Cedar Shopping Centers Raises $33.3 Million in Common Stock Offering PORT WASHINGTON, N.Y., Nov. 30 /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 it has priced an offering to sell 2,500,000 shares of Common Stock in an underwritten public offering pursuant to an effective shelf registration statement. The trade date was Tuesday, November 30. Closing of the transaction is scheduled for Friday, December 3, 2004. The shares were offered at $13.60 per share. Net proceeds to the Company after offering expenses are estimated at $33.3 million. In addition, the underwriters have been granted an over- allotment option of 15% of the offering, or 375,000 shares, exercisable within thirty days, which, if exercised in full, would result in approximately $5 million of additional proceeds to the Company. Merrill Lynch & Co., Inc. is sole book runner for the transaction. Co-lead managers are Merrill Lynch & Co., Inc. and Raymond James & Associates, Inc. A written prospectus may be obtained at no cost from Merrill Lynch & Co., Inc., 4 World Financial Center, New York, NY 10080. Net proceeds of the issue are expected to be used in line with the Company's existing growth strategy to fund: (a) redevelopments -- the Company has a pipeline of some $60 million in development and redevelopment costs spread over seven properties; (b) acquisitions -- the Company is in the process of due diligence reviews and purchase contract negotiations on five properties; and/or (c) a paydown on its revolving secured credit facility -- the Company has drawn down approximately $67 million on its $100 million credit facility, expandable to $200 million; interest costs on existing borrowings under the facility are at 150 basis points over 30-day LIBOR. As of the date hereof, the Company has completed approximately $135 million in acquisitions during 2004. The Company reaffirms its guidance for 2005 at $1.10 to $1.20 per share/operating partnership unit, and believes its 2004 guidance at 90 cents to $1.00 per share/operating partnership unit, will be at the low end of that range. Leo Ullman, CEO of Cedar stated, "This transaction permits our Company to benefit from attractive markets for our stock in executing our redevelopment and acquisition strategies at funding and price levels intended to result in minimal dilution to our existing shareholders." Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which owns and operates 30 primarily supermarket-anchored shopping centers with approximately 4.6 million square feet of gross leasable area located in Pennsylvania, New Jersey, Massachusetts, Maryland, and Connecticut. Forward-Looking Statements Certain statements contained in this Press Release constitute forward-looking statements within the meaning of the securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general and specific economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; risks of adverse operating results and creditworthiness of current tenants; governmental actions and initiatives; and environmental/safety requirements. Such forward-looking statements speak only as of the date hereof. The Company does not intend, and disclaims any duty or obligation, to update or revise any forward-looking statements set forth in this release to reflect any change in expectations, change in information, new information, future events or circumstances on which such information was based. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, President, Cedar Shopping Centers, Inc., +1-516-767-6492

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