Cedar Shopping Centers Declares Dividends on Common and Preferred Stock
January 26th, 2007 - Category: Real EstateCedar Shopping Centers, Inc. announced that its Board of Directors has approved the payment of a dividend of $0.225 per share of the Company’s Common Stock, payable on February 20, 2007 to shareholders of record as of the close of business on February 9, 2007.
It is expected that the dividend will be continued at the same rate for 2007, reflecting an annualized dividend rate of $0.90 per share. The annualized dividend rate equates to a yield of 5.6% based upon the closing price of Cedar’s stock on January 24, 2007.
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 February 20, 2007 to shareholders of record as of the close of business on February 9, 2007.
About Cedar Shopping Centers, Inc.
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 98 of such primarily supermarket- and drug store- anchored centers with an aggregate of approximately 10.1 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.
Source: Cedar Shopping Centers, Inc.
