Exhibit 99

            Cedar Income Fund, Ltd. - Reports First Quarter Results

PORT WASHINGTON, N.Y., May 16 /PRNewswire-FirstCall/ -- Cedar Income Fund,
Ltd. (the "Company"), reported a net loss for the three months ended March 31,
2003 of ($199,000)  (($0.24) per share) compared to a net loss of ($53,000)
($0.08) per share) for the same period in 2002.

    Total revenue for the Company for the three months ended March 31, 2003
was $5,752,000 compared to $2,510,000 for the same period in 2002. This
increase is attributable primarily to the inclusion of operating results for
the three Giant supermarket-anchored properties at Newport, Halifax and New
Cumberland, Pennsylvania, acquired during the first quarter of 2003; the
acquisition during the third quarter of 2002 of a shopping center in
Williamsport, Pennsylvania; the acquisition during the second quarter of 2002
of a shopping center in Philadelphia, Pennsylvania; and the acquisition during
the fourth quarter of 2002 of a shopping center in Camp Hill, Pennsylvania.
The increase has been offset, in part, by the sale of an office property in
Jacksonville, Florida, during the second quarter of 2002.

    The increased revenue for the quarter is offset by increases in operating
expenses ($1,730,000 vs. $604,000), real estate taxes ($620,000 vs. $289,000),
general and administrative ($523,000 vs. $248,000), depreciation and
amortization ($841,000 vs. $552,000) and interest expenses ($2,038,000 vs.
$921,000). The increases result primarily from the acquisitions described
above and the corresponding growth in the Company's asset base.

    Interested parties are urged to review the 10-Q filed with the Securities
and Exchange Commission for further details.

    Cedar Income Fund, Ltd. is a real estate investment trust administered by
Cedar Bay Realty Advisors, Inc., Port Washington, New York, with investments
primarily in multi-tenant supermarket-anchored shopping centers in eastern
Pennsylvania and southern New Jersey. Shares of Cedar Income Fund, Ltd. are
currently traded on the Nasdaq (SmallCap) Stock Market under the symbol
"CEDRC."