Cedar Shopping Centers Raising Up To $1 Billion (CDR)
November 17, 2008 by Douglas A. McIntyre
Cedar Shopping Centers, Inc. (NYSE CDR) has filed to sell up to $1 billion in mixed securities via a public offering of securities. It can sell any combination of common stock, preferred stock, depositary shares, warrants, stock purchase contracts and units.
The proceeds from the sale of these securities will be used for generalcorporate purposes. This may include the repayment of existing debt,the development or acquisition of additional properties, and therenovation, expansion and improvement of its existing properties.
Cedar shares have been performing poorly along with other REITs this year. The company’scommon stock closed down over 4% today at $6.33, and its 52-weektrading range was $6.57 to $14.02. Its market cap is $277 million as of today’s close, although we would point out thatit does have listed public shares of preferred stock which trade onthe NYSE.
Jon C. Ogg
November 17, 2008
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