Cedar Shopping Centers, Inc. Announces Pay Off of Existing First Mortgages on Two Properties PORT WASHINGTON, N.Y., Dec. 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 had paid off two variable rate floating-rate first mortgage loans aggregating approximately $11.8 million from Bouwfonds Property Finance B.V., an affiliate of the ABN/Amro Bank of the Netherlands. The loans had been placed on the Company's Wal-Mart Shopping Center in Southington, Connecticut and the Valley Plaza Shopping Center in Hagerstown, Maryland, when acquired in 2003. The payoff was funded by a draw on the Company's revolving secured floating-rate credit facility and will result in savings to the Company of approximately 100 basis points in interest costs on the borrowed amounts. The two properties are also expected to become borrowing base collateral properties under the Company's credit facility. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which owns and operates 31 primarily supermarket-anchored shopping centers with approximately 4.9 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 may 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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