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Cedar Realty launches public offering of series C preferred stock

Cedar Realty Trust Inc. is selling an undisclosed amount of shares of its 6.50% series C cumulative redeemable preferred stock in an underwritten public offering.

The company expects to grant a 30-day option to the underwriters to acquire up to an additional 15% of the shares on offer.

Cedar Realty plans to use the net proceeds mainly to partially redeem its 7.25% series B cumulative redeemable preferred stock.

Raymond James & Associates Inc. and KeyBanc Capital Markets Inc. will be the joint book-running managers for the offering.