PORT WASHINGTON, N.Y., April 25, 2011 /PRNewswire/ -- 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 May 20, 2011 to shareholders of record as of the close of business on May 10, 2011.
The annualized dividend rate equates to a yield of approximately 6.4% based upon the closing price of Cedar's stock of $5.63 on April 21, 2011.
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 May 20, 2011 to shareholders of record as of the close of business on May 10, 2011.
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 and co-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns (both exclusively or in joint venture) and manages approximately 16.1 million square feet of GLA at 131 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.