Shares of Cedar Shopping Centers Inc. on Wednesday were among the ten stocks with the highest percentage daily decrease on the New York Stock Exchange.
Cedar fell 4.4 percent to $5.22. The Port Washington real estate investment trust specializes in supermarket-anchored shopping centers.
The share price drop came on the same day as Cedar's announcement that it was raising $67.1 million in capital through an offering of 2.85 million shares of 8 7/8% Series A Cumulative Redeemable Preferred Stock, pursuant to a shelf registration, at $24.50 per share.
Also this week, Cedar agreed to buy five — and possibly two more — out-of-state shopping centers as part of a joint purchase plan with a Canadian partner. The deal is worth at least $134 million. The shopping centers, mostly anchored by large grocery stores, are in Pennsylvania, New Jersey and Virginia.
Above left, a trader on the floor of the New York Stock Exchange this week.
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