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Port Washington shopping center company offers stock

Port Washington-based Cedar Shopping Centers Inc., a real estate investment trust operating more than 100 properties, has initiated a public offering of 7.5 million shares of common stock, the company said Monday.

Cedar operates several shopping centers in New York State - including the 200,000 square foot Carman's Plaza shopping center in Massapequa, anchored by a Pathmark supermarket.

Cedar's other centers, anchored with stores such as Walmart, CVS, Family Dollar and Stop & Shop, are in Connecticut, Maryland, Massachusetts, Michigan, Ohio, Michigan, Pennsylvania and Virginia.

Cedar's first public offering was in October 2003. It is traded on the New York Stock Exchange.

The company said it will use the income from the stock sale to reduce its level of revolving credit debt, to fund acquisitions, development and redevelopment activities, capital expenditures, mortgage repayments, dividend distributions, working capital and other general corporate purposes.

KeyBanc Capital Markets and Raymond James are the joint book-running managers for the offering. Morgan Keegan & Co., Inc., RBC Capital Markets, and BMO Capital Markets are co-managers for the offering.

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