PORT WASHINGTON, N.Y., July 27 -- Cedar Shopping
Centers, Inc. (NYSE: CDR), today announced that its Board of Directors has
approved the payment of a dividend of $0.225 per share of the Company's
Common Stock, payable on August 21, 2006, to shareholders of record as of
the close of business on August 11, 2006.
It is expected that the dividend will be continued at the same rate for
the remainder of 2006, reflecting an annualized dividend rate of $0.90 per
share. The annualized dividend rate equates to a yield of 6.0% based upon
the closing price of Cedar's stock on July 26, 2006.
Payments at the same rate and at the same time will be made to holders
of units of limited partnership interests in Cedar Shopping Centers
Partnership L.P., the Operating Partnership of which the Company is the
sole general partner ("OP Units").
The Company also announced that the Board has approved payment of a
dividend of $0.5546875 per share on the Company's 8 7/8% Series "A"
Cumulative Redeemable Preferred Stock, payable on August 21, 2006, to
shareholders of record as of the close of business on August 11, 2006.
About Cedar Shopping Centers, Inc.
Cedar Shopping Centers, Inc. is a self-managed real estate investment
trust focused on supermarket-anchored shopping centers and drug
store-anchored convenience centers, which has realized significant growth
in assets and shareholder value since its public offering in October 2003.
The Company presently owns and operates 89 of such primarily supermarket-
and drug store- anchored centers with an aggregate of approximately 9.6
million square feet of gross leasable area, located in nine states,
predominantly in the Northeast and mid-Atlantic regions.
Certain statements contained in this press release constitute forward-
looking statements within the meaning of the securities laws.
Forward-looking statements include, without limitation, statements
containing the words "anticipates", "believes", "expects", "intends",
"future", and words of similar import which express the Company's belief,
expectations or intentions regarding future performance or future events or
trends. While forward-looking statements reflect good faith beliefs, they
are not guarantees of future performance and involve known and unknown
risks, uncertainties and other factors, which may cause actual results,
performance or achievements to differ materially from anticipated future
results, performance or achievements expressed or implied by such
forward-looking statements as a result of factors outside of the Company's
control. Certain factors that might cause such a difference include, but
are not limited to, the following: real estate investment considerations,
such as the effect of economic and other conditions in general and in the
Company's market areas in particular; the financial viability of the
Company's tenants; the continuing availability of shopping center
acquisitions, and development and redevelopment opportunities, on favorable
terms; the availability of equity and debt capital in the public and
private markets; changes in interest rates; the fact that returns from
development, redevelopment and acquisition activities may not be at
expected levels; the Company's potential inability to realize the level of
proceeds from property sales as initially expected; inherent risks in
ongoing development and redevelopment projects including, but not limited
to, cost overruns resulting from weather delays, changes in the nature and
scope of development and redevelopment efforts, and market factors involved
in the pricing of material and labor; the need to renew leases or re-let
space upon the expiration of current leases; and the financial flexibility
to refinance debt obligations when due. Such forward-looking statements
speak only as of the date hereof. The Company does not intend, and
disclaims any duty or obligation, to update or revise any forward-looking
statements set forth in this release to reflect any change in expectations,
change in information, new information, future events or circumstances on
which such information was based.