PORT WASHINGTON, N.Y., Dec. 11 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. today announced the commencement of a public offering of 7,500,000 shares of its common stock, par value $0.06 per share. Cedar intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 1,125,000 shares of its common stock to cover over-allotments, if any. Citigroup and Banc of America Securities LLC are the joint book-running managers for the offering and Raymond James is sole lead manager. Stifel Nicolaus & Company, Cantor Fitzgerald LLP and Ferris Baker Watts are co-managers for the offering.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state.
A prospectus relating to the offering may be obtained from Citigroup Global Markets Inc., 388 Greenwich Street, New York, NY 10013 or Banc of America Securities LLC, Capital Markets (Prospectus Fulfillment), by e-mail to
About Cedar Shopping Centers
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 96 of such primarily supermarket- and drug store- anchored centers with an aggregate of approximately 10 million square feet of gross leasable area, located in nine states, predominantly in the Northeast and mid-Atlantic regions. The Company also owns 12 development parcels aggregating approximately 195 acres and has entered into purchase agreements for an additional 143 acres within the same geographic area.
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.
