Cedar Shopping Centers Announces Tax Allocations for 2009 Dividend Distributions

Jan 26, 2010, 13:30 ET from Cedar Shopping Centers, Inc.

PORT WASHINGTON, N.Y., Jan. 26 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR - CUSIP #150602209) today announced tax allocations for its 2009 dividend distributions.

With respect to dividends actually or deemed distributed in 2009 on the Company's common shares, aggregating $0.1925 per share, 100.0% were taxable ordinary income and non-qualified.  Such amounts include (a) $0.1125 per share paid on February 20, 2009, and (b) $0.08 per share of the aggregate $0.09 per share paid on January 20, 2010, to shareholders of record as of December 31, 2009.  The tax allocation relevant to the $0.01 dividend distribution paid on January 20, 2010 will be announced and reported with tax allocations for 2010 distributions.

With respect to dividends paid in 2009 on the Company's 8 7/8% Series A Cumulative Redeemable Preferred Stock, 100% were taxable ordinary income and non-qualified.

About Cedar Shopping Centers, Inc.

Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on 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 122 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%.  The Company has also announced a pipeline of seven additional substantially pre-leased primarily supermarket- and drugstore-anchored development properties.

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.

SOURCE Cedar Shopping Centers, Inc.