EXHIBIT 99.1
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CEDAR SHOPPING CENTERS, INC. [LOGO]
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PRESS RELEASE
Contact: The Ruth Group
Cedar Shopping Centers Investors:
Leo Ullman, Stephanie Carrington / Guy Gresham
Chairman, President & CEO (646) 536-7017 / 7028
lsu@cedarshoppingcenters.com scarrington@theruthgroup.com
ggresham@theruthgroup.com
Media:
Jason Rando
(646) 536-7025
jrando@theruthgroup.com
CEDAR SHOPPING CENTERS ANNOUNCES THIRD QUARTER 2005 RESULTS
Port Washington, New York - October 31, 2005 - Cedar Shopping Centers, Inc.
(NYSE: CDR), today reported net income for the quarter ended September 30, 2005.
THIRD QUARTER 2005 HIGHLIGHTS
- -----------------------------
o NET INCOME APPLICABLE TO COMMON SHAREHOLDERS WAS $1.6 MILLION ($0.06 PER
SHARE) UP 35% FROM $1.2 MILLION ($0.07 PER SHARE) FOR THE SAME PERIOD LAST
YEAR BASED ON INCREASED WEIGHTED AVERAGE SHARES OUTSTANDING.
o QUARTERLY REVENUES WERE $20.6 MILLION, UP 65% FROM $12.5 MILLION FOR THE
THIRD QUARTER OF 2004.
o FUNDS FROM OPERATIONS ("FFO") WERE $7.2 MILLION ($0.27 PER SHARE/UNIT), UP
96.1%, COMPARED TO $3.7 MILLION ($0.22 PER SHARE/UNIT) FOR THE THIRD QUARTER
OF 2004.
o TOTAL ASSETS INCREASED TO $821.9 MILLION COMPARED TO $537.2 MILLION AT
DECEMBER 31, 2004.
o PORTFOLIO OCCUPANCY WAS APPROXIMATELY 90%; EXCLUDING THE REDEVELOPMENT AND
OTHER NON-STABILIZED PROPERTIES, THE OCCUPANCY LEVEL WAS APPROXIMATELY 96%.
FINANCIAL AND OPERATING RESULTS
- -------------------------------
Cedar reported total revenue for the third quarter of 2005 of $20.6 million as
compared to $12.5 million for the third quarter of 2004, an increase of 65%.
Net income for the third quarter of 2005 was $3.6 million, compared to $2.1
million for the third quarter of 2004. Net income applicable to common
shareholders for the quarter ended September 30, 2005 was $1.6 million, or $0.06
per share, compared to $1.2 million, or $0.07 per share. The weighted average
number of shares of common stock outstanding during the third quarter 2005 was
25.4 million compared to 16.5 million during the corresponding quarter of 2004.
Funds from operations ("FFO") for the third quarter of 2005 increased to $7.2
million ($0.27 per share/unit) from $3.7 million ($0.22 per share/unit) for the
corresponding quarter of 2004. The average number of shares of common stock/OP
units outstanding during the third quarter of 2005 was 27.0 million compared to
16.9 million during the corresponding quarter of 2004.
Net cash flows provided by operating activities increased to $16.6 million for
the period ended September 30, 2005 compared to $10.7 million for the
corresponding period of 2004.
The Company's total assets as of September 30, 2005 were $821.9 million compared
to $537.2 million as of December 31, 2004.
As of September 30, 2005, the Company's fixed-rate mortgages were $272.0
million. Variable-rate mortgages, including borrowings under the Company's
secured revolving credit facility at $60.4 million, were $98.4 million. Total
debt was $370.4 million, or 45.1% of the Company's assets. The Company's
pro-rata share of total debt was $334.3 million, or 38.8% of its total market
capitalization.
The Company's total revenues for the nine months ended September 30, 2005
increased 48.9% to $54.1 million from $36.4 million for the same period in 2004.
The Company's net income for the nine months ended September 30, 2005 was $9.7
million, compared to $5.4 million for the same period in 2004. Net income
applicable to common shareholders for the nine months ended September 30, 2005
was $4.5 million, or $0.20 per share/unit, compared to $4.5 million, or $0.27
per share/unit, for the same period last year. The weighted average number of
shares of common stock outstanding during the nine months ending September 30,
2005 was 22.3 million compared to 16.5 million during the corresponding period
of 2004.
FFO for the nine months ended September 30, 2005 was $17.6 million ($0.75 per
share/unit) compared with $11.3 million ($0.67 per share/unit) for the
corresponding period of 2004. The average number of shares of common stock/OP
units outstanding during the nine months ended September 30, 2005 was 23.4
million compared to 16.9 million during the corresponding period of 2004.
Leo Ullman, CEO of Cedar, stated, "We are pleased to report on the Company's
continued ability to acquire attractive shopping center properties and
opportunistic development and redevelopment properties. We have delivered
continued growth in revenues, FFO and assets. The year should conclude with more
than $500 million in acquisitions. In 2006, our strategy will be focused
primarily on delivering development and redevelopment opportunities."
Tom O'Keeffe, CFO, noted, "Our third quarter results are generally consistent
with our previous estimates although we anticipate running at a slightly lower
level for the full year as a result of our 10.35 million common share offering
in August. The forward portion of that offering, consisting of 4.35 million
shares of common stock, has not been taken down as of the end of this quarter
and, due to continuing substantial availability under our credit facility, may
not be taken down, even by year end. Accordingly, our financial statements do
not yet fully reflect the additional shares or the acquisition properties that
those shares are intended to finance."
PROPERTY PORTFOLIO
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The Company, as of this date, has a portfolio of 74 shopping center properties,
mostly supermarket-anchored community centers, located in nine states, with
approximately 7.4 million square feet of GLA. During the third quarter the
Company acquired fourteen properties for approximately $148.8 million, including
closing costs, representing approximately 1.2 million sq. ft of GLA. The Company
expects to conclude additional acquisitions during the balance of the year.
NEW LEASES
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Annual base rents, excluding tenant reimbursements, for leases that have been
signed and from which revenues have not yet commenced, amounted to approximately
$3.3 million at September 30, 2005. Revenues from these leases are expected to
commence on the following schedule:
December 31, 2005 $ 1,361,000
March 31, 2006 245,000
June 30, 2006 1,025,000
December 31, 2006 641,000
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$ 3,272,000
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After giving effect to such new leases, the occupancy rate for the portfolio of
properties held as of September 30, 2005 would have increased from 90% to
approximately 93%.
REDEVELOPMENT AND DEVELOPMENT ACTIVITIES
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The Company's development properties include the following:
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PROPERTY SQUARE FOOTAGE PURCHASE PRICE APPROXIMATE DESCRIPTION
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REDEVELOPMENT COSTS
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- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Camp Hill Shopping 419,000 sq. ft. $17.9 million $39.5 million Complete "de-malling" and
Center, Camp Hill, PA [$25.9 million redevelopment; new 93,000+ sq. ft.
expended through Giant has been delivered; OIP
9/30/05] building will be delivered 1Q06;
L.A. Fitness pad will be
delivered early 2Q06.
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Huntingdon Plaza, 151,000 sq. ft. $5.1 million $1.8 million Re-tenanting balance of former
Huntingdon, PA Ames and former Bi-Lo supermarket
space.
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- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Hamburg Commons, 99,000 sq. ft. $5.8 million $4.1 million Redner's supermarket in former
Hamburg, PA [$3.0 million Ames store has been delivered;
expended through leases for a mini-department
9/30/05] store and a dollar store in
former Food Lion space will be
delivered in 1Q06.
- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Meadows Marketplace, 91,000 sq. ft. $1.9 million $9.0 million 66,000 sq. ft. Giant supermarket
Hershey, PA [$5.8 million has been delivered 4Q05;
expended through balance will also be delivered
9/30/05] 4Q05.
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- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Dunmore Shopping 101,000 sq. ft. $2.8 million $10.0 million This property is presently
Center, Dunmore, PA approximately 66% leased;
complete demolition and
redevelopment to be completed
within next 36 months.
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- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Value City Shopping 117,000 sq. ft. $993,000 $1.6 million 31,000 sq. ft. to be leased by
Center, Wyoming, MI 4Q06.
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- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
*Columbia Mall, 408,000 sq. ft. $14.0 million $20-25 million Re-tenanting and redevelopment
Bloomsburg, PA expected to be completed by
4Q07.
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Halifax Plaza 54,000 sq. ft. $901,000 $4.4 million Purchase of adjacent parcel for
Expansion, Halifax, PA potential new Giant supermarket,
plus associated retail; service
station.
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Lake Raystown Plaza, 84,000 sq. ft. $7.9 million $7.5 million Construction of new +/-65,000
Huntingdon, PA sq. ft. Giant supermarket
adjacent to existing center.
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- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
Newport Plaza, 67,000 sq. ft. $6.6 million $1.6 million Expansion of existing Giant
Newport, PA supermarket and related retail.
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**Halifax Plaza, 21,000 sq. ft. $600,000 $2.8 million Purchase of 3+ acre parcel for
Halifax, PA a new Rite Aid drug store and
associated retail.
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*Acquired subsequent
to 9/30/05.
- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
**Land has been
optioned.
- ------------------------ ---------------- ----------------------- ----------------------- ---------------------------------
SUBSEQUENT ACQUISITION ACTIVITIES
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Subsequent to September 30, 2005, the Company completed the following
acquisitions:
o On October 7, the Company purchased the Columbia Mall in Bloomsburg,
Pennsylvania, a 408,000 sq. ft. covered internal mall property, for
approximately $14 million, exclusive of closing costs and adjustments. The
purchase was funded from the Company's secured revolving credit facility.
The property is anchored by a 64,000 sq. ft. Sears, a 45,000 sq. ft. Bon Ton
and a 34,000 sq. ft. J.C. Penney. The property is a candidate for
redevelopment and it has a substantial vacancy (+/- 100,000 sq. ft.)
attributable primarily to a vacant former Ames store.
o On October 27, 2005, the Company purchased the Pennsboro Commons Shopping
Center in Enola, Pennsylvania, a 110,000 sq. ft. Giant supermarket-anchored
community shopping center, for approximately $17.75 million plus closing
costs and adjustments. The Giant supermarket represents more than 66,000 sq.
ft. of the center's GLA; its lease extends to 2019, exclusive of options.
The purchase was funded from the Company's secured revolving credit
facility.
FINANCING ACTIVITIES
- --------------------
On August 17, 2005, the Company completed a marketed underwritten secondary
public offering of 10,350,000 shares of common stock, which will result in net
proceeds of approximately $141 million. The offering included a forward
component of 4,350,000 shares from which the Company can draw the net proceeds
in whole or in part at any time through August 2006. The initial net proceeds to
the Company on the 6,000,000 shares not affected by the forward sale component,
after underwriting fees and offering costs, were approximately $82.9 million,
substantially all of which were used to reduce borrowings under the Company's
revolving credit facility.
GUIDANCE
- --------
The Company expects FFO for 2005 to be in the range of $1.07 - $1.10 per
share/unit, and expects to issue guidance for 2006 during the fourth quarter of
this year. These forward-looking projections are subject to uncertainties with
respect to acquisitions, development and redevelopment activities, leasing
activities, the timing of the forward sale component of the August 2005
offering, and short-term interest rates.
Interested parties are urged to review the Form 10-Q filed with the Securities
and Exchange Commission for the quarter ended September 30, 2005 for further
details.
DISTRIBUTIONS
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The Board of Directors has approved payment of a dividend of $0.225 (22.5 cents)
per share/unit on the Company's Common Stock, payable on November 21, 2005 to
shareholders of record as of the close of business on November 11, 2005.
The Board also approved payment of a dividend of $0.5546875 (55.46875 cents) per
share on the Company's 8 7/8% Series "A" Cumulative Redeemable Preferred Stock,
payable on November 21, 2005 to shareholders of record as of the close of
business on November 11, 2005.
INVESTOR CONFERENCE CALL
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The Company will host a conference call on Tuesday, November 1, 2005, at 4:00 PM
(EST) to discuss third quarter results. The U.S. dial-in number to call for this
teleconference is (866) 831-6267. The international dial-in number is (617)
213-8857; all callers should use participant passcode 80313871 when dialing in.
A replay of the conference call will be available from November 2nd at 9:00 AM
through November 15th at 5:00 PM by using U.S. dial-in number (888) 286-8010 and
entering the passcode 87328310 (international callers may use dial-in number
(617) 801-6888 and use the same passcode indicated for U.S. callers). A live
webcast of the conference call will be available online on the Company's
corporate website at www.cedarshoppingcenters.com.
ABOUT CEDAR SHOPPING CENTERS, INC.
- ----------------------------------
Cedar Shopping Centers, Inc., with headquarters in Port Washington, New York, is
a fully-integrated, self-administered and self-managed real estate investment
trust ("REIT") listed on the New York Stock Exchange. Its investments, which
total approximately 7.4 million sq. ft. of GLA, are focused primarily in
multi-tenant supermarket-anchored shopping centers in Pennsylvania (34), Ohio
(18), Virginia (6), Maryland (4), Connecticut (3), New York (3), Massachusetts
(2), Michigan (2) and New Jersey (2).
FORWARD-LOOKING STATEMENTS
- --------------------------
Certain statements contained in this press release constitute forward-looking
statements within the meaning of the securities laws. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements of the Company
to be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general and specific economic and business
conditions, which may, among other things, affect demand for rental space, the
availability and creditworthiness of prospective tenants, lease rents and the
availability of financing; adverse changes in the Company's real estate markets,
including, among other things, competition with other companies; risks of real
estate development and acquisition; risks of adverse operating results and
creditworthiness of current tenants; governmental actions and initiatives; and
environmental/safety requirements. Such forward-looking statements speak only as
of the date hereof. The Company does not intend, and disclaims any duty or
obligation, to update or revise any forward-looking statements set forth in this
release to reflect any change in expectations, change in information, new
information, future events or circumstances on which such information was based.
NON-GAAP FINANCIAL MEASURES - FFO
- ---------------------------------
Funds From Operations ("FFO") is a widely-recognized measure of REIT
performance. The Company computes FFO in accordance with the "White Paper" on
FFO published by the National Association of Real Estate Investment Trusts
("NAREIT"), which defines FFO as net income applicable to common shareholders
(determined in accordance with GAAP), excluding gains or losses from debt
restructurings and sales of properties, plus depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures.
Adjustments for unconsolidated partnerships and joint ventures are computed to
reflect FFO on the same basis. In computing FFO, the Company does not add back
to net income applicable to common shareholders the amortization of costs
incurred in connection with its financing or hedging activities, or depreciation
of non-real estate assets, but does add back to net income applicable to common
shareholders those items that are defined as "extraordinary" under GAAP. FFO
does not represent cash generated from operating activities in accordance with
GAAP and should not be considered as an alternative to net income applicable to
common shareholders (determined in accordance with GAAP) as an indication of the
Company's financial performance or to cash flow from operating activities
(determined in accordance with GAAP) as a measure of liquidity. Since the NAREIT
White Paper only provides guidelines for computing FFO, the computation of FFO
may vary from one company to another. FFO is not necessarily indicative of cash
available to fund ongoing cash needs.
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THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------- --------------------------------
2005 2004 2005 2004
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Net income applicable to common
shareholders $ 1,636,000 $ 1,208,000 $ 4,456,000 4,454,000
Add (deduct):
Depreciation and amortization 5,624,000 2,671,000 13,525,000 7,369,000
Limited partners' interest 224,000 33,000 338,000 122,000
Minority interests 307,000 274,000 950,000 858,000
Minority interests' share of FFO (554,000) (495,000) (1,678,000) (1,490,000)
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Funds from operations $ 7,237,000 $ 3,691,000 $ 17,591,000 $ 11,313,000
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FFO per common share (assuming
conversion of OP Units) $ 0.27 $ 0.22 $ 0.75 $ 0.67
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Average number of common shares:
Shares used in determination of
earnings per share 25,390,000 16,456,000 22,305,000 16,456,000
Additional shares assuming conversion
of OP Units 1,578,000 454,000 1,088,000 449,000
-------------------------------- --------------------------------
Shares used in determination of
FFO per share 26,968,000 16,910,000 23,393,000 16,905,000
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CEDAR SHOPPING CENTERS, INC.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30,
2005 DECEMBER 31,
(UNAUDITED) 2004
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Assets
Real estate:
Land $ 146,248,000 $ 97,617,000
Buildings and improvements 657,544,000 423,735,000
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803,792,000 521,352,000
Less accumulated depreciation (28,275,000) (16,027,000)
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Real estate, net 775,517,000 505,325,000
Cash and cash equivalents 10,690,000 8,457,000
Cash at joint ventures and restricted cash 6,364,000 7,105,000
Rents and other receivables, net 7,984,000 4,483,000
Other assets 6,988,000 2,379,000
Deferred charges, net 14,325,000 9,411,000
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Total assets $ 821,868,000 $ 537,160,000
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Liabilities and shareholders' equity
Mortgage loans payable $ 309,997,000 $ 180,430,000
Secured revolving credit facility 60,400,000 68,200,000
Accounts payable, accrued expenses, and other 11,762,000 9,012,000
Unamortized intangible lease liabilities 25,576,000 25,227,000
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Total liabilities 407,735,000 282,869,000
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Minority interests 12,403,000 11,995,000
Limited partners' interest in Operating Partnership 20,488,000 6,542,000
Shareholders' equity:
Preferred stock ($.01 par value, $25.00 per share
liquidation value, 5,000,000 shares authorized,
3,550,000 and 2,350,000 shares issued and outstanding) 88,750,000 58,750,000
Common stock ($.06 par value, 50,000,000 shares
authorized, 28,509,000 and 19,351,000 shares issued
and outstanding) 1,711,000 1,161,000
Treasury stock (440,000 and 339,000 shares, at cost) (5,360,000) (3,919,000)
Additional paid-in capital 342,320,000 215,271,000
Cumulative distributions in excess of net income (45,113,000) (35,139,000)
Accumulated other comprehensive income (loss) 73,000 (165,000)
Unamortized deferred compensation plans (1,139,000) (205,000)
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Total shareholders' equity 381,242,000 235,754,000
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Total liabilities and shareholders' equity $ 821,868,000 $ 537,160,000
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CEDAR SHOPPING CENTERS, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTHS ENDED SEPTEMBER 30, NINE MONTHS ENDED SEPTEMBER 30,
-------------------------------- ---------------------------------
2005 2004 2005 2004
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Revenues:
Rents $ 16,386,000 $ 10,087,000 $ 42,920,000 $ 28,835,000
Expense recoveries 4,011,000 2,253,000 10,902,000 7,188,000
Other 154,000 107,000 298,000 335,000
-------------- -------------- --------------- --------------
Total revenues 20,551,000 12,447,000 54,120,000 36,358,000
-------------- -------------- --------------- --------------
Expenses:
Operating, maintenance and management 3,661,000 2,349,000 10,233,000 7,746,000
Real estate and other property-related taxes 1,961,000 1,363,000 5,351,000 3,707,000
General and administrative 1,317,000 706,000 3,483,000 2,333,000
Depreciation and amortization 5,643,000 2,911,000 13,574,000 7,978,000
-------------- -------------- --------------- --------------
Total expenses 12,582,000 7,329,000 32,641,000 21,764,000
-------------- -------------- --------------- --------------
Operating income 7,969,000 5,118,000 21,479,000 14,594,000
Non-operating income and expense:
Interest expense (3,517,000) (2,462,000) (9,798,000) (7,561,000)
Amortization of deferred financing costs (335,000) (247,000) (771,000) (736,000)
Interest income 19,000 17,000 51,000 48,000
-------------- -------------- --------------- --------------
Total non-operating income and expense (3,833,000) (2,692,000) (10,518,000) (8,249,000)
-------------- -------------- --------------- --------------
Income before minority and limited partners'
interests 4,136,000 2,426,000 10,961,000 6,345,000
Minority interests (307,000) (274,000) (950,000) (858,000)
Limited partners' interest (224,000) (33,000) (338,000) (122,000)
-------------- -------------- --------------- --------------
Net income 3,605,000 2,119,000 9,673,000 5,365,000
Preferred distribution requirements (1,969,000) (911,000) (5,217,000) (911,000)
-------------- -------------- --------------- --------------
Net income applicable to common shareholders $ 1,636,000 $ 1,208,000 $ 4,456,000 $ 4,454,000
============== ============== =============== ==============
Per common share (basic and diluted) $ 0.06 $ 0.07 $ 0.20 $ 0.27
============== ============== =============== ==============
Dividends to common shareholders $ 5,049,000 $ 3,703,000 $ 14,430,000 $ 10,038,000
============== ============== =============== ==============
Per common share $ 0.225 $ 0.225 $ 0.675 $ 0.610
============== ============== =============== ==============
Average number of common shares outstanding 25,390,000 16,456,000 22,305,000 16,456,000
============== ============== =============== ==============
CEDAR SHOPPING CENTERS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED SEPTEMBER 30,
------------------------------------
2005 2004
---------------- ----------------
Cash flow from operating activities:
Net income $ 9,673,000 $ 5,365,000
Adjustments to reconcile net income to net cash
provided by operating activities:
Non-cash provisions:
Minority interests 147,000 385,000
Limited partners' interest 338,000 122,000
Straight-line rents (1,669,000) (905,000)
Depreciation and amortization 13,574,000 7,978,000
Amortization of intangible lease liabilities (2,918,000) (1,555,000)
Other 927,000 595,000
Increases/decreases in operating assets and liabilities:
Joint venture cash (12,000) 74,000
Rents and other receivables (1,832,000) 412,000
Other assets (4,343,000) (2,109,000)
Accounts payable and accrued expenses 2,698,000 316,000
---------------- ----------------
Net cash provided by operating activities 16,583,000 10,678,000
---------------- ----------------
Cash flow from investing activities:
Expenditures for real estate and improvements (193,368,000) (59,272,000)
Other 494,000 (311,000)
---------------- ----------------
Net cash (used in) investing activities (192,874,000) (59,583,000)
---------------- ----------------
Cash flow from financing activities:
Line of credit, net (7,800,000) 11,950,000
Proceeds from public offerings 153,431,000 56,725,000
Proceeds from mortgage financings 62,817,000 723,000
Mortgage repayments (7,764,000) (7,097,000)
Contribution from minority interest partner 962,000 -
Distributions to minority interest partners (701,000) (619,000)
Distributions to limited partners (461,000) (275,000)
Preferred distribution requirements (5,242,000) -
Distributions to common shareholders (14,430,000) (10,038,000)
Deferred financing costs (2,288,000) (1,525,000)
---------------- ----------------
Net cash provided by financing activities 178,524,000 49,844,000
---------------- ----------------
Net increase in cash and cash equivalents 2,233,000 939,000
Cash and cash equivalents at beginning of period 8,457,000 6,154,000
---------------- ----------------
Cash and cash equivalents at end of period $ 10,690,000 $ 7,093,000
================ ================
Supplemental disclosure of cash activities:
Interest paid (including capitalized interest of
$2,449,000 and $1,029,000) $ 11,964,000 $ 8,536,000
================ ================
Supplemental disclosure of non-cash investing and
financing activities:
Issuance of OP Units in an acquisition $ 16,021,000 $ -
================ ================
Purchase accounting allocations $ 5,731,000 $ 5,349,000
================ ================
Assumption of mortgage loans payable $ 69,500,000 $ 9,993,000
================ ================