In the news release, Cedar Announces Tax Allocations of 2008 Dividend Distributions, issued 20-Jan-2009 by Cedar Shopping Centers, Inc. over PR Newswire, we are advised by the company that the first paragraph, first sentence, should read "Cedar Shopping Centers, Inc. (NYSE: CDR - CUSIP #150602209) today announced that the tax allocations for its 2008 dividend distributions with respect to the Company's common shares represent 54.84% ordinary income and 45.16% (non-taxable) return of capital" rather than "...common shares represent 48.08% ordinary income and 51.92% (non-taxable) return of capital" as originally issued inadvertently. The complete, corrected release follows:

Cedar Announces Tax Allocations of 2008 Dividend Distributions

PORT WASHINGTON, N.Y., Jan. 20 /PRNewswire-FirstCall/ -- Cedar Shopping Centers, Inc. (NYSE: CDR - CUSIP #150602209) today announced that the tax allocations for its 2008 dividend distributions with respect to the Company's common shares represent 54.84% ordinary income and 45.16% (non-taxable) return of capital. All dividends with respect to shares of common stock were non-qualified. The allocations for dividend distributions on the shares of common stock for 2008 are based on annual dividend distributions of $0.90 per share.

With respect to dividends paid on the Company's 8-7/8% Series A Cumulative Redeemable Preferred Stock, all such dividends were taxable and non-qualified.

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 supermarket-anchored shopping centers in nine mid-Atlantic and New England states. The Company has realized significant growth in assets and has completed a number of developments and redevelopments of retail properties since its public offering in October 2003. The Company presently owns and operates approximately 12.1 million square feet of gross leasable area at 121 shopping center properties, of which approximately 75% are anchored by supermarkets and drug stores with average remaining lease terms of approximately 11 years. The Company also owns a substantial pipeline of development properties as well as approximately 406 acres in primarily unimproved development parcels.

SOURCE Cedar Shopping Centers, Inc.