nor does it
purport to represent the future financial position of the Company.
Cedar Income Pro Forma
Fund, Ltd. Fairview Plaza Halifax Plaza Newport Plaza December 31,
Historical (a) Acquisition (b) Acquisition (c) Acquisition (d) 2002
------------- --------------- --------------- --------------- ------------
Assets
Real estate, net $121,238,000 $8,405,000 $5,577,000 $6,489,000 $141,709,000
Cash and cash equivalents 3,827,000 (541,000) (15,000) 50,000 3,321,000
Cash at joint ventures and restricted cash 2,883,000 - - - 2,883,000
Property deposits 344,000 (100,000) (50,000) (100,000) 94,000
Real estate tax deposits 627,000 21,000 - - 648,000
Rents and other receivables, net 304,000 - - - 304,000
Prepaid expenses, net 496,000 8,000 17,000 6,000 527,000
Deferred rental income 432,000 - - - 432,000
Deferred charges, net 2,987,000 (27,000) 67,000 81,000 3,108,000
------------ ---------- ---------- ---------- ------------
Total Assets $133,138,000 $7,766,000 $5,596,000 $6,526,000 $153,026,000
============ ========== ========== ========== ============
Liabilities and Shareholders' Equity
Liabilities
Mortgage loans payable $93,537,000 $6,080,000 $4,265,000 $5,424,000 $109,306,000
Loans payable 7,464,000 - - - 7,464,000
Accounts payable and accrued expenses 7,765,000 144,000 97,000 89,000 8,095,000
------------ ---------- ---------- ---------- ------------
Total Liabilities 108,766,000 6,224,000 4,362,000 5,513,000 124,865,000
------------ ---------- ---------- ---------- ------------
Minority interests 10,238,000 1,520,000 1,220,000 1,000,000 13,978,000
Limited partner's interest 7,889,000 - - - 7,889,000
Series A preferred 9% convertible,
redeemable Operating Partnership Units 3,000,000 - - - 3,000,000
Shareholders' Equity
Common stock 7,000 - - - 7,000
Accumulated other comprehensive loss (65,000) - - - (65,000)
Additional paid in capital 3,303,000 22,000 14,000 13,000 3,352,000
------------ ---------- ---------- ---------- ------------
Total Shareholders' Equity 3,245,000 22,000 14,000 13,000 3,294,000
------------ ---------- ---------- ---------- ------------
Total Liabilities and Shareholders' Equity $133,138,000 $7,766,000 $5,596,000 $6,526,000 $153,026,000
============ ========== ========== ========== ============
Total Shareholders' Equity in the Company
and limited partner's (equity) interest in
Operating Partnership and minority interest $ 24,372,000 $1,542,000 $1,234,000 $1,013,000 $28,161,000
============ ========== ========== ========== ============
See accompanying Notes to Pro Forma Financial Statements
15
Cedar Income Fund, Ltd.
Pro Forma Combined Statement of Operations
For the twelve months ended December 31, 2002
---------------------------------------------
The following unaudited Pro Forma Condensed Combined Statement of Operations is
presented as if the Company had acquired the 30% general partner interest in the
Fairview Plaza Associates, L.P. ("Fairview"), Halifax Plaza Associates, L.P.
("Halifax") and Newport Plaza Associates, L.P. ("Newport") as of January 1,
2002, and the Company qualified as a REIT, distributed 90% of its taxable income
and, therefore, incurred no income tax expense during the period. This Pro Forma
Condensed Combined Statement of Operations should be read in conjunction with
the Pro Forma Condensed Combined Balance Sheet of the Company and the historical
financial statements and notes thereto of the Company as filed on Form 10-K for
the twelve months ended December 31, 2002. The Pro Forma Condensed Combined
Statement of Operations is unaudited and is not necessarily indicative of what
the actual financial position would have been had the Company acquired the 30%
interest in Fairview, Halifax and Newport as of January 1, 2002, nor does it
purport to represent the operations of the Company for future periods.
Cedar Income
Fund, Ltd. Completed Fairview Plaza Halifax Plaza Newport Plaza Pro Forma
Historical (e) Transactions (f) Acquisition (g) Acquisition (h) Acquisition (i) Adjustments (j)
------------- --------------- --------------- --------------- --------------- ---------------
Revenues
Rents $12,964,000 $5,742,000 $ 898,000 $735,000 $ 753,000 $ 149,000
Interest 25,000 - - - - -
----------- ---------- --------- -------- --------- -----------
Total Revenues 12,989,000 5,742,000 898,000 735,000 753,000 149,000
----------- ---------- --------- -------- --------- -----------
Expenses
Operating, maintenance &
management 2,313,000 2,285,000 26,000 36,000 70,000 -
Real estate taxes 1,527,000 543,000 41,000 57,000 60,000 -
General and administrative 2,005,000 303,000 88,000 105,000 77,000 154,000
Depreciation and amortization 2,546,000 666,000 - - - 492,000
Interest 5,523,000 2,066,000 - - - 958,000
----------- ---------- --------- -------- --------- -----------
Total Expenses 13,914,000 5,863,000 155,000 198,000 207,000 1,604,000
----------- ---------- --------- -------- --------- -----------
Operating (loss) income (925,000) (121,000) 743,000 537,000 546,000 (1,455,000)
Minority interests (159,000) (44,000) (520,000) (376,000) (382,000) 911,000
Limited partner's interest 806,000 83,000 (159,000) (115,000) (116,000) 387,000
Loss on sale of properties (49,000) 49,000 - - - -
----------- ---------- --------- -------- --------- -----------
Net (loss) income before
extraordinary items (327,000) (33,000) 64,000 46,000 48,000 (157,000)
Early extinguishment of debt
(net of limited partner's
share of $346,000) (141,000) - - - - -
----------- ---------- --------- -------- --------- -----------
Net (loss) income ($468,000) ($33,000) $ 64,000 $ 46,000 $ 48,000 ($157,000)
=========== ========== ========= ======== ========= ===========
Basic and diluted net (loss)
per share ($0.67)
----------- ---------- --------- -------- --------- -----------
Average number of shares
outstanding 694,000 - - - - 10,000
=========== ========== ========= ======== ========= ===========
[RESTUBBED TABLE]
Pro Forma for
the year ended
December 31, 2002
-----------------
Revenues
Rents $21,241,000
Interest 25,000
-----------
Total Revenues 21,266,000
-----------
Expenses
Operating, maintenance &
management 4,730,000
Real estate taxes 2,228,000
General and administrative 2,732,000
Depreciation and amortization 3,704,000
Interest 8,547,000
-----------
Total Expenses 21,941,000
-----------
Operating (loss) income (675,000)
Minority interests (570,000)
Limited partner's interest 886,000
Loss on sale of properties -
-----------
Net (loss) income before
extraordinary items (359,000)
Early extinguishment of debt
(net of limited partner's
share of $346,000) (141,000)
-----------
Net (loss) income ($500,000)
===========
Basic and diluted net (loss)
per share ($0.71)
-----------
Average number of shares
outstanding 704,000
===========
See accompanying Notes to Pro Forma Financial Statement
16
Notes to Pro Forma Financial Statements
---------------------------------------
Pro Forma Condensed Combined Balance Sheet at December 31, 2002
---------------------------------------------------------------
a. Reflects the Company's historical balance sheet as of December 31,
2002, as previously filed.
b. Reflects the acquisition of Fairview Plaza for approximately $8.4
million. The Company intends to account for the acquisition of Fairview
Plaza in accordance with SFAS 141 and 142. The Company is currently in
the process of analyzing the fair value of our in-place leases;
consequently, no value has yet been assigned to the leases.
c. Reflects the acquisition of Halifax Plaza for approximately $5.6
million. The Company intends to account for the acquisition of Fairview
Plaza in accordance with SFAS 141 and 142. The Company is currently in
the process of analyzing the fair value of our in-place leases;
consequently, no value has yet been assigned to the leases.
d. Reflects the acquisition of Newport Plaza for approximately $6.5
million. The Company intends to account for the acquisition of Fairview
Plaza in accordance with SFAS 141 and 142. The Company is currently in
the process of analyzing the fair value of our in-place leases;
consequently, no value has yet been assigned to the leases.
Pro Forma Condensed Combined Statements of Operations for the year ended
------------------------------------------------------------------------
December 31, 2002
-----------------
e. Reflects the Company's historical operations for the year ended
December 31, 2002, as previously filed.
f. Reflects the income statement effect of the sale of Southpoint Parkway
Center as of January 1, 2002, the acquisition of Loyal Plaza, Red Lion
and Camp Hill Mall for the period January 1, 2002 through their dates
of acquisition, and the refinancing of The Point mortgage for the year
ended December 31, 2002.
g. Reflects the operations of Fairview Plaza for the year ended December
31, 2002.
h. Reflects the operations of Halifax Plaza for the year ended December
31, 2002.
i. Reflects the operations of Newport Plaza for the year ended December
31, 2002.
j. Reflects the increase in interest, depreciation, amortization and
administrative expenses associated with the acquisition of Fairview
Plaza, Halifax Plaza and Newport Plaza, and the increased rents from
the exercise of the option to purchase the Giant store at Halifax Plaza
for $1.49 million for the year ended December 31, 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Amendment to be signed on its
behalf by the undersigned thereunto duly authorized.
CEDAR INCOME FUND, LTD.
By: /s/ Leo S. Ullman
--------------------------------
Leo S. Ullman
Chairman
By: /s/ Thomas J. O'Keeffe
--------------------------------
Thomas J. O'Keeffe
Chief Financial Officer
Dated: April 17, 2003