Cedar Shopping Centers Announces Agreement to Acquire the Trexler Mall in Trexlertown, PA PORT WASHINGTON, N.Y., July 11 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc., a real estate investment trust listed on the New York Stock Exchange (symbol: "CDR") (the "Company") today announced that it had entered into a contract to acquire the Trexler Mall in Trexlertown, Pennsylvania, a 340,000 sq. ft. multi-anchored community shopping center, anchored, among others, by an 88,000 sq. ft. Kohl's Department Store, a 62,000 sq. ft. Bon-Ton Department Store and a 56,570 sq. ft. Giant supermarket. The acquisition, which involves an operating lease plus purchase option, will include a payment of approximately $5.5 million in cash, exclusive of closing costs, above approximately $23,250,000 of first mortgage financing at 5.42% due in 2014. The cash portion of the acquisition price will be funded by draws on the Company's revolving credit facility. The acquisition is subject to due diligence reviews, Board consent and normal closing conditions. Due diligence on the property is expected to be completed on or about July 26, 2005; closing of the transaction is expected to be completed in August. The introducing broker for this transaction is Joseph Mersel of S.L. Nusbaum Realty Co. of Norfolk, Virginia. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which to date owns and operates 58 primarily community supermarket-anchored shopping centers and drug store-anchored convenience centers with approximately 5.7 million square feet of gross leasable area, located in Pennsylvania, New Jersey, Massachusetts, Maryland, New York, Connecticut and Ohio. 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 belief, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, 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 a difference 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; the continuing availability of shopping center acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels; the Company's potential inability to realize the level of proceeds from property sales as initially expected; inherent risks 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, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration of current leases; and the financial flexibility to refinance debt obligations when due. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, President of Cedar Shopping Centers, Inc., +1-516-767-6492

Copyright