Cedar Announces Leases at Redevelopment Properties PORT WASHINGTON, N.Y., Jan. 11 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc., a real estate investment trust listed on the New York Stock Exchange (NYSE: "CDR") (the "Company"), today announced that it had entered into new leases at its properties in Hamburg, Pennsylvania (acquired in June 2004) and in Carbondale, Pennsylvania (acquired in April 2004). Both the Carbondale and Hamburg properties were acquired as potential redevelopment properties for the Company and constitute a part of the redevelopment "pipeline" previously announced by the Company. At Hamburg Commons in Hamburg, Pennsylvania, the Company has entered into a lease with Redner's Markets, Inc. for a 56,780 sq. ft. store replacing a vacant former Ames store. Construction on the new store premises has commenced. Cedar had also arranged a lease termination agreement with Food Lion, LLC, which previously occupied a 29,000 sq. ft. store at the center. Leases for the former Food Lion space are expected to be completed in the near future. It is expected that the Redner's store will be completed and open for business by July 1, 2005. The Company also announced that it had concluded leases with Peebles and Dollar Tree for approximately 30,000 sq. ft. in the aggregate of a vacant 50,000 sq. ft. former Ames store at its Carbondale Shopping Center in Carbondale, Pennsylvania. A letter of intent is pending for a portion of the balance. Construction, on both stores has commenced; it is expected that the stores will be delivered in March and April 2005. Cedar Shopping Centers, Inc. is a self-managed real estate investment trust which owns and operates 31 primarily supermarket-anchored shopping centers with approximately 4.9 million square feet of gross leasable area, located in Pennsylvania, New Jersey, Massachusetts, Maryland, and Connecticut. Forward-Looking Statements Certain statements contained in this Press Release may constitute forward- looking statements within the meaning of the securities laws. Such forward- looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general and specific economic and business conditions, which will, among other things, affect demand for rental space, the availability and creditworthiness of prospective tenants, lease rents and the availability of financing; adverse changes in the Company's real estate markets, including, among other things, competition with other companies; risks of real estate development and acquisition; risks of adverse operating results and creditworthiness of current tenants; governmental actions and initiatives; and environmental/safety requirements. Such forward-looking statements speak only as of the date hereof. The Company does not intend, and disclaims any duty or obligation, to update or revise any forward-looking statements set forth in this release to reflect any change in expectations, change in information, new information, future events or circumstances on which such information was based. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, President, Cedar Shopping Centers, Inc., +1-516-767-6492

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