Cedar Shopping Centers owns and operates around 12.1 millionsquare feet of supermarket-anchored shopping centers. Canvassingnine states, the company's reach extends from Virginia toMassachusetts.

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Company CFO Larry Kreider says, in a press release, that Cedarwill have no debt obligations maturing until 2010. He added thatCedar anticipates arranging another extension beyond 2010, or a newthree-year facility to help finance $228 million in developmentsthat had been put in place this past June and September.

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Steven Marks, managing director of REITS at FITCH Ratings inChicago offered general perspective on Monday's news, saying theoverall state of the commercial debt capital market is not well."There are other companies, private entities and funds that wereformed and [they] bought a lot of assets recently--say [in] 2006and 2007," he adds. "Some of those companies have had toliquidate."

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Marks explains, "In general, the state of the commercial debtcapital markets is pretty bad, so companies that have near termdebt maturities are facing a tougher time."

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He says that "within the last three months in commercial realestate, there's only been a handful of companies that have had todeal with near term debt maturity."

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The credit extension comes on the heels of the Nov. 3announcement that a joint venture for 32 properties--between Cedarand German company Homburg Invest Inc.--would not proceed. It wasestimated that deal would have provided Cedar with $49 million innet cash proceeds. It was scheduled to close on Dec. 15. Hombugreportedly cited the unprecedented events in the United States andworld capital markets as its reason for pulling out of thedeal.

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