PORT WASHINGTON, N.Y., Feb. 1 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) ("Cedar") announced today that it has commenced an underwritten public offering of 7,500,000 shares of its common stock pursuant to a shelf registration statement filed with the Securities and Exchange Commission, which became effective on December 1, 2008. A preliminary prospectus supplement and a final prospectus supplement relating to the offering will be filed with the Securities and Exchange Commission. Cedar intends to use the net proceeds from this offering to reduce amounts outstanding under the Company's secured revolving credit facility for stabilized properties, which will continue to be used to fund acquisitions, development and redevelopment activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes. KeyBanc Capital Markets and Raymond James are the joint book-running managers for the offering. Morgan Keegan & Company, Inc., RBC Capital Markets, and BMO Capital Markets are co-managers for the offering. The underwriters will be granted a 30-day option to purchase up to an additional 1,125,000 shares of common stock to cover over-allotments, if any. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state. The offering may be made only by means of a prospectus and related prospectus supplement. When available, copies of the final prospectus supplement and the accompanying prospectus relating to these securities may be obtained from KeyBanc Capital Markets, Attn: Prospectus Delivery Department, 127 Public Square, 6th Floor Cleveland, OH 44114 or by calling (216) 689-0421 or from Raymond James & Associates, Inc., 880 Carillon Parkway, St. Petersburg, FL 33716 or by calling (800) 248-8863. About Cedar Shopping Centers, Inc. Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on the ownership, operation, development and redevelopment of "bread and butter"® supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates approximately 13.1 million square feet of GLA at 121 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years. The Company's stabilized properties have an occupancy rate of approximately 95%. For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at http://www.cedarshoppingcenters.com/. Forward-Looking Statements Statements made or incorporated by reference in this press release include certain "forward-looking statements". Forward-looking statements include, without limitation, statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import which express the Company's beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company's control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company's market areas in particular; the financial viability of the Company's tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company's properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, Chairman, CEO and President, Cedar Shopping Centers, Inc., +1-516-944-4525, Web Site: http://www.cedarshoppingcenters.com/

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