Cedar Shopping Centers Amends Terms of Its Credit Facility

PORT WASHINGTON, N.Y., Sept. 14 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR) has exercised its right to reduce the total commitment under its secured revolving credit facility for stabilized properties from $285 million to $185 million effective as of September 13, 2010.  

The reduction will eliminate unused portion fees of 50 basis points under the facility, representing potential cost savings of $500,000 on an annualized basis.  

Amounts drawn as of this date under the facility have been reduced to a level of approximately $6 million.  Based on covenant calculations and accepted collateral in place, total availability under the facility at this time is approximately $167 million, of which approximately $161 million is currently available to the Company.  

The facility, which has an interest rate of LIBOR plus 350 basis points, with a LIBOR floor of 200 basis points, matures on January 31, 2012, subject to a oneyear extension option.

Additional details on the credit facility may be found in the Company's filing with the SEC at www.sec.gov.

About Cedar Shopping Centers

Cedar Shopping Centers, Inc. is a fullyintegrated real estate investment trust which focuses primarily on the ownership, operation, development and redevelopment of "bread and butter"® supermarketanchored shopping centers in coastal midAtlantic and New England states.  The Company presently owns (both whollyowned and in joint venture) and manages approximately 13.4 million square feet of GLA at 119 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 properties have an occupancy rate of approximately 90%.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarshoppingcenters.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Such forwardlooking statements include, without limitation, statements containing the words "anticipates", "believes", "expects", "intends", "future", and words of similar import which express our beliefs, expectations or intentions regarding future performance or future events or trends.  While forwardlooking 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 forwardlooking statements as a result of factors outside of our 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 our market areas in particular; the financial viability of our tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and/or 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 our properties if offered for sale; the ability of our joint venture partners to fund their respective shares of property acquisitions, tenant improvements and capital expenditures; 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, costs 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 relet space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility of ourselves and our joint venture partners to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.  For more information regarding risks that may cause our actual results to differ materially from any forward looking statements, please see the discussion under "Risk Factors" contained in the prospectus supplement, the accompanying prospectus and the other information contained in our publicly available filings with the SEC, including our Annual Report on Form 10K for the year ended December 31, 2009.  We do not undertake any responsibility to update any of these factors or to announce publicly any revisions to forward looking statements, whether as a result of new information, future events or otherwise.

SOURCE Cedar Shopping Centers, Inc.