Underwriters Exercise Their Over-Allotment Option for Cedar Common Stock in Connection With Recent Offering PORT WASHINGTON, N.Y., Dec. 8 /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 Merrill Lynch & Co., Inc. and Raymond James & Associates, Inc., exercised, yesterday, their over-allotment option to acquire 375,000 shares of Common Stock in connection with Cedar's recent offering of 2.5 million shares. The option was exercised at a price of $13.60 per share. Net proceeds to Cedar from the exercise of the over-allotment option are estimated at approximately $5 million after underwriting expenses. This amount is in addition to approximately $33.3 million in net proceeds realized by the Company from the sale of 2.5 million shares last week. A written prospectus may be obtained at no cost from Merrill Lynch & Co., Inc., 4 World Financial Center, New York, NY 10080. 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, Maryland, Connecticut and Massachusetts. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, President, Cedar Shopping Centers, Inc., +1-516-767-6492

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