- Maintains 95% Occupancy Level - - Increases Revenues - - Arranges
$100+ Million Joint Venture and Private Placement - - Raises
Guidance For 2009 - PORT WASHINGTON, N.Y., Oct. 28
/PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR)
today reported its financial results for the third quarter, ended
September 30, 2009. Third Quarter Highlights -- Revenues for the
quarter increased 6.3% to $45.9 million as compared to $43.1
million for the comparable quarter of 2008. -- Net income
attributable to common shareholders for the quarter, before certain
non-cash and/or non-recurring items, was $2.7 million ($0.06 per
share). After such items, net income attributable to common
shareholders was $1.3 million ($0.03 per share), as compared to
$3.3 million ($0.07 per share) for the comparable quarter of 2008
(net adjustments for that period were not significant). The
non-cash and/or non-recurring items included an impairment charge,
receipt of insurance proceeds, and expenses related to stock-based
compensation. -- Funds from Operations ("FFO") for the quarter,
before the above-mentioned non-cash and/or non-recurring items, was
$14.2 million ($0.30 per share/OP unit) as compared to $14.3
million ($0.31 per share/OP unit) for the comparable quarter of
2008. After such items, FFO was $13.0 million ($0.28 per share/OP
unit) as compared to $14.4 million ($0.31 per share/OP unit) for
the comparable quarter of 2008. -- Occupancy for the Company's
stabilized portfolio remained at 95%. On an overall basis,
excluding four ground-up development properties, the portfolio was
approximately 92% leased as of September 30, 2009. -- The Company
signed renewal leases aggregating 202,000 square feet at an average
increase in base rents of 7% and signed new leases for 409,000
square feet at an average base rent of $17.24 per square foot;
there were 198,000 square feet of terminated leases at an average
base rent of $4.02 per square foot. Leo Ullman, Cedar's CEO,
stated, "Our financial results for the third quarter again reflect
the continued strength of our Company's "bread and butter",
primarily supermarket-anchored, shopping centers. In accordance
with our business plan, we have been able to maintain solid
occupancy and cash flows. We have delivered, or will soon deliver,
most of our development pipeline, which will start to contribute
meaningfully to our results in 2010 and beyond. "We are very
excited to have arranged a strategic alliance (including a private
placement and joint venture transactions) with RioCan Real Estate
Investment Trust of Toronto, Canada, one of the largest retail real
estate companies in the world. These transactions, as reported
earlier this week, not only provide a very strong capital base for
our Company, but, importantly, will allow us to pursue
opportunities as they emerge in the coming years and to add to
shareholder value. Accordingly, our multi-pronged strategy for
maintaining our financial strength is contributing to an ongoing
reduction in our floating rate debt and in our overall debt."
Financial and Operating Results Results of operations Revenues for
the quarter increased 6.3% to $45.9 million as compared to $43.1
million for the comparable quarter of 2008. Net income attributable
to common shareholders, before certain non-cash and/or
non-recurring items, was $2.7 million ($0.06 per share) as compared
to $3.2 million ($0.07 per share) for the comparable quarter of
2008. Such non-cash and/or non-recurring items resulted in net
income attributable to common shareholders of $1.3 million ($0.03
per share) as compared to $3.3 million ($0.07 per share) for the
comparable quarter of 2008. FFO for the quarter, before the
above-mentioned non-cash and/or non-recurring items, was $14.2
million ($0.30 per share/OP unit) as compared to $14.3 million
($0.31 per share/OP unit) for the comparable quarter of 2008. After
such items, FFO was $13.0 million ($0.28 per share/OP unit) as
compared to $14.4 million ($0.31 per share/OP unit) for the
comparable quarter of 2008. FFO and net income attributable to
common shareholders for the third quarter of 2009 also include
income from two acquisitions made in the first quarter of 2009, and
income from the commencement of operations at several of the
Company's ground-up development properties, but was impacted by
vacancy expenses from the start of re-development at the Shore Mall
property, and, on a same-property basis, higher bad debt expense.
The non-cash and/or non-recurring items included an impairment
charge, receipt of insurance proceeds and expenses related to
stock-based compensation. Revenues for the nine-month period
increased 6.1% to $137.2 million as compared to $129.3 million for
the comparable period of 2008. Net income attributable to common
shareholders, before certain non-cash and/or non-recurring items,
was $8.0 million ($0.18 per share) as compared to $7.5 million
($0.17 per share) for the comparable period of 2008. Such non-cash
and/or non-recurring items resulted in net income attributable to
common shareholders of $5.1 million ($0.11 per share) as compared
to $7.6 million ($0.17 per share) for the comparable period of
2008. FFO for the nine-month period, before the above-mentioned
non-cash and/or non-recurring items, was $41.0 million ($0.90 per
share/OP unit) as compared to $42.4 million ($0.91 per share/OP
unit) for the comparable period of 2008. After such items, FFO was
$39.2 million ($0.83 per share/OP unit) as compared to $42.6
million ($0.92 per share/OP unit) for the comparable period of
2008. The non-cash and/or non-recurring items included termination
of potential acquisitions and development projects, the expensing
of acquisition transaction costs, impairment charges, receipt of
insurance proceeds and expenses related to stock-based
compensation. Net cash flows provided by operating activities were
$9.2 million for the third quarter of 2009 as compared to $11.6
million for the comparable quarter of the prior year. A
reconciliation of net income attributable to common shareholders to
FFO is contained in the table accompanying this release.
Acquisitions and development The Company recognized additional FFO
of $0.6 million, or $0.01 per share, primarily as a result of the
acquisitions of the New London Mall in New London, Connecticut and
San Souci Plaza in California, Maryland in the first quarter of
2009, and $0.3 million, or $0.01 per share, as a result of
commencement of operations late in the third quarter at several
ground-up development properties, principally at Upland Square in
Pottsgrove, Pennsylvania, and Northside Commons in Campbelltown,
Pennsylvania. This was offset by vacancy expenses of $0.9 million,
or $0.02 per share, as a result of commencement of redevelopment
activities at the Shore Mall property, including the purchase of
the former Value City lease (approximately 144,000 square feet of
gross leasable area ("GLA") in a building which the Company intends
to demolish). Occupancy and same-property results Occupancy at
stabilized properties remained at 95%. On an overall basis,
excluding four ground-up development properties, the portfolio was
approximately 92% leased as of September 30, 2009. The Company's
same-property operations, comprising 111 properties, generated
operating results that were generally stable. Same-property
revenues were $38.7 million in the third quarter of 2009 compared
to $38.9 million, excluding the receipt of certain insurance
proceeds in the comparable period of 2008. Same-property net
operating income was $28.7 million in the third quarter of 2009 and
$29.2 million (as similarly adjusted) in the comparable period of
2008. The decrease is due primarily to increased bad debt expense
attributable to in-line locally-owned fitness centers and
personal-care stores. Leasing and Development Activity In the third
quarter of 2009, the Company signed 41 renewal leases totaling
approximately 202,000 square feet of GLA with an average increase
in base rents of 7.0%. The Company signed 26 new leases totaling
approximately 409,000 square feet with an average base rent of
$17.24 per square foot, of which 379,000 square feet, with an
average base rent of $17.35 per square foot, related to new leases
at the Company's ground-up development properties that came into
operation late in the third quarter of 2009. The Company also had
13 terminated leases totaling approximately 198,000 square feet
with an average base rent of $4.02 per square foot, of which
144,000 square feet, with an average base rent of $2.85 per square
foot, related to the Value City lease. The Company has a
development and redevelopment pipeline of approximately $348
million, including four properties that commenced operations late
in the third quarter of 2009. The other seven properties are
expected to be placed into service largely during the remainder of
2009 and continuing into 2010 (apart from the announced
redevelopment of the Shore Mall). As of September 30, 2009, the
Company had spent approximately $264 million of the estimated total
project costs, including $31 million applicable to the Shore Mall
property. It expects to fund the remaining estimated balance of
development costs principally with borrowings under its existing
credit facilities. Balance Sheet Total assets were $1.84 billion at
September 30, 2009 and $1.73 billion at December 31, 2008. The
Company had total debt outstanding of $1.12 billion at September
30, 2009 as compared to $1.01 billion at December 31, 2008. At
September 30, 2009, the Company's fixed-rate debt was approximately
64% of total indebtedness, with a weighted average remaining term
of 5.7 years and a weighted average interest rate of 5.8% per
annum. The Company expects to complete, during the fourth quarter,
an extension of its existing secured revolving stabilized property
credit facility due January 2010. To date, the Company has received
$241 million of commitments. Cedar/RioCan Arrangements As
previously announced, the Company entered into definitive
agreements on October 26, 2009 with RioCan Real Estate Investment
Trust, headquartered in Toronto, Canada (TSX: REI.UN) ("RioCan"),
the second largest owner of shopping center properties in North
America, pursuant to which RioCan will purchase for $40 million
approximately 6.7 million shares at $6.00 per share of the
Company's common stock through a private placement. The Company
will grant to RioCan a warrant exercisable over a two-year period
to purchase an additional approximate 1.4 million common shares at
an exercise price of $7.00 per share. RioCan and the Company have
further agreed to a joint venture arrangement pursuant to which
RioCan will purchase an 80% interest in seven supermarket-anchored
properties, presently owned by the Company, located in
Pennsylvania, Massachusetts and Connecticut. The closings of the
joint venture, subject to lender consents for five of the seven
properties, are expected to be completed by the end of the first
quarter of 2010, which generate approximately $63 million and will
be used to repay/reduce outstanding debt. Further, RioCan and the
Company anticipate purchasing up to $500 million of additional new
properties over a two-year period in the same RioCan (80%) and
Cedar (20%) joint venture format. Financial Guidance The Company
announced an increase in its guidance with respect to FFO for 2009
to a range of $0.95 to $1.02 per share/OP unit. This includes the
expected dilution from the sale of shares to RioCan. In providing
this guidance, it should be noted that there remain several
important variables which provide considerable uncertainty and lack
of clear predictability of financial results for the balance of the
year. They include the following, as previously set forth in our
guidance: -- potentially lower revenues and increased bad debt
expense from tenant lease terminations and renegotiated lease
arrangements, -- increased interest costs attributable to the
renewal of the Company's existing secured revolving stabilized
property credit facility, and -- potential additional write-offs of
development and acquisition costs on projects which may be canceled
or impaired. In addition, the foregoing guidance does not include
the potential impact of mark-to-market costs of the Company's
stock-based compensation. Supplemental Information Package The
Company has issued "Supplemental Financial Information" for the
period ended September 30, 2009 and has filed such information
today as an exhibit to Form 8-K, which will also be available on
the Company's website at http:///www.cedarshoppingcenters.com.
Reference to Form 10-Q Interested parties are urged to review the
Form 10-Q to be filed with the Securities and Exchange Commission
for the quarter ended September 30, 2009, when available, for
further details. The Form 10-Q can also be linked through the
"Investor Relations" section of the Company's website. Investor
Conference Call The Company will host a conference call on
Thursday, October 29, 2009, at 10:00 AM Eastern time to discuss the
third quarter results. The conference call can be accessed by
dialing (888) 389-5988 or (719) 457-2681 for international
participants. A live webcast of the conference call will be
available online on the Company's website at
http://www.cedarshoppingcenters.com/. A replay of the call will be
available from 1:00 PM Eastern time on October 29, 2009, until
midnight Eastern time on November 12, 2009. The replay dial-in
numbers are (888) 203-1112 or, for international callers, (719)
457-0820. Please use passcode 8631425 for the telephonic replay. A
replay of the Company's webcast will be available on the Company's
website for a limited time. 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 http://www.cedarshoppingcenters.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.
Non-GAAP Financial Measures - FFO Funds From Operations ("FFO") is
a widely-recognized non-GAAP financial measure for REITs that the
Company believes, when considered with financial statements
determined in accordance with GAAP, is useful to investors in
understanding financial performance and providing a relevant basis
for comparison among REITs. In addition, FFO is useful to investors
as it captures features particular to real estate performance by
recognizing that real estate has generally appreciated over time or
maintains residual value to a much greater extent than do other
depreciable assets. Investors should review FFO, along with GAAP
net income, when trying to understand an equity REIT's operating
performance. The Company presents FFO because the Company considers
it an important supplemental measure of its operating performance
and believes that it is frequently used by securities analysts,
investors and other interested parties in the evaluation of REITs.
Among other things, the Company uses FFO or an adjusted FFO-based
measure (1) as one of several criteria to determine
performance-based bonuses for members of senior management, (2) in
performance comparisons with other shopping center REITs, and (3)
to measure compliance with certain financial covenants under the
terms of the Company's secured revolving credit facilities. The
Company computes FFO in accordance with the "White Paper" on FFO
published by the National Association of Real Estate Investment
Trusts ("NAREIT"), which defines FFO as net income attributable to
common shareholders (determined in accordance with GAAP), excluding
gains or losses from debt restructurings and sales of properties,
plus real estate-related depreciation and amortization, and after
adjustments for partnerships and joint ventures (which are computed
to reflect FFO on the same basis). FFO does not represent cash
generated from operating activities and should not be considered as
an alternative to net income attributable to common shareholders or
to cash flow from operating activities. FFO is not indicative of
cash available to fund ongoing cash needs, including the ability to
make cash distributions. Although FFO is a measure used for
comparability in assessing the performance of REITs, as the NAREIT
White Paper only provides guidelines for computing FFO, the
computation of FFO may vary from one company to another. The
following table sets forth the Company's calculations of FFO for
the three and nine months ended September 30, 2009 and 2008: Three
months ended Sep 30, Nine months ended Sep 30,
-------------------------- ------------------------- 2009 2008 2009
2008 ---- ---- ---- ---- Net income attributable to common
shareholders $1,447,000 $3,277,000 $5,130,000 $7,613,000 Add
(deduct): Real estate depreciation and amortization 12,671,000
11,921,000 37,655,000 37,321,000 Noncontrolling interests: Limited
partners' interest 66,000 148,000 233,000 347,000 Minority
interests in consolidated joint ventures 332,000 412,000 287,000
1,600,000 Minority interests' share of FFO applicable to
consolidated joint ventures (1,661,000) (1,368,000) (4,131,000)
(4,566,000) Equity in income of unconsolidated joint venture
(260,000) (310,000) (802,000) (682,000) FFO from unconsolidated
joint venture 377,000 360,000 1,113,000 941,000 Gain on sale of
discontinued operations - - (277,000) - ----------- -----------
----------- ----------- Funds From Operations $12,972,000
$14,440,000 $39,208,000 $42,574,000 =========== ===========
=========== =========== FFO per common share (assuming conversion
of OP Units): Basic $0.28 $0.31 $0.83 $0.92 ===== ===== ===== =====
Diluted $0.28 $0.31 $0.83 $0.92 ===== ===== ===== ===== Weighted
average number of common shares: Shares used in determination of
basic earnings per share 45,066,000 44,488,000 45,003,000
44,470,000 Additional shares assuming conversion of OP Units
(basic) 2,014,000 2,019,000 2,016,000 2,026,000 --------- ---------
--------- --------- Shares used in determination of basic FFO per
share 47,080,000 46,507,000 47,019,000 46,496,000 ==========
========== ========== ========== Shares used in determination of
diluted earnings per share 45,066,000 44,490,000 45,003,000
44,472,000 Additional shares assuming conversion of OP Units
(diluted) 2,014,000 2,020,000 2,016,000 2,026,000 ---------
--------- --------- --------- Shares used in determination of
diluted FFO per share 47,080,000 46,510,000 47,019,000 46,498,000
========== ========== ========== ========== CEDAR SHOPPING CENTERS,
INC. Consolidated Balance Sheets September 30, December 31, 2009
2008 ---- ---- (unaudited) Assets Real estate: Land $393,757,000
$378,069,000 Buildings and improvements 1,521,992,000 1,397,508,000
------------- ------------- 1,915,749,000 1,775,577,000 Less
accumulated depreciation (181,045,000) (146,401,000) ------------
------------ Real estate, net 1,734,704,000 1,629,176,000 Real
estate held for sale 2,270,000 8,230,000 Investment in
unconsolidated joint venture 5,412,000 4,976,000 Cash and cash
equivalents 9,526,000 8,231,000 Restricted cash 14,104,000
14,004,000 Rents and other receivables, net 8,156,000 5,818,000
Straight-line rents receivable 16,328,000 14,297,000 Other assets
11,286,000 9,403,000 Deferred charges, net 33,363,000 32,993,000
---------- ---------- Total assets $1,835,149,000 $1,727,128,000
============== ============== Liabilities and equity Mortgage loans
payable $795,476,000 $706,700,000 Mortgage loans payable - real
estate held for sale - 2,283,000 Secured revolving credit
facilities 323,479,000 304,490,000 Accounts payable and accrued
expenses 41,018,000 46,548,000 Unamortized intangible lease
liabilities 54,029,000 61,384,000 ---------- ---------- Total
liabilities 1,214,002,000 1,121,405,000 ------------- -------------
Limited partners' interest in Operating Partnership 14,458,000
14,271,000 Commitments and contingencies - - Equity: Cedar Shopping
Centers, Inc. shareholders' equity: Preferred stock ($.01 par
value, $25.00 per share liquidation value, 12,500,000 shares
authorized, 3,550,000 shares issued and outstanding) 88,750,000
88,750,000 Common stock ($.06 par value, 150,000,000 shares
authorized 45,084,000 and 44,468,000 shares, respectively, issued
and outstanding) 2,705,000 2,668,000 Treasury stock (987,000 and
713,000 shares, respectively, at cost) (9,768,000) (9,175,000)
Additional paid-in capital 578,509,000 576,083,000 Cumulative
distributions in excess of net income (126,959,000) (127,043,000)
Accumulated other comprehensive loss (4,391,000) (7,256,000)
---------- ---------- Total Cedar Shopping Centers, Inc.
shareholders' equity 528,846,000 524,027,000 -----------
----------- Noncontrolling interests: Minority interests in
consolidated joint ventures 68,536,000 58,150,000 Limited partners'
interest in Operating Partnership 9,307,000 9,275,000 ---------
--------- Total noncontrolling interests 77,843,000 67,425,000
---------- ---------- Total equity 606,689,000 591,452,000
----------- ----------- Total liabilities and equity $1,835,149,000
$1,727,128,000 ============== ============== CEDAR SHOPPING
CENTERS, INC. Consolidated Statements of Income (unaudited) Three
months ended Nine months ended September 30, September 30,
------------------ ----------------- 2009 2008 2009 2008 ---- ----
---- ---- Revenues: Rents $37,761,000 $34,879,000 $110,098,000
$103,648,000 Expense recoveries 7,942,000 7,741,000 26,659,000
24,747,000 Other 147,000 511,000 450,000 893,000 ------- -------
------- ------- Total revenues 45,850,000 43,131,000 137,207,000
129,288,000 ---------- ---------- ----------- ----------- Expenses:
Operating, maintenance and management 8,452,000 6,963,000
25,507,000 22,269,000 Real estate and other property- related taxes
5,324,000 4,939,000 16,023,000 14,278,000 General and
administrative 2,521,000 2,649,000 6,813,000 7,163,000 Terminated
projects and acquisition transaction costs - 5,000 3,948,000 5,000
Depreciation and amortization 12,730,000 11,951,000 37,705,000
37,399,000 ---------- ---------- ---------- ---------- Total
expenses 29,027,000 26,507,000 89,996,000 81,114,000 ----------
---------- ---------- ---------- Operating income 16,823,000
16,624,000 47,211,000 48,174,000 Non-operating income and expense:
Interest expense, including amortization of deferred financing
costs (12,728,000) (11,211,000) (36,375,000) (33,810,000) Interest
income 10,000 35,000 28,000 270,000 Equity in income of
unconsolidated joint venture 260,000 310,000 802,000 682,000 Gain
on sale of land parcel - - 236,000 - --- --- ------- --- Total
non-operating income and expense (12,458,000) (10,866,000)
(35,309,000) (32,858,000) ----------- ----------- -----------
----------- Income before discontinued operations 4,365,000
5,758,000 11,902,000 15,316,000 (Loss) income from discontinued
operations (551,000) 48,000 (622,000) 151,000 Gain on sale of
discontinued operations - - 277,000 - --- --- ------- --- Total
discontinued operations (551,000) 48,000 (345,000) 151,000 --------
------ -------- ------- Net income 3,814,000 5,806,000 11,557,000
15,467,000 Less, net income attributable to noncontrolling
interests: Minority interests in consolidated joint ventures
(332,000) (412,000) (287,000) (1,600,000) Limited partners'
interest in Operating Partnership (66,000) (148,000) (233,000)
(347,000) ------- -------- -------- -------- Total net income
attributable to noncontrolling interests (398,000) (560,000)
(520,000) (1,947,000) -------- -------- -------- ---------- Net
income attributable to Cedar Shopping Centers, Inc. 3,416,000
5,246,000 11,037,000 13,520,000 Preferred distribution requirements
(1,969,000) (1,969,000) (5,907,000) (5,907,000) ----------
---------- ---------- ---------- Net income attributable to common
shareholders $1,447,000 $3,277,000 $5,130,000 $7,613,000 ==========
========== ========== ========== Per common share (basic and
diluted) attributable to common shareholders: Continuing operations
$0.04 $0.07 $0.12 $0.17 Discontinued operations (0.01) - (0.01) -
----- --- ----- --- $0.03 $0.07 $0.11 $0.17 ===== ===== ===== =====
Amounts attributable to Cedar Shopping Centers, Inc. common
shareholders, net of limited partners' interest: Income from
continuing operations $1,974,000 $3,231,000 $5,460,000 $7,469,000
Income from discontinued operations (527,000) 46,000 (595,000)
144,000 Gain on sale of discontinued operations - - 265,000 - ---
--- ------- --- Net income $1,447,000 $3,277,000 $5,130,000
$7,613,000 ========== ========== ========== ========== Dividends to
common shareholders $- $10,010,000 $5,046,000 $30,017,000 ===
=========== ========== =========== Per common share $- $0.2250
$0.1125 $0.6750 === ======= ======= ======= Weighted average number
of common shares outstanding 45,066,000 44,488,000 45,003,000
44,470,000 ========== ========== ========== ========== CEDAR
SHOPPING CENTERS, INC. Consolidated Statements of Cash Flows
(unaudited) Nine months ended September 30, ----------------- 2009
2008 ---- ---- Cash flow from operating activities: Net income
$11,557,000 $15,467,000 Adjustments to reconcile net income to net
cash provided by operating activities: Non-cash provisions: Equity
in income of unconsolidated joint venture (802,000) (682,000)
Distributions from unconsolidated joint venture 716,000 634,000
Terminated projects and acquisition transaction costs 3,139,000 -
Gain on sales of real estate (513,000) - Straight-line rents
receivable (2,048,000) (2,136,000) Depreciation and amortization
37,795,000 37,532,000 Amortization of intangible lease liabilities
(10,620,000) (10,377,000) Amortization/market price adjustments
relating to stock- based compensation 1,713,000 2,238,000
Amortization of deferred financing costs 2,410,000 1,227,000
Increases/decreases in operating assets and liabilities: Rents and
other receivables, net (2,338,000) (221,000) Other (4,718,000)
(3,035,000) Accounts payable and accrued expenses (2,098,000)
(204,000) ---------- -------- Net cash provided by operating
activities 34,193,000 40,443,000 ---------- ---------- Cash flow
from investing activities: Expenditures for real estate and
improvements (86,049,000) (71,001,000) Net proceeds from sales of
real estate 3,482,000 - Purchase of consolidated joint venture
minority interests - (17,454,000) Investment in unconsolidated
joint venture (350,000) (1,097,000) Construction escrows and other
(901,000) (755,000) -------- -------- Net cash (used in) investing
activities (83,818,000) (90,307,000) ----------- ----------- Cash
flow from financing activities: Net advances from revolving credit
facilities 18,989,000 84,250,000 Proceeds from mortgage financings
51,588,000 80,947,000 Mortgage repayments (15,753,000) (90,840,000)
Net payments of deferred financing costs (2,821,000) (4,412,000)
Noncontrolling interests: Contributions from consolidated joint
venture minority interests, net 12,212,000 4,260,000 Distributions
to consolidated joint venture minority interests (2,113,000)
(27,000) Redemption of Operating Partnership Units - (122,000)
Distributions to limited partners (229,000) (1,368,000) Preferred
stock distributions (5,907,000) (5,907,000) Distributions to common
shareholders (5,046,000) (30,017,000) ---------- ---------- Net
cash provided by financing activities 50,920,000 36,764,000
---------- ---------- Net increase (decrease) in cash and cash
equivalents 1,295,000 (13,100,000) Cash and cash equivalents at
beginning of period 8,231,000 23,050,000 --------- ---------- Cash
and cash equivalents at end of period $9,526,000 $9,950,000
========== ========== DATASOURCE: Cedar Shopping Centers, Inc.
CONTACT: Cedar Shopping Centers, Inc., Leo S. Ullman, Chairman, CEO
and President, +1-516-944-4525, Web Site:
http://www.cedarshoppingcenters.com/
Copyright
