Cedar Shopping Centers Raises $35.9 Million in Common Stock Offering PORT WASHINGTON, N.Y., April 1 /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 priced an offering to sell 2,600,000 shares of common stock in an underwritten public offering pursuant to a shelf registration statement. The shares were offered at $13.80 per share. The trade date was Friday, April 1. In addition, the underwriters have been granted an over-allotment option of 15% of the offering, or 390,000 shares, exercisable within thirty days. The over-allotment option, if exercised in full, would result in approximately $5.3 million of additional proceeds to the Company. Closing of the offering is scheduled for Wednesday, April 6. Net proceeds to the Company of the offering, exclusive of the over-allocation to underwriters, are estimated at $35 million. Merrill Lynch & Co., Inc. is sole book runner for the transaction. Co-lead managers are Merrill Lynch & Co., Inc. and Raymond James & Associates, Inc.; Legg Mason Wood Walker, Incorporated is co-manager for the offering. The Company intends to use the net proceeds from the offering to reduce amounts outstanding under its floating rate secured credit facility. The credit facility, in turn, is expected to be available to fund redevelopment costs for existing properties and acquisitions of additional properties. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which to date owns and operates 33 primarily supermarket-anchored shopping centers with approximately 5 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 may, 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 of Cedar Shopping Centers, Inc., +1-516-767-6492

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