PORT WASHINGTON, N.Y., Oct. 21 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE :CDR ) today announced that its Board of Directors has approved the payment of a dividend of $0.09 per share on the Company's Common Stock, payable on November 22, 2010 to shareholders of record as of the close of business on November 12, 2010.
The annualized dividend rate equates to a yield of 5.4% based upon the closing price of Cedar's stock of $6.66 on October 20, 2010.
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 ("OP Units").
The Company also announced that the Board has approved payment of a dividend of $0.5546875 per share on the Company's 8 7/8% Series "A" Cumulative Redeemable Preferred Stock, payable on November 22, 2010 to shareholders of record as of the close of business on November 12, 2010.
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 exclusively or in joint venture) and manages approximately 15.4 million square feet of GLA at 132 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years.
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.