ROCA's letter, addressed to chairman Leo S. Ullman of CedarShopping Centers, says that analyses by prominent analysts indicatethat the net asset value of the REIT's holdings are almost 50%higher than recent share prices. Additionally, Cedar's FFO multipleis "among the lowest of all equity REITs," the letter says.

"In our opinion the public markets either do not understand(Cedar) or have lost patience trying. Regardless, we strongly feelthat it is time for a change," the ROCA letter states.

Cedar executives could not be reached for comment on the letter,which marks one of three times recently that ROCA has notified aREIT that it considers the REIT's shares to be undervalued and hassuggested steps to correct the situation. The others included aletter to Great Neck, NY-based One Liberty Properties and a letterto Columbus, OH-based Glimcher Realty Trust.