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Cedar Shopping Centers Declares Dividends on Common and Preferred Stock

PORT WASHINGTON, N.Y., July 23 /PRNewswire-FirstCall/ — 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 on the Company’s
Common Stock, payable on August 20, 2008 to shareholders of record as of
the close of business on August 8, 2008.

The annualized dividend rate equates to a yield of 7.6% based upon the
closing price of Cedar’s stock on July 22, 2008.

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 20, 2008 to
shareholders of record as of the close of business on August 8, 2008.

About Cedar Shopping Centers

Cedar Shopping Centers, Inc. is a fully-integrated real estate
investment trust which focuses primarily on ownership, operation,
development and redevelopment of supermarket-anchored shopping centers in
nine mid-Atlantic and New England states. The Company has realized
significant growth in assets and has completed a number of developments and
redevelopments of retail properties since its public offering in October
2003. The Company presently owns and operates 119 properties aggregating
approximately 12 million square feet of gross leasable area. The Company
also owns a substantial pipeline of development properties as well as
approximately 382 acres of generally unimproved land held primarily for
ground-up development projects.



See Also:

[Via Real Estate Newswire]

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