Cedar Shopping Centers Declares Dividend on Preferred Stock

PORT WASHINGTON, N.Y., Oct. 21 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that its Board of Directors 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 November 20, 2009 to shareholders of record as of the close of business on November 10, 2009.

About Cedar Shopping Centers, Inc.

Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of "bread and butter" supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 13.3 million square feet of GLA at 125 shopping center properties, of which approximately 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years. The Company's stabilized properties have an occupancy rate of approximately 95%. The Company has also announced a pipeline of approximately 11 substantially pre-leased primarily supermarket- and drugstore-anchored development properties.

Additional financial and descriptive information on the Company, its operations and its portfolio can be accessed through the Company's website at www.cedarshoppingcenters.com .

SOURCE Cedar Shopping Centers, Inc.