PORT WASHINGTON, N.Y., June 12 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc., today announced that the Court of Common Pleas of Philadelphia County, Pennsylvania in a case entitled Academy Plaza L.L.C. 1, et al., vs. Bryant Asset Management, et al. awarded to the Company as Plaintiff, a verdict of $1.7 million in connection with the Company's purchase in October 2001 of the Academy Plaza (Philadelphia, PA), Port Richmond Village (Philadelphia, PA) and Washington Center Shoppes (Sewell, NJ) plus legal fees yet to be determined. The lawsuit related to the rent rolls and consequent determination of the purchase price for the three properties. The award is subject to post trial motions.
About Cedar Shopping Centers, Inc.
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 and shareholder value since its public offering in October 2003. The Company presently owns and operates 85 of such primarily supermarket- and drug store-anchored centers with an aggregate of approximately 9 million square feet of gross leasable area, located in nine states, predominantly in the Northeast and mid-Atlantic regions.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking statements within the meaning of the securities laws. 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. 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.
