Cedar Reaches Agreement on Sale of Substantially All of Its Ohio Properties for $45M

Cedar Shopping Centers, Inc. CDR today announced that it has executed agreements for the sale of 17 properties, all located in Ohio, of which 14 are anchored by Discount Drug Mart. The aggregate sales price for the 17 properties is approximately $45 million subject to approximately $30 million of existing financing. As a result of these transactions, Cedar will have substantially withdrawn from Ohio. Its remaining investment is limited to three single tenant net-leased national drug stores with self-amortizing debt. As previously disclosed, the Company included 14 of the 17 properties as "held for sale" at the end of the fourth quarter of 2010, taking an impairment of approximately $30 million for those properties. The transaction announced today, involving three additional properties, will result in an additional impairment in the first quarter of 2011 of approximately $3 million.