Cedar Shopping Centers, Inc.- Announces Dividend PORT WASHINGTON, N.Y., Aug. 2 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc., a real estate investment trust listed on the New York Stock Exchange (symbol: "CDR") (the "Company"), today announced that its Board of Directors has approved a payment of a dividend of $0.225 (22.5 cents) per share on August 20, 2004 to shareholders of record as of August 9, 2004. The dividend represents a quarter annual payment for the second quarter of 2004. It is expected that the dividend will be continued at the same rate for the third and fourth quarters of 2004, reflecting an annual dividend rate of $0.90 (90 cents) per share per annum. 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 Partnerships L.P., the Operating Partnership of which the Company is the sole general partner. The Company expects to announce its second quarter results during the week of August 9, 2004. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which owns and operates 28 primarily supermarket-anchored shopping centers with approximately 4.3 million square feet of gross leasable area located in Pennsylvania, Maryland, New Jersey, and Connecticut. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, President of Cedar Shopping Centers, Inc., +1-516-767-6492

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