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Real Estate Investment Trust RioCan
PORT WASHINGTON, N.Y. and TORONTO, April 27 — RioCan Real Estate Investment Trust of Toronto, Canada (“RioCan”) and Cedar Shopping Centers, Inc. (“Cedar”) jointly announced that RioCan has today exercised its warrant to purchase 1,428,570 shares of Common Stock of Cedar at an exercise price of $7.00 per share, resulting in proceeds to Cedar of $10 million.
RioCan acquired the warrant as part of its original investment in Cedar in October 2009. Although the warrant was exercisable over a twoyear period, RioCan elected to exercise the warrant at this time.
“Our partnership in the northeast is progressing well and we are pleased to exercise our warrants and increase our ownership position to reflect RioCan’s confidence in Cedar,” said Edward Sonshine, Q.C. President and CEO.
Leo Ullman, CEO of Cedar, stated, “We greatly value RioCan’s commitment to our Company and we very much look forward to our joint venture activities with RioCan in coming months and years.”
About RioCan
RioCan is Canada’s largest real estate investment trust with a total capitalization of approximately $8.4 billion as at March 31, 2010. It owns and manages Canada’s largest portfolio of shopping centres with ownership interests in a portfolio of 261 retail properties, including 12 under development, containing an aggregate of over 60 million square feet. RioCan owns an 80% interest in five grocery anchored shopping centres in the United States and owns approximately a 14.2% equity interest in Cedar Shopping Centers, Inc., a real estate investment trust focused on supermarket-anchored shopping centres and drug store-anchored convenience centres located predominantly in the Northeastern United States. For further information, please refer to RioCan’s website at www.riocan.com.
About Cedar Shopping Centers
Cedar Shopping Centers, Inc. is a fully-integrated real estate investment trust which focuses primarily on ownership, operation, development and redevelopment of “bread and butter”® supermarket-anchored shopping centers in coastal mid-Atlantic and New England states. The Company presently owns and operates (both wholly-owned and in joint venture) approximately 13 million square feet of GLA at 119 shopping center properties, of which more than 75% are anchored by supermarkets and/or drugstores with average remaining lease terms of approximately 11 years. The Company’s stabilized properties have an occupancy rate of approximately 95%.
For additional financial and descriptive information on the Company, its operations and its portfolio, please refer to the Company’s website at www.cedarshoppingcenters.com.
Source: Cedar Shopping Centers
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. RioCan Real Estate Investment Trust Exercises Warrant To Purchase Stock of Cedar Shopping Centers, Inc. for $10 Million is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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