Cedar Shopping Centers Announces Closing of Private Placement of its Common Stock With RioCan Real Estate Investment Trust

Cedar Shopping Centers Announces Closing of Private Placement of its Common
Stock With RioCan Real Estate Investment Trust



PORT WASHINGTON, N.Y., Oct. 30 /PRNewswire-FirstCall/ -- Cedar Shopping
Centers, Inc. (NYSE: CDR) today announced that it has completed the
previously-announced private placement with RioCan Real Estate Investment
Trust of (i) 6,666,666 shares of Cedar's common stock at a price of $6.00 per
share and (ii) a warrant to purchase an additional 1,428,570 shares of common
stock at an exercise price of $7.00 per share.  The warrant is exercisable at
any time during the two-year period following today's closing.  The private
placement of Cedar stock will result in gross proceeds of $40 million to
Cedar, with an additional $10 million of gross proceeds to Cedar upon exercise
of the share purchase warrants.

About Cedar Shopping Centers

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 124 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.

About RioCan

RioCan is Canada's largest real estate investment Trust with a total
capitalization of approximately CDN$7.8 billion as at September 30, 2009. It
owns and manages Canada's largest portfolio of shopping centres with ownership
interests in a portfolio of 247 retail properties, including 13 under
development, containing an aggregate of over 59 million square feet. For
further information, please refer to RioCan's website at www.riocan.com.

Forward-Looking Statements

Statements made or incorporated by reference in this press release include
certain "forward-looking statements".  Forward-looking statements include,
without limitation, statements containing the words "anticipates", "believes",
"expects", "intends", "future", and words of similar import which express the
Company's beliefs, expectations or intentions regarding future performance or
future events or trends. While forward-looking 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 forward-looking statements as a result of factors
outside of the Company's 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 the Company's market areas in particular; the financial
viability of the Company's tenants (including an inability to pay rent, filing
for bankruptcy protection, closing stores and 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 the Company's properties if offered for sale; 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, cost 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 re-let space upon
the expiration or termination of current leases and incur applicable required
replacement costs; and the financial flexibility to repay or refinance debt
obligations when due and to fund tenant improvements and capital expenditures.



SOURCE  Cedar Shopping Centers, Inc.