PORT WASHINGTON, N.Y., July 23 /EMWNews/ -- Cedar Shopping

Centers, Inc. (NYSE: CDR) today announced that its Board of Directors has

approved the payment of a dividend of $0.225 per share on the Company's

Common Stock, payable on August 20, 2008 to shareholders of record as of

the close of business on August 8, 2008.



    The annualized dividend rate equates to a yield of 7.6% based upon the

closing price of Cedar's stock on July 22, 2008.



    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 August 20, 2008 to

shareholders of record as of the close of business on August 8, 2008.

    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 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 119 properties aggregating

approximately 12 million square feet of gross leasable area. The Company

also owns a substantial pipeline of development properties as well as

approximately 382 acres of generally unimproved land held primarily for

ground-up development projects.