Cedar Shopping Centers, Inc.- Announces Dividends On Common and Preferred Stock PORT WASHINGTON, N.Y., May 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 May 20, 2005, payable to shareholders of record as of the close of business on May 13, 2005. The dividend represents a payment for the first quarter of 2005. It is expected that the dividend will be continued at the same rate for the remainder of 2005, 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 Partnership 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 $0.5546875 (55.46875 cents) per share on the Company's 8-7/8% Series "A" Cumulative Redeemable Preferred Stock, payable on May 20, 2005 to shareholders of record as of the close of business on May 13, 2005. The Company expects to announce its first quarter results on May 5. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which to date owns and operates 54 primarily community supermarket- anchored shopping centers and drug store-anchored convenience centers with approximately 5.6 million square feet of gross leasable area, located in Pennsylvania, New Jersey, Massachusetts, Maryland, New York, Connecticut and Ohio. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, President of Cedar Shopping Centers, Inc., +1-516-767-6492

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