Cedar Realty Trust (CDR-PB) 8-K Cedar Shopping Centers Reports Strong 2004 Growth In Assets, Revenues Income and Cash Flows; Ffo of 91 Cents Per Share

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Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

December 31, 2004

(unaudited)

Cedar Shopping Centers, Inc.

44 South Bayles Avenue

Port Washington, NY 11050

Tel: (516) 767-6492  Fax: (516) 767-6497

www.cedarshoppingcenters.com

Cedar Shopping Centers, Inc.

Supplemental Financial Information

December 31, 2004

(unaudited)

TABLE OF CONTENTS

Disclosures	3
Summary Financial Data	5
Consolidated Balance Sheets Information (wholly-owned and joint venture properties)	7
Consolidated Statements of Operations Information (wholly-owned and joint venture properties)	8
Reconciliation of Net Income (Loss) to Funds From Operations (“FFO”) and Adjusted Funds From Operation (“AFFO”)	10
Property Summary	11
Debt Summary	15
Consolidated Joint Ventures Information	17
Tenant Concentration Schedule	19
Lease Expiration Schedule	20

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Cedar Shopping Centers, Inc.

Supplemental Financial Information

December 31, 2004

(unaudited)

Disclosures

Forward Looking Statements

          Statements made or incorporated by reference in the Supplemental Financial Information include certain “forward-looking statements”. Forward-looking statements include, without limitation, statements containing the words “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, which express the Company’s belief, expectations, or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a r esult of factors outside of the Company’s control. Certain factors that migfht cause such a difference include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the eastern United States in particular; the financial viability of tenants; the continuing availability of shopping center acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels; the Company’s potential inability to realize the level of proceeds from property sales as initially expected; inherent risks in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, and marke t factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration of current leases; and the financial flexibility to refinance debt obligations when due.

Basis of Presentation

          The information contained in the Supplemental Financial Information is unaudited and does not purport to disclose all items required by GAAP. The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2004.

          Cedar Shopping Centers Partnership, L.P. (the “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. As of December 31, 2004 and 2003, respectively, the Company owned approximately a 97.3% and a 97.4% economic interest in, and was the sole general partner of, the OP. The limited partners’ interest in the OP is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to, and convertible into, shares of the Company’s common stock on a one-for-one basis. With respect to its joint ventures, the Company has general partnership interests ranging from 20% to 50% and, as the Company is the sole general partner and exercises substantial operating control over these entities, such partnerships are consolidated in the Company’s financial statements.

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Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure

          The Company considers FFO to be a relevant and meaningful supplemental measure of the performance of the Company because it is predicated on a cash flow analysis, contrasted with net income, a measure predicated on GAAP, which gives effect to non-cash items such as depreciation and amortization. The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), as income before allocation to minority interests (computed in accordance with GAAP), excluding gains or losses from debt restructurings and sales of property, plus depreciation and amortization, and after preferred stock distribution requirements and adjustments for any unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures would be computed to re flect FFO on the same basis. In computing FFO, the Company does not add back to net income the amortization of costs incurred in connection with its financing or hedging activities or depreciation of non-real estate assets, but would adjust net income for those items that are defined as “extraordinary” under GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to cash flow as a measure of liquidity. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. FFO is not necessarily indicative of cash available to fund ongoing cash needs.

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Cedar Shopping Centers, Inc.

Summary Financial Data

(unaudited)

	December 31,
	2004			2003
Equity market capitalization (end of period):
Common shares outstanding		19,350,981			16,456,011
OP Units outstanding		454,469			439,421
Closing market price	$	14.30		$	12.42
8-7/8 Series A Cumulative Redeemable
Preferred Stock shares outstanding		2,350,000			—
Closing market price	$	26.39		$	—
Equity market capitalization	$	345,234,000		$	209,841,000
Pro rata share of outstanding debt		212,142,000			125,762,000
Total capitalization	$	557,376,000		$	335,603,000
Ratio of pro rata share of outstanding debt to total capitalization		38.1	%		37.5	%
	Three months ended December 31,
	2004			2003
Total revenues	$	14,738,000		$	8,585,000
Net income (loss) applicable to common shareholders	$	1,248,000		$	(20,884,000	)
Per common share	$	0.07		$	(1.86	)
Dividends to common shareholders	$	3,712,000		$	—
Per common share	$	0.225		$	—
Average number of common shares outstanding		17,344,000			11,253,000
FFO	$	4,312,000		$	(20,498,000	)
Per common share/OP unit	$	0.24		$	(1.75	)
AFFO	$	3,815,000		$	(20,953,000	)
Per common share/OP unit	$	0.21		$	(1.79	)
Avg. no. of common shares/OP units  outstanding		17,799,000			11,735,000
	Year ended December 31,
	2004			2003
Total revenues	$	51,144,000		$	26,679,000
Net income (loss) applicable to common shareholders	$	5,702,000		$	(21,351,000	)
Per common share	$	0.34		$	(7.09	)
Dividends to common shareholders	$	13,750,000		$	—
Per common share	$	0.835		$	—
Average number of common shares outstanding		16,681,000			3,010,000
FFO	$	15,625,000		$	(20,588,000	)
Per common share/OP unit	$	0.91		$	(5.79	)
AFFO	$	13,437,000		$	(21,612,000	)
Per common share/OP unit	$	0.78		$	(6.08	)
Avg. no. of common shares/OP units outstanding		17,131,000			3,557,000

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Cedar Shopping Centers, Inc.

Summary Financial Data

(unaudited)

(continued)

	December 31,
	2004			2003
Real estate, net		505,325,000			324,531,000
Other assets		31,835,000			25,116,000
Total assets	$	537,160,000		$	349,647,000
Total debt	$	248,630,000		$	162,458,000
Other liabilities		34,239,000			19,571,000
Minority interests		11,995,000			12,435,000
Limited partners’ interest in OP		6,542,000			4,035,000
Shareholders’ equity		235,754,000			151,148,000
Total liabilities and equity	$	537,160,000		$	349,647,000
Fixed-rate mortgages	$	161,475,000		$	116,537,000
Variable-rate mortgages		18,955,000			28,921,000
Total mortgages		180,430,000			145,458,000
Secured revolving credit facility		68,200,000			17,000,000
Total debt	$	248,630,000		$	162,458,000
Pro rata share of total debt	$	212,142,000		$	125,287,000
Weighted average interest rates at year end:
Fixed-rate mortgages		6.5	%		7.2	%
Variable-rate mortgages		4.7	%		4.7	%
Total mortgages		6.3	%		6.7	%
Secured variable rate revolving credit facility		3.9	%		3.4	%
Total debt		5.7	%		6.4	%

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CEDAR SHOPPING CENTERS, INC.

Consolidated Balance Sheets Information

(unaudited)

	December 31, 2004									December 31, 2003
	Total			Joint venture properties			Wholly-owned properties			Total			Joint venture properties			Wholly-owned properties
Assets:
Real estate:
Land	$	97,617,000		$	14,409,000		$	83,208,000		$	61,774,000		$	14,409,000		$	47,365,000
Buildings and improvements		423,735,000			54,083,000			369,652,000			269,031,000			52,755,000			216,276,000
		521,352,000			68,492,000			452,860,000			330,805,000			67,164,000			263,641,000
Less accumulated depreciation		(16,027,000	)		(3,055,000	)		(12,972,000	)		(6,274,000	)		(1,663,000	)		(4,611,000	)
Real estate, net		505,325,000			65,437,000			439,888,000			324,531,000			65,501,000			259,030,000
Cash and cash equivalents		8,457,000			—			8,457,000			6,154,000			—			6,154,000
Cash at joint ventures		1,193,000			1,193,000			—			1,003,000			1,003,000			—
Construction / improvement and other escrows		5,912,000			1,408,000			4,504,000			6,665,000			1,343,000			5,322,000
Receivables:
Rents and other, net		1,929,000			216,000			1,713,000			2,098,000			(46,000	)		2,144,000
Straight-line rents		2,554,000			668,000			1,886,000			1,171,000			442,000			729,000
Other assets		2,379,000			271,000			2,108,000			1,540,000			109,000			1,431,000
Deferred charges, net:
Leasing costs		6,163,000			226,000			5,937,000			3,206,000			30,000			3,176,000
Financing costs		2,994,000			675,000			2,319,000			1,874,000			786,000			1,088,000
Interest rate swaps/caps		—			—			—			1,339,000			—			1,339,000
Other		254,000			—			254,000			66,000			—			66,000
Total assets	$	537,160,000		$	70,094,000		$	467,066,000		$	349,647,000		$	69,168,000		$	280,479,000
Liabilities and shareholders’ equity:
Mortgage loans payable	$	180,430,000		$	50,224,000		$	130,206,000		$	145,458,000		$	50,379,000		$	95,079,000
Secured revolving credit facility		68,200,000			—			68,200,000			17,000,000			—			17,000,000
Accounts payable and accrued expenses		5,549,000			464,000			5,085,000			4,334,000			691,000			3,643,000
Tenant advance payments and security deposits		3,463,000			533,000			2,930,000			1,685,000			403,000			1,282,000
Unamortized intangible lease liabilities		25,227,000			1,185,000			24,042,000			13,552,000			1,345,000			12,207,000
Total liabilities		282,869,000			52,406,000			230,463,000			182,029,000			52,818,000			129,211,000
Minority interests		11,995,000			11,995,000			—			12,435,000			12,435,000			—
Limited partners’ interest in consolidated OP		6,542,000			154,000			6,388,000			4,035,000			102,000			3,933,000
Equity (a)		235,754,000			5,539,000			230,215,000			151,148,000			3,813,000			147,335,000
Total liabilities and equity	$	537,160,000		$	70,094,000		$	467,066,000		$	349,647,000		$	69,168,000		$	280,479,000

(a) Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned properties.

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CEDAR SHOPPING CENTERS, INC.

Consolidated Statements of Operations Information (a)

(unaudited)

	Three months ended December 31, 2004									Three months ended December 31, 2003
	Total			Joint venture			Wholly-owned			Total			Joint venture			Wholly-owned
Revenues:
Rents:
Base rents	$	10,117,000		$	1,813,000		$	8,304,000		$	6,173,000		$	1,958,000		$	4,215,000
Percentage rents		131,000			19,000			112,000			44,000			21,000			23,000
Straight-line rents		428,000			22,000			406,000			315,000			106,000			209,000
Amortization of intangible lease liabilities		599,000			47,000			552,000			289,000			10,000			279,000
		11,275,000			1,901,000			9,374,000			6,821,000			2,095,000			4,726,000
Expense recoveries		3,377,000			552,000			2,825,000			1,597,000			507,000			1,090,000
Interest and other		86,000			3,000			83,000			167,000			2,000			165,000
Total revenues		14,738,000			2,456,000			12,282,000			8,585,000			2,604,000			5,981,000
Expenses:
Operating, maintenance and management		3,005,000			376,000			2,629,000			2,406,000			546,000			1,860,000
Real estate and other property- related taxes		1,165,000			220,000			945,000			966,000			264,000			702,000
General and administrative		1,242,000			—			1,242,000			1,619,000			—			1,619,000
Depreciation and amortization		3,687,000			409,000			3,278,000			2,279,000			445,000			1,834,000
Interest		2,678,000			982,000			1,696,000			1,879,000			1,131,000			748,000
One-time transaction costs associated with 2003 public offering		—			—			—			20,788,000			—			20,788,000
Total expenses		11,777,000			1,987,000			9,790,000			29,937,000			2,386,000			27,551,000
Income (loss) before minority and limited partners’ interests		2,961,000			469,000			2,492,000			(21,352,000	)		218,000			(21,570,000	)
Minority interests		(371,000	)		(371,000	)		—			(193,000	)		(193,000	)		—
Limited partners’ interest		(70,000	)		(3,000	)		(67,000	)		698,000			(4,000	)		702,000
Net income (loss)		2,520,000			95,000			2,425,000			(20,847,000	)		21,000			(20,868,000	)
Preferred distribution requirements		(1,272,000	)		—			(1,272,000	)		(37,000	)		—			(37,000	)
Net income (loss) applicable to common shareholders	$	1,248,000		$	95,000		$	1,153,000		$	(20,884,000	)	$	21,000		$	(20,905,000	)
Per common share	$	0.07		$	—		$	0.07		$	(1.86	)	$	—		$	(1.86	)
Average number of common shares outstanding		17,344,000			17,344,000			17,344,000			11,253,000			11,253,000			11,253,000

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CEDAR SHOPPING CENTERS, INC.

Consolidated Statements of Operations Information (a)

(unaudited)

(continued)

	Year ended December 31, 2004									Year ended December 31, 2003
	Total			Joint venture			Wholly-owned			Total			Joint venture			Wholly-owned
Revenues:
Rents:
Base rents	$	36,118,000		$	7,069,000		$	29,049,000	��	$	19,014,000		$	9,068,000		$	9,946,000
Percentage rents		505,000			39,000			466,000			215,000			69,000			146,000
Straight-line rents		1,333,000			226,000			1,107,000			835,000			456,000			379,000
Amortization of intangible  lease liabilities		2,154,000			161,000			1,993,000			879,000			118,000			761,000
		40,110,000			7,495,000			32,615,000			20,943,000			9,711,000			11,232,000
Expense recoveries		10,565,000			1,809,000			8,756,000			5,509,000			2,137,000			3,372,000
Interest and other		469,000			14,000			455,000			227,000			20,000			207,000
Total revenues		51,144,000			9,318,000			41,826,000			26,679,000			11,868,000			14,811,000
Expenses:
Operating, maintenance and management		10,751,000			1,432,000			9,319,000			7,190,000			2,124,000			5,066,000
Real estate and other property- related taxes		4,872,000			875,000			3,997,000			2,861,000			1,261,000			1,600,000
General and administrative		3,575,000			—			3,575,000			3,161,000			—			3,161,000
Depreciation and amortization		12,401,000			1,532,000			10,869,000			5,196,000			2,139,000			3,057,000
Interest		10,239,000			3,931,000			6,308,000			9,412,000			5,180,000			4,232,000
One-time transaction costs associated with 2003 public offering		—			—			—			20,788,000			—			20,788,000
Total expenses		41,838,000			7,770,000			34,068,000			48,608,000			10,704,000			37,904,000
Income (loss) before minority and  limited partners’ interests		9,306,000			1,548,000			7,758,000			(21,929,000	)		1,164,000			(23,093,000	)
Minority interests		(1,229,000	)		(1,229,000	)		—			(983,000	)		(983,000	)		—
Limited partners’ interest		(217,000	)		(9,000	)		(208,000	)		1,637,000			(111,000	)		1,748,000
Net income  (loss)		7,860,000			310,000			7,550,000			(21,275,000	)		70,000			(21,345,000	)
Preferred distribution requirements		(2,158,000	)		—			(2,158,000	)		(76,000	)		—			(76,000	)
Net income (loss) applicable to  common shareholders	$	5,702,000		$	310,000		$	5,392,000		$	(21,351,000	)	$	70,000		$	(21,421,000	)
Per common share	$	0.34		$	0.02		$	0.32		$	(7.09	)	$	0.02		$	(7.11	)
Average number of common  shares outstanding		16,681,000			16,681,000			16,681,000			3,010,000			3,010,000			3,010,000

(a) In connection with the public offering concluded during the fourth quarter of 2003, Cedar acquired a 100% interest in several of the properties that were previously owned in joint venture, as well as the limited partner’s interest in the Operating Partnership.
The results of operations of the properties which remain jointly-owned througout both years are summarized as follows (for comparability, the limited partners’ interest for all periods reflect the 2004 position):

	Three months ended December 31,						Years ended December 31,
	2004			2003			2004			2003
Revenues	$	2,456,000		$	2,053,000		$	9,318,000		$	7,887,000
Expenses		1,987,000			1,863,000			7,770,000			7,016,000
Operating income		469,000			190,000			1,548,000			871,000
Minority interests		(371,000	)		(158,000	)		(1,229,000	)		(748,000	)
Limited partners’ interest		(3,000	)		(1,000	)		(9,000	)		(3,000	)
Net income	$	95,000		$	31,000		$	310,000		$	120,000

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CEDAR SHOPPING CENTERS, INC.

Reconciliation of Net Income (Loss) to

Funds From Operations (“FFO”) and

Adjusted Funds From Operations (“AFFO”)

(unaudited)

	Three months ended December 31,						Year ended December 31,
	2004			2003			2004			2003
Net income (loss) (1)	$	2,520,000		$	(20,847,000	)	$	7,860,000		$	(21,275,000	)
Add (deduct):
Depreciation and amortization		3,253,000			1,441,000			10,622,000			3,878,000
Limited partners’ interest		70,000			(698,000	)		217,000			(1,637,000	)
Preferred distribution requirements		(1,307,000	)		(124,000	)		(2,218,000	)		(254,000	)
Minority interests		371,000			193,000			1,229,000			983,000
Minority interests’ share of FFO		(595,000	)		(463,000	)		(2,085,000	)		(2,283,000	)
FFO		4,312,000			(20,498,000	)		15,625,000			(20,588,000	)
Add (deduct):
Straight-line rents		(428,000	)		(315,000	)		(1,333,000	)		(835,000	)
Minority interests’ share of straight-line rents		19,000			81,000			162,000			352,000
Provision for tenant improvements and capital  expenditures (2)		(467,000	)		(309,000	)		(1,726,000	)		(946,000	)
Minority interests’ share of provision for tenant  improvements and capital expenditures (2)		76,000			88,000			305,000			405,000
Pre-occupancy rents received in connection with  the Camp Hill redevelopment project		303,000			—			404,000			—
AFFO	$	3,815,000		$	(20,953,000	)	$	13,437,000		$	(21,612,000	)
FFO per common share/unit outstanding	$	0.24		$	(1.75	)	$	0.91		$	(5.79	)
AFFO per common share/unit outstanding	$	0.21		$	(1.79	)	$	0.78		$	(6.08	)
Average common shares/OP units outstanding (3)		17,799,000			11,735,000			17,131,000			3,557,000

(1) Net income (loss) includes income from amortization of intangible lease liabilities of $599,000, $289,000, $2,154,000 and $879,000, respectively. The minority interests’ share of such amortization was $30,000, $9,000, $123,000 and $86,000, respectively. Net income (loss) also includes a charge for the ineffective portion of the change in the fair value of the Company’s derivative financial instruments of $134,000, $0, $730,000, and $0, respectively. Minority interests did not share in such charge.

(2) The provision for tenant improvements and capital expenditures is calculated at the rate of $0.55 per sq. ft. per annum on the respective properties, excluding development/redevelopment properties.

(3) Assumes conversion of OP Units.

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CEDAR SHOPPING CENTERS, INC.
Property Summary
As of December 31, 2004

Property	Year acquired		Percent owned (2)			Gross leasable area “GLA”		Year built/ year last renovated		Number of tenants		Percent occupied			Average base rent per leased SF		Major tenants [>=20,000 SF of GLA]
																	Name	SF		Lease expiration
STABILIZED PROPERTIES (1):
The Point		2000		100%			255.447		1972/2001		20		100	%	$	10.01	Giant Foods		55,000		07/31/2021
Harrisburg, PA																	Burlington Coat Factory		76,665		01/31/2011
																	Staples		24,000		08/31/2013
																	A.C. Moore		20,000		07/31/2008
Academy Plaza		2001		100	%		152,878		1965/1998		34		100	%		11.24	Acme Markets		50,918		09/31/2018
Philadelphia, PA																	Raising Horizons Charter School		20,092		08/31/2005
Port Richmond Village		2001		100	%		154,908		1988		31		100	%		12.07	Thriftway		40,000		10/31/2008
Philadelphia, PA																	Pep Boys		20,615		01/31/2009
Washington Center Shoppes		2001		100	%		153,260		1979/1995		29		99	%		7.39	Acme Markets		66,046		12/02/2020
Washington Township, NJ																	Powerhouse Gym		20,742		12/31/2012
Red Lion		2002		20	%		224,269		1970/2000		17		87	%		12.22	Best Buy Stores		46,000		01/31/2014
Philadelphia, PA																	Sports Authority		43,825		08/15/2005
																	Staples		23,942		07/31/2015
Loyal Plaza		2002		25	%		293,931		1969/2000		26		100	%		7.30	K-Mart		102,558		08/31/2006
Williamsport, PA																	Giant Foods		66,935		10/31/2019
																	Staples		20,661		11/30/2014
LA Fitness Facility		2002		50	%		41,000		2003		1		100	%		18.09	LA Fitness		41,000		12/31/2018
Fort Washington, PA
Fairview Plaza		2003		30	%		69,579		1992		5		97	%		11.40	Giant Foods		59,237		02/28/2017
New Cumberland, PA
Halifax Plaza		2003		30	%		54,150		1994		9		100	%		10.27	Giant Foods		32,000		10/11/2019
Halifax, PA
Newport Plaza		2003		30	%		66,789		1996		9		100	%		10.08	Giant Foods		43,400		05/31/2021
Newport, PA
Pine Grove Plaza		2003		100	%		79,306		2001/2002		15		97	%		10.47	Peebles		24,963		01/31/2022
Pemberton Township, NJ

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CEDAR SHOPPING CENTERS, INC.
Property Summary
As of December 31, 2004
(continued)

Property	Year acquired		Percent owned (2)			Gross leasable area “GLA”		Year built/ year last renovated		Number of tenants		Percent occupied			Average base rent per leased SF		Major tenants [>=20,000 SF of GLA]
																	Name	SF	Lease expiration
Swede Square		2003		100	%		98,792		1980/2004		16		88	%		13.13	LA Fitness	37,200	06/30/2016
East Norriton, PA
Valley Plaza		2003		100	%		191,189		1975/1994		7		100	%		4.33	K-Mart	95,810	09/30/2009
Hagerstown, MD																	Ollie’s	41,888	03/31/2011
																	Tractor Supply	32,095	05/31/2010
Wal-Mart Center		2003		100	%		155,842		1972/2000		8		95	%		5.32	Wal-Mart	95,482	01/31/2020
Southington, CT																	Namco	20,000	01/31/2011
South Philadelphia		2003		100	%		283,486		1950/2003		26		97	%		12.87	Shop Rite	54,388	09/30/2018
Philadelphia, PA																	Bally’s Total Fitness	31,000	05/31/2017
																	Ross Stores	31,349	01/31/2013
																	National Wholesale Liquidators	26,000	01/31/2016
																	Modell’s	20,000	01/31/2018
																	Strauss Discount Auto	20,000	11/30/2013
River View Plaza I, II and III		2003		100	%		244,225		1991/1998		22		95	%		18.43	United Artists	77,700	12/31/2018
																	DA Lease Co.	25,000	01/31/2005
Philadelphia, PA																	Pep Boys	22,000	09/30/2014
Columbus Crossing		2003		100	%		142,166		2001		9		100	%		15.22	Super Fresh Supermarket	61,506	09/30/2020
Philadelphia, PA																	Old Navy	25,000	09/30/2008
																	A.C. Moore	22,000	09/30/2011
Sunset Crossing		2003		100	%		74,142		2002		6		96	%		14.42	Giant Foods	54,332	06/30/2022
Dickson City, PA
The Commons		2004		100	%		175,121		2000 - 2003		21		98	%		10.03	Elder-Beerman Stores	54,500	01/31/2017
DuBois, PA																	Shop ‘n Save	52,654	10/07/2015
Townfair Center		2004		100	%		203,531		1995 - 2002		11		97	%		7.68	Lowe’s Home Centers	95,173	12/31/2015
White Township, PA																	Shop ‘n Save	50,000	02/08/2012
Lake Raystown Plaza		2004		100	%		84,292		1995		9		100	%		8.58	Giant Foods	39,244	07/31/2015
Huntingdon, PA

12

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of December 31, 2004
(continued)

Property	Year acquired		Percent owned (2)			Gross leasable area “GLA”			Year built/ year last renovated		Number of tenants		Percent occupied			Average base rent per leased SF		Major tenants [>=20,000 SF of GLA]
																		Name	SF		Lease expiration
Franklin Village Plaza		2004		100	%		303772 (3	)		1987/1989		64		96	%		17.93	Stop & Shop (3)		75,000		10/31/2025
Franklin, MA																		Marshalls		26,890		01/31/2009
The Brickyard		2004		100	%		274,553			1989 - 1990		5		98	%		8.13	Sam’s Club		109,755		10/31/2010
Berlin, CT																		The Home Depot		103,003		10/31/2010
																		Syms		38,000		03/31/2010
							3,776,628					400		97	%		11.03
DEVELOPMENT/REDEVELOPMENT PROPERTIES:
Camp Hill Mall		2002		100	%		448,613			1958/2004		24		67	%		8.12	Boscov’s		167,597		09/30/2010
Camp Hill, PA																		Giant Foods		42,070		01/31/2011
																		Barnes & Noble		24,908		01/31/2011
Golden Triangle		2003		100	%		191,581			1960/2004		16		86	%		10.33	LA Fitness		44,796		04/30/2020
Lancaster, PA																		Marshalls		30,000		05/31/2010
																		Staples		24,060		05/31/2012
																		B&G Inc.		22,000		04/30/2009
Carbondale Plaza		2004		100	%		129,915			1972		8		61	%		5.23	Weis Markets		52,720		02/29/2016
Carbondale, PA
Huntingdon Plaza		2004		100	%		151,277			1972 - 2003		13		50	%		6.51	Peebles		22,060		01/31/2018
Huntingdon, PA
Hamburg Commons]		2004		100	%		97,633			1988 - 1993		6		14	%		9.64
Hamburg, PA
Meadows Marketplace		2004		100	%		91,250			1972 - 2003		N/A		—			N/A	Giant Foods (4)		65,000		09/30/2025
South Hanover Township, PA
							1,110,269					67		57	%		8.17
TOTAL PORTFOLIO							4,886,897					467		88	%	$	10.61

13

CEDAR SHOPPING CENTERS, INC.

Property Summary

As Of December 31, 2004

(continued)

(1)	“Stabilized properties” are those properties, with no development/redevelopment activities, having an occupancy rate of at least 80%.
(2)	Other than the partnerships owning the Red Lion and the LA Fitness Facility properties, the terms of the several joint venture agreements provide, among other things, that the minority interest partners receive certain preferential returns on their investments prior to any distributions to the Company.
(3)	Stop & Shop is presently constructing an addition to its existing 55,000 sq. ft. store which will increase the size to 75,000 sq. ft. Upon completion, which is estimated to be November 1, 2005, the extended lease term will run for 20 years from that date. The total GLA for the shopping center includes approximately 15,000 sq. ft. which will result from the Stop & Shop expansion.
(4)	Giant Foods has signed a 20-year lease for a 65,000 sq. ft. store at Meadows Marketplace. Development activities have commenced, are expected to cost approximately $10 million (including the cost of the land), and are projected to be competed in September 2005. At present, it is anticipated that this property will contain a total of approximately 91,000 sq. ft. of GLA.

14

CEDAR SHOPPING CENTERS, INC.

Debt Summary

As Of December 31, 2004

(unaudited)

Property		Percent Owned			Maturity Date		Int. rate Dec 31, 2004							Pro rata share
										Balance, December 31,				December 31,
										2004		2003		2004		2003
Fixed-rate mortgages:
The Point			100.0	%		Sep 2012		7.625	%	$	19,264,066	$	19,575,315	$	19,264,066	$	19,575,315
Academy Plaza			100.0	%		Mar 2013		7.275	%		10,278,394		10,422,358		10,278,394		10,422,358
Port Richmond Village			100.0	%		Apr 2008		7.174	%		11,135,398		11,291,886		11,135,398		11,291,886
Washington Center Shoppes			100.0	%		Nov 2007		7.530	%		5,749,062		5,826,179		5,749,062		5,826,179
Red Lion			20.0	%		Feb 2010		8.860	%		16,458,559		16,590,396		3,291,712		3,318,079
Loyal Plaza			25.0	%		Jun 2011		7.180	%		13,532,016		13,676,519		3,383,004		3,419,130
Fairview Plaza			30.0	%		Feb 2013		5.710	%		5,940,932		6,017,539		1,782,280		1,805,262
Halifax Plaza			30.0	%		Jan 2010		6.830	%		4,100,000		4,190,000		1,230,000		1,257,000
Newport Plaza			30.0	%		Feb 2010		6.830	%		3,792,000		3,870,000		1,137,600		1,161,000
Newport Plaza			30.0	%		Feb 2010		6.830	%		1,444,584		1,475,784		433,375		442,735
Pine Grove Plaza			100.0	%		Apr 2010		6.240	%		5,737,500		5,887,500		5,737,500		5,887,500
Pine Grove Plaza			100.0	%		Mar 2006		8.500	%		387,807		387,807		387,807		387,807
Golden Triangle			100.0	%		Apr 2008		6.000	%		9,987,070		10,325,318		9,987,070		10,325,318
Townfair Center			100.0	%		Mar 2008		6.000	%		10,167,275		—		10,167,275		—
Franklin Village Plaza			100.0	%		Nov 2011		4.810	%		43,500,000		—		43,500,000		—
Total fixed-rate debt						5.8 years		6.530	%		161,474,663		109,536,601		127,464,543		75,119,569
					[wtd-avg maturity]		[wtd-avg rate]
Variable-rate mortgages:
LA Fitness Facility			50.0	%		Dec 2007		5.750	%		4,955,346		4,558,803		2,477,673		2,279,402
Camp Hill Mall	(a)		100.0	%		Nov 2005		4.368	%		14,000,000		14,000,000		14,000,000		14,000,000
Swede Square			100.0	%		N/A		N/A			—		5,560,000		—		5,560,000
Valley Plaza			100.0	%		N/A		N/A			—		6,361,583		—		6,361,583
Wal-Mart Center			100.0	%		N/A		N/A			—		5,440,988		—		5,440,988
Total variable rate mortgages						1.4 years		4.730	%		18,955,346		35,921,374		16,477,673		33,641,973
					[wtd-avg maturity]		[wtd-avg rate]
Total mortgages						5.4 years		6.340	%		180,430,009		145,457,975		143,942,216		108,761,541
					[wtd-avg maturity]		[wtd-avg rate]
Secured revolving credit facility	(b)		100.0	%		Jan 2007		3.918	%		68,200,000		17,000,000		68,200,000		17,000,000
Secured revolving credit facility						2.1 years		3.918	%		68,200,000		17,000,000		68,200,000		17,000,000
					[wtd-avg maturity]		[wtd-avg rate]
Total debt						4.5 years		5.680	%	$	248,630,009	$	162,457,975	$	212,142,216	$	125,761,541
					[wtd-avg maturity]		[wtd-avg rate]

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CEDAR SHOPPING CENTERS, INC.

Debt Summary

As Of December 31, 2004

(unaudited)

(continued)

Maturity schedule by year		Mortgage debt				Secured revolving credit facility		Total
		Scheduled amortization		Balloon payments
2005	(a)	$	2,093,992	$	14,000,000			$	16,093,992
2006			2,163,478		431,119				2,594,597
2007	(b)		2,311,180		10,443,063	$	68,200,000		80,954,243
2008			1,647,180		28,644,387				30,291,567
2009			1,542,018		—				1,542,018
2010			1,117,717		28,832,891				29,950,608
2011			44,492,470		12,285,642				56,778,112
2012			759,348		15,900,641				16,659,989
2013			53,733		13,711,150				13,764,883
		$	56,181,116	$	124,248,893	$	68,200,000	$	248,630,009

(a) In February 2005, the Company received a commitment for an aggregate of $49 million in construction financing, which provides for the repayment of the $14 million in original acquisiton financing, as well as funding for substantially all the projected redevelopment costs at the property. The facility will bear interest at 185 bps over LIBOR and mature in three years. At December 31, 2003, $7,000,000 of this obligation bore interest  at a variable rate.

 (b) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2007.

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CEDAR SHOPPING CENTERS, INC

Consolidated Joint Ventures Information
(unaudited)

				As  of December 31, 2004
Property	Partners’ percent			Real estate, net		Mortgage loans payable		Other assets liabilities, net			Equity (a)
											Partners		Cedar (b)(c)		Total
Loyal Plaza		75	%	$	19,594,588	$	13,532016	$	971,027		$	4,520,684	$	2,512,915	$	7,033,599
Red Lion		80	%		18,994,194		16,458,559		1,696,776			2,815,665		1,416,749		4,232,413
Fairview Plaza (d)		70	%		8,871,938		5,940,932		(327,522	)		1,561,199		982,285		2,543,484
Halifax Plaza (d)		70	%		5,570,758		4,100,000		(109,082	)		1,162,462		199,214		1,361,676
Newport Plaza (d)		70	%		6,474,162		5,263,584		60,251			1,053,464		244,365		1,297,829
LA Fitness Facility		50	%		5,930,789		4,955,346		243,549			881,015		337,977		1,218,992
				$	65,436,431	$	50,223,437	$	2,474,999		$	11,994,488	$	4,693,505	$	17,687,993

				For the year ended December 31, 2004
Property	Partners’ percent Cedar																Share of property net income
				Property-level operations													Partners
					Revenues		Operating expenses		Depreciation/ amortization		Interest		Total expenses		Net income			Regular		Preference		Cedar (b)
Loyal Plaza		75	%	$	2,773,959	$	756,499	$	435,848	$	2,223,689	$	1,617,582	$	550,270		$	412,703	$	137,567	$	—
Red Lion		80	%		3,190,854		971,678		520,518		1,614,653		3,106,849		84,005			67,204		—		16,801
Fairview Plaza (d)		70	%		957,259		158,007		192,192		346,940		697,123		260,136	}
Halifax Plaza (d)		70	%		749,001		178,034		127,991		286,870		592,895		156,106	}		417,724		35,805		143,220
Newport Plaza (d)		70	%		902,403		213,562		146,510		361,824		721,896		180,507	}
LA Fitness Facility		50	%		743,702		29,177		109,522		288,866		427,565		316,137			158,068		—		158,069
				$	9,317,178	$	2,306,957	$	1,532,201	$	3,930,859	$	7,770,017	$	1,547,161		$	1,055,699	$	173,372	$	318,090

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CEDAR SHOPPING CENTERS, INC

Consolidated Joint Ventures Information

(unaudited)

(continued)

Property	Partners’ percent			Cedar				Share of FFO
								Partners		Cedar (b)		Total
Loyal Plaza		75	%		25	%		$	726,442	$	245,618	$	972,060
Red Lion		80	%		20	%			413,334		103,334		516,668
Fairview Plaza (d)		70	%		30	%	}
Halifax Plaza (d)		70	%		30	%	}		735,662		309,800		1,045,462
Newport Plaza (d)		70	%		30	%	}
LA Fitness Facility		50	%		50	%			209,258		209,258		418,516
								$	2,084,696	$	868,010	$	2,952,706

(a) The Partners/Cedar shares of equity, as presented, differ from amounts calculated using the stated ownership percentages because of (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the cumulative effect of preference returns to joint venture partners.

 (b) Includes limited partners’ share.

 ( c) Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned entities.

 (d) As each of these three properties is under an umbrella partnership, any shortfall in required preference payments by any one of the properties will be offset by excess cash flow from any of the other properties.

18

CEDAR SHOPPING CENTERS, INC.

Tenant Concentration Schedule

As Of December 31, 2004

(unaudited)

Tenant	Number of stores		Sq ft		Percentage Sq ft			Annualized base rents		Annualized base rents per sq ft		Percentage Annualized base rents
Giant Foods/Stop & Shop		9		467,218		9.56	%		4,977,671		10.65		10.90	%
LA Fitness		3		122,996		2.52	%		1,743,072		14.17		3.82	%
Staples		5		110,663		2.26	%		1,419,992		12.83		3.11	%
United Artists Theatre Group		1		77,700		1.59	%		1,328,950		17.10		2.91	%
Wal-Mart/Sam’s Club		2		205,237		4.20	%		1,255,618		6.12		2.75	%
Shop ‘n Save		2		102,654		2.10	%		854,151		8.32		1.87	%
Boscov’s		1		167,597		3.43	%		742,071		4.43		1.62	%
Home Depot		1		103,003		2.11	%		669,520		6.50		1.47	%
Super Fresh Super Markets		1		61,506		1.26	%		650,000		10.57		1.42	%
Best Buy		1		46,000		0.94	%		619,083		13.46		1.36	%
Sub-total top ten tenants		26		1,464,574		29.97	%		14,260,128		9.74		31.21	%
Remaining tenants		441		2,841,931		58.15	%		31,426,631		11.06		68.79	%
Sub-total all tenants		467		4,306,505		88.12	%		45,686,759		10.61		100.00	%
Vacant		N/A		580,392		11.88	%		N/A		N/A		N/A
Total (including vacant)		467		4,886,897		100.00	%		45,686,759		9.35		N/A

(a) Includes locations presently undergoing development and/or redevelopment activities.

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CEDAR SHOPPING CENTERS, INC.

Lease Expiration Schedule

As Of December 31, 2004

(unaudited)

Number of tenants	Sq ft		Percentage of total sq ft			Year leases expire		Annualized expiring base rents		Annualized expiring per sq ft		Percentage Annualized expiring base rents
7		16,408		0.34	%		M-T-M		222,204		13.54		0.49	%
59		261,006		5.34	%		12/31/2005		3,834,964		14.69		8.39	%
72		338,070		6.92	%		12/31/2006		4,052,099		11.99		8.87	%
69		256,746		5.25	%		12/31/2007		3,500,779		13.64		7.66	%
60		315,159		6.45	%		12/31/2008		4,501,449		14.28		9.85	%
65		365,089		7.47	%		12/31/2009		3,456,886		9.47		7.57	%
20		548,188		11.22	%		12/31/2010		3,968,642		7.24		8.69	%
20		307,169		6.29	%		12/31/2011		2,615,937		8.52		5.73	%
22		206,248		4.22	%		12/31/2012		2,166,175		10.50		4.74	%
15		124,287		2.54	%		12/31/2013		1,438,628		11.58		3.15	%
19		150,311		3.08	%		11/30/2014		1,963,743		13.06		4.30	%
8		229,774		4.70	%		12/31/2015		1,966,064		8.56		4.30	%
4		125,924		2.58	%		6/30/2016		943,548		7.49		2.07	%
3		144,737		2.96	%		5/31/2017		1,452,867		10.04		3.18	%
6		266,066		5.44	%		12/31/2018		3,410,374		12.82		7.46	%
4		113,493		2.32	%		10/31/2019		1,018,169		8.97		2.23	%
4		267,830		5.48	%		12/2/2020		1,668,279		6.23		3.65	%
5		107,005		2.19	%		10/23/2021		1,441,367		13.47		3.15	%
3		82,995		1.70	%		6/30/2022		1,046,586		12.61		2.29	%
1		5,000		0.10	%		7/31/2024		68,000		13.60		0.15	%
1		75,000		1.53	%		10/31/2025		950,000		12.67		2.08	%
467		4,306,505		88.12	%				45,686,759		10.61		100.00	%
N/A		580,392		11.88	%		Vacant		N/A		N/A		N/A
467		4,886,897		100.00	%		Total portfolio		45,686,759		9.35		N/A

(a) Includes locations presently undergoing development and/or redevelopment activities.

20