NEWPORT BEACH, CA-ROCA Real Estate Securities Fund, an investment vehicle established by former CBRE exec Ray Wirta and partner Harold Hofer, has notified Port Washington, NY-based Cedar Shopping Centers that ROCA thinks the Port Washington-based REIT should “seek strategic alternatives to maximize stockholder value” in light of the REIT’s decline in share value and other factors. ROCA owns 1.1 million or approximately 2.5% of Cedar’s shares, according to the letter, which ROCA released to the public on Thursday.

ROCA’s letter, addressed to chairman Leo S. Ullman of Cedar Shopping Centers, says that analyses by prominent analysts indicate that the net asset value of the REIT’s holdings are almost 50% higher than recent share prices. Additionally, Cedar’s FFO multiple is “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 feel that it is time for a change,” the ROCA letter states.

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