Cedar Shopping Centers Announces Closing of Private Placement of its Common Stock With RioCan Real Estate Investment Trust

PORT WASHINGTON, N.Y., Oct. 30  /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) today announced that it has completed the previously-announced private placement with RioCan Real Estate Investment Trust of (i) 6,666,666 shares of Cedar's common stock at a price of $6.00 per share and (ii) a warrant to purchase an additional 1,428,570 shares of common stock at an exercise price of $7.00 per share.  The warrant is exercisable at any time during the two-year period following today's closing.  The private placement of Cedar stock will result in gross proceeds of $40 million to Cedar, with an additional $10 million of gross proceeds to Cedar upon exercise of the share purchase warrants.

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 "bread and butter" supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 13.1 million square feet of GLA at 124 shopping center properties, of which more than 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 seven additional substantially pre-leased primarily supermarket- and drugstore-anchored development properties.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at http://www.cedarshoppingcenters.com/.

About RioCan

RioCan is Canada's largest real estate investment Trust with a total capitalization of approximately CDN$7.8 billion as at September 30, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 247 retail properties, including 13 under development, containing an aggregate of over 59 million square feet. For further information, please refer to RioCan's website at http://www.riocan.com/.

Forward-Looking Statements

Statements made or incorporated by reference in this press release include certain "forward-looking statements".  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 beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, 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 differences 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 (including an inability to pay rent, filing for bankruptcy protection, closing stores and vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company's properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent 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, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures. 

DATASOURCE: Cedar Shopping Centers, Inc.



CONTACT:  Leo S. Ullman, Chairman, CEO and President of Cedar Shopping

Centers, Inc., [phone], 



Web Site:  http://www.cedarshoppingcenters.com/ 

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