Cedar Shopping Centers declares dividend of 9 cents, to start reinvestment plan

Cedar Shopping Centers declares dividend

PORT WASHINGTON, N.Y. — Cedar Shopping Centers Inc. on Wednesday declared a dividend of 9 cents payable on Jan. 20, 2010, to shareholders of record as of Dec. 31.

The real estate investment trust also said it will start a dividend reinvestment plan and stock purchase plan allowing shareholders to reinvest dividend into stock with a 2 percent discount.

The plan is subject to registration with the SEC and New York Stock Exchange approval, which the company expects to be completed in the first quarter of 2010.

Shares rose 18 cents, or 3 percent, to $6.28 during midday trading. The stock has traded between $1.50 and $7.69 during the past 52 weeks.