Cedar Shopping Centers Inc. (CDR) said Kimco Realty Corp. (KIM)
executive Joel I. Yarmak has joined the company as chief
administrative officer while Brenda J. Walker was promoted to chief
operating officer.
Filling the two new jobs comes as the real-estate investment
trust has struggled with capital woes, suspending its dividend in
April.
Yarmak spent nine years at Kimco and was most recently its vice
president of financial operations. He also spent a quarter-century
in public accounting, nearly all at Deloitte & Touche LLP.
Waller has been with Cedar Shopping for more than 30 years.
The company owns 120 shopping-center properties, mainly in the
Northeast and mid-Atlantic regions. Supermarkets and drug stores
represent more than 75% of the anchors in its portfolio. Those
retail segments haven't been as hard-hit as more discrtionary
sectors.
In July, Cedar Shopping reported a 4.5% revenue increase while
funds from operations - a closely watched profitability figure
among REITs - dropped 5% excluding charges as occupancy levels
remained steady.
In recent trading, shares were down 1.3% at $5.92. The stock is
off 16% in 2009 and 54% from a year earlier.
-By Mike Barris, Dow Jones Newswires; 212-416-2330;
mike.barris@dowjones.com;