Cedar Shopping Centers Declares Dividends on Common and Preferred Stock

PORT WASHINGTON, N.Y., April 23 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that its Board of Directors has approved the payment of a dividend of $0.225 per share of the Company's Common Stock, payable on May 21, 2007 to shareholders of record as of the close of business on May 11, 2007.

The annualized dividend rate equates to a yield of 5.5% based upon the closing price of Cedar's stock on April 20, 2007.

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 21, 2007 to shareholders of record as of the close of business on May 11, 2007.

About Cedar Shopping Centers

Cedar Shopping Centers, Inc. is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers, which has realized significant growth in assets since its public offering in October 2003. The Company presently owns and operates 104 of such primarily supermarket- and drug store-anchored centers with an aggregate of approximately 10.6 million square feet of gross leasable area, located in nine states, predominantly in the Northeast and mid-Atlantic regions. The Company also owns 16 development parcels aggregating approximately 178 acres.