- Credit Facility To Be Increased To $285 Million - PORT WASHINGTON, N.Y., Dec. 22 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) today announced that it had entered into a definitive agreement, having completed due diligence, with respect to the purchase of the Towne Square Shopping Center in Temple, Pennsylvania. This represents the first new property to be acquired with RioCan in the joint venture entered into by RioCan (80%) and Cedar (20%) announced on October 26, 2009. The 127,636 square foot Towne Square Plaza in Temple, Pennsylvania, is located four miles north of Reading, Pennsylvania, 36 miles north of Allentown, Pennsylvania and 68 miles west of Philadelphia. The property, which is 98% leased, and which was completed as a ground-up development in 2008, is anchored by a 73,300 square foot Giant Food Stores supermarket with a (ground) lease expiring in 2028 (plus options), as well as A.C. Moore, with a 21,600 square foot store (to October 2018), PetSmart, with a 20,100 square foot store (to January 2019) and Affinity Bank on an outparcel. Other (in-line) tenants include Verizon, Five Guys Burgers, Super Cuts and a Giant fuel facility, also on an outparcel. Subject to consents and substantial site work, the property includes a potential additional development parcel. The property is shadow-anchored by a one-year-old free-standing Target store on a separately-owned parcel. The purchase price, including estimated closing costs and adjustments, will be approximately $19.3 million, representing a cost of approximately $148 per square foot. The property will be acquired free and clear. The joint venture partners contemplate property-specific financing on the property as soon as reasonably practicable. The purchase price will be funded by Cedar from its recently-renewed credit facility for stabilized properties, and by RioCan from available cash flow. Closing is expected within thirty days. The Company also announced that TD Bank, N.A. has committed to participate in the Company's secured revolving credit facility for stabilized properties in an amount of $20 million. That facility, which, closed on November 10, 2009 in the amount of $265 million, will now be expanded to $285 million. The facility matures as of January 31, 2012, with a one-year extension at Cedar's election, subject to certain lender approvals and compliance with covenants. The accordion feature of the facility remains unchanged at $400 million. Leo S. Ullman, Cedar's CEO, stated, "Towne Square Plaza is a very fine property, being acquired at an attractive price, which features long leases with excellent anchors, a Giant supermarket performing well in an area that features excellent traffic. The center also features a roster of virtually entire creditworthy tenants. "With the attractive in-going yield, coupled with the opportunity to place excellent financing on the property, the parties will be looking for a double-digit return. This property meets the parties' desire for strong properties while contributing to an excellent grade "A" portfolio. "The commitment of TD Bank to our credit facility, which is greatly appreciated, will potentially further increase our availability and enhance our ability to expand our portfolio with similar quality properties." About Cedar Shopping Centers, Inc. 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 122 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/. About RioCan RioCan is Canada's largest real estate investment trust with a total capitalization of approximately CDN$7.8 billion as at September 30, 2009. It owns and manages Canada's largest portfolio of shopping centres with ownership interests in a portfolio of 253 retail properties, including 13 under development, containing an aggregate of over 60 million square feet. For further information, please refer to RioCan's website at http://www.riocan.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. DATASOURCE: Cedar Shopping Centers, Inc. CONTACT: Leo S. Ullman, Chairman, CEO and President, Cedar Shopping Centers, Inc., +1-516-944-4525, Web Site: http://www.cedarshoppingcenters.com/ http://www.riocan.com/

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