Jeffrey Pierce’s Patience Wearing Thin With Cedar Realty

Is Snow Park Capital hedge fund founder Jeffrey Pierce sitting on top of the counter-trend trade of 2018? With the headlines warning of the Amazon Apocalypse, Snow Park’s stake in Cedar Realty Trust Inc (NYSE:CDR), pegged at 6.4% of the portfolio in a 1^st quarter 2017 report, is a bet on retail malls that might be immune to Amazon but have fallen in value nonetheless. The problem is Cedar's underperformance relative to peers. Sources familiar with the situation now tell ValueWalk “patience is running thin” with the REIT's management, with more aggressive moves to change the board of directors potentially on the near-term horizon.

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