Cedar Shopping Centers, Inc. - Announces Dividends on Common and Preferred Stock PORT WASHINGTON, N.Y., Nov. 3 /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 the payment of a dividend of $0.225 (22.5 cents) per share of the Company's Common Stock on November 19, 2004, payable to shareholders of record as of November 8, 2004. The dividend represents a payment for the third quarter of 2004. It is expected that the dividend will be continued at the same rate for the fourth quarter of 2004, reflecting an annual dividend rate of $0.90 (90 cents) per share. 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 also announced that the Board has approved payment of a dividend of $0.69 (69 cents) per share of the Company's 8-7/8% Series "A" Cumulative Redeemable Preferred Stock, payable on November 19, 2004 to shareholders of record as of November 8, 2004. This represents a dividend payment on such preferred stock for the period commencing July 28, 2004 through November 19, 2004. The Company expects to announce its third quarter results during the week ending November 12, 2004. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which owns and operates 29 primarily supermarket-anchored shopping centers with approximately 4.5 million square feet of gross leasable area located in Pennsylvania, New Jersey, Massachusetts, Maryland, 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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