Cedar Realty Trust (CDR-PC) 8-K/A Results of Operations and Financial Condition

Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

March 31, 2010

(unaudited)

Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2010
(unaudited)

TABLE OF CONTENTS

Disclosures	3-5
Consolidated Balance Sheets	6
Consolidated Statements of Operations	7
Consolidated Statements of Cash Flows	8
Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available For Distribution (“FAD”) and Other Financial Information	9
Summary Financial Data:
Operating Results	10
Capitalization	11
Same Property Analysis	13
Leasing Activity and Occupancy Statistics	14
Tenant and State Concentrations	15
Lease Expirations	16
Properties:
Description	17-22
Carrying Value, Percent Occupied and Base Rent Per Leased Sq. Ft.	23-25
Debt Summary	26-28
Joint Venture Properties Managed by Cedar	29-32

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2010
(unaudited)

Disclosures

Forward Looking Statements

     Statements made or incorporated by reference in this 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 beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, 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 result of factors outside of the Company’s control. Certain factors that might cause such differences 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 Company’s market areas in particular; the financial viability of the Company’s tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and/or vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company’s properties if offered for sale; the ability of the Company’s joint venture partner to fund its share of future property acquisitions; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent 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, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility of the Company and its joint venture partners to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.

Basis of Presentation

     The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2009 and Form 10-Q for the quarter ended March 31, 2010.

     Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “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. At March 31, 2010, the Company owned a 96.9% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis.

3

     During the first quarter of 2010, the Company determined that at the time it acquired certain properties during 2003 through 2008, it had underprovided for certain identifiable intangible lease liabilities relating to fixed-price renewal options that were at below-market rates. At the time such properties were acquired, the Company determined the fair value of such renewal options to be immaterial, based upon the Company’s assessment of a very low probability that any of such renewal options would be exercised. Accordingly, the Company assigned a zero value to such renewal options. The Company has reconsidered these determinations, and has concluded that option renewal periods should have been valued with respect to certain of the leases. Using the updated assumptions, the Company determined that the December 31, 2009 carrying amounts of unamortized intangible lease liabilities and real estate, net, were understated by $8,429,000 and $7,688,000, respectively (the latter amount net of a $741,000 cumulative depreciation adjustment through December 31, 2009). In addition, total equity and limited partners’ interest in the Operating Partnership were overstated by $723,000 and $18,000, respectively, as of December 31, 2009, reflecting the aforementioned cumulative depreciation adjustment. Such amounts have been retroactively reflected in the accompanying consolidated financial statements for all periods presented.

     On February 25, 2010, the Company sold its 7,000 sq. ft. Family Dollar convenience center, located in Zanesville, Ohio. For all periods presented, the carrying values of the property’s assets and liabilities, principally the net book value of its real estate, have been classified as “held for sale” on the balance sheets, and the property’s results of operations have been classified as “discontinued operations”.

Use of Non-GAAP Financial Measures — Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available for Distribution (“FAD”), and Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”)

     FFO, AFFO and FAD are widely-recognized non-GAAP financial measures for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, are useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO, AFFO and FAD are useful to investors as they capture features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, AFFO and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO, AFFO and FAD because the Company considers them important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO or an adjusted FFO-based measure (1) as a criterion to determine performance-based bonuses for members of senior management, (2) in performance comparisons with other shopping center REITs, and (3) to measure compliance with certain financial covenants under the terms of the Company’s secured revolving credit facilities.

     The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income attributable to the Company’s common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). The Company calculates (a) AFFO by further adjusting FFO to exclude the pro rata share of straight-line rents, amortization of intangible lease liabilities, non-real estate amortization, and stock-based compensation included in operations, and (b) FAD by further adjusting AFFO to exclude routine capital expenditures and scheduled debt amortization payments.

     FFO, AFFO and FAD do not represent cash generated from operating activities and should not be considered as alternatives to net income attributable to the Company’s common shareholders or to cash flow from operating activities. FFO, AFFO and FAD are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO, AFFO and FAD are measures used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computations of FFO, AFFO and FAD may vary from one company to another.

4

     EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REIT’s. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by adjusting income from continuing operations (determined in accordance with GAAP), excluding interest expense and amortization of deferred financing costs, depreciation and amortization, terminated projects and acquisition transaction costs, impairment charges, gains on incidental sales of real estate, and mark-to-market adjustments relating to stock-based compensation. The ratios of EBITDA to fixed charges and pro rata debt to EBITDA are additional related measures of financial performance. Because EBITDA excludes some, but not all, items that affect net income attributable to the Company’s common shareholders, the computations of EBITDA may vary from one company to another.

5

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets

	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2010			2009			2009			2009			2009
Assets:
Real estate:
Land	$	354,842,000		$	358,087,000		$	342,652,000		$	342,822,000		$	342,773,000
Buildings and improvements		1,333,858,000			1,325,015,000			1,336,374,000			1,315,470,000			1,294,682,000
		1,688,700,000			1,683,102,000			1,679,026,000			1,658,292,000			1,637,455,000
Less accumulated depreciation		(175,533,000	)		(165,075,000	)		(155,242,000	)		(144,927,000	)		(134,694,000	)
Real estate, net		1,513,167,000			1,518,027,000			1,523,784,000			1,513,365,000			1,502,761,000
Real estate to be transferred to a joint venture		60,203,000			139,743,000			199,715,000			197,535,000			195,748,000
Real estate held for sale — discontinued operations		1,850,000			11,967,000			25,929,000			30,910,000			32,240,000
Investment in unconsolidated joint ventures		23,655,000			14,113,000			5,412,000			5,352,000			5,385,000
Cash and cash equivalents		15,783,000			17,164,000			9,526,000			15,711,000			14,327,000
Restricted cash		13,061,000			14,075,000			14,104,000			15,643,000			13,877,000
Receivables:
Rents and other tenant receivables, net		10,663,000			7,423,000			8,156,000			7,176,000			8,125,000
Straight-line rents		15,389,000			14,602,000			14,112,000			13,312,000			12,869,000
Joint venture settlements		7,330,000			2,322,000			—			—			—
Other assets		7,710,000			9,315,000			11,801,000			6,433,000			10,238,000
Deferred charges, net:
Lease origination costs		17,848,000			17,787,000			19,114,000			18,887,000			19,610,000
Financing costs		15,909,000			16,873,000			9,846,000			9,860,000			8,599,000
Other		1,392,000			1,707,000			1,391,000			1,292,000			1,885,000
Total assets	$	1,703,960,000		$	1,785,118,000		$	1,842,890,000		$	1,835,476,000		$	1,825,664,000
Liabilities and equity:
Mortgage loans payable	$	688,880,000		$	692,979,000		$	685,847,000		$	680,564,000		$	663,224,000
Mortgage loans payable — real estate to be transferred to a joint venture		33,590,000			94,018,000			94,129,000			94,223,000			77,263,000
Mortgage loans payable — real estate held for sale — discontinued operations		—			7,765,000			15,500,000			17,824,000			17,892,000
Secured revolving credit facilities		207,091,000			257,685,000			323,479,000			320,925,000			336,925,000
Accounts payable and accrued expenses		18,531,000			21,609,000			23,201,000			21,232,000			23,358,000
Dividends payable		—			4,696,000			—			—			—
Standby equity advance not settled		—			5,000,000			—			—			—
Tenant prepayments and security deposits		7,679,000			9,645,000			10,291,000			8,888,000			10,718,000
Accrued interest rate swap liabilities		1,587,000			5,952,000			7,526,000			6,468,000			9,623,000
Unamortized intangible lease liabilities		54,819,000			55,072,000			57,918,000			61,636,000			64,642,000
Liabilities — real estate held for sale and real estate to be transferred to a joint venture		3,916,000			4,295,000			4,540,000			4,772,000			5,020,000
Total liabilities		1,016,093,000			1,158,716,000			1,222,431,000			1,216,532,000			1,208,665,000
Limited partners’ interest in Operating Partnership		11,610,000			12,638,000			14,441,000			14,352,000			14,264,000
Equity:
Cedar Shopping Centers, Inc. shareholders’ equity		601,245,000			538,456,000			528,184,000			527,005,000			523,789,000
Noncontrolling interests		75,012,000			75,308,000			77,834,000			77,587,000			78,946,000
Total equity		676,257,000			613,764,000			606,018,000			604,592,000			602,735,000
Total liabilities and equity	$	1,703,960,000		$	1,785,118,000		$	1,842,890,000		$	1,835,476,000		$	1,825,664,000

6

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations

	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2010			2009			2009			2009			2009
Revenues:
Rents:
Base rents	$	31,283,000		$	32,881,000		$	31,933,000		$	31,730,000		$	31,103,000
Percentage rents		275,000			495,000			438,000			319,000			216,000
Straight-line rents		792,000			829,000			876,000			537,000			625,000
Amortization of intangible lease liabilities		2,334,000			2,848,000			3,923,000			3,227,000			3,388,000
		34,684,000			37,053,000			37,170,000			35,813,000			35,332,000
Expense recoveries		10,118,000			8,734,000			7,773,000			8,052,000			10,269,000
Other		128,000			985,000			147,000			41,000			262,000
		44,930,000			46,772,000			45,090,000			43,906,000			45,863,000
Expenses:
Operating, maintenance and management		10,775,000			9,227,000			8,362,000			7,688,000			9,190,000
Real estate and other property- related taxes		5,430,000			5,355,000			5,198,000			5,259,000			5,155,000
		16,205,000			14,582,000			13,560,000			12,947,000			14,345,000
Net operating income		28,725,000			32,190,000			31,530,000			30,959,000			31,518,000
Other income (expense):
General and administrative		(2,211,000	)		(3,353,000	)		(2,521,000	)		(2,853,000	)		(1,439,000	)
Terminated projects and acquisition transaction costs, net		(1,320,000	)		(419,000	)		—			(2,423,000	)		(1,525,000	)
Impairment charges		(1,555,000	)		(23,636,000	)		—			—			—
Depreciation and amortization		(11,380,000	)		(17,222,000	)		(12,555,000	)		(12,447,000	)		(12,179,000	)
Interest expense		(13,232,000	)		(13,911,000	)		(12,911,000	)		(12,316,000	)		(11,843,000	)
Amortization of deferred financing costs		(1,500,000	)		(1,447,000	)		(1,371,000	)		(1,247,000	)		(1,016,000	)
Capitalization of interest expense and financing costs		890,000			1,290,000			1,775,000			1,698,000			1,518,000
Interest income		14,000			35,000			10,000			4,000			14,000
Equity in income of unconsolidated joint ventures		356,000			296,000			260,000			283,000			259,000
Gain on sales of land parcels		—			285,000			—			(3,000	)		239,000
(Loss) income before discontinued operations		(1,213,000	)		(25,892,000	)		4,217,000			1,655,000			5,546,000
(Loss) income from discontinued operations		(122,000	)		(2,797,000	)		(456,000	)		(21,000	)		180,000
Gain on sale of discontinued operations		175,000			280,000			—			277,000			—
Total discontinued operations		53,000			(2,517,000	)		(456,000	)		256,000			180,000
Net (loss) income		(1,160,000	)		(28,409,000	)		3,761,000			1,911,000			5,726,000
Less, net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		(475,000	)		(484,000	)		(332,000	)		(309,000	)		354,000
Limited partners’ interest in consolidated OP		114,000			1,138,000			(64,000	)		15,000			(178,000	)
Total net loss (income) attributable to noncontrolling interests		(361,000	)		654,000			(396,000	)		(294,000	)		176,000
Net (loss) income attributable to Cedar Shopping Centers, Inc.		(1,521,000	)		(27,755,000	)		3,365,000			1,617,000			5,902,000
Preferred distribution requirements		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,984,000	)		(1,954,000	)
Net (loss) income attributable to common shareholders	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(367,000	)	$	3,948,000
Per common share (basic and diluted):
Continuing operations	$	(0.06	)	$	(0.54	)	$	0.04		$	(0.01	)	$	0.09
Discontinued operations		—			(0.05	)		(0.01	)		—			—
	$	(0.06	)	$	(0.60	)	$	0.03		$	(0.01	)	$	0.09
Weighted average number of common shares outstanding		58,728,000			49,930,000			45,066,000			45,062,000			44,880,000
Net operating income/Revenues		64	%		69	%		70	%		71	%		69	%
Expense recovery percentage (a)		72	%		71	%		73	%		75	%		78	%

(a) The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $678,000, $1,162,000, $1,160,000, $954,000 and $584,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

7

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows

	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31
	2010			2009			2009			2009			2009
Cash flow from operating activities:
Net (loss) income	$	(1,160,000	)	$	(28,409,000	)	$	3,761,000		$	1,911,000		$	5,726,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash provisions:
Equity in income of unconsolidated joint ventures		(356,000	)		(296,000	)		(260,000	)		(283,000	)		(259,000	)
Distributions from unconsolidated joint ventures		120,000			205,000			200,000			316,000			200,000
Impairments		1,555,000			23,636,000			—			—			—
Terminated projects and acquisition transaction costs		1,271,000			419,000			—			2,423,000			252,000
Impairment charges — discontinued operations		248,000			2,837,000			552,000			170,000			—
Gain on sales of real estate		(175,000	)		(565,000	)		—			(274,000	)		(239,000	)
Straight-line rents receivable		(787,000	)		(826,000	)		(872,000	)		(536,000	)		(640,000	)
Provision for doubtful accounts		678,000			1,162,000			1,160,000			954,000			584,000
Depreciation and amortization		11,380,000			17,437,000			12,797,000			12,704,000			12,453,000
Amortization of intangible lease liabilities		(2,335,000	)		(2,902,000	)		(3,950,000	)		(3,254,000	)		(3,416,000	)
Amortization/market price adjustments relating to stock-based compensation		1,215,000			720,000			1,367,000			1,282,000			(936,000	)
Amortization of deferred financing costs		1,207,000			1,238,000			946,000			827,000			637,000
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		(3,918,000	)		(1,379,000	)		(2,140,000	)		(5,000	)		(2,891,000	)
Joint venture settlements		(1,473,000	)		—			—			—			—
Prepaid expenses and other		(1,029,000	)		(450,000	)		(6,227,000	)		2,451,000			(942,000	)
Accounts payable and accrued expenses		(2,754,000	)		4,664,000			1,848,000			(2,500,000	)		(1,446,000	)
Net cash provided by operating activities		3,687,000			17,491,000			9,182,000			16,186,000			9,083,000
Cash flow from investing activities:
Expenditures for real estate and improvements		(8,029,000	)		(21,994,000	)		(22,713,000	)		(27,619,000	)		(35,974,000	)
Net proceeds from transfers to unconsolidated joint venture, less working capital at dates of transfer		11,379,000			32,089,000			—			—			—
Net proceeds from sales of real estate		2,056,000			3,270,000			2,002,000			1,175,000			305,000
Investment in unconsolidated joint ventures		(4,302,000	)		—			—			—			(350,000	)
Construction escrows and other		1,040,000			684,000			83,000			(587,000	)		(397,000	)
Net cash provided by (used in) investing activities		2,144,000			14,049,000			(20,628,000	)		(27,031,000	)		(36,416,000	)
Cash flow from financing activities:
Net (repayments)/advances (to)/from revolving credit facilities		(50,594,000	)		(65,794,000	)		2,554,000			(16,000,000	)		32,435,000
Proceeds from mortgage financings		6,699,000			9,362,000			7,357,000			36,231,000			8,000,000
Mortgage repayments		(10,913,000	)		(2,449,000	)		(2,234,000	)		(1,999,000	)		(11,520,000	)
Termination payments related to interest rate swaps		(5,476,000	)		—			—			—			—
Payments of debt financing costs		(243,000	)		(7,150,000	)		(394,000	)		(2,328,000	)		(101,000	)
Noncontrolling interests:
Contributions from consolidated joint venture minority interests, net		—			—			—			355,000			11,857,000
Distributions to consolidated joint venture minority interests		—			(1,793,000	)		(52,000	)		(2,061,000	)		—
Distributions to limited partners		(180,000	)		—			—			—			(227,000	)
Redemption of OP units		(67,000	)		—			—			—			—
Net proceeds from sales of common stock		60,227,000			40,890,000			—			—			—
Proceeds from standby equity advance not settled		—			5,000,000			—			—			—
Preferred stock distributions		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)
Distributions to common shareholders		(4,696,000	)		—			—			—			(5,046,000	)
Net cash (used in) provided by financing activities		(7,212,000	)		(23,903,000	)		5,262,000			12,229,000			33,429,000
Net (decrease) increase in cash and cash equivalents		(1,381,000	)		7,637,000			(6,184,000	)		1,384,000			6,096,000
Cash and cash equivalents at beginning of period		17,164,000			9,527,000			15,711,000			14,327,000			8,231,000
Cash and cash equivalents at end of period	$	15,783,000		$	17,164,000		$	9,527,000		$	15,711,000		$	14,327,000

8

CEDAR SHOPPING CENTERS, INC.
Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”) and Funds Available For Distribution (“FAD”)
And Other Financial Information

	At of for the three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2010			2009			2009			2009			2009
Net (loss) income attributable to the Company’s common shareholders	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(367,000	)	$	3,948,000
Add (deduct):
Real estate depreciation and amortization		11,328,000			17,577,000			12,724,000			12,646,000			12,444,000
Noncontrolling interests:
Limited partners’ interest		(114,000	)		(1,138,000	)		64,000			(15,000	)		178,000
Minority interests in consolidated joint ventures		475,000			484,000			332,000			309,000			(354,000	)
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,691,000	)		(1,656,000	)		(1,661,000	)		(1,638,000	)		(832,000	)
Gain on sales of discontinued operations (a)		(175,000	)		(280,000	)		—			(277,000	)		—
Equity in income of unconsolidated joint ventures		(356,000	)		(296,000	)		(260,000	)		(283,000	)		(259,000	)
FFO from unconsolidated joint ventures		586,000			406,000			377,000			377,000			359,000
Funds From (Used In) Operations (“FFO”)		6,563,000			(14,627,000	)		12,972,000			10,752,000			15,484,000
Add (deduct) the pro rata share of:
Straight-line rents		(736,000	)		(712,000	)		(697,000	)		(363,000	)		(452,000	)
Amortization of intangible lease liabilities		(2,196,000	)		(2,649,000	)		(3,797,000	)		(3,098,000	)		(3,285,000	)
Non-real estate amortization		1,230,000			1,226,000			970,000			846,000			613,000
Stock-based compensation charged (credited) to operations		1,230,000			721,000			1,368,000			1,281,000			(936,000	)
Impairment charges — discontinued operations (a)		248,000			2,837,000			552,000			170,000			—
Impairment charge — RioCan, net (b)		1,555,000			23,636,000			—			—			—
Acquisition transaction costs — unconsolidated joint venture		147,000			—			—			—			—
Terminated projects and acquisition transaction costs (c)		1,320,000			419,000			—			2,423,000			761,000
Adjusted Funds From Operations (“AFFO”)		9,361,000			10,851,000			11,368,000			12,011,000			12,185,000
Capital expenditures, tenant improvements, and leasing commissions — second generation (d)		(631,000	)		(1,526,000	)		(2,320,000	)		(1,576,000	)		(1,057,000	)
Scheduled debt amortization payments — carrying value amounts		(1,926,000	)		(2,091,000	)		(1,934,000	)		(1,820,000	)		(1,875,000	)
Funds Available for Distribution (“FAD”)	$	6,804,000		$	7,234,000		$	7,114,000		$	8,615,000		$	9,253,000
FFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.11		$	(0.28	)	$	0.28		$	0.23		$	0.33
AFFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.15		$	0.21		$	0.24		$	0.26		$	0.26
FAD per common share, assuming OP Unit conversion (basic and diluted):	$	0.11		$	0.14		$	0.15		$	0.18		$	0.20
Weighted average number of common shares outstanding (basic):
Common shares		58,728,000			49,930,000			45,066,000			45,062,000			44,880,000
OP Units		1,986,000			2,006,000			2,014,000			2,018,000			2,017,000
		60,714,000			51,936,000			47,080,000			47,080,000			46,897,000
Weighted average number of common shares outstanding (diluted):
Common shares		58,752,000			49,930,000			45,066,000			45,062,000			44,880,000
OP Units		1,986,000			2,006,000			2,014,000			2,018,000			2,017,000
		60,738,000			51,936,000			47,080,000			47,080,000			46,897,000
Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (e)	$	3,225,000		$	3,079,000		$	15,647,000		$	16,685,000		$	16,040,000
Capitalized interest and financing costs	$	890,000		$	1,290,000		$	1,775,000		$	1,698,000		$	1,521,000
Scheduled debt amortization payments — stated contract amounts	$	2,219,000		$	2,197,000		$	1,706,000		$	1,670,000		$	1,726,000
NOI attributable to RioCan properties contributed / to be contributed	$	3,740,793		$	3,552,179		$	3,144,859		$	3,071,314		$	3,127,943
Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	106,935,000		$	165,864,000		$	183,434,000		$	220,290,000		$	199,010,000

(a)	Gain on sales/impairment charges related to properties (located principally in Ohio) sold or treated as “held for sale”.
(b)	Impairment charge, net, related to the seven properties transferred or to be transferred to the unconsolidated joint venture — managed properties.
(c)	The June 2009 amount includes the write-off of costs incurred for a potential development opportunity that the Company determined would not go forward. The March 2009 amount includes the expensing of acquisition transaction costs, net of the minority interest partner’s share.
(d)	Second generation refers to expenditures related to stabilized properties.
(e)	First generation refers to expenditures related to development/redevelopment activities.
(f)	Real estate out of service includes the applicable portions of development/redevelopment and expansion properties.

9

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Operating Results

	Three months ended
	Mar 31, 2010			Dec 31, 2009			Sep 30, 2009			Jun 30, 2009			Mar 31, 2009
Revenues:
Revenues of managed properties excluding non-cash revenues (a)	$	44,695,000		$	43,415,000		$	40,269,000		$	40,114,000		$	41,808,000
Less consolidated joint ventures		(4,496,000	)		(4,409,000	)		(4,220,000	)		(4,220,000	)		(3,874,000	)
Less unconsolidated RioCan joint venture		(2,373,000	)		(212,000	)
Cedar share of revenues excluding non-cash items		37,826,000			38,794,000			36,049,000			35,894,000			37,934,000
Pro-rata share straight-line rents		736,000			712,000			697,000			363,000			452,000
Pro-rata share amortization of intangible lease liabilities		2,196,000			2,649,000			3,797,000			3,098,000			3,285,000
Cedar share of total revenues		40,758,000			42,155,000			40,543,000			39,355,000			41,671,000
Revenues attributable to consolidated joint ventures (b)		4,789,000			4,673,000			4,547,000			4,551,000			4,192,000
Less revenues attributable to unconsolidated RioCan joint venture (c)		(617,000	)		(56,000	)		—			—			—
Total — As reported	$	44,930,000		$	46,772,000		$	45,090,000		$	43,906,000		$	45,863,000
Net Operating Income (“NOI”)
NOI of managed properties excluding non-cash revenues	$	27,851,000		$	28,779,000		$	26,856,000		$	27,326,000		$	26,925,000
Less consolidated joint ventures		(3,068,000	)		(3,112,000	)		(3,048,000	)		(3,006,000	)		(2,769,000	)
Less unconsolidated RioCan joint venture		(1,685,000	)		(152,000	)		—			—			—
Cedar share of NOI excluding non-cash items		23,098,000			25,515,000			23,808,000			24,320,000			24,156,000
Pro-rata share straight-line rents		736,000			712,000			697,000			363,000			452,000
Pro-rata share amortization of intangible lease liabilities		2,196,000			2,649,000			3,797,000			3,098,000			3,285,000
Stock-based compensation mark-to-market adjustments		(221,000	)		(20,000	)		(147,000	)		(159,000	)		538,000
Cedar share of total NOI		25,809,000			28,856,000			28,155,000			27,622,000			28,431,000
NOI attributable to consolidated joint ventures (b)		3,361,000			3,376,000			3,375,000			3,337,000			3,087,000
Less NOI attributable to unconsolidated RioCan joint ventures (c)		(445,000	)		(42,000	)		—			—			—
Total — As reported	$	28,725,000		$	32,190,000		$	31,530,000		$	30,959,000		$	31,518,000
Net (loss) income — common shareholders
Net income excluding impairments and certain non-cash charges	$	165,000		$	2,036,000		$	2,419,000		$	2,651,000		$	3,112,000
Impairments and transaction costs		(3,270,000	)		(26,892,000	)		(552,000	)		(2,593,000	)		(761,000	)
Depreciation from demolition for retenanting		—			(6,074,000	)		—			—			—
Stock-based compensation mark-to-market adjustments		(509,000	)		(70,000	)		(517,000	)		(560,000	)		1,635,000
Limited partners’ interest in above items		124,000			1,276,000			46,000			135,000			(38,000	)
		(3,655,000	)		(31,760,000	)		(1,023,000	)		(3,018,000	)		836,000
Total — As reported	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(367,000	)	$	3,948,000
Per common share/OP unit (basic and diluted):
Net income excluding impairment and certain non-cash charges	$	0.00		$	0.04		$	0.05		$	0.06		$	0.07
Impairments and certain non-cash charges		(0.06	)		(0.63	)		(0.02	)		(0.07	)		0.02
Total — As reported per share	$	(0.06	)	$	(0.59	)	$	0.03		$	(0.01	)	$	0.09
FFO
FFO before non-cash revenues:
Consolidated properties	$	5,840,000		$	6,679,000		$	7,529,000		$	8,224,000		$	8,517,000
RioCan properties prior to transfer		1,570,000			2,295,000			2,018,000			2,220,000			2,356,000
		7,410,000			8,974,000			9,547,000			10,444,000			10,873,000
Straight-line rents		736,000			712,000			697,000			363,000			452,000
Amortization of intangible lease liabilities		2,196,000			2,649,000			3,797,000			3,098,000			3,285,000
FFO excluding impairments and stock-based compensation mark-to-market adjustments		10,342,000			12,335,000			14,041,000			13,905,000			14,610,000
Stock-based compensation mark-to-market adjustments		(509,000	)		(70,000	)		(517,000	)		(560,000	)		1,635,000
Impairments and transaction costs		(3,270,000	)		(26,892,000	)		(552,000	)		(2,593,000	)		(761,000	)
		(3,779,000	)		(26,962,000	)		(1,069,000	)		(3,153,000	)		874,000
Total — As reported	$	6,563,000		$	(14,627,000	)	$	12,972,000		$	10,752,000		$	15,484,000
Per common share/OP unit (basic and diluted):
FFO excluding impairments and stock-based compensation mark-to-market adjustments	$	0.17		$	0.24		$	0.30		$	0.30		$	0.31
Impairments and stock-based compensation mark-to-market adjustments		(0.06	)		(0.52	)		(0.02	)		(0.07	)		0.02
Total — As reported	$	0.11		$	(0.28	)	$	0.28		$	0.23		$	0.33
Dividends to common shareholders	$	—		$	4,696,000		$	—		$	—		$	5,046,000
Per common share	$	—		$	0.0900		$	—		$	—		$	0.1125
Weighted average number of common shares outstanding (basic):
Common shares		58,728,000			49,930,000			45,066,000			45,062,000			44,880,000
OP Units		1,986,000			2,006,000			2,014,000			2,018,000			2,017,000
		60,714,000			51,936,000			47,080,000			47,080,000			46,897,000
Weighted average number of common shares outstanding (diluted):
Common shares		58,752,000			49,930,000			45,066,000			45,062,000			44,880,000
OP Units		1,986,000			2,006,000			2,014,000			2,018,000			2,017,000
		60,738,000			51,936,000			47,080,000			47,080,000			46,897,000
End of period number of common shares outstanding:
Common shares		62,910,809			52,139,000			45,084,000			45,062,000			45,062,000
OP Units		1,980,118			2,006,000			2,010,000			2,018,000			2,018,000
		64,890,927			54,145,000			47,094,000			47,080,000			47,080,000

10

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization

	At or for the three months ended
	Pro Forma (e) (f) (g)
	Mar 31,			Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2010			2010			2009			2009			2009			2009
Market Capitalization (end of period)
Equity
Preferred Stock
Shares		3,550,000			3,550,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	24.39		$	24.39		$	23.96		$	20.40		$	15.99		$	8.58
	$	86,585,000		$	86,585,000		$	85,058,000		$	72,420,000		$	56,765,000		$	30,459,000
Common Stock
Common shares		62,910,809			62,910,809			52,139,010			45,084,354			45,062,172			45,062,472
OP Units		1,980,118			1,980,118			2,005,888			2,009,806			2,017,451			2,017,451
		64,890,927			64,890,927			54,144,898			47,094,160			47,079,623			47,079,923
Plus: Common shares issued in April through exercise of RioCan warrants (e)		1,428,571			—			—			—			—			—
		66,319,498			64,890,927			54,144,898			47,094,160			47,079,623			47,079,923
Closing market price	$	7.91		$	7.91		$	6.80		$	6.45		$	4.52		$	1.74
	$	524,587,000		$	513,287,000		$	368,185,000		$	303,757,000		$	212,800,000		$	81,919,000
Sub-total equity	$	611,172,000		$	599,872,000		$	453,243,000		$	376,177,000		$	269,565,000		$	112,378,000
Debt:
Fixed-rate mortgages		605,610,000			605,610,000			610,798,000			627,328,000			627,234,000			622,935,000
Variable-rate mortgages		83,270,000			83,270,000			82,181,000			71,154,000			71,154,000			58,181,000
		688,880,000			688,880,000			692,979,000			698,482,000			698,388,000			681,116,000
Secured revolving credit facilities		207,091,000			207,091,000			257,685,000			320,925,000			320,925,000			336,925,000
Total outstanding debt — consolidated		895,971,000			895,971,000			950,664,000			1,019,407,000			1,019,313,000			1,018,041,000
Plus debt attributable to unconsolidated joint ventures — managed properties		18,780,000			45,652,000			94,018,000			94,129,000			94,223,000			77,263,000
Less debt attributable to consolidated minority interests		(116,315,000	)		(116,315,000	)		(116,581,000	)		(116,077,000	)		(116,357,000	)		(116,587,000	)
Proceeds from three unconsolidated managed joint venture properties to be transferred in the second quarter of 2010 (d)		(16,200,000	)		—			—			—			—			—
Proceeds from exercise of RioCan warrant (e)		(10,000,000	)		—			—			—			—			—
Pro rata share of outstanding debt		772,236,000			825,308,000			928,101,000			997,459,000			997,179,000			978,717,000
Total	$	1,383,408,000		$	1,425,180,000		$	1,381,344,000		$	1,373,636,000		$	1,266,744,000		$	1,091,095,000
Ratio of pro rata share of outstanding debt to total market capitalization		55.8	%		57.9	%		67.2	%		72.6	%		78.7	%		89.7	%
Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	18,918,000		$	18,918,000		$	20,717,000		$	23,739,000		$	23,683,000		$	23,538,000
Cedar Shopping Centers, Inc. shareholders’ equity		611,245,000			601,245,000			538,456,000			528,184,000			527,005,000			523,789,000
		630,163,000			620,163,000			559,173,000			551,923,000			550,688,000			547,327,000
Pro rata share of total debt, per above		772,236,000			825,308,000			852,357,000			997,459,000			997,179,000			978,717,000
Total financial statement capitalization	$	1,402,399,000		$	1,445,471,000		$	1,411,530,000		$	1,549,382,000		$	1,547,867,000		$	1,526,044,000
Ratio of pro rata share of outstanding debt to total financial statement capitalization		55.1	%		57.1	%		60.4	%		64.4	%		64.4	%		64.1	%
Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		3.3	%		3.3	%		3.4	%		3.4	%		3.6	%		3.9	%
Total mortgages		5.5	%		5.5	%		5.6	%		5.6	%		5.6	%		5.6	%
Secured variable-rate revolving credit facilities		4.2	%		4.2	%		4.6	%		1.8	%		1.8	%		2.0	%
Total debt		5.2	%		5.2	%		5.3	%		4.5	%		4.5	%		4.5	%
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
(Loss) income from continuing operations	$	(419,000	)	$	(1,213,000	)	$	(25,892,000	)	$	4,217,000		$	1,655,000		$	5,546,000
Add back:
Interest expense and amortization of financing costs, net		13,048,000			13,842,000			14,068,000			12,507,000			11,865,000			11,341,000
Depreciation and amortization		11,380,000			11,380,000			17,222,000			12,555,000			12,447,000			12,179,000
Stock-based compensation mark-to-market adjustments		509,000			509,000			70,000			517,000			560,000			(1,635,000	)
Terminated projects and transaction costs, net		1,320,000			1,320,000			419,000			—			2,423,000			1,525,000
Impairment charges		1,555,000			1,555,000			23,636,000			—			—			—
Gain on sales of land parcels		—			—			(285,000	)		—			3,000			(239,000	)
EDITDA	$	27,393,000		$	27,393,000		$	29,251,831		$	29,796,000		$	28,953,000		$	28,717,000
Fixed charges:
Interest expense (e)	$	12,438,000		$	13,232,000		$	13,911,000		$	12,911,000		$	12,316,000		$	11,843,000
Preferred dividend requirements		1,969,000			1,969,000			1,969,000			1,969,000			1,984,000			1,954,000
Fixed charges	$	14,407,000		$	15,201,000		$	15,880,000		$	14,880,000		$	14,300,000		$	13,797,000
Ratio of EBITDA to fixed charges		1.9 x			1.8 x			1.8 x			2.0 x			2.0 x			2.1 x
Debt to EBITDA
Total debt	$	895,971,000		$	895,971,000		$	950,664,000		$	1,019,407,000		$	1,019,313,000		$	1,018,041,000
Proceeds from three unconsolidated managed joint venture properties to be transferred in the second quarter of 2010 (d)		(16,200,000	)		—			—			—			—			—
Proceeds from exercise of RioCan warrant (e)		(10,000,000	)		—			—			—			—			—
	$	869,771,000		$	895,971,000		$	950,664,000		$	1,019,407,000		$	1,019,313,000		$	1,018,041,000
EBITDA annualized	$	109,572,000		$	109,572,000		$	117,007,324		$	119,184,000		$	115,812,000		$	114,868,000
Less: NOI from unconsolidated managed joint venture properties — annualized (d)		(6,058,000	)		(6,058,000	)		(13,378,000	)		(12,579,000	)		(12,285,000	)		(12,512,000	)
EBITDA annualized	$	103,514,000		$	103,514,000		$	103,629,324		$	106,605,000		$	103,527,000		$	102,356,000
Ratio of debt to EBITDA		8.4 x			8.7 x			9.2 x			9.6 x			9.8 x			9.9 x

11

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Notes

	Notes:
(a)	Includes (1) amounts applicable to 100%-owned properties (including amounts applicable to properties transferred to joint venture prior to such transfer), (2) the Company’s pro rata share of amounts applicable to consolidated joint venture properties, and (3) the Company’s pro rata share of amounts applicable to properties transferred to joint venture subsquent to such transfer.
(b)	Includes parnters’ pro rata share of amounts applicable to consolidated joint venture properties.
(c)	Removes the Company’s pro rata share of amounts applicable to consoldiated joint venture properties included in (a) above.
(d)	Represents the net proceeds to be received from the transfer of the three remaining properties to the RioCan joint venture. In 2010, the Company transferred two properties generating a net of approximately $12.8 million (not including amounts due upon certain lease renewals) and will transfer an additional three properties during the second quarter of 2010 gernerating $16.2 million, net of $1.8 million of expenses. Such closings are subject only to normal and customary lender consents.
(e)	Amount by which interest expense would have been reduced as if the transactions had been in effect for the entire first quarter of 2010:

	Amount		Rate			Months of Q1		Interest Decrease
Proceeds from transfer of properties to unconsolidated managed joint venture:
Properties transferred in 2010	$	12,800,000		5.50	%		1.50	$	88,000
Properties to be transferred later in 2010		16,200,000		5.50	%		3.00		223,000
Common stock issued:
February and March 2010		60,227,000		5.50	%		1.25		345,000
Warrant exercise		10,000,000		5.50	%		3.00		138,000
								$	794,000

12

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis (a)

	Three months ended Mar 31,
	2010			2009
The number of properties that were owned
throughout each of the comparative periods		102			102
Revenues:
Rents:
Base rents	$	24,951,000		$	25,488,000
Percentage rents		243,000			265,000
Straight-line rents		317,000			508,000
Amortization of intangible lease liabilities		1,950,000			2,862,000
		27,461,000			29,123,000
Expense recoveries (b)		8,026,000			8,322,000
Other		76,000			482,000
Total revenues		35,563,000			37,927,000
Operating expenses (b):
Operating, maintenance and management		7,520,000			7,250,000
Real estate and other property-related taxes		4,152,000			4,054,000
Total expenses		11,672,000			11,304,000
Net operating income (“NOI”)	$	23,891,000		$	26,623,000
Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		21,624,000			23,253,000
Straight-line rents and amortization of intangible lease liabilities		2,267,000			3,370,000
NOI	$	23,891,000		$	26,623,000
Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	(537,000	)		-2.1	%
Percentage rents		(22,000	)		-8.3	%
Straight-line rents		(191,000	)		-37.6	%
Amortization of intangible lease liabilities		(912,000	)		-31.9	%
		(1,662,000	)		-5.7	%
Expense recoveries		(296,000	)		-3.6	%
Other		(406,000	)		-84.2	%
Total revenues		(2,364,000	)		-6.2	%
Expenses:
Operating, maintenance and management		270,000			3.7	%
Real estate and other property-related taxes		98,000			2.4	%
Total expenses		368,000			3.3	%
Net operating income	$	(2,732,000	)		-10.3	%
Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		(1,629,000	)		-7.0	%
Straight-line rents and amortization of intangible lease liabilities		(1,103,000	)		-32.7	%
NOI	$	(2,732,000	)		-10.3	%
Percent occupied at end of period		89.9	%		93.0	%
Expense recovery percentage (a)		74.3	%		79.4	%

(a)	Excludes results of unconsolidated joint venture properties subsquent to transfer to joint venture.
(b)	The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $525,000 and $545,000, respectively, for the three month periods.

13

CEDAR SHOPPING CENTERS, INC.

Leasing Activity and Occupancy Statistics (a)(b)(f)

	At or for the three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2010			2009			2009			2009			2009
Renewals (c)
Number of leases		54			41			41			42			38
Aggregate square feet		509,000			339,000			202,000			329,000			200,000
Average square feet		9,426			8,268			4,927			7,833			5,263
Average expiring base rent psf	$	8.71		$	8.30		$	8.14		$	7.33		$	10.67
Average new base rent psf	$	9.20		$	8.13		$	8.71		$	8.08		$	11.04
% (decrease) increase in base rent		5.6	%		-2.1	%		7.0	%		10.2	%		3.4	%
New leases
Number of leases		18			15			26			14			19
Aggregate square feet		69,000			188,000			409,000			76,000			95,000
Average square feet		3,833			12,533			15,731			5,429			5,000
Average new base rent psf	$	13.13		$	16.66		$	17.24		$	14.66		$	10.06
Terminated leases (d)
Number of leases		17			21			13			18			19
Aggregate square feet		175,000			150,000			198,000			49,000			90,000
Average square feet		10,294			7,143			15,231			2,722			4,737
Average old base rent psf	$	11.42		$	11.44		$	4.02		$	14.59		$	12.12
Occupancy statistics
Stabilized properties:
Wholly-owned		94	%		94	%		94	%		95	%		95	%
Consolidated joint ventures		97	%		97	%		97	%		97	%		96	%
Real estate to be transferred to Joint Venture		98	%		96	%		n/a			n/a			n/a
Managed unconsolidated joint ventures		93	%		90	%		n/a			n/a			n/a
Total stabilized properties		95	%		95	%		95	%		95	%		95	%
Redevelopment and retenanting properties		72	%		74	%		76	%		67	%		65	%
Total operating portfolio (e)		90	%		91	%		92	%		92	%		92	%

(a)	New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents.
(b)	With the high occupancy levels for the Company’s portfolio on an overall basis, leasing activity for the indicated square footage amounts represents a small percentage of the total portfolio.
(c)	Renewal leases for the December 31, 2009 quarter include the 85,000 sq. ft. Burlington Coat Factory lease renewed in connection with the redevelopment of the center. Excluding this lease, there were 40 renewed leases, with an aggregate of 254,000 sq. ft. (an average 8,500 sq. ft.), and an average increase of approximately 4.8%.
(d)	Terminated leases for the September 30, 2009 quarter include the 144,000 sq. ft. Value City lease purchased by the Company. Excluding this lease, there were 12 terminated leases, with an aggregate of 54,000 sq. ft. (an average 4,500 sq. ft.), and an average old base rent psf $7.15.
(e)	Excludes ground-up development properties.
(f)	Incudes results of unconsolidated managed joint venture properties.

14

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of March 31, 2010

	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant Concentrations (e)	stores		GLA		% of GLA			base rent		per sq ft		base rents
Top ten tenants (a):
Giant Foods (b)		23		1,447,000		11.0	%	$	22,655,000	$	15.66		16.7	%
Farm Fresh (b)		6		364,000		2.8	%		3,880,000		10.66		2.9	%
Stop & Shop (b)		5		325,000		2.5	%		3,504,000		10.78		2.6	%
LA Fitness		5		210,000		1.6	%		3,283,000		15.63		2.4	%
Discount Drug Mart		14		346,000		2.6	%		3,280,000		9.48		2.4	%
Shaw’s (b)		4		241,000		1.8	%		2,716,000		11.27		2.0	%
CVS		10		113,000		0.9	%		2,335,000		20.66		1.7	%
Staples		7		145,000		1.1	%		2,137,000		14.74		1.6	%
Food Lion (b)		7		243,000		1.9	%		1,921,000		7.91		1.4	%
Shop Rite		2		118,000		0.9	%		1,663,000		14.09		1.2	%
Sub-total top ten tenants		83		3,552,000		27.1	%		47,374,000		13.34		35.0	%
Remaining tenants		1,186		8,159,000		62.1	%		88,014,000		10.79		65.0	%
Sub-total all tenants (c)		1,269		11,711,000		89.2	%		135,388,000	$	11.56		100.0	%
Vacant space (d)		n/a		1,417,000		10.8	%		n/a		n/a		n/a
Total (including vacant space)		1,269		13,128,000		100.0	%	$	135,388,000	$	10.31		n/a

(a)	Based on annualized base rent.
(b)	Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh Shaw’s, Shop’n Save (GLA of 53,000; annualized base rent of $495,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of $1,206,000) and Acme (GLA of 172,000; annualized base rent of $756,000) and (3) Food Lion and Hannaford (GLA of 43,000; annualized base rent of $405,000).
(c)	Includes tenants at ground-up development properties.
(d)	Includes vacant space at properties undergoing development and/or redevelopment activities.
(e)	Incudes unconsolidated managed joint venture properties.

	Three months ended
Total Revenues By State (a)	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
State	2010		2009		2009		2009		2009
Pennsylvania	$	22,592,000	$	23,098,000	$	20,689,000	$	19,944,000	$	20,881,000
Massachusetts		4,867,000		6,106,000		5,668,000		5,748,000		6,403,000
Connecticut		4,615,000		4,995,000		5,852,000		5,046,000		4,934,000
Ohio		2,156,000		2,460,000		2,354,000		2,543,000		2,578,000
Maryland		2,855,000		2,554,000		3,075,000		3,047,000		2,834,000
New Jersey		2,706,000		2,664,000		2,798,000		2,988,000		3,255,000
Virginia		3,315,000		3,245,000		2,797,000		2,731,000		2,996,000
New York		1,412,000		1,247,000		1,408,000		1,428,000		1,519,000
Michigan		412,000		403,000		449,000		431,000		463,000
	$	44,930,000	$	46,772,000	$	45,090,000	$	43,906,000	$	45,863,000

(a) Excludes results of unconsolidated joint venture properties subsquent to transfer to joint venture.

15

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (d)
As of March 31, 2010

												Percentage
	Number				Percentage			Annualized		Annualized		of annualized
Year of lease	of leases		GLA		of GLA			expiring		expiring base		expiring
expiration	expiring		expiring		expiring			base rents		rents per sq ft		base rents
Month-To-Month		75		201,000		1.7	%	$	2,161,000	$	10.75		1.6	%
2010		112		363,000		3.1	%		4,419,000		12.17		3.3	%
2011		197		1,088,000		9.3	%		12,098,000		11.12		8.9	%
2012		175		880,000		7.5	%		9,931,000		11.29		7.3	%
2013		147		743,000		6.3	%		9,102,000		12.25		6.7	%
2014		152		1,370,000		11.7	%		13,239,000		9.66		9.8	%
2015		122		1,231,000		10.5	%		12,246,000		9.95		9.0	%
2016		47		610,000		5.2	%		5,838,000		9.57		4.3	%
2017		39		493,000		4.2	%		6,320,000		12.82		4.7	%
2018		43		800,000		6.8	%		9,180,000		11.48		6.8	%
2019		40		585,000		5.0	%		6,680,000		11.42		4.9	%
2020		37		967,000		8.3	%		8,588,000		8.88		6.3	%
Thereafter		86		2,380,000		20.3	%		35,586,000		14.95		26.3	%
All tenants (a)		1,269		11,711,000		100.0	%		135,388,000		11.56		100.0	%
Vacant space (b)		n/a		1,417,000		n/a			n/a		n/a		n/a
Total portfolio (c)		1,269		13,128,000		n/a		$	135,388,000	$	10.31		n/a

(a)	Includes tenants at ground-up development properties.
(b)	Includes vacant space at properties undergoing development and/or redevelopment activities.
(c)	At March 31, 2010, the Company had a portfolio of 119 operating properties totaling approximately 13.1 million sq. ft. of GLA, including 94 wholly-owned properties comprising approximately 9.5 million square feet, 13 properties owned in joint venture comprising approximately 1.7 million sq. ft., five properties partially-owned in a managed unconsolidated joint venture comprising approximately 0.8 million sq. ft., three properties to be transferred to a managed unconsolidated joint venture comprising approximately 0.5 million sq. ft., and four ground-up developments comprising approximately 0.6 million sq. ft.; the portfolio excluding the ground-up developments was approximately 90% leased as of March 31, 2010.
(d)	Includes unconsolidated managed joint venture properties.

16

CEDAR SHOPPING CENTERS, INC.
Property Description
As of March 31, 2010

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			("GLA")		renovated	Name	Sq. ft.		expiration
Wholly-Owned Stabilized Properties:(a)
Academy Plaza	PA	2001		100	%		152,727	1965/1998	Acme Markets		50,918	9/30/2018
Annie Land Plaza	VA	2006		100	%		42,500	1999	Food Lion		29,000	5/4/2019
Camp Hill	PA	2002		100	%		472,458	1958/2005	Boscov's		167,597	9/30/2020
									Giant Foods		92,939	10/31/2025
									LA Fitness		45,000	12/31/2021
									Orthopedic Inst of PA		40,904	5/31/2016
									Barnes & Noble		24,908	1/31/2011
									Staples		20,000	6/30/2015
Carbondale Plaza	PA	2004		100	%		129,915	1972/2005	Weis Markets		52,720	2/29/2016
Carmans Plaza	NY	2007		100	%		194,481	1954/2007	Pathmark		52,211	3/31/2017
									Best Fitness		27,598	5/31/2018
									AJ Wright		25,806	4/30/2013
Carll’s Corner	NJ	2007		100	%		129,582	1960's-1999/	Acme Markets		55,000	9/30/2016
								2004
Circle Plaza	PA	2007		100	%		92,171	1979/1991	K-Mart		92,171	11/30/2014
Clyde Discount Drug Mart Plaza	OH	2005		100	%		34,592	2002	Discount Drug Mart		24,592	3/31/2019
Coliseum Marketplace	VA	2005		100	%		98,359	1987/2005	Farm Fresh		57,662	1/31/2021
CVS at Bradford	PA	2005		100	%		10,722	1996	CVS		10,722	3/31/2017
CVS at Celina	OH	2005		100	%		10,195	1998	CVS		10,195	1/31/2020
CVS at Erie	PA	2005		100	%		10,125	1997	CVS		10,125	1/31/2019
CVS at Kinderhook	NY	2007		100	%		13,225	2007	CVS		13,225	1/31/2033
CVS at Portage Trail	OH	2005		100	%		10,722	1996	CVS		10,722	9/30/2017
East Chestnut	PA	2005		100	%		21,180	1996
Elmhurst Square	VA	2006		100	%		66,250	1961-1983	Food Lion		38,272	9/30/2011
Fairfield Plaza	CT	2005		100	%		72,279	2001/2005	TJ Maxx		25,257	8/31/2013
									Staples		20,388	10/31/2019
Fairview Plaza	PA	2003		100	%		69,579	1992	Giant Foods		59,237	2/28/2017
FirstMerit Bank at Akron	OH	2005		100	%		3,200	1996	FirstMerit Bank		3,200	12/31/2011
FirstMerit Bank at Cuyahoga Falls	OH	2006		100	%		18,300	1973/2003	FirstMerit Bank		18,300	12/31/2015
Gahanna Discount Drug Mart Plaza	OH	2006		100	%		48,992	2003	Discount Drug Mart		24,592	3/31/2020
General Booth Plaza	VA	2005		100	%		73,320	1985	Farm Fresh		53,758	1/31/2014
Gold Star Plaza	PA	2006		100	%		71,720	1988	Redner's		47,329	3/16/2019
Golden Triangle	PA	2003		100	%		202,943	1960/2005	LA Fitness		44,796	4/30/2020
									Marshalls		30,000	1/31/2011
									Staples		24,060	5/31/2012
Groton Shopping Center	CT	2007		100	%		117,986	1969	TJ Maxx		30,000	5/31/2011

17

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2010

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			("GLA")		renovated	Name	Sq. ft.		expiration
Halifax Plaza	PA	2003		100	%		51,510	1994	Giant Foods		32,000	10/31/2019
Hamburg Commons	PA	2004		100	%		99,580	1988-1993	Redner's		56,780	6/30/2025
Hannaford Plaza	MA	2006		100	%		102,459	1965/2006	Hannaford		42,598	4/30/2015
Hilliard Discount Drug Mart Plaza	OH	2007		100	%		40,988	2003	Discount Drug Mart		24,592	3/31/2020
Hills & Dales Discount Drug Mart Plaza	OH	2007		100	%		33,553	1992-2007	Discount Drug Mart		23,608	3/31/2023
Jordan Lane	CT	2005		100	%		181,730	1969/1991	Stop & Shop		60,632	9/30/2015
									AJ Wright		39,280	3/31/2015
Kempsville Crossing	VA	2005		100	%		94,477	1985	Farm Fresh		73,878	1/31/2014
Kenley Village	MD	2005		100	%		51,894	1988	Food Lion		29,000	2/11/2014
Kings Plaza	MA	2007		100	%		168,243	1970/1994	Work Out World		42,997	12/31/2014
									AJ Wright		28,504	9/30/2013
									Ocean State Job Lot		20,300	5/31/2014
Kingston Plaza	NY	2006		100	%		18,337	2006
LA Fitness Facility	PA	2002		100	%		41,000	2003	LA Fitness		41,000	12/31/2018
Liberty Marketplace	PA	2005		100	%		68,200	2003	Giant Foods		55,000	9/30/2023
Lodi Discount Drug Mart Plaza	OH	2005		100	%		38,576	2003	Discount Drug Mart		24,596	3/31/2019
Long Reach Village	MD	2006		100	%		104,932	1973/1998	Safeway		53,684	7/31/2018
Martin’s at Glen Allen	VA	2005		100	%		43,000	2000	Giant Foods		43,000	2/15/2015
Mason Discount Drug Mart Plaza	OH	2008		100	%		52,896	2005/2007	Discount Drug Mart		24,596	3/31/2021
McCormick Place	OH	2005		100	%		46,000	1995	Sam Levin Furniture		46,000	11/30/2011
Mechanicsburg Giant	PA	2005		100	%		51,500	2003	Giant Foods		51,500	8/31/2024
Metro Square	MD	2008		100	%		71,896	1999	Shoppers Food Warehouse		58,200	1/31/2030
Newport Plaza	PA	2003		100	%		66,789	1996	Giant Foods		43,400	5/31/2021
Oak Ridge	VA	2006		100	%		38,700	2000	Food Lion		33,000	5/31/2019
Oakland Commons	CT	2007		100	%		89,850	1962/1995	Shaw's		54,661	2/29/2016
									Bristol Ten Pin		35,189	4/30/2043
Oakland Mills	MD	2005		100	%		58,224	1960's/2004	Food Lion		43,470	11/30/2018
Palmyra Shopping Center	PA	2005		100	%		112,108	1960/1995	Weis Markets		46,181	3/31/2015
Pickerington Discount Drug Mart Plaza	OH	2005		100	%		47,810	2002	Discount Drug Mart		25,852	3/31/2018
Pine Grove Plaza	NJ	2003		100	%		79,306	2001/2002	Peebles		24,963	1/31/2022

18

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2010

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			("GLA")		renovated	Name	Sq. ft.		expiration
Polaris Discount Drug Mart Plaza	OH	2005		100	%		50,283	2001	Discount Drug Mart		25,855	3/31/2017
Port Richmond Village	PA	2001		100	%		154,908	1988	Thriftway		40,000	10/31/2013
									Pep Boys		20,615	2/28/2014
Price Chopper Plaza	MA	2007		100	%		101,824	1960's-2004	Price Chopper		58,545	11/30/2015
Rite Aid at Massillon	OH	2005		100	%		10,125	1999	Rite Aid		10,125	1/31/2020
River View Plaza I, II and III	PA	2003		100	%		244,225	1991/1998	United Artists Theatre		77,700	12/31/2018
									Avalon Carpet		25,000	1/31/2012
									Pep Boys		22,000	9/30/2014
Smithfield Plaza	VA	2005-2008		100	%		134,664	1987/1996	Farm Fresh		45,544	1/31/2014
									Maxway		21,600	9/30/2010
									Peebles		21,600	1/31/2015
South Philadelphia	PA	2003		100	%		283,415	1950/2003	Shop Rite		54,388	9/30/2018
									Ross Dress For Less		31,349	1/31/2013
									Bally's Total Fitness		31,000	5/31/2017
									Modell's		20,000	1/31/2018
St. James Square	MD	2005		100	%		39,903	2000	Food Lion		33,000	11/14/2020
Stadium Plaza	MI	2005		100	%		77,688	1960's/2003	A&P		54,650	8/31/2022
Suffolk Plaza	VA	2005		100	%		67,216	1984	Farm Fresh		67,216	1/31/2014
Swede Square	PA	2003		100	%		98,792	1980/2004	LA Fitness		37,200	6/30/2016
The Commons	PA	2004		100	%		175,121	2003	Elder Beerman		54,500	1/31/2017
									Shop ’n Save		52,654	10/7/2015
The Point	PA	2000		100	%		250,697	1972/2001	Burlington Coat Factory		76,665	1/31/2011
									Giant Foods		58,585	7/31/2021
									Staples		24,000	8/31/2013
									AC Moore		20,000	7/31/2013
The Point at Carlisle Plaza	PA	2005		100	%		182,859	1965/2005	Bon-Ton		59,925	1/25/2015
									Office Max		22,645	10/22/2012
									Dunham Sports		21,300	1/31/2016
Timpany Plaza	MA	2007		100	%		183,775	1970's-1989	Stop & Shop		59,947	12/31/2014
									Big Lots		28,027	1/31/2011
									Gardner Theater		27,576	5/31/2014
Trexler Mall	PA	2005		100	%		339,363	1973/2004	Kohl's		88,248	1/31/2024
									Bon-Ton		62,000	1/28/2012
									Giant Foods		56,753	1/31/2016
									Lehigh Wellness Partners		30,594	11/30/2013
									Trexlertown Fitness Club		28,870	2/28/2015
Ukrop’s at Fredericksburg	VA	2005		100	%		63,000	1997	Ukrop’s Supermarket		63,000	8/4/2017

19

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2010

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			("GLA")		renovated	Name	Sq. ft.		expiration
Valley Plaza	MD	2003		100	%		190,939	1975/1994	K-Mart		95,810	9/30/2014
									Ollie's Bargain Outlet		41,888	3/31/2011
									Tractor Supply		32,095	5/31/2015
Virginia Center Commons	VA	2005		100	%		9,763	2002
Virginia Little Creek	VA	2005		100	%		69,620	1996/2001	Farm Fresh		66,120	1/31/2014
Wal-Mart Center	CT	2003		100	%		155,842	1972/2000	Wal-Mart		95,482	1/31/2020
									NAMCO		20,000	1/31/2011
Washington Center Shoppes	NJ	2001		100	%		157,290	1979/1995	Acme Markets		66,046	12/2/2020
									Planet Fitness		20,742	3/31/2024
West Bridgewater Plaza	MA	2007		100	%		133,039	1970/2007	Shaw's		57,315	2/28/2027
									Big Lots		25,000	1/31/2014
Westlake Discount Drug Mart Plaza	OH	2005		100	%		55,775	2005	BG Storage		31,295	1/31/2016
									Discount Drug Mart		24,480	3/31/2021
Yorktowne Plaza	MD	2007		100	%		158,982	1970/2000	Food Lion		37,692	12/31/2020
Total Wholly-Owned Stabilized Properties							7,410,189
Properties Owned in Joint Venture:
Homburg Joint Venture:
Aston Center	PA	2007		20	%		55,000	2005	Giant Foods		55,000	11/30/2025
Ayr Town Center	PA	2007		20	%		55,600	2005	Giant Foods		50,000	5/31/2025
Fieldstone Marketplace	MA	2005		20	%		193,970	1988/2003	Shaw's		68,000	2/29/2024
									Flagship Cinema		41,975	10/31/2023
Meadows Marketplace	PA	2004		20	%		91,538	2005	Giant Foods		65,507	11/30/2025
Parkway Plaza	PA	2007		20	%		106,628	1998-2002	Giant Foods		66,935	12/31/2018
Pennsboro Commons	PA	2005		20	%		107,384	1999	Giant Foods		68,624	8/10/2019
Scott Town Center	PA	2007		20	%		67,933	2004	Giant Foods		54,333	7/31/2023
Spring Meadow Shopping Center	PA	2007		20	%		67,950	2004	Giant Foods		65,000	10/31/2024
Stonehedge Square	PA	2006		20	%		88,677	1990/2006	Nell's Market		51,687	5/31/2026
							834,680
PCP Joint Venture:
New London Mall	CT	2009		40	%		257,814	1967/1997 -	Shoprite		64,017	2/29/2020
								2000	Marshalls		30,354	1/31/2014
									Homegoods		25,432	9/30/2010
									Petsmart		23,500	1/31/2015
									AC Moore		20,932	3/31/2015
San Souci Plaza	MD	2009		40	%		264,134	1985 - 1997/	Shoppers Food Warehouse		61,466	5/31/2020
								2007	Marshalls		27,000	9/30/2017
							521,948
Joint Ventures (other):
CVS at Naugatuck	CT	2008		50	%		13,225	2008	CVS		13,225	1/31/2034
Total Consolidated Joint Ventures							1,369,853

20

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2010

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			("GLA")		renovated	Name	Sq. ft.		expiration
Real estate to be contributed to a Joint Venture:
Loyal Plaza	PA	2002		100	%		293,825	1969/2000	K-Mart		102,558	8/31/2011
									Giant Foods		66,935	10/31/2019
									Staples		20,555	11/30/2014
Shaw’s Plaza	MA	2006		100	%		176,609	1968/1998	Shaw's		60,748	2/28/2023
									Marshall's		25,752	1/31/2013
Stop & Shop Plaza	CT	2008		100	%		54,510	2006	Stop & Shop		54,510	11/30/2026
Total Real estate to be contributed to a Joint Venture:							524,944
Managed Unconsolidated Joint Venture:
Columbus Crossing	PA	2003		20	%		142,166	2001	Super Fresh		61,506	9/30/2020
									Old Navy		25,000	1/31/2014
									AC Moore		22,000	9/30/2011
Franklin Village Plaza	MA	2004		20	%		304,285	1987/2005	Stop & Shop		75,000	4/30/2026
									Marshalls		26,890	1/31/2014
Blue Mountain Commons	PA	2008		20	%		121,146	2009	Giant Foods		97,707	10/31/2026
Sunset Crossing	PA	2003		20	%		74,142	2002	Giant Foods		54,332	6/30/2022
Town Square Plaza	PA	2010		20	%		127,636	2009	Giant Foods		73,327	9/30/2028
									A.C. Moore		21,600	11/15/2018
Total Managed Unconsolidated Joint Venture:							769,375
Total Stabilized Portfiolio							10,074,361
Redevelopment Properties:(a)
Dunmore Shopping Center	PA	2005		100	%		101,000	1962/1997	Eynon Furniture Outlet		40,000	2/28/2014
									Big Lots		26,902	1/31/2012
Lake Raystown Plaza	PA	2004		100	%		145,727	1995	Giant Foods		61,435	10/31/2026
Shore Mall	NJ	2006		100	%		459,098	1960/1980	Boscov's		172,200	9/19/2018
									Burlington Coat Factory		85,000	11/30/2014
									K&G		25,000	2/28/2017
The Shops at Suffolk Downs	MA	2005		100	%		121,829	2005	Stop & Shop		74,977	9/30/2025
Townfair Center	PA	2004		100	%		138,041	2002	Lowe's Home Centers		95,173	12/31/2015
Trexlertown Plaza	PA	2006		100	%		241,381	1990/2005	Redner's		47,900	10/31/2015
									Big Lots		33,824	1/31/2012
									Tractor Supply		22,670	10/31/2020
									Sears		22,500	10/31/2012
Total Redevelopment Properties							1,207,076
Retenanting Properties:(a)
Columbia Mall	PA	2005		75	%		348,574	1988	Sears		64,264	10/24/2013
									Bon-Ton		45,000	10/31/2013
Centerville Discount Drug Mart Plaza	OH	2005		100	%		49,494	2000	Discount Drug Mart		24,012	3/31/2016
Enon Discount Drug Mart Plaza	OH	2007		100	%		42,876	2005-2006	Discount Drug Mart		24,596	3/31/2022
Fairview Commons	PA	2007		100	%		59,578	1976/2003
Grove City Discount Drug Mart Plaza	OH	2007		100	%		95,568	2005	Discount Drug Mart		24,596	3/31/2020
Huntingdon Plaza	PA	2004		100	%		147,355	1972 - 2003	Peebles		22,060	1/31/2018

21

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2010

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			("GLA")		renovated	Name	Sq. ft.		expiration
Oakhurst Plaza	VA	2006		100	%		107,869	1980/2001
Ontario Discount Drug Mart Plaza	OH	2005		100	%		38,623	2002	Discount Drug Mart		25,475	3/31/2018
Shelby Discount Drug Mart Plaza	OH	2005		100	%		36,596	2002	Discount Drug Mart		24,596	3/31/2019
Shoppes at Salem Run	VA	2005		100	%		15,100	2005
The Brickyard	CT	2004		100	%		274,553	1990	Home Depot		103,003	1/31/2015
									Syms		38,000	3/31/2012
Total Retenanting Properties							1,216,186
Total Non-Stabilized Properties							2,423,262
Total Operating Portfolio							12,497,623
Ground-Up Developments:(a)
Crossroads II	PA	2008		60	%		133,618	2009	Giant Foods		76,415	11/30/2029
Heritage Crossing	PA	2008		60	%		59,396	2009
Northside Commons	PA	2008		100	%		85,300	2009	Redner's Market		48,519	8/31/2029
Upland Square	PA	2007		60	%		352,456	2009	Giant Foods		78,900	7/31/2029
									Best Buy		30,000	12/31/2019
									Bed, Bath & Beyond		25,000	1/31/2020
									TJ Maxx		25,000	8/31/2019
Total Ground-Up Developments							630,770
Total Portfolio(b)							13,128,393

(a) “Stabilized properties” are those properties which are at least 80% leased and not designated as “development” or “redevelopment” properties as of March 31, 2010. Ground-up developments have commenced operations, but were not “stabilized properties” for the entire three-months ended March 31, 2010.

22

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of March 31, 2010

						Financial statement carrying values												Gross
																Real estate to be	Managed	leasable					Average
			Percent					Buildings and		Total		Accumulated		Net book		transferred to	unconsolidated	area		Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		joint venture	joint venture	("GLA")		occupied			leased sq. ft.
Wholly-Owned Stabilized Properties:(a)
Academy Plaza	PA			100	%	$	2,406,000	$	11,184,000	$	13,590,000	$	2,404,000	$	11,186,000				152,727		82	%	$	13.13
Annie Land Plaza	VA			100	%		809,000		4,027,000		4,836,000		543,000		4,293,000				42,500		92	%		9.14
Camp Hill	PA			100	%		4,424,000		60,793,000		65,217,000		8,375,000		56,842,000				472,458		98	%		12.72
Carbondale Plaza	PA			100	%		1,586,000		12,147,000		13,733,000		1,995,000		11,738,000				129,915		86	%		6.86
Carll’s Corner	NJ			100	%		2,956,000		15,363,000		18,319,000		1,378,000		16,941,000				129,582		94	%		8.62
Carman’s Plaza	NY			100	%		8,420,000		35,041,000		43,461,000		3,220,000		40,241,000				194,481		91	%		15.63
Circle Plaza	PA			100	%		561,000		2,921,000		3,482,000		213,000		3,269,000				92,171		100	%		2.74
Clyde Discount Drug Mart Plaza	OH			100	%		673,000		3,232,000		3,905,000		537,000		3,368,000				34,592		100	%		9.69
Coliseum Marketplace	VA			100	%		3,586,000		17,164,000		20,750,000		2,842,000		17,908,000				98,359		86	%		15.56
CVS at Bradford	PA			100	%		291,000		1,482,000		1,773,000		271,000		1,502,000				10,722		100	%		12.80
CVS at Celina	OH			100	%		418,000		1,967,000		2,385,000		304,000		2,081,000				10,195		100	%		18.54
CVS at Erie	PA			100	%		399,000		1,783,000		2,182,000		262,000		1,920,000				10,125		100	%		16.50
CVS at Kinderhook	NY			100	%		2,502,000		1,106,000		3,608,000		76,000		3,532,000				13,225		100	%		20.70
CVS at Portage Trail	OH			100	%		341,000		1,611,000		1,952,000		259,000		1,693,000				10,722		100	%		13.00
East Chestnut	PA			100	%		800,000		3,702,000		4,502,000		739,000		3,763,000				21,180		100	%		13.39
Elmhurst Square	VA			100	%		1,371,000		6,229,000		7,600,000		874,000		6,726,000				66,250		94	%		8.62
Fairfield Plaza	CT			100	%		2,202,000		9,394,000		11,596,000		1,426,000		10,170,000				72,279		93	%		14.00
Fairview Plaza	PA			100	%		2,129,000		8,716,000		10,845,000		1,590,000		9,255,000				69,579		100	%		12.22
FirstMerit Bank at Akron	OH			100	%		168,000		736,000		904,000		127,000		777,000				3,200		100	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH			100	%		264,000		1,312,000		1,576,000		190,000		1,386,000				18,300		100	%		6.03
Gahanna Discount Drug Mart Plaza	OH			100	%		1,738,000		6,765,000		8,503,000		924,000		7,579,000				48,992		91	%		14.75
General Booth Plaza	VA			100	%		1,935,000		9,580,000		11,515,000		1,858,000		9,657,000				73,320		95	%		12.57
Gold Star Plaza	PA			100	%		1,644,000		6,602,000		8,246,000		999,000		7,247,000				71,720		84	%		9.08
Golden Triangle	PA			100	%		2,320,000		19,239,000		21,559,000		3,738,000		17,821,000				202,943		97	%		11.55
Groton Shopping Center	CT			100	%		3,073,000		12,375,000		15,448,000		1,461,000		13,987,000				117,986		97	%		10.32
Halifax Plaza	PA			100	%		1,347,000		6,026,000		7,373,000		1,007,000		6,366,000				51,510		97	%		11.75
Hamburg Commons	PA			100	%		1,153,000		9,888,000		11,041,000		1,338,000		9,703,000				99,580		93	%		6.12
Hannaford Plaza	MA			100	%		1,874,000		8,843,000		10,717,000		1,161,000		9,556,000				102,459		98	%		7.41
Hilliard Discount Drug Mart Plaza	OH			100	%		1,307,000		4,980,000		6,287,000		580,000		5,707,000				40,988		80	%		11.53
Hills & Dales Discount Drug Mart Plaza	OH			100	%		786,000		3,072,000		3,858,000		331,000		3,527,000				33,553		90	%		9.74
Jordan Lane	CT			100	%		4,291,000		21,936,000		26,227,000		3,517,000		22,710,000				181,730		98	%		10.23
Kempsville Crossing	VA			100	%		2,207,000		11,129,000		13,336,000		2,229,000		11,107,000				94,477		96	%		11.06
Kenley Village	MD			100	%		726,000		3,557,000		4,283,000		973,000		3,310,000				51,894		95	%		7.96
Kings Plaza	MA			100	%		2,408,000		12,681,000		15,089,000		1,345,000		13,744,000				168,243		99	%		6.37
Kingston Plaza	NY			100	%		2,891,000		2,344,000		5,235,000		200,000		5,035,000				18,337		100	%		26.76
LA Fitness Facility	PA			100	%		2,462,000		5,176,000		7,638,000		892,000		6,746,000				41,000		100	%		19.90
Liberty Marketplace	PA			100	%		2,695,000		12,863,000		15,558,000		1,835,000		13,723,000				68,200		89	%		17.50
Lodi Discount Drug Mart Plaza	OH			100	%		704,000		3,461,000		4,165,000		660,000		3,505,000				38,576		88	%		8.68
Long Reach Village	MD			100	%		1,721,000		8,699,000		10,420,000		1,266,000		9,154,000				104,932		84	%		10.46
Martin’s at Glen Allen	VA			100	%		6,769,000		683,000		7,452,000		269,000		7,183,000				43,000		100	%		9.73
Mason Discount Drug Mart Plaza	OH			100	%		1,849,000		7,449,000		9,298,000		740,000		8,558,000				52,896		91	%		13.25
McCormick Place	OH			100	%		849,000		4,064,000		4,913,000		903,000		4,010,000				46,000		100	%		8.50
Mechanicsburg Giant	PA			100	%		2,709,000		12,159,000		14,868,000		1,554,000		13,314,000				51,500		100	%		21.78
Metro Square	MD			100	%		3,121,000		12,351,000		15,472,000		621,000		14,851,000				71,896		100	%		18.88
Newport Plaza	PA			100	%		1,672,000		8,153,000		9,825,000		1,230,000		8,595,000				66,789		100	%		10.51
Oak Ridge	VA			100	%		960,000		4,281,000		5,241,000		469,000		4,772,000				38,700		100	%		10.45
Oakland Commons	CT	��		100	%		2,504,000		15,677,000		18,181,000		1,493,000		16,688,000				89,850		100	%		10.71
Oakland Mills	MD			100	%		1,611,000		6,321,000		7,932,000		1,204,000		6,728,000				58,224		100	%		13.07
Palmyra Shopping Center	PA			100	%		1,488,000		6,937,000		8,425,000		1,306,000		7,119,000				112,108		91	%		5.75
Pickerington Discount Drug Mart Plaza	OH			100	%		1,305,000		5,961,000		7,266,000		1,015,000		6,251,000				47,810		89	%		12.14
Pine Grove Plaza	NJ			100	%		1,622,000		6,518,000		8,140,000		1,149,000		6,991,000				79,306		100	%		10.55
Polaris Discount Drug Mart Plaza	OH			100	%		1,242,000		5,846,000		7,088,000		1,176,000		5,912,000				50,283		90	%		12.35
Port Richmond Village	PA			100	%		2,843,000		12,436,000		15,279,000		2,693,000		12,586,000				154,908		97	%		12.58
Price Chopper Plaza	MA			100	%		4,106,000		18,442,000		22,548,000		1,460,000		21,088,000				101,824		88	%		11.29
Rite Aid at Massillon	OH			100	%		442,000		2,020,000		2,462,000		295,000		2,167,000				10,125		100	%		18.99
River View Plaza I, II and III	PA			100	%		9,718,000		44,231,000		53,949,000		7,888,000		46,061,000				244,225		89	%		17.69
Smithfield Plaza	VA			100	%		2,919,000		12,980,000		15,899,000		1,480,000		14,419,000				134,664		98	%		9.43

23

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2010

					Financial statement carrying values															Gross
																Real estate to be		Managed		leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book			transferred to		unconsolidated		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value			joint venture		joint venture		("GLA")		occupied			leased sq. ft.
South Philadelphia	PA		100	%		8,222,000		38,847,000		47,069,000		8,169,000		38,900,000							283,415		82	%		13.67
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		857,000		4,192,000							39,903		96	%		11.35
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,373,000		10,883,000							77,688		100	%		15.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,417,000		7,221,000							67,216		100	%		9.40
Swede Square	PA		100	%		2,272,000		10,686,000		12,958,000		2,414,000		10,544,000							98,792		96	%		14.21
The Commons	PA		100	%		3,098,000		15,178,000		18,276,000		3,093,000		15,183,000							175,121		90	%		10.06
The Point	PA		100	%		2,996,000		23,842,000		26,838,000		5,494,000		21,344,000							250,697		91	%		11.46
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,401,000		13,634,000		2,315,000		11,319,000							182,859		88	%		6.64
Timpany Plaza	MA		100	%		3,375,000		19,592,000		22,967,000		1,960,000		21,007,000							183,775		93	%		6.38
Trexler Mall	PA		100	%		6,932,000		33,530,000		40,462,000		4,590,000		35,872,000							339,363		99	%		8.51
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,615,000		14,356,000							63,000		100	%		17.42
Valley Plaza	MD		100	%		1,950,000		8,423,000		10,373,000		1,410,000		8,963,000							190,939		97	%		4.58
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		588,000		4,267,000							9,763		100	%		34.27
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,504,000		8,485,000							69,620		100	%		11.00
Wal-Mart Center	CT		100	%		—		11,857,000		11,857,000		1,959,000		9,898,000							155,842		98	%		6.47
Washington Center Shoppes	NJ		100	%		1,999,000		11,085,000		13,084,000		2,376,000		10,708,000							157,290		96	%		9.16
West Bridgewater Plaza	MA		100	%		2,697,000		14,347,000		17,044,000		1,212,000		15,832,000							133,039		91	%		9.28
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		4,011,000		5,015,000		479,000		4,536,000							55,775		100	%		7.28
Yorktowne Plaza	MD		100	%		5,890,000		25,379,000		31,269,000		2,666,000		28,603,000							158,982		94	%		13.52
Total Wholly-Owned Stabilized Properties						174,362,000		830,194,000		1,004,556,000		126,375,000		878,181,000							7,410,189		94	%		10.97
Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		1,421,000		19,968,000							55,000		100	%		24.70
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		917,000		11,275,000							55,600		100	%		15.83
Fieldstone Marketplace	MA		20	%		5,167,000		21,943,000		27,110,000		3,271,000		23,839,000	��						193,970		100	%		11.27
Meadows Marketplace	PA		20	%		1,914,000		11,390,000		13,304,000		1,168,000		12,136,000							91,538		96	%		15.03
Parkway Plaza	PA		20	%		4,647,000		19,435,000		24,082,000		1,949,000		22,133,000							106,628		98	%		15.17
Pennsboro Commons	PA		20	%		3,608,000		14,297,000		17,905,000		2,255,000		15,650,000							107,384		91	%		14.71
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,160,000		13,600,000							67,933		100	%		17.56
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,438,000		19,103,000							67,950		100	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,706,000		14,404,000		1,566,000		12,838,000							88,677		94	%		11.35
						31,866,000		133,821,000		165,687,000		15,145,000		150,542,000							834,680		97	%		15.15
PCP Joint Venture:
New London Mall	CT		40	%		11,701,000		29,263,000		40,964,000		1,167,000		39,797,000							257,814		98	%		13.56
San Souci Plaza	MD		40	%		14,830,000		19,367,000		34,197,000		1,161,000		33,036,000							264,134		93	%		10.07
						26,531,000		48,630,000		75,161,000		2,328,000		72,833,000							521,948		95	%		11.83
Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		100,000		2,725,000							13,225		100	%		35.01
Total Consolidated Joint Ventures						58,397,000		185,276,000		243,673,000		17,573,000		226,100,000							1,369,853		97	%		14.10
Real estate to be transferred to a Joint Venture:
Loyal Plaza	PA		100	%		—		—		—		—		—			28,879,000				293,825		100	%		8.14
Shaw’s Plaza	MA		100	%		—		—		—		—		—			21,811,000				176,609		94	%		11.16
Stop & Shop Plaza	CT		100	%		—		—		—		—		—			9,513,000				54,510		100	%		15.59
Total Real estate to be transferred to a Joint Venture:						—		—		—		—		—			60,203,000				524,944		98	%		9.90
Managed Unconsolidated Joint Venture:
Blue Mountain Commons	PA		20	%		—		—		—		—		—			—	$	31,326,000		121,146		90	%		25.82
Columbus Crossing	PA		20	%		—		—		—		—		—			—		24,497,000		142,166		97	%		16.01
Franklin Village Plaza	Ma		20	%		—		—		—		—		—			—		55,039,000		304,285		90	%		19.29
Sunset Crossing	PA		20	%		—		—		—		—		—			—		9,591,000		74,142		89	%		14.47
Town Square Plaza	PA		20	%		—		—		—		—		—			—		18,794,000		127,636		98	%		25.82
Total Managed Unconsolidated Joint Venture:						—		—		—		—		—			—		139,247,000		769,375		93	%		20.36
Total Stab. Operating and Managed Properties:						232,759,000		1,015,470,000		1,248,229,000		143,948,000		1,104,281,000			60,203,000		139,247,000		10,074,361		95	%		12.05

24

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2010

						Financial statement carrying values														Gross
																Real estate to be		Managed		leasable						Average
			Percent					Buildings and		Total		Accumulated		Net book		transferred to		unconsolidated		area			Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		joint venture		joint venture		("GLA")			occupied			leased sq. ft.
Redevelopment Properties:(a)
Dunmore Shopping Center	PA			100	%		565,000		2,245,000		2,810,000		446,000		2,364,000		—		—		101,000			66	%		3.61
Lake Raystown Plaza	PA			100	%		2,231,000		12,861,000		15,092,000		2,123,000		12,969,000		—		—		145,727			94	%		11.79
Shore Mall	NJ			100	%		7,179,000		42,133,000		49,312,000		5,263,000		44,049,000		—		—		459,098			93	%		8.30
The Shops at Suffolk Downs	MA			100	%		7,580,000		19,485,000		27,065,000		1,635,000		25,430,000		—		—		121,829			85	%		13.62
Townfair Center	PA			100	%		3,022,000		12,485,000		15,507,000		2,384,000		13,123,000		—		—		138,041			87	%		6.51
Trexlertown Plaza	PA			100	%		5,262,000		26,917,000		32,179,000		2,741,000		29,438,000		—		—		241,381			71	%		10.59
							25,839,000		116,126,000		141,965,000		14,592,000		127,373,000		—		—		1,207,076			85	%		9.17
Retenanting Properties:(a)
Columbia Mall	PA			75	%		2,855,000		16,946,000		19,801,000		2,451,000		17,350,000		—		—		348,574			64	%		4.81
Centerville Discount Drug Mart Plaza	OH			100	%		1,219,000		5,445,000		6,664,000		865,000		5,799,000		—		—		49,494			63	%		10.53
Enon Discount Drug Mart Plaza	OH			100	%		1,135,000		4,356,000		5,491,000		564,000		4,927,000		—		—		42,876			79	%		10.76
Fairview Commons	PA			100	%		858,000		3,573,000		4,431,000		519,000		3,912,000		—		—		59,578			67	%		6.52
Grove City Discount Drug Mart Plaza	OH			100	%		1,241,000		5,041,000		6,282,000		547,000		5,735,000		—		—		95,568			34	%		12.22
Huntingdon Plaza	PA			100	%		933,000		5,998,000		6,931,000		764,000		6,167,000		—		—		147,355			53	%		6.89
Oakhurst Plaza	PA			100	%		4,539,000		18,189,000		22,728,000		2,220,000		20,508,000		—		—		107,869			34	%		23.59
Ontario Discount Drug Mart Plaza	OH			100	%		809,000		3,670,000		4,479,000		617,000		3,862,000		—		—		38,623			79	%		8.32
Shelby Discount Drug Mart Plaza	OH			100	%		671,000		3,276,000		3,947,000		636,000		3,311,000		—		—		36,596			78	%		9.35
Shoppes at Salem Run	VA			100	%		1,076,000		4,265,000		5,341,000		528,000		4,813,000		—		—		15,100			40	%		24.96
The Brickyard	CT			100	%		6,465,000		29,801,000		36,266,000		6,132,000		30,134,000		—		—		274,553			60	%		8.45
							21,801,000		100,560,000		122,361,000		15,843,000		106,518,000		—		—		1,216,186			58	%		8.34
Total Non-Stabilized Properties							47,640,000		216,686,000		264,326,000		30,435,000		233,891,000		—		—		2,423,262			72	%		8.83
Total Operating Portfolio							280,399,000		1,232,156,000		1,512,555,000		174,383,000		1,338,172,000		60,203,000		139,247,000		12,497,623			90	%	$	11.56
Ground-Up Developments:(a)
Crossroads II	PA			60	%		17,671,000		23,959,000		41,630,000		258,000		41,372,000		—		—		133,618			65	%	$	20.68
Heritage Crossing	PA			60	%		5,066,000		5,772,000		10,838,000		126,000		10,712,000		—		—		59,396			43	%		22.38
Northside Commons	PA			100	%		3,379,000		9,998,000		13,377,000		105,000		13,272,000		—		—		85,300			73	%		9.87
Upland Square	PA			60	%		27,454,000		56,543,000		83,997,000		660,000		83,337,000		—		—		352,456			79	%		16.14
Total Ground-Up Developments							53,570,000		96,272,000		149,842,000		1,149,000		148,693,000		—		—		630,770
Total Portfolio							333,969,000		1,328,428,000		1,662,397,000		175,532,000		1,486,865,000		60,203,000		139,247,000		13,128,393
Projects Under Development and Land Held For Future Expansion and Development:
Columbia Mall	PA			75	%		1,465,000		409,000		1,874,000		—		1,874,000		—		—	46.21		acres
Halifax Commons	PA			100	%		872,000		313,000		1,185,000		—		1,185,000		—		—	4.37		acres
Halifax Plaza	PA			100	%		1,503,000		1,212,000		2,715,000		—		2,715,000		—		—	12.83		acres
Liberty Marketplace	PA			100	%		1,564,000		28,000		1,592,000		—		1,592,000		—		—	15.51		acres
Oregon Pike	PA			100	%		2,283,000		65,000		2,348,000		—		2,348,000		—		—	11.20		acres
Pine Grove Plaza	NJ			100	%		388,000		72,000		460,000		1,000		459,000		—		—	2.66		acres
Shore Mall	NJ			100	%		2,018,000		176,000		2,194,000		—		2,194,000		—		—	50.00		acres
The Brickyard	CT			100	%		1,183,000		167,000		1,350,000		—		1,350,000		—		—	1.95		acres
Trexlertown Plaza	PA			100	%		8,089,000		2,549,000		10,638,000		—		10,638,000		—		—	37.28		acres
Trindle Spring	NY			100	%		1,148,000		263,000		1,411,000		—		1,411,000		—		—	2.10		acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000		—		—	12.32		acres
Various projects in progress		N/A		100	%		—		176,000		176,000		—		176,000		—		—	—		acres
Total Projects Under Development and Land Held For Future Expansion and Development:							20,873,000		5,430,000		26,303,000		1,000		26,302,000		—		—	196.41		acres
Total Carrying Value						$	354,842,000	$	1,333,858,000	$	1,688,700,000	$	175,533,000	$	1,513,167,000	$	60,203,000	$	139,247,000
Real estate held for sale — land parcel																$	1,850,000

Notes:

(a) “Stabilized properties” are those properties which are at least 80% leased and not designated as “development” or “redevelopment” properties as of March 31, 2010. Ground-up developments have commenced operations, but were not “stabilized properties” for the entire three-months ended March 31, 2010.

25

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2010

					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Mar 31,		Dec 31,		Int.			Mar 31,		Dec 31,
Property	Owned			Date	rate			2010		2009		rate			2010		2009
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013		7.3	%	$	9,308,000	$	9,365,000		7.3	%	$	9,308,000	$	9,365,000
Camp Hill Shopping Center		100	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carll’s Corner		100	%	Nov 2012		5.6	%		5,877,000		5,908,000		5.6	%		5,877,000		5,908,000
Carman’s Plaza		100	%	Oct 2016		6.3	%		33,350,000		33,345,000		6.2	%		33,500,000		33,500,000
Centerville Discount Drug Mart		100	%	May 2015		5.2	%		2,782,000		2,795,000		5.2	%		2,782,000		2,795,000
Clyde Discount Drug Mart		100	%	May 2015		5.2	%		1,930,000		1,939,000		5.2	%		1,930,000		1,939,000
Coliseum Marketplace		100	%	Jul 2014		5.2	%		12,163,000		12,228,000		6.1	%		11,762,000		11,803,000
Crossroads II		60	%	Jan 2010		7.1	%		—		900,000		7.1	%		—		900,000
Crossroads II		60	%	Jan 2010		8.5	%		—		425,000		8.5	%		—		425,000
CVS at Bradford		100	%	Mar 2017		5.2	%		753,000		775,000		7.1	%		710,000		729,000
CVS at Celina		100	%	Jan 2020		5.2	%		1,402,000		1,429,000		7.5	%		1,274,000		1,295,000
CVS at Erie		100	%	Nov 2018		5.2	%		1,089,000		1,114,000		7.1	%		1,015,000		1,036,000
CVS at Kinderhook		100	%	Jul 2019		5.3	%		2,467,000		2,480,000		5.3	%		2,467,000		2,480,000
CVS at Portage Trail		100	%	Aug 2017		5.0	%		820,000		843,000		7.8	%		752,000		771,000
East Chestnut		100	%	Apr 2018		7.4	%		1,961,000		1,988,000		5.2	%		1,759,000		1,778,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		4,026,000		4,045,000		5.4	%		4,026,000		4,045,000
Fairfield Plaza		100	%	July 2015		5.0	%		5,081,000		5,106,000		5.0	%		5,081,000		5,106,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,451,000		5,479,000		5.7	%		5,451,000		5,479,000
Gahanna Discount Drug Mart		100	%	Nov 2016		5.8	%		4,979,000		4,998,000		5.8	%		4,979,000		4,998,000
General Booth Plaza		100	%	Aug 2013		5.2	%		5,375,000		5,409,000		6.1	%		5,233,000		5,257,000
Gold Star Plaza		100	%	May 2019		6.0	%		2,369,000		2,417,000		7.3	%		2,257,000		2,300,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,926,000		20,999,000		6.0	%		20,926,000		20,999,000
Groton Shopping Center		100	%	Oct 2015		6.2	%		11,595,000		11,622,000		5.3	%		11,969,000		12,013,000
Halifax Plaza		100	%	Feb 2010 (a)		6.8	%		3,301,000		3,324,000		6.8	%		3,301,000		3,324,000
Hamburg Commons		100	%	Oct 2016		6.1	%		5,160,000		5,180,000		6.1	%		5,160,000		5,180,000
Jordan Lane		100	%	Dec 2015		5.5	%		13,024,000		13,080,000		5.5	%		13,024,000		13,080,000
Kempsville Crossing		100	%	Aug 2013		5.2	%		6,082,000		6,122,000		6.1	%		5,922,000		5,950,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,777,000		7,811,000		6.0	%		7,777,000		7,811,000
Kingston Plaza		100	%	Jul 2019		5.3	%		3,178,000		3,194,000		5.3	%		3,178,000		3,194,000
Kingston Plaza		100	%	Jul 2019		5.3	%		530,000		533,000		5.3	%		530,000		533,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,760,000		5,790,000		5.4	%		5,760,000		5,790,000
Liberty Marketplace		100	%	Jul 2014		5.2	%		9,307,000		9,373,000		6.1	%		9,004,000		9,052,000
Lodi Discount Drug Mart		100	%	May 2015		5.2	%		2,352,000		2,363,000		5.2	%		2,352,000		2,363,000
Long Reach Village		100	%	Jun 2011		5.7	%		4,668,000		4,690,000		5.7	%		4,668,000		4,690,000
McCormick Place		100	%	Aug 2017		6.1	%		2,612,000		2,621,000		6.1	%		2,612,000		2,621,000
Mechanicsburg Giant		100	%	Nov 2014		5.2	%		9,595,000		9,667,000		5.5	%		9,468,000		9,533,000
Metro Square		100	%	Nov 2029		7.5	%		9,114,000		9,162,000		7.5	%		9,114,000		9,162,000
Newport Plaza		100	%	Feb 2010		6.8	%		—		4,338,000		6.8	%		—		4,338,000
Newport Plaza		100	%	Jan 2015		6.0	%		5,666,000		—		6.0	%		5,666,000		—
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,445,000		3,459,000		5.5	%		3,445,000		3,459,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,897,000		4,918,000		5.5	%		4,897,000		4,918,000
Ontario Discount Drug Mart		100	%	May 2015		5.2	%		2,171,000		2,181,000		5.2	%		2,171,000		2,181,000
Pickerington Discount Drug Mart		100	%	Jul 2015		5.0	%		4,130,000		4,150,000		5.0	%		4,130,000		4,150,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,769,000		5,797,000		5.0	%		5,769,000		5,797,000
Polaris Discount Drug Mart		100	%	May 2015		5.2	%		4,430,000		4,451,000		5.2	%		4,430,000		4,451,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,621,000		14,683,000		6.5	%		14,621,000		14,683,000
Rite Aid at Massillon		100	%	Jan 2020		5.0	%		1,411,000		1,437,000		7.7	%		1,263,000		1,283,000
Shelby Discount Drug Mart Plaza		100	%	May 2015		5.2	%		2,171,000		2,181,000		5.2	%		2,171,000		2,181,000
Shore Mall		100	%	Jan 2009		8.0	%		235,000		243,000		8.0	%		151,000		157,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,446,000		3,467,000		6.1	%		3,355,000		3,368,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,921,000		6,938,000		6.2	%		7,035,000		7,057,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,585,000		4,617,000		6.1	%		4,464,000		4,488,000
The Point		100	%	Sep 2012		7.6	%		17,179,000		17,298,000		7.6	%		17,179,000		17,298,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,329,000		8,377,000		6.1	%		8,174,000		8,211,000
Trexler Mall		100	%	May 2014		5.4	%		21,416,000		21,526,000		5.5	%		21,292,000		21,395,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,872,000		4,904,000		6.1	%		4,744,000		4,766,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		437,000		444,000		8.0	%		382,000		387,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,768,000		5,795,000		5.1	%		5,768,000		5,795,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,545,000		8,575,000		5.9	%		8,545,000		8,575,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,856,000		10,885,000		6.2	%		10,938,000		10,970,000

26

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2010

					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Mar 31,		Dec 31,		Int.			Mar 31,		Dec 31,
Property	Owned			Date	rate			2010		2009		rate			2010		2009
Westlake Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%		3,202,000		3,215,000		5.6	%		3,202,000		3,215,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		20,328,000		20,418,000		6.0	%		20,352,000		20,441,000
Various land parcels		100	%	Jul 2010		5.5	%		—		3,000,000		5.5	%		—		3,000,000
									445,994,000		450,816,000					444,072,000		448,768,000
Homburg Joint Venture:
Aston Center		20	%	Nov 2015		5.5	%		12,740,000		12,802,000		5.9	%		12,505,000		12,556,000
Ayr Town Center		20	%	Jun 2015		5.5	%		7,191,000		7,225,000		5.6	%		7,147,000		7,178,000
Fieldstone Marketplace		20	%	Jul 2014		5.4	%		18,553,000		18,647,000		6.0	%		18,142,000		18,210,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,292,000		10,333,000		5.6	%		10,292,000		10,333,000
Parkway Plaza		20	%	May 2017		5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20	%	Mar 2016		5.5	%		10,903,000		10,949,000		5.5	%		10,903,000		10,949,000
Scott Town Center		20	%	Aug 2015		5.5	%		8,635,000		8,669,000		4.9	%		8,822,000		8,865,000
Spring Meadow Shoppping Center		20	%	Nov 2014		5.5	%		12,633,000		12,698,000		5.9	%		12,438,000		12,493,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000
									103,947,000		104,323,000					103,249,000		103,584,000
PCP Joint Venture:
New London Mall		40	%	Apr 2015		6.1	%		26,028,000		26,009,000		4.9	%		27,365,000		27,365,000
San Souci Plaza		40	%	Dec 2016		6.2	%		27,200,000		27,200,000		6.2	%		27,200,000		27,200,000
									53,228,000		53,209,000					54,565,000		54,565,000
Other:
CVS at Naugatuck		50	%	Nov 2019		5.3	%		2,441,000		2,450,000		5.3	%		2,441,000		2,450,000
Total Consolidated Joint Ventures									159,616,000		159,982,000					160,255,000		160,599,000
Total fixed-rate mortgages				5.6 years		5.8	%		605,610,000		610,798,000					604,327,000		609,367,000
				[weighted average]
Variable-rate mortgages:
Shore Mall		100	%	Sep 2011		5.9	%		21,000,000		21,000,000
Upland Square		60	%	Sep 2011		2.5	%		62,270,000		61,181,000
Total variable-rate mortgages				1.5 years		3.3	%		83,270,000		82,181,000
				[weighted average]
Total mortgages				5.3 years		5.5	%		688,880,000		692,979,000
				[weighted average]
Secured revolving credit facilties:
Stabilized property facility		100	%	Jan 2012		5.5	%		116,335,000		187,985,000
Development property facility(a)		100	%	Jun 2011		2.5	%		90,756,000		69,700,000
				1.9 years		4.2	%		207,091,000		257,685,000
				[weighted average]
Total debt				4.3 years		5.2	%	$	895,971,000	$	950,664,000
				[weighted average]
Pro rata share of total debt								$	779,656,000	$	834,083,000
Mortgage loans payable — discontinued operations:
Carrollton Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%	$	—	$	2,343,000
Pondside Plaza		100	%	May 2015		5.6	%		—		1,157,000
Powell Discount Drug Mart		100	%	May 2015		5.2	%		—		4,265,000
Mortgage loans payable — discontinued operations									—		7,765,000
Mortgage loans payable — real estate to be transferred to a joint venture
Loyal Plaza		100	%	Jun 2011		7.2	%		12,557,000		12,615,000
Shaw’s Plaza		100	%	Mar 2014		6.0	%		14,033,000		14,023,000
Stop & Shop Plaza		100	%	Apr 2017		6.2	%		7,000,000		7,000,000
Mortgage loans payable — real estate held to be transferred to a joint venture									33,590,000		33,638,000
Total Mortgages loans payable — real estate held for sale:				3.2 years		6.5	%	$	33,590,000	$	41,403,000
				[weighted average]
Mortgage loans payable — unconsolidated joint venture — managed properties
Columbus Crossing		20	%	Jun 2014		6.8	%	$	16,809,000	$	16,880,000
Franklin Village		20	%	Jan 2011		4.8	%		43,500,000		43,500,000
Total mortgages loans payable — uncon. joint ven. — managed properties								$	60,309,000	$	60,380,000

27

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2010

Maturity						Secured
schedule	Scheduled		Balloon			revolving
by year	amortization		Payments			credit facilities(b)		Total
2010	$	6,353,000	$	3,301,000	(a)	$	—	$	9,654,000
2011		8,987,000		83,270,000	(c)		90,756,000		183,013,000
2012		10,112,000		29,638,000			116,335,000		156,085,000
2013		9,378,000		54,945,000			—		64,323,000
2014		7,619,000		116,289,000			—		123,908,000
2015		5,633,000		116,062,000			—		121,695,000
2016		4,130,000		111,932,000			—		116,062,000
2017		2,300,000		84,256,000			—		86,556,000
2018		1,565,000		18,972,000			—		20,537,000
2019		1,119,000		6,522,000					7,641,000
Thereafter		6,008,000		489,000			—		6,497,000
	$	63,204,000	$	625,676,000		$	207,091,000	$	895,971,000

(a)	Extended and refinanced in April 2010.
(b)	The Company has the option to extend the stabilized property and development property credit facilities, which are due in January 2012 and June 2011, respectively, for one year beyond those respective dates.
(c)	Incudes $62,270,000 of property-specific construction financing due in September 2011 as to which the Company has a one-year extension option.

28

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Balance Sheet Information

						Mortgage
	Partners’			Real estate,		loans				Other assets/			Equity (a)
	percent			net		payable				liabilities,			Partners			Cedar (b)		Total
Consolidated				As of March 31, 2010
Homburg		80	%	$	150,542,032	$	(103,947,265	)		$	6,394,163		$	52,047,391		$	941,539	$	52,988,929
PCP (c)		60	%		70,766,816		(53,228,308	)			183,347			10,382,428			7,339,427		17,721,855
WP Realty (d )		25	%		19,224,941		—				(913,381	)		3,997,473			14,314,087		18,311,559
Fameco I (e)		40	%		83,337,257		(62,269,919	)			4,064,329			1,048,000			24,083,667		25,131,667
Fameco II (f)		40	%		41,372,049		—				(6,961,172	)		—			34,410,878		34,410,878
Hirshland (g)		40	%		10,712,274		—				2,176,940			(81,472	)		12,970,685		12,889,213
Other		50	%		2,725,938		(2,440,539	)			1,071,143			310,007			1,046,535		1,356,542
				$	378,681,307	$	(221,886,031	)		$	6,015,368		$	67,703,827		$	95,106,816	$	162,810,644
Unconsolidated
RioCan (h)		80	%	$	139,246,683	$	(60,308,603	)			10,465,285		$	71,380,829		$	18,022,536	$	89,403,365
Consolidated				As of December 31, 2009
Homburg		80	%	$	151,553,929	$	(104,322,664	)		$	5,319,807		$	51,628,864		$	922,208	$	52,551,072
PCP (c)		60	%		71,227,029		(53,162,425	)			(445,482	)		10,285,730			7,333,393		17,619,123
WP Realty (d)		25	%		19,334,674		—				(881,012	)		4,037,521			14,416,141		18,453,662
Fameco I (e)		40	%		83,858,133		(61,181,294	)			2,782,406			1,048,000			24,411,245		25,459,245
Fameco II (f)		40	%		40,387,784		(1,325,000	)			(7,872,678	)		—			31,190,106		31,190,106
Hirshland (g)		40	%		10,611,487		—				2,063,052			(81,472	)		12,756,011		12,674,540
Other		50	%		2,743,593		(2,450,000	)	��		1,112,585			309,358			1,096,820		1,406,178
				$	379,716,630	$	(222,441,384	)		$	2,078,678		$	67,228,002		$	92,125,923	$	159,353,925
Unconsolidated
RioCan (h)		80	%	$	41,130,809	$	—				2,045,016		$	34,537,683		$	8,638,142	$	43,175,825
Consolidated				As of September 30, 2009
Homburg		80	%	$	152,411,609	$	(104,681,906	)		$	5,453,523		$	52,118,924		$	1,064,303	$	53,183,226
PCP (c)		60	%		71,544,934		(53,095,078	)			(161,658	)		11,076,079			7,212,119		18,288,198
WP Realty (d )		25	%		19,447,601		—				(888,743	)		4,038,318			14,520,539		18,558,857
Fameco I (e)		40	%		82,154,353		(57,511,607	)			447,978			1,048,000			24,042,724		25,090,724
Fameco II (f)		40	%		35,780,234		(1,186,095	)			(11,321,381	)		—			23,272,758		23,272,758
Hirshland (g)		40	%		10,537,846		—				1,924,335			(81,472	)		12,543,653		12,462,182
Other		50	%		2,760,016		—				(1,395,288	)		335,785			1,028,943		1,364,728
				$	374,636,593	$	(216,474,686	)		$	(5,941,234	)	$	68,535,634		$	83,685,038	$	152,220,673
Consolidated				As of June 30, 2009
Homburg		80	%	$	153,437,582	$	(105,024,210	)		$	4,254,870		$	51,775,457		$	892,784	$	52,668,242
PCP (c)		60	%		72,142,651		(53,027,731	)			(283,546	)		11,099,788			7,731,587		18,831,375
WP Realty (d)		25	%		19,563,283		—				(1,094,097	)		4,075,915			14,393,272		18,469,186
Fameco I (e)		40	%		78,494,234		(50,154,288	)			(2,813,792	)		1,048,000			24,478,154		25,526,154
Fameco II (f)		40	%		26,384,387		(1,302,676	)			(9,353,149	)		—			15,728,562		15,728,562
Hirshland (g)		40	%		10,074,353		—				1,653,903			(81,472	)		11,809,728		11,728,256
Other		50	%		2,777,668		—				(1,420,969	)		338,145			1,018,553		1,356,698
				$	362,874,158	$	(209,508,905	)		$	(9,056,779	)	$	68,255,834		$	76,052,640	$	144,308,473
Consolidated				As of March 31, 2009
Homburg		80	%	$	154,526,752	$	(105,361,866	)		$	5,195,942		$	53,381,170		$	979,658	$	54,360,828
PCP (c)		60	%	$	72,740,465		(52,961,116	)			56,857			11,134,258			8,701,948		19,836,206
WP Realty (d )		25	%		19,676,276		—				(826,909	)		4,167,745			14,681,622		18,849,367
Fameco I (e)		40	%		67,263,458		(37,180,700	)			(4,223,394	)		1,048,000			24,811,364		25,859,364
Fameco II (f)		40	%		22,773,739		(1,302,676	)			(7,663,878	)		—			13,807,185		13,807,185
Hirshland (g)		40	%		11,298,154		—				(438,919	)		(81,472	)		10,940,707		10,859,235
Other		50	%		2,680,126		—				(1,433,853	)		21,897			1,224,376		1,246,273
				$	350,958,970	$	(196,806,358	)		$	(9,334,154	)	$	69,671,598		$	75,146,860	$	144,818,458

29

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Income Statement Information

				Property-level operations																			Share of property net income (a)
	Partners’						Operating			Cedar		Net Operat-			Depreciation/			Non-op					<<< Partners >>>
	percent			Revenues			expenses			mgt. Fees		ing income			amortization			inc/exp (i)		Net income			Regular			Preference		Cedar (b)
Consolidated				Three months ended March 31, 2010
Homburg		80	%	$	4,192,250		$	992,748		$	141,739	$	3,057,763		$	1,066,819		$	1,467,787	$	523,157		$	418,526		$	—	$	104,631
PCP (c)		60	%		2,096,127			557,142			52,829		1,486,156			535,340			790,902		159,914			95,948			—		63,966
WP Realty (d )		25	%		479,878			510,162			—		(30,284	)		129,911			—		(160,195	)		(40,049	)		—		(120,147	)
Fameco I (e)		40	%		1,570,772			368,758			21,030		1,180,984			407,511			276,002		497,471			—			—		497,471
Fameco II (f)		40	%		613,119			176,009			—		437,110			142,119			—		294,992			—			—		294,992
Hirshland (g)		40	%		196,685			41,370			—		155,316			38,199			—		117,117			—			—		117,117
Other		50	%		115,760			51,909			3,266		60,586			17,656			41,633		1,297			648			—		649
				$	9,264,592		$	2,698,098		$	218,864	$	6,347,630		$	2,337,554		$	2,576,323	$	1,433,752		$	475,073		$	—	$	958,679
Managed Unconsolidated
RioCan (h)		80	%	$	3,085,417		$	760,246			98,823	$	2,226,348		$	511,677		$	1,123,366	$	591,306		$	495,189		$	—	$	96,116
				$	3,085,417		$	760,246		$	98,823	$	2,226,348		$	511,677		$	1,123,366	$	591,306		$	495,189		$	—	$	96,116
		80	%
Consolidated				Three months ended December 31, 2009
Homburg		80	%	$	4,022,542		$	830,868		$	161,243	$	3,030,430		$	1,027,536		$	1,504,178	$	498,716		$	413,941		$	—	$	84,775
PCP (c)		60	%		2,091,859			564,937			44,724		1,482,198			230,340			856,044		395,815			53,141			—		342,674
WP Realty (d)		25	%		553,366			422,152			—		131,215			134,306			—		(3,091	)		(797	)		—		(2,295	)
Fameco I (e)		40	%		1,098,404			431,687			16,521		650,197			245,639			207,604		196,953			—			—		196,953
Fameco II (f)		40	%		449,311			62,595			—		386,717			117,921			—		268,795			—			—		268,795
Hirshland (g)		40	%		189,930			42,963			—		146,968			39,192			—		107,776			—			—		107,776
Other		50	%		123,735			62,097			3,266		58,372			17,653			3,573		37,146			18,573			—		18,573
				$	8,529,148		$	2,417,298		$	225,755	$	5,886,095		$	1,812,587		$	2,571,399	$	1,502,110		$	484,859		$	—	$	1,017,251
Managed Unconsolidated
RioCan (h)		80	%	$	282,394		$	66,974			7,697	$	207,723		$	70,773		$	27,544	$	109,406		$	87,525		$	—	$	21,881
Consolidated				Three months ended September 30, 2009
Homburg		80	%	$	3,921,964		$	735,386		$	146,825	$	3,039,753		$	1,082,349		$	1,508,455	$	448,948		$	343,466		$	—	$	105,482
PCP (c)		60	%		2,042,373			512,483			51,567		1,478,324			661,792			856,048		(39,516	)		(23,709	)		—		(15,807	)
WP Realty (d)		25	%		506,200			400,247			—		105,953			141,400			—		(35,447	)		(8,847	)		—		(26,600	)
Fameco I (e)		40	%		—			—			—		—			—			—		—			—			—		—
Fameco II (f)		40	%		—			—			—		—			—			—		—			—			—		—
Hirshland (g)		40	%		(115,293	)		(4,003	)		—		(111,290	)		(26,373	)		—		(84,917	)		—			—		(84,917	)
Other		50	%		115,760			52,245			3,266		60,249			17,651			—		42,598			21,299			—		21,299
				$	6,471,004		$	1,696,357		$	201,658	$	4,572,989		$	1,876,819		$	2,364,503	$	331,667		$	332,210		$	—	$	(543	)
Consolidated				Three months ended June 30, 2009
Homburg		80	%	$	3,924,555		$	792,631		$	113,652	$	3,018,271		$	1,097,116		$	1,496,569	$	424,587		$	339,669		$	—	$	84,917
PCP (c)		60	%		2,069,183			564,656			50,971		1,453,557			664,157			846,851		(57,451	)		(34,470	)		—		(22,981	)
WP Realty (d)		25	%		448,790			366,069			—		82,721			150,016			—		(67,295	)		(16,831	)		—		(50,464	)
Fameco I (e)		40	%		—			—			—		—			—			—		—			—			—		—
Fameco II (f)		40	%		—			—			—		—			—			—		—			—			—		—
Hirshland (g)		40	%		115,293			4,003			—		111,290			26,373			—		84,917			—			—		84,917
Other		50	%		115,760			53,569			3,209		58,982			17,651			—		41,331			20,665			—		20,665
				$	6,673,582		$	1,780,928		$	167,832	$	4,724,821		$	1,955,314		$	2,343,419	$	426,088		$	309,034		$	—	$	117,054
Consolidated				Three months ended March 31, 2009
Homburg		80	%	$	4,040,567		$	859,937		$	138,851	$	3,041,779		$	1,090,521		$	1,484,923	$	466,335		$	373,068		$	—	$	93,267
PCP (c)		60	%		1,263,262			243,897			31,367		987,998			442,455			1,788,446		(1,242,903	)		(745,742	)		—		(497,161	)
WP Realty (d)		25	%		573,223			453,149			—		120,074			133,039			—		(12,965	)		(3,241	)		—		(9,724	)
Fameco I (e)		40	%		—			—			—		—			—			—		—			—			—		—
Fameco II (f)		40	%		—			—			—		—			—			—		—			—			—		—
Hirshland (g)		40	%		—			—			—		—			—			—		—			—			—		—
Other		50	%		115,760			50,370			3,910		61,480			22,640			—		38,840			21,897			—		16,943
				$	5,992,812		$	1,607,353		$	174,128	$	4,211,331		$	1,688,655		$	3,273,369	$	(750,693	)	$	(354,018	)	$	—	$	(396,675	)

30

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

FFO and NOI Allocations

				Share of FFO (a)									Share of NOI (a)
	Partners’			Partners			Cedar (b)			Total			Partners			Cedar (b)			Total
Consolidated	percent				Three months ended March 31, 2010									Three months ended March 31, 2010
Homburg		80	%	$	1,271,981		$	317,995		$	1,589,976		$	2,446,210		$	611,553		$	3,057,763
PCP (c)		60	%		417,153			278,102			695,254			891,694			594,463			1,486,156
WP Realty (d)		25	%		(7,571	)		(22,713	)		(30,284	)		(7,571	)		(22,713	)		(30,284	)
Fameco I (e)		40	%		—			670,000			670,000			—			1,180,984			1,180,984
Fameco II (f)		40	%		—			437,110			437,110			—			437,110			437,110
Hirshland (g)		40	%		—			160,833			160,833			—			155,316			155,316
Other		50	%		9,476			9,476			18,953			30,293			30,293			60,586
				$	1,691,039		$	1,850,803		$	3,541,842		$	3,360,626		$	2,987,004		$	6,347,630
Managed Unconsolidated
RioCan (h)		80	%	$	882,496		$	220,624		$	1,103,119		$	1,781,079		$	445,270		$	2,226,348
Consolidated				Three months ended December 31, 2009									Three months ended December 31, 2009
Homburg		80	%	$	1,221,003		$	305,249		$	1,526,252		$	2,424,344		$	606,086		$	3,030,430
PCP (c)		60	%		375,693			250,460			626,153			889,319			592,879			1,482,198
WP Realty (d)		25	%		32,804			98,410			131,214			32,804			98,411			131,215
Fameco I (e)		40	%		—			143,750			143,750			—			650,197			650,197
Fameco II (f)		40	%		—			142,822			142,822			—			386,717			386,717
Hirshland (g)		40	%		—			146,968			146,968			—			146,968			146,968
Other		50	%		27,399			27,399			54,799			29,186			29,186			58,372
				$	1,656,900		$	1,115,058		$	2,771,958		$	3,375,652		$	2,510,443		$	5,886,095
Managed Unconsolidated
RioCan (h)		80	%	$	193,722		$	41,545		$	235,267		$	193,722		$	41,545		$	235,267
Consolidated				Three months ended September 30, 2009									Three months ended September 30, 2009
Homburg		80	%	$	1,225,038		$	306,260		$	1,531,298		$	2,431,802		$	607,951		$	3,039,753
PCP (c)		60	%		373,365			248,910			622,276			886,994			591,330			1,478,324
WP Realty (d)		25	%		26,488			79,465			105,953			26,488			79,465			105,953
Fameco I (e)		40	%		—			645,967			645,967			—			645,967			645,967
Fameco II (f)		40	%		—			13,875			13,875			—			13,875			13,875
Hirshland (g)		40	%		—			114,936			114,936			—			114,936			114,936
Other		50	%		36,125			24,125			60,249			30,125			30,125			60,249
				$	1,661,016		$	1,433,537		$	3,094,554		$	3,375,410		$	2,083,648		$	5,459,057
Consolidated				Three months ended June 30, 2009									Three months ended June 30, 2009
Homburg		80	%	$	1,217,362		$	304,341		$	1,521,703		$	2,414,617		$	603,654		$	3,018,271
PCP (c)		60	%		364,023			242,682			606,706			872,134			581,423			1,453,557
WP Realty (d)		25	%		20,680			62,041			82,721			20,680			62,041			82,721
Fameco I (e)		40	%		—			—			—			—			—			—
Fameco II (f)		40	%		—			—			—			—			—			—
Hirshland (g)		40	%		—			—			111,290			—			111,290			111,290
Other		50	%		35,491			23,491			58,982			29,491			29,491			58,982
				$	1,637,557		$	632,555		$	2,381,402		$	3,336,922		$	1,387,899		$	4,724,821
Consolidated				Three months ended March 31, 2009									Three months ended March 31, 2009
Homburg		80	%	$	1,245,485		$	311,372		$	1,556,857		$	2,433,423		$	608,356		$	3,041,779
PCP (c)		60	%		(480,269	)		(320,179	)		(800,448	)		592,799			395,199			987,998
WP Realty (d)		25	%		30,019			90,056			120,075			30,019			90,056			120,074
Fameco I (e)		40	%		—			—			—			—			—			—
Fameco II (f)		40	%		—			—			—			—			—			—
Hirshland (g)		40	%		—			—			—			—			—			—
Other		50	%		36,342			25,138			61,480			30,740			30,740			61,480
				$	831,577		$	106,387		$	937,964		$	3,086,981		$	1,124,351		$	4,211,331

31

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Notes:

(a)	The Partners’ and Cedar’s respective shares of equity, net income and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of non-proportionate initial investments (per the respective joint venture agreements). Equity also includes net receivable/payable balances on open account between joint ventures and wholly-owned entities.
(b)	Includes limited partners’ share. Cedar’s equity in the Homburg joint venture includes the excess of the jont venture partner’s contribution over the underlying net book value of the properties owned prior to their contribution to the joint venture in December 2007.
(c)	Cedar has a 40% interest in two joint ventures formed for the acquisitions of New London Mall and San Souci Plaza in January and Febnruary 2009, respectively. The loss reflected during the three months ended March 31, 2009 includes the expensing of acquisition transaction costs.
(d)	Cedar has a 75% interest in a consolidated joint venture formed for the redevelopment/retenanting of a shopping center (Columbia Mall) in Bloombsburg, PA.
(e)	Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Upland Square) in Pottsgrove, PA, and is to receive a preferred rate of return on its investment, if earned.
(f)	Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Crossroads II) in Stroudsburg, PA, and is to receive a preferred rate of return on its investment, if earned.
(g)	Cedar has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of a shopping center (Heritage Crossing) in Limerick, PA and is to receive a preferred rate of return on its investment, if earned.
(h)	Cedar has a 20% interest in an unconsolidated joint venture formed initially for the acquisition of seven properties previously owned by the Company, which the Company continues to manage. The balances at March 31, 2010 and December 31, 2009, respectively, represent the assets and liabilities of the properties transferred prior to those dates (the three other properties are expected to be transferred later in 2010); the revenues, expenses and FFO for these properties represent their results of operations subsequent to the dates of their transfers to the joint venture.
(i)	Non-operating income and expense consists principally of interest expense and amortization of financing costs.

32