- $265 Million Facility - - Extension to January 2012, Plus One-Year Option - PORT WASHINGTON, N.Y., Nov. 10 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE:CDR) today announced that it has closed on the renewal of a secured revolving credit facility in the amount of $265 million. The facility is for a two-year period ending January 31, 2012, with a one-year extension at Cedar's option, subject to compliance and loan covenants. The facility also has an accordion feature permitting expansion to $400 million, subject to collateral and lender commitments. The interest rate on the loan is LIBOR with a floor of 200 basis points ("bps") plus 3.5%. The facility is presently secured by 35 properties. As of today, the Company has drawn approximately $194 million under the facility. The renewed facility reflects a continuation of covenants under the existing facility, with certain adjustments, including, without limitation, availability measured by 67.5% of appraised values of stabilized properties included in the collateral pool. Larry Kreider, the Company's CFO, stated, "We are delighted with the extension of the credit facility for our stabilized properties. We have previously noted that we have no further debt maturities in 2009 and only approximately $9 million of maturities in 2010. In 2011, other than (i) the credit facility for our development properties, (ii) the syndicated construction loan on our Upland joint venture development (both subject to one-year extensions), and (iii) mortgages on two properties which we expect to place in previously-announced joint ventures with RioCan, we have only one maturing loan, involving an amount of approximately $21 million. "The availability under this newly-extended stabilized credit facility, coupled with the availability under our credit facility for development properties, provide to our Company the ability to seek acquisitions of additional attractive properties, especially in the context of our joint venture arrangements with RioCan, the proceeds of which will further reduce the amounts drawn under our credit facilities. This will also permit us to continue to execute on our development pipeline." Joint lead arrangers for the credit facility are Bank of America Securities, LLC, KeyBank National Association, Manufacturers and Traders Trust Company and Regions Capital Markets. Other members of the syndicated facility include Raymond James Bank, FSB, Bank of Montreal, Citizens Bank of Pennsylvania and Royal Bank of Canada. 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. 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/

Copyright