PORT WASHINGTON, N.Y., April 26 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR) today announced that its Board of Directors has approved the payment of a dividend of $0.09 per share on the Company's Common Stock, payable on May 20, 2010 to shareholders of record as of the close of business on May 10, 2010.

The annualized dividend rate equates to a yield of 4.5% based upon the closing price of Cedar's stock of $7.96 on April 23, 2010.

Payments at the same rate and at the same time will be made to holders of units of limited partnership interests in Cedar Shopping Centers Partnership L.P., the Operating Partnership of which the Company is the sole general partner ("OP Units").

The Company also announced that the Board has approved payment of a dividend of $0.5546875 per share on the Company's 8 7/8% Series "A" Cumulative Redeemable Preferred Stock, payable on May 20, 2010 to shareholders of record as of the close of business on May 10, 2010.

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 (both wholly-owned and in joint venture) approximately 13 million square feet of GLA at 119 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%.

For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company's website at www.cedarshoppingcenters.com.

SOURCE Cedar Shopping Centers, Inc.