Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2006
(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
December 31, 2006
(unaudited)
TABLE OF CONTENTS
         
 
       
Disclosures
    3-4  
Summary Financial Data
    5-6  
Consolidated Balance Sheets
    7  
Consolidated Net Operating Income
    8  
Funds From Operations (“FFO”) and Other Financial Information
    9  
Same Property Analysis
    10  
Leasing Activity and Occupancy Statistics
    11  
Tenant Concentration
    12  
Lease Expirations
    13  
Properties:
       
Description
    14-21  
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft
    22-26  
Debt Summary
    27-29  
Consolidated Joint Venture Properties
    30-35  

2


 

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2006
(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; the continuing availability of suitable acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels or at expected times; inherent risks in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, 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 of current leases; and the financial flexibility to repay or refinance debt obligations when due.
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, 2006.
     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 December 31, 2006, the Company owned a 95.7% 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. With respect to its four consolidated joint ventures, the Company has general partnership interests of 25% and 30% and, as the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined, pursuant to EITF 04-05, that such partnerships should be included in the consolidated financial statements. In addition, the Company has a 49% interest in an unconsolidated joint venture which owns a single-tenant office property.

3


 

Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure
     Funds From Operations (“FFO”) is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors as it captures 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, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO because the Company considers it an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO or an FFO-based measure (1) as one of several criteria 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 Loan Agreement relating to the Company’s secured revolving credit facility. 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 applicable to 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). FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

4


 

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data
(unaudited)
                                         
    Dec 31,     Sep 30,     Jun 30,     Mar 31,     Dec 31,  
    2006     2006     2006     2006     2005  
     
Equity market capitalization (end of period):
                                       
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding
    3,550,000       3,550,000       3,550,000       3,550,000       3,550,000  
Closing market price
  $ 26.63     $ 26.35     $ 26.22     $ 26.00     $ 26.45  
 
                                       
Common shares outstanding
    43,772,802       34,944,452       34,085,652       30,239,235       29,617,935  
OP Units outstanding
    1,984,064       1,837,099       1,837,099       1,565,144       1,545,808  
Closing market price
  $ 15.91     $ 16.17     $ 14.72     $ 15.84     $ 14.07  
 
                                       
Equity market capitalization
  $ 822,528,000     $ 688,300,000     $ 621,864,000     $ 596,081,000     $ 532,371,000  
Pro rata share of outstanding debt
    547,873,000       636,385,000       516,807,000       550,379,000       491,774,000  
     
Total market capitalization
  $ 1,370,401,000     $ 1,324,685,000     $ 1,138,671,000     $ 1,146,460,000     $ 1,024,145,000  
     
Ratio of pro rata share of outstanding debt to total market capitalization
    40.0 %     48.0 %     45.4 %     48.0 %     48.0 %
     
                                         
    Three months ended  
    Dec 31, 2006     Sep 30, 2006     Jun 30, 2006     Mar 31, 2006     Dec 31, 2005  
Total revenues
  $ 34,263,000     $ 31,929,000     $ 30,308,000     $ 29,992,000     $ 24,821,000  
Net income applicable to common shareholders
  $ 2,539,000     $ 1,785,000     $ 2,134,000     $ 1,000,000     $ 1,455,000  
Per common share (basic)
  $ 0.07     $ 0.05     $ 0.07     $ 0.03     $ 0.05  
Per common share (diluted)
  $ 0.07     $ 0.05     $ 0.07     $ 0.03     $ 0.05  
Dividends to common shareholders
  $ 8,013,000     $ 7,752,000     $ 6,867,000     $ 6,701,000     $ 6,414,000  
Per common share
  $ 0.225     $ 0.225     $ 0.225     $ 0.225     $ 0.225  
FFO
  $ 11,723,000     $ 10,729,000     $ 10,012,000     $ 9,490,000     $ 8,332,000  
Per common share/OP unit (basic)
  $ 0.30     $ 0.30     $ 0.31     $ 0.30     $ 0.27  
Per common share/OP unit (diluted)
  $ 0.30     $ 0.30     $ 0.31     $ 0.30     $ 0.27  
 
                                       
Weighted average number of common shares outstanding:
                                       
Shares used in determination of basic earnings per share
    36,723,000       34,484,000       30,618,000       29,878,000       29,035,000  
Additional shares for conversion of OP Units (basic)
    1,924,000       1,837,000       1,632,000       1,556,000       1,545,000  
     
Shares used in determination of FFO per share (basic)
    38,647,000       36,321,000       32,250,000       31,434,000       30,580,000  
     
 
                                       
Shares used in determination of diluted earnings per share
    36,729,000       34,489,000       30,863,000       30,139,000       29,211,000  
Additional shares for conversion of OP Units (diluted)
    1,940,000       1,846,000       1,639,000       1,564,000       1,548,000  
     
Shares used in determination of FFO per share (diluted)
    38,669,000       36,335,000       32,502,000       31,703,000       30,759,000  
     

5


 

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data (Continued)
(unaudited)
                 
    Years ended Dec 31,
    2006   2005
     
Total revenues
  $ 126,492,000     $ 78,941,000  
Net income applicable to common shareholders
  $ 7,458,000     $ 6,027,000  
Per common share (basic)
  $ 0.23     $ 0.25  
Per common share (diluted)
  $ 0.23     $ 0.25  
Dividends to common shareholders
  $ 21,320,000     $ 14,430,000  
Per common share
  $ 0.90     $ 0.90  
FFO
  $ 41,954,000     $ 25,923,000  
Per common share/OP unit (basic)
  $ 1.21     $ 1.03  
Per common share/OP unit (diluted)
  $ 1.21     $ 1.03  
 
               
Weighted average number of common shares outstanding:
               
Shares used in determination of basic earnings per share
    32,926,000       23,988,000  
Additional shares for conversion of OP Units (basic)
    1,737,000       1,202,000  
     
Shares used in determination of FFO per share (basic)
    34,663,000       25,190,000  
     
 
               
Shares used in determination of diluted earnings per share
    33,055,000       24,031,000  
Additional shares for conversion of OP Units (diluted)
    1,747,000       1,206,000  
     
Shares used in determination of FFO per share (diluted)
    34,802,000       25,237,000  
     
                                         
    Dec 31,   Sep 30,   Jun 30,   Mar 30,   Dec 31,
    2006   2006   2006   2006   2005
     
 
Real estate, net
  $ 1,177,139,000     $ 1,135,346,000     $ 1,006,939,000     $ 994,447,000     $ 946,457,000  
Other assets
    74,580,000       70,418,000       64,689,000       64,513,000       49,799,000  
     
Total assets
  $ 1,251,719,000     $ 1,205,764,000     $ 1,071,628,000     $ 1,058,960,000     $ 996,256,000  
     
 
                                       
Total debt
  $ 568,073,000     $ 656,668,000     $ 537,170,000     $ 569,799,000     $ 527,791,000  
Other liabilities
    70,595,000       66,797,000       58,349,000       64,082,000       44,405,000  
Minority interests in consolidated joint ventures
    9,132,000       9,143,000       9,202,000       9,930,000       12,339,000  
Limited partners’ interest in consolidated OP
    25,969,000       23,658,000       23,812,000       20,342,000       20,586,000  
Shareholders’ equity
    577,950,000       449,498,000       443,095,000       394,807,000       391,135,000  
     
Total liabilities and equity
  $ 1,251,719,000     $ 1,205,764,000     $ 1,071,628,000     $ 1,058,960,000     $ 996,256,000  
     
 
                                       
Fixed-rate mortgages
  $ 494,764,000     $ 396,247,000     $ 368,328,000     $ 366,907,000     $ 338,988,000  
Variable-rate mortgages
    4,839,000       45,291,000       44,362,000       43,412,000       41,323,000  
     
Total mortgages
    499,603,000       441,538,000       412,690,000       410,319,000       380,311,000  
Secured revolving credit facility
    68,470,000       215,130,000       124,480,000       159,480,000       147,480,000  
     
Total debt
  $ 568,073,000     $ 656,668,000     $ 537,170,000     $ 569,799,000     $ 527,791,000  
     
 
                                       
Pro rata share of total debt
  $ 547,873,000     $ 636,385,000     $ 516,807,000     $ 550,379,000     $ 491,774,000  
     
 
                                       
Weighted average interest rates:
                                       
Fixed-rate mortgages
    5.7 %     5.7 %     5.6 %     5.7 %     5.8 %
Variable-rate mortgages
    8.1 %     7.3 %     7.3 %     6.8 %     6.3 %
Total mortgages
    5.7 %     5.9 %     5.8 %     5.8 %     5.9 %
Secured variable-rate revolving credit facility
    6.6 %     6.7 %     6.6 %     6.1 %     5.6 %
Total debt
    5.8 %     6.1 %     6.0 %     5.9 %     5.8 %

6


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets
(unaudited)
                                         
    Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    2006   2006   2006   2006   2005
     
Assets:
                                       
Real estate:
                                       
Land
  $ 250,460,000     $ 230,777,000     $ 198,841,000     $ 191,096,000     $ 180,951,000  
Buildings and improvements
    991,517,000       960,963,000       856,292,000       844,110,000       800,005,000  
     
 
    1,241,977,000       1,191,740,000       1,055,133,000       1,035,206,000       980,956,000  
Less accumulated depreciation
    (64,838,000 )     (56,394,000 )     (48,194,000 )     (40,759,000 )     (34,499,000 )
     
Real estate, net
    1,177,139,000       1,135,346,000       1,006,939,000       994,447,000       946,457,000  
 
                                       
Investments in unconsolidated joint ventures
    3,644,000                   1,346,000        
 
                                       
Cash and cash equivalents
    17,885,000       15,918,000       11,755,000       11,895,000       8,601,000  
Cash at consolidated joint ventures
    598,000       466,000       447,000       614,000       1,385,000  
Other restricted cash
    10,909,000       10,824,000       11,242,000       10,408,000       9,030,000  
Receivables:
                                       
Rents and other, net
    4,187,000       5,272,000       4,475,000       6,208,000       4,220,000  
Straight-line rents
    7,995,000       7,161,000       6,460,000       5,609,000       4,873,000  
Other assets
    6,921,000       9,430,000       10,326,000       9,060,000       4,051,000  
Deferred charges, net:
                                       
Leasing costs
    15,050,000       14,618,000       13,710,000       13,548,000       11,433,000  
Financing costs
    5,939,000       5,095,000       4,992,000       5,041,000       5,521,000  
Other
    1,452,000       1,634,000       1,282,000       784,000       685,000  
     
Total assets
  $ 1,251,719,000     $ 1,205,764,000     $ 1,071,628,000     $ 1,058,960,000     $ 996,256,000  
     
 
                                       
Liabilities and shareholders’ equity:
                                       
Mortgage loans payable
  $ 499,603,000     $ 441,538,000     $ 412,690,000     $ 410,319,000     $ 380,311,000  
Secured revolving credit facility
    68,470,000       215,130,000       124,480,000       159,480,000       147,480,000  
Accounts payable and accrued expenses
    11,321,000       9,788,000       7,286,000       10,476,000       12,073,000  
Tenant prepayments and security deposits
    6,114,000       6,267,000       4,695,000       5,251,000       4,389,000  
Unamortized intangible lease liabilities
    53,160,000       50,742,000       46,368,000       48,355,000       27,943,000  
     
Total liabilities
    638,668,000       723,465,000       595,519,000       633,881,000       572,196,000  
     
 
                                       
Minority interests in consolidated joint ventures
    9,132,000       9,143,000       9,202,000       9,930,000       12,339,000  
Limited partners’ interest in consolidated OP
    25,969,000       23,658,000       23,812,000       20,342,000       20,586,000  
 
                                       
Shareholders’ equity
    577,950,000       449,498,000       443,095,000       394,807,000       391,135,000  
     
Total liabilities and equity
  $ 1,251,719,000     $ 1,205,764,000     $ 1,071,628,000     $ 1,058,960,000     $ 996,256,000  
     

7


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income
(unaudited)
                                         
    Three months ended
    Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    2006   2006   2006   2006   2005
     
Revenues:
                                       
Rents:
                                       
Base rents
  $ 23,967,000     $ 22,404,000     $ 20,728,000     $ 20,332,000     $ 17,769,000  
Percentage rents
    870,000       40,000       745,000       312,000       199,000  
Straight-line rents
    833,000       701,000       851,000       900,000       649,000  
Amortization of intangible lease liabilities
    2,585,000       3,042,000       2,043,000       2,628,000       1,211,000  
     
 
    28,255,000       26,187,000       24,367,000       24,172,000       19,828,000  
Expense recoveries
    5,914,000       5,496,000       5,654,000       5,614,000       4,862,000  
Other
    94,000       246,000       287,000       206,000       131,000  
     
 
    34,263,000       31,929,000       30,308,000       29,992,000       24,821,000  
     
Expenses:
                                       
Operating, maintenance and management
    5,620,000       5,258,000       5,334,000       6,168,000       4,065,000  
Real estate and other property- related taxes
    3,446,000       3,323,000       3,135,000       2,936,000       2,614,000  
     
 
    9,066,000       8,581,000       8,469,000       9,104,000       6,679,000  
     
 
                                       
Net operating income
    25,197,000       23,348,000       21,839,000       20,888,000       18,142,000  
 
                                       
Other income (expense):
                                       
General and administrative
    (1,866,000 )     (1,431,000 )     (1,410,000 )     (1,379,000 )     (1,649,000 )
Depreciation and amortization
    (9,224,000 )     (9,002,000 )     (8,060,000 )     (8,597,000 )     (7,032,000 )
Interest expense
    (9,122,000 )     (8,556,000 )     (7,742,000 )     (7,357,000 )     (5,380,000 )
Amortization of deferred financing costs
    (445,000 )     (341,000 )     (333,000 )     (329,000 )     (300,000 )
Interest income
    249,000       155,000       121,000       116,000       40,000  
Unconsolidated joint ventures:
                                       
Equity in income (loss)
    110,000             (15,000 )     (25,000 )      
Gain on sale of interest
                141,000              
Minority interests in consolidated joint ventures
    (259,000 )     (324,000 )     (309,000 )     (310,000 )     (320,000 )
Limited partners’ interest in consolidated OP
    (131,000 )     (95,000 )     (114,000 )     (53,000 )     (77,000 )
     
 
                                       
Net income
    4,509,000       3,754,000       4,118,000       2,954,000       3,424,000  
 
                                       
Preferred distribution requirements
    (1,970,000 )     (1,969,000 )     (1,984,000 )     (1,954,000 )     (1,969,000 )
     
 
                                       
Net income applicable to common shareholders
  $ 2,539,000     $ 1,785,000     $ 2,134,000     $ 1,000,000     $ 1,455,000  
     
 
                                       
Net operating income/Revenues
    73.5 %     73.1 %     72.1 %     69.6 %     73.1 %
Expense recovery percentage (a)
    65.2 %     64.0 %     66.8 %     61.7 %     72.8 %
Adjusted expense recovery percentage (a)
    67.9 %     68.3 %     71.4 %     67.1 %     75.2 %
 
(a)   The expense recovery percentage is computed by dividing expense recoveries by the sum of operating, maintenance, management and real estate and other property-related tax expenses. The adjusted expense recovery percentage eliminates the impact of the net provision for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) in the amounts of $362,000, $538,000, $551,000, $735,000 and $214,000, respectively.

8


 

CEDAR SHOPPING CENTERS, INC.
Funds From Operations (“FFO”) And Other Financial Information
(unaudited)
                                         
    Three months ended
    Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    2006   2006   2006   2006   2005
     
Net income applicable to common shareholders
  $ 2,539,000     $ 1,785,000     $ 2,134,000     $ 1,000,000     $ 1,455,000  
Add (deduct):
                                       
Real estate depreciation and amortization
    9,178,000       8,963,000       8,029,000       8,571,000       7,012,000  
Limited partners’ interest
    131,000       95,000       114,000       53,000       77,000  
Minority interests in consolidated joint ventures
    259,000       324,000       309,000       310,000       320,000  
Minority interests’ share of FFO applicable to consolidated joint ventures
    (396,000 )     (438,000 )     (446,000 )     (466,000 )     (532,000 )
Equity in (income) loss of unconsolidated joint ventures
    (110,000 )           15,000       25,000        
Gain on sale of interest in unconsolidated joint venture
                (141,000 )            
FFO from unconsolidated joint ventures
    122,000             (2,000 )     (3,000 )      
     
Funds From Operations
  $ 11,723,000     $ 10,729,000     $ 10,012,000     $ 9,490,000     $ 8,332,000  
     
FFO per common share, assuming conversion of OP Units:
                                       
Basic
  $ 0.30     $ 0.30     $ 0.31     $ 0.30     $ 0.27  
     
Diluted
  $ 0.30     $ 0.30     $ 0.31     $ 0.30     $ 0.27  
     
Weighted average number of common shares outstanding:
                                       
Shares used in determination of basic earnings per share
    36,723,000       34,484,000       30,618,000       29,878,000       29,035,000  
Additional shares assuming conversion of OP Units (basic)
    1,924,000       1,837,000       1,632,000       1,556,000       1,545,000  
     
Shares used in determination of FFO per share (basic)
    38,647,000       36,321,000       32,250,000       31,434,000       30,580,000  
     
 
                                       
Shares used in determination of diluted earnings per share
    36,729,000       34,489,000       30,863,000       30,139,000       29,211,000  
Additional shares assuming conversion of OP Units (diluted)
    1,940,000       1,846,000       1,639,000       1,564,000       1,548,000  
     
Shares used in determination of FFO per share (diluted)
    38,669,000       36,335,000       32,502,000       31,703,000       30,759,000  
     
 
                                       
Other Financial Information (Pro Rata Share):
                                       
Capital expenditures, tenant improvements, and leasing commissions:
                                       
First generation (a)
  $ 6,272,000     $ 6,211,000     $ 6,520,000     $ 8,686,000     $ 9,352,000  
     
Second generation (b)
  $ 2,870,000     $ 1,673,000     $ 1,358,000     $ 1,418,000     $ 1,241,000  
     
 
                                       
Capitalized interest
  $ 1,051,000     $ 1,078,000     $ 869,000     $ 678,000     $ 978,000  
     
Scheduled debt amortization payments:
                                       
Stated contract amounts
  $ 1,475,000     $ 1,343,000     $ 1,229,000     $ 1,569,000     $ 797,000  
     
Carrying value amounts
  $ 1,784,000     $ 1,639,000     $ 1,535,000     $ 1,849,000     $ 1,013,000  
     
 
                                       
Straight-line rents
  $ 812,000     $ 680,000     $ 825,000     $ 872,000     $ 614,000  
     
Amortization of intangible lease liabilities
  $ 2,569,000     $ 3,019,000     $ 2,022,000     $ 2,609,000     $ 1,184,000  
     
Non-real estate amortization
  $ 484,000     $ 374,000     $ 356,000     $ 348,000     $ 295,000  
     
Stock-based compensation charged to operating expenses
  $ 282,000     $ 176,000     $ 158,000     $ 113,000     $ 106,000  
     
                                         
    As of
    Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    2006   2006   2006   2006   2005
     
Land held for development and other real estate out of service (at cost) (c)
  $ 61,822,000     $ 55,490,000     $ 55,897,000     $ 60,038,000     $ 55,875,000  
     
 
(a)   First generation refers to expenditures related to development/redevelopment and expansion properties.
 
(b)   Second generation refers to expenditures related to stabilized properties.
 
(c)   Real estate out of service includes land under development, land held for future development, and the applicable portions
of development/redevelopment and expansion properties.

9


 

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis
                                 
    Three months ended Dec 31,   Year ended Dec 31,
    2006   2005   2006   2005
         
 
                               
The number of properties that were owned throughout each of the comparative periods
    71       71       30       30  
         
 
                               
Revenues:
                               
Rents:
                               
Base rents
  $ 17,110,000     $ 16,120,000     $ 47,285,000     $ 42,963,000  
Percentage rents
    420,000       153,000       825,000       505,000  
Straight-line rents
    502,000       579,000       1,490,000       1,954,000  
Amortization of intangible lease liabilities
    1,087,000       1,121,000       4,244,000       3,529,000  
         
 
    19,119,000       17,973,000       53,844,000       48,951,000  
Expense recoveries (a)
    4,027,000       4,359,000       11,796,000       12,757,000  
Other
    27,000       46,000       315,000       122,000  
         
Total revenues
    23,173,000       22,378,000       65,955,000       61,830,000  
         
 
                               
Operating expenses (a):
                               
Operating, maintenance and management
    3,179,000       3,241,000       10,898,000       10,130,000  
Real estate and other propertry-related taxes
    2,372,000       2,178,000       6,066,000       5,739,000  
         
Total expenses
    5,551,000       5,419,000       16,964,000       15,869,000  
         
 
                               
Net operating income
  $ 17,622,000     $ 16,959,000     $ 48,991,000     $ 45,961,000  
         
 
                               
Increase/(decrease) period over period
                               
Revenues:
                               
Rents:
                               
Base rents
  $ 990,000       6.1 %   $ 4,322,000       10.1 %
Percentage rents
    267,000       174.5 %     320,000       63.4 %
Straight-line rents
    (77,000 )     -13.3 %     (464,000 )     -23.7 %
Amortrization of intangible lease liabilities
    (34,000 )     -3.0 %     715,000       20.3 %
         
 
    1,146,000       6.4 %     4,893,000       10.0 %
Expense recoveries
    (332,000 )     -7.6 %     (961,000 )     -7.5 %
Other
    (19,000 )     -41.3 %     193,000       158.2 %
         
Total revenues
    795,000       3.6 %     4,125,000       6.7 %
         
 
                               
Expenses:
                               
Operating, maintenance and management
    (62,000 )     -1.9 %     768,000       7.6 %
Real estate and other propertry-related taxes
    194,000       8.9 %     327,000       5.7 %
         
Total expenses
    132,000       2.4 %     1,095,000       6.9 %
         
 
                               
Net operating income
  $ 663,000       3.9 %   $ 3,030,000       6.6 %
         
 
(a)   Expense recoveries are based principally on property-level operating expenses. The net provision for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) amounted to $237,000, $193,000, $1,573,000 and $647,000, respectively.

10


 

CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics
                                         
    Three months ended
    Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    2006   2006   2006   2006   2005
     
 
                                       
Renewals
                                       
 
                                       
Number of leases
    17       14       8       25       7  
Aggregate square feet
    51,000       28,000       23,000       138,000       19,000  
Average square feet
    3,000       2,000       2,875       5,520       2,714  
Average expiring base rent psf
  $ 16.28     $ 14.10     $ 13.08     $ 9.69     $ 15.09  
Average new base rent psf
  $ 16.84     $ 15.99     $ 13.92     $ 10.01     $ 16.21  
% increase in base rent
    3.44 %     13.40 %     6.42 %     3.30 %     7.42 %
 
                                       
New leases
                                       
 
                                       
Number of leases
    20       20       17       14       23  
Aggregate square feet
    134,000       123,000       119,000       51,000       157,000  
Average square feet
    6,700       6,150       7,000       3,643       6,826  
Average new base rent psf
  $ 13.07     $ 15.71     $ 13.87     $ 8.22     $ 12.79  
 
                                       
Terminated leases
                                       
 
                                       
Number of leases
    20       26       17       8       10  
Aggregate square feet
    38,000       141,000       51,000       16,000       29,000  
Average square feet
    1,900       5,423       3,000       2,000       2,900  
Average old base rent psf
  $ 14.51     $ 10.33     $ 14.92     $ 14.48     $ 18.47  
                                         
    As of
    Dec 31,   Sep 30,   Jun 30,   Mar 31,   Dec 31,
    2006   2006   2006   2006   2005
     
 
                                       
Occupancy statistics
                                       
 
                                       
Stabilized properties:
                                       
Wholly-owned
    95.2 %     94.1 %     95.0 %     94.7 %     95.1 %
Consolidated joint ventures
    100.0 %     100.0 %     100.0 %     100.0 %     100.0 %
     
Total stabilized properties
    95.5 %     94.4 %     95.3 %     95.1 %     95.5 %
     
 
                                       
Development/redevelopment and other non-stabilized properties
    64.4 %     62.9 %     73.3 %     73.5 %     71.8 %
     
 
                                       
Total operating portfolio
    92.5 %     91.4 %     92.1 %     91.1 %     90.8 %
     

11


 

CEDAR SHOPPING CENTERS, INC.
Tenant Concentration
As of December 31, 2006
(unaudited)
                                                 
    Number                           Annualized   Percentage
    of                   Annualized   base rent   annualized
Tenant   stores   GLA   % of GLA   base rent   per sq ft   base rents
 
Top ten tenants (a):
                                               
Giant Foods/Stop & Shop
    17       1,036,000       10.3 %   $ 13,654,000     $ 13.18       13.9 %
SuperValu/Farm Fresh/Shop ’n Save/Shaw’s/Acme
    12       713,000       7.1 %     6,301,000       8.84       6.4 %
Discount Drug Mart
    13       332,000       3.3 %     3,072,000       9.25       3.1 %
LA Fitness
    4       168,000       1.7 %     2,422,000       14.42       2.5 %
CVS/Eckerd
    15       161,000       1.6 %     2,358,000       14.65       2.4 %
Staples
    7       151,000       1.5 %     2,063,000       13.66       2.1 %
Food Lion/Hannaford
    7       248,000       2.5 %     2,021,000       8.15       2.1 %
A&P/Super Fresh
    2       116,000       1.2 %     1,540,000       13.28       1.6 %
Boscov’s
    2       347,000       3.4 %     1,471,000       4.24       1.5 %
Ukrop’s Super Markets
    2       106,000       1.1 %     1,423,000       13.42       1.5 %
     
Sub-total top ten tenants
    81       3,378,000       33.6 %     36,325,000       10.75       37.0 %
 
                                               
Remaining tenants
    964       5,933,000       59.0 %     61,754,000       10.41       63.0 %
     
Sub-total all tenants
    1,045       9,311,000       92.5 %     98,079,000       10.53       100.0 %
 
                                               
Vacant space (b)
    n/a       750,000       7.5 %     n/a       n/a       n/a  
     
Total (including vacant space)
    1,045       10,061,000       100.0 %   $ 98,079,000     $ 9.75       n/a  
     
 
(a)   Based on annualized base rent.
 
(b)   Includes vacant space at properties undergoing development and/or redevelopment activities.

12


 

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of December 31, 2006
(unaudited)
                                                 
                                            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
    63       143,000       1.5 %   $ 1,733,000     $ 12.12       1.8 %
2007
    150       435,000       4.7 %     5,782,000       13.29       5.9 %
2008
    155       762,000       8.2 %     8,774,000       11.51       8.9 %
2009
    160       865,000       9.3 %     8,624,000       9.97       8.8 %
2010
    124       1,135,000       12.2 %     10,557,000       9.30       10.8 %
2011
    108       733,000       7.9 %     7,849,000       10.71       8.0 %
2012
    62       490,000       5.3 %     4,731,000       9.66       4.8 %
2013
    29       255,000       2.7 %     2,494,000       9.78       2.5 %
2014
    30       535,000       5.7 %     4,856,000       9.08       5.0 %
2015
    33       391,000       4.2 %     4,028,000       10.30       4.1 %
2016
    35       448,000       4.8 %     4,385,000       9.79       4.5 %
Thereafter
    96       3,119,000       33.5 %     34,266,000       10.99       34.9 %
     
 
                                               
 
    1,045       9,311,000       100.0 %     98,079,000       10.53       100.0 %
 
                                               
Vacant space (a)
    n/a       750,000       n/a       n/a       n/a       n/a  
     
 
                                               
Total portfolio
    1,045       10,061,000       n/a     $ 98,079,000     $ 9.75       n/a  
     
 
(a)   Includes vacant space at properties undergoing development and/or redevelopment activities.
     At December 31, 2006, the Company had a portfolio of 97 properties totaling approximately 10.1 million square feet of GLA, including 93 wholly-owned properties comprising approximately 9.6 million square feet and four properties owned through joint ventures comprising approximately 485,000 square feet. The portfolio of wholly-owned properties was comprised of (1) 86 “stabilized” properties (those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2006), with an aggregate of 8.6 million square feet of GLA, which were approximately 95% leased, (2) three development/redevelopment properties with an aggregate of 650,000 square feet of GLA, which were approximately 61% leased, and (3) four non-stabilized properties with an aggregate of 305,000 square feet of GLA, which are presently being re-tenanted and which were approximately 71% leased. The four properties owned in joint venture are all “stabilized” properties and have a 100% occupancy percentage. The entire 97 property portfolio was approximately 93% leased at December 31, 2006.

13


 

CEDAR SHOPPING CENTERS, INC.
Property Description
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
Wholly-Owned Stabilized Properties (1):
                                       
Academy Plaza
  PA   2001   100%     152,878     1965/1998   Acme Markets     50,918     9/30/2018
 
                                       
Annie Land Plaza
  VA   2006   100%     42,500     1999   Food Lion     29,000     4/30/2019
 
                                       
Camp Hill
  PA   2002   100%     468,462     1958/2005   Boscov’s     167,597     9/30/2010
 
                          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
 
                                       
Carrolton Discount Drug Mart Plaza
  OH   2005   100%     40,480     2000   Discount Drug Mart     25,480     3/31/2016
 
                                       
Clyde Discount Drug Mart Plaza
  OH   2005   100%     34,592     2002   Discount Drug Mart     24,592     3/31/2019
 
                                       
Coliseum Marketplace
  VA   2005   100%     105,181     1987/2005   Farm Fresh     57,662     1/31/2021
 
                                       
Columbus Crossing
  PA   2003   100%     142,166     2001   Super Fresh     61,506     9/30/2020
 
                          Old Navy     25,000     9/30/2008
 
                          AC Moore     22,000     9/30/2011
 
                                       
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 Portage Trail
  OH   2005   100%     10,722     1996   CVS     10,722     9/30/2017
 
                                       
CVS at Westfield
  NY   2005   100%     10,125     2000   CVS     10,125     1/31/2023

14


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
Dover Discount Drug Mart Plaza
  OH   2005   100%     38,409     2002   Discount Drug Mart     24,516     3/31/2013
 
                                       
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%     71,979     2001/2005   TJ Maxx     25,257     8/31/2013
 
                          Staples     20,388     10/31/2019
 
                                       
Family Dollar at Akron
  OH   2005   100%     6,900     2000   Family Dollar     6,900     12/31/2009
 
                                       
Fieldstone Marketplace
  MA   2005   100%     193,970     1988/2003   Shaw’s Supermarket     68,000     2/29/2024
 
                          Flagship Cinema     41,975     10/31/2023
 
                                       
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     3/31/2010
 
                                       
Franklin Village Plaza
  MA   2004   100%     302,169     1987/2005   Stop & Shop     75,000     4/30/2026
 
                          Marshalls     26,890     1/31/2009
 
                                       
Gabriel Brothers Plaza
  OH   2005   100%     81,891     1970’s/2004   Gabriel Brothers     57,193     5/31/2014
 
                                       
Gahanna Discount Drug Mart Plaza
  OH   2006   100%     48,667     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%     71,729     1988   Redner’s     47,329     3/16/2019
 
                                       
Golden Triangle
  PA   2003   100%     195,181     1960/2005   LA Fitness     44,796     4/30/2020
 
                          Marshalls     30,000     5/31/2010
 
                          Staples     24,060     5/31/2012

15


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
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
 
                                       
Hudson Discount Drug Mart Plaza
  OH   2005   100%     32,259     2000   Discount Drug Mart     32,259     3/31/2017
 
                                       
Jordan Lane
  CT   2005   100%     181,735     1969/1991   Stop & Shop     60,632     9/30/2010
 
                          AJ Wright     39,280     3/31/2015
 
                          Friendly Fitness     20,283     8/31/2014
 
                                       
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     2/11/2009
 
                                       
Kingston Plaza
  NY   2006   100%     18,347                      
 
                                       
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%     105,081     1973/1998   Safeway     53,684     7/31/2018
 
                                       
Majestic Plaza
  MI   2005   100%     79,180     1960’s/2003   A&P     54,650     8/31/2022
 
                                       
McCormick Place
  OH   2005   100%     46,000     1995   Sam Levin Furniture     46,000     11/30/2011
 
                                       
McDonalds / Waffle House at Medina
  OH   2005   100%     6,000     2003                
 
                                       
Meadows Marketplace
  PA   2004   100%     85,930     2005   Giant Foods     65,507     10/31/2025
 
                                       
Mechanicsburg Giant
  PA   2005   100%     51,500     2003   Giant Foods     51,500     8/31/2024
 
                                       
Ontario Discount Drug Mart Plaza
  OH   2005   100%     38,423     2002   Discount Drug Mart     25,525     3/31/2018

16


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
Oak Ridge
  VA   2006   100%     38,700     2000   Food Lion     33,000     5/31/2019
 
                                       
Oakhurst Plaza
  PA   2006   100%     110,669     1980/2001   Giant Foods     62,320     1/31/2019
 
                                       
Oakland Mills
  MD   2005   100%     58,224     1960’s/2004   Food Lion     43,470     11/30/2018
 
                                       
Palmyra Shopping Center
  PA   2005   100%     112,328     1960/1995   Weis Markets     46,181     3/31/2010
 
                                       
Pennsboro Commons
  PA   2005   100%     109,784     1999   Giant Foods     68,624     8/10/2019
 
                                       
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
 
                                       
Polaris Discount Drug Mart Plaza
  OH   2005   100%     50,283     2001   Discount Drug Mart     25,855     3/31/2017
 
                                       
Pondside Plaza
  NY   2005   100%     19,340     2003                
 
                                       
Port Richmond Village
  PA   2001   100%     154,908     1988   Thriftway     40,000     10/31/2008
 
                          Pep Boys     20,615     2/28/2009
 
                                       
Powell Discount Drug Mart Plaza
  OH   2005   100%     49,772     2001   Discount Drug Mart     25,852     3/31/2018
 
                                       
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
 
                          Pep Boys     22,000     9/30/2014
 
                                       
Shaw’s Plaza
  MA   2006   100%     176,609     1968/1998   Shaw’s     60,748     2/28/2023
 
                          Marshall’s     25,752     1/31/2008

17


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
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                
 
                                       
Shore Mall
  NJ   2006   100%     620,968     1960/1980   Boscov’s     172,200     9/19/2018
 
                          Value City     144,000     4/30/2009
 
                          Burlington Coat Factory     85,000     11/30/2009
 
                          K&G     33,295     2/28/2017
 
                                       
Smithfield Plaza
  VA   2005   100%     45,544     1988   Farm Fresh     45,544     1/31/2014
 
                                       
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
 
                          Nat’l Wholesale Liquidators     30,000     1/31/2016
 
                          Modell’s     20,000     1/31/2018
 
                                       
St James Square
  MD   2005   100%     39,903     2000   Food Lion     33,000     11/14/2020
 
                                       
Staples at Oswego
  NY   2005   100%     23,884     2000   Staples     23,884     2/28/2015
 
                                       
Stonehedge Square
  PA   2006   100%     90,126     1990/2006   Nell’s Market     51,786     5/31/2026
 
                                       
Suffolk Plaza
  VA   2005   100%     67,216     1984   Farm Fresh     67,216     1/31/2014
 
                                       
Sunset Crossing
  PA   2003   100%     74,142     2002   Giant Foods     54,332     6/30/2022
 
                                       
Swede Square
  PA   2003   100%     98,792     1980/2004   LA Fitness     37,200     6/30/2016
 
                                       
The Brickyard
  CT   2004   100%     274,553     1990   Sam’s Club     109,755     1/31/2010
 
                          Home Depot     103,003     1/31/2010
 
                          Syms     38,000     3/31/2010
 
                                       
The Commons
  PA   2004   100%     175,121     2003   Elder Beerman     54,500     1/31/2017
 
                          Shop ’n Save     52,654     10/7/2015

18


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
The Point
  PA   2000   100%     255,447     1972/2001   Burlington Coat Factory     76,665     1/31/2011
 
                          Giant Foods     55,000     7/31/2021
 
                          Staples     24,000     8/31/2013
 
                          AC Moore     20,000     7/31/2008
 
                                       
The Point at Carlisle Plaza
  PA   2005   100%     182,859     1965/2005   Bon-Ton     59,925     1/25/2010
 
                          Office Max     22,645     10/1/2012
 
                          Dunham Sports     21,300     1/31/2016
 
                                       
The Shops at Suffolk Downs
  MA   2005   100%     85,777     2005   Stop & Shop     74,977     9/30/2025
 
                                       
Townfair Center
  PA   2004   100%     203,531     2002   Lowe’s Home Centers     95,173     12/31/2015
 
                          Shop ’n Save     50,000     2/28/2012
 
                                       
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     29,421     11/30/2008
 
                          Trexlertown Fitness Club     28,870     2/28/2010
 
                                       
Trexlertown Plaza
  PA   2006   100%     241,381     1990/2005   Redner’s     47,900     10/31/2010
 
                          Big Lots     33,824     1/31/2012
 
                          Tractor Supply     22,670     10/31/2020
 
                          Sears     22,500     10/31/2007
 
                                       
Ukrop’s at Fredericksburg
  VA   2005   100%     63,000     1997   Ukrop’s Supermarket     63,000     8/4/2017
 
                                       
Ukrop’s at Glen Allen
  VA   2005   100%     43,000     2000   Ukrop’s Supermarket     43,000     2/15/2010
 
                                       
Valley Plaza
  MD   2003   100%     191,189     1975/1994   K-Mart     95,810     9/30/2009
 
                          Ollie’s Bargain Outlet     41,888     3/31/2011
 
                          Tractor Supply     32,095     5/31/2010
 
                                       
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

19


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
Washington Center Shoppes
  NJ   2001   100%     154,240     1979/1995   Acme Markets     66,046     12/2/2020
 
                          Powerhouse Gym     20,742     12/31/2012
 
                                       
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
 
                                       
Total Wholly-Owned Stabilized Properties
                8,621,656                      
 
                                       
Properties Owned in Joint Venture (2)
                                       
Fairview Plaza
  PA   2003   30%     69,579     1992   Giant Foods     59,237     2/28/2017
 
                                       
Halifax Plaza
  PA   2003   30%     54,150     1994   Giant Foods     32,000     10/31/2019
 
                                       
Loyal Plaza
  PA   2002   25%     293,825     1969/2000   K-Mart     102,558     8/31/2011
 
                          Giant Foods     66,935     10/31/20019
 
                          Staples     20,555     11/30/2014
 
                                       
Newport Plaza
  PA   2003   30%     66,789     1996   Giant Foods     43,400     5/31/2021
Total Consolidated Joint Ventures
                484,343                      
 
                                       
Total Stabilized Properties
                9,105,999                      
 
                                       
Development/Redevelopment and Other Non-Stabilized Properties (1):
                                       
Centerville Discount Drug Mart Plaza
  OH   2005   100%     49,494     2000   Discount Drug Mart     24,012     3/31/2016
 
                                       
Columbia Mall
  PA   2005   100%     351,866     1988   Sears     64,264     10/24/2013
 
                          Bon-Ton     45,000     10/31/2008
 
                          JC Penney     34,076     10/31/2008
 
                                       
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
 
                                       
Huntingdon Plaza
  PA   2004   100%     151,697     1972 - 2003   Peebles     22,060     1/31/2018
 
                                       
Lake Raystown Plaza
  PA   2004   100%     145,727     1995   Giant Foods     61,435     10/31/2026

20


 

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006
                                         
                Gross        
                leasable   Year built/   Major tenants [20,000 or more sq. ft. of GLA]
        Year   Percent   area   year last   and tenants at single-tenant properties
Property Description   State   acquired   owned   (“GLA”)   renovated   Name   Sq. ft.   Lease expiration
 
Onatario Discount Drug Mart Plaza
  OH   2005   100%     38,373     2002   Discount Drug Mart     25,475     3/31/2018
 
                                       
Value City Shopping Center
  MI   2005   100%     117,000     1950’s/2003   Value City     85,000     1/31/2008
Total Non-Stabilized Properties
                955,157                      
 
                                       
Total Portfolio (3):
                10,061,156                      
 
(1)   “Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2006. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, Ontario Discount Drug Mart Plaza, and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.
 
(2)   The terms of the respective joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company.
 
(3)   In addition, the Company has a 49% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

21


 

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of December 31, 2006
                                                                                 
                                                            Gross            
                    Financial statement carrying value   leasable           Average
            Percent           Buildings and   Total   Accumulated   Net book   area   Percent   base rent per
Property Description   State   owned   Land   improvements   cost   depreciation   value   (“GLA”)   occupied   leased sq. ft.
 
Wholly-Owned Stabilized Properties (1):
                                                                               
Academy Plaza
  PA     100 %   $ 2,406,000     $ 10,631,000     $ 13,037,000     $ 1,395,000     $ 11,642,000       152,878       86.3 %   $ 12.24  
Annie Land Plaza
  VA     100 %     809,000       3,857,000       4,666,000       52,000       4,614,000       42,500       100.0 %     9.10  
Camp Hill
  PA     100 %     4,460,000       59,352,000       63,812,000       2,965,000       60,847,000       468,462       97.6 %     12.50  
Carbondale Plaza
  PA     100 %     1,586,000       9,883,000       11,469,000       948,000       10,521,000       129,915       83.4 %     5.54  
Carrolton Discount Drug Mart Plaza
  OH     100 %     713,000       3,332,000       4,045,000       217,000       3,828,000       40,480       100.0 %     7.92  
Clyde Discount Drug Mart Plaza
  OH     100 %     451,000       2,329,000       2,780,000       163,000       2,617,000       34,592       82.7 %     8.85  
Coliseum Marketplace
  VA     100 %     3,443,000       16,573,000       20,016,000       959,000       19,057,000       105,181       100.0 %     14.35  
Columbus Crossing
  PA     100 %     4,579,000       19,140,000       23,719,000       1,767,000       21,952,000       142,166       100.0 %     16.04  
CVS at Bradford
  PA     100 %     291,000       1,468,000       1,759,000       91,000       1,668,000       10,722       100.0 %     12.80  
CVS at Celina
  OH     100 %     418,000       1,967,000       2,385,000       103,000       2,282,000       10,195       100.0 %     17.49  
CVS at Erie
  PA     100 %     399,000       1,783,000       2,182,000       88,000       2,094,000       10,125       100.0 %     16.50  
CVS at Portage Trail
  OH     100 %     341,000       1,603,000       1,944,000       85,000       1,859,000       10,722       100.0 %     13.00  
CVS at Westfield
  NY     100 %     339,000       1,558,000       1,897,000       75,000       1,822,000       10,125       100.0 %     15.74  
Dover Discount Drug Mart Plaza
  OH     100 %     563,000       2,794,000       3,357,000       302,000       3,055,000       38,409       100.0 %     8.14  
East Chestnut
  PA     100 %     800,000       3,699,000       4,499,000       338,000       4,161,000       21,180       100.0 %     16.26  
Elmhurst Square
  VA     100 %     1,359,000       5,944,000       7,303,000             7,303,000       66,250       100.0 %     8.47  
Fairfield Plaza
  CT     100 %     2,051,000       8,837,000       10,888,000       417,000       10,471,000       71,979       93.8 %     13.79  
Family Dollar at Zanesville
  OH     100 %     82,000       569,000       651,000       100,000       551,000       6,900       100.0 %     8.70  
Fieldstone Marketplace
  MA     100 %     5,229,000       21,403,000       26,632,000       790,000       25,842,000       193,970       100.0 %     10.19  
FirstMerit Bank at Akron
  OH     100 %     169,000       737,000       906,000       43,000       863,000       3,200       100.0 %     23.51  
FirstMerit Bank at Cuyahoga Falls
  OH     100 %     264,000       1,304,000       1,568,000       4,000       1,564,000       18,300       100.0 %     6.03  
Franklin Village Plaza
  MA     100 %     13,817,000       59,124,000       72,941,000       4,881,000       68,060,000       302,169       93.7 %     19.48  
Gabriel Brothers Plaza
  OH     100 %     947,000       3,707,000       4,654,000       165,000       4,489,000       81,891       92.6 %     4.93  
Gahanna Discount Drug Mart Plaza
  OH     100 %     1,379,000       5,385,000       6,764,000       45,000       6,719,000       48,667       87.7 %     14.05  
General Booth Plaza
  VA     100 %     1,935,000       9,505,000       11,440,000       695,000       10,745,000       73,320       100.0 %     11.82  
Gold Star Plaza
  PA     100 %     1,646,000       6,519,000       8,165,000       166,000       7,999,000       71,729       97.8 %     9.01  
Golden Triangle
  PA     100 %     2,320,000       15,140,000       17,460,000       1,468,000       15,992,000       195,181       85.3 %     10.76  
Hamburg Commons
  PA     100 %     1,153,000       9,743,000       10,896,000       565,000       10,331,000       99,580       100.0 %     6.40  
Hannaford Plaza
  MA     100 %     1,874,000       8,453,000       10,327,000       85,000       10,242,000       102,459       94.9 %     7.61  
Hudson Discount Drug Mart Plaza
  OH     100 %     770,000       3,535,000       4,305,000       192,000       4,113,000       32,259       100.0 %     10.21  

22


 

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2006
                                                                                 
                                                            Gross            
                    Financial statement carrying value   leasable           Average
            Percent           Buildings and   Total   Accumulated   Net book   area   Percent   base rent per
Property Description   State   owned   Land   improvements   cost   depreciation   value   (“GLA”)   occupied   leased sq. ft.
 
Jordan Lane
  CT     100 %     4,291,000       20,871,000       25,162,000       837,000       24,325,000       181,735       96.0 %     9.39  
Kempsville Crossing
  VA     100 %     2,207,000       11,000,000       13,207,000       763,000       12,444,000       94,477       100.0 %     10.81  
Kenley Village
  MD     100 %     726,000       3,533,000       4,259,000       490,000       3,769,000       51,894       100.0 %     7.89  
Kingston Plaza
  NY     100 %     2,827,000       2,223,000       5,050,000       5,000       5,045,000       18,347       84.1 %     26.53  
LA Fitness Facility
  PA     100 %     2,462,000       5,176,000       7,638,000       333,000       7,305,000       41,000       100.0 %     18.09  
Liberty Marketplace
  PA     100 %     2,695,000       12,763,000       15,458,000       560,000       14,898,000       68,200       94.7 %     17.00  
Lodi Discount Drug Mart Plaza
  OH     100 %     704,000       3,400,000       4,104,000       231,000       3,873,000       38,576       100.0 %     9.27  
Long Reach Village
  MD     100 %     1,715,000       8,554,000       10,269,000       106,000       10,163,000       105,081       91.4 %     10.50  
Majestic Plaza
  MI     100 %     2,352,000       9,223,000       11,575,000       380,000       11,195,000       79,180       85.5 %     15.75  
McCormick Place
  OH     100 %     847,000       4,038,000       4,885,000       324,000       4,561,000       46,000       100.0 %     8.34  
McDonalds/Waffle House at Medina
  OH     100 %     737,000       132,000       869,000       13,000       856,000       6,000       100.0 %     11.70  
Meadows Marketplace
  PA     100 %     1,914,000       11,082,000       12,996,000       270,000       12,726,000       85,930       91.1 %     14.17  
Mechanicsburg Giant
  PA     100 %     2,709,000       12,159,000       14,868,000       472,000       14,396,000       51,500       100.0 %     20.90  
Oak Ridge Shopping Center
  VA     100 %     959,000       4,254,000       5,213,000       13,000       5,200,000       38,700       100.0 %     10.25  
Oakhurst Plaza
  PA     100 %     4,538,000       18,177,000       22,715,000       287,000       22,428,000       110,669       100.0 %     14.09  
Oakland Mills
  MD     100 %     1,611,000       6,312,000       7,923,000       371,000       7,552,000       58,224       100.0 %     12.20  
Palmyra Shopping Center
  PA     100 %     1,490,000       6,575,000       8,065,000       361,000       7,704,000       112,328       96.3 %     5.38  
Pennsboro Commons
  PA     100 %     3,608,000       14,263,000       17,871,000       612,000       17,259,000       109,784       95.6 %     13.97  
Pickerington Discount Drug Mart Plaza
  OH     100 %     1,186,000       5,396,000       6,582,000       340,000       6,242,000       47,810       89.7 %     11.88  
Pine Grove Plaza
  NJ     100 %     1,622,000       6,499,000       8,121,000       610,000       7,511,000       79,306       100.0 %     10.75  
Polaris Discount Drug Mart Plaza
  OH     100 %     1,242,000       5,820,000       7,062,000       462,000       6,600,000       50,283       100.0 %     12.05  
Pondside Plaza
  NY     100 %     365,000       1,617,000       1,982,000       113,000       1,869,000       19,340       100.0 %     8.20  
Port Richmond Village
  PA     100 %     2,942,000       12,341,000       15,283,000       1,596,000       13,687,000       154,908       97.1 %     12.23  
Powell Discount Drug Mart Plaza
  OH     100 %     1,379,000       6,131,000       7,510,000       437,000       7,073,000       49,772       96.9 %     12.06  
Rite Aid at Massillon
  OH     100 %     442,000       2,014,000       2,456,000       97,000       2,359,000       10,125       100.0 %     17.91  
River View Plaza I, II and III
  PA     100 %     9,718,000       43,618,000       53,336,000       4,216,000       49,120,000       244,225       80.2 %     18.17  
Shaw’s Plaza
  MA     100 %     5,780,000       24,930,000       30,710,000       380,000       30,330,000       176,609       98.6 %     10.02  
Shelby Discount Drug Mart Plaza
  OH     100 %     671,000       3,266,000       3,937,000       245,000       3,692,000       36,596       100.0 %     9.40  
Shoppes at Salem Run
  VA     100 %     1,076,000       4,263,000       5,339,000       130,000       5,209,000       15,100       100.0 %     22.66  
Shore Mall
  NJ     100 %     7,180,000       38,877,000       46,057,000       1,120,000       44,937,000       620,968       96.6 %     7.48  
Smithfield Plaza
  VA     100 %     1,049,000       5,220,000       6,269,000       290,000       5,979,000       45,544       100.0 %     10.04  
South Philadelphia
  PA     100 %     8,222,000       37,691,000       45,913,000       3,769,000       42,144,000       283,415       98.1 %     13.03  
St James Square
  MD     100 %     586,000       4,444,000       5,030,000       315,000       4,715,000       39,903       100.0 %     11.23  
Staples at Oswego
  NY     100 %     635,000       3,000,000       3,635,000       183,000       3,452,000       23,884       100.0 %     11.99  

23


 

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2006
                                                                                 
                                                            Gross                
                    Financial statement carrying value     leasable             Average  
            Percent             Buildings and     Total     Accumulated     Net book     area     Percent     base rent per  
Property Description   State     owned     Land     improvements     cost     depreciation     value     (“GLA”)     occupied     leased sq. ft.  
 
Stonehedge Square
  PA     100 %     2,732,000       11,614,000       14,346,000       201,000       14,145,000       90,126       94.0 %     11.28  
Suffolk Plaza
  VA     100 %     1,402,000       7,236,000       8,638,000       430,000       8,208,000       67,216       100.0 %     9.40  
Sunset Crossing
  PA     100 %     2,150,000       9,011,000       11,161,000       809,000       10,352,000       74,142       92.8 %     14.41  
Swede Square
  PA     100 %     2,268,000       8,477,000       10,745,000       1,157,000       9,588,000       98,792       100.0 %     13.64  
The Brickyard
  CT     100 %     6,465,000       28,699,000       35,164,000       2,257,000       32,907,000       274,553       100.0 %     8.95  
The Commons
  PA     100 %     3,098,000       14,048,000       17,146,000       1,601,000       15,545,000       175,121       92.7 %     9.87  
The Point
  PA     100 %     2,996,000       21,903,000       24,899,000       3,404,000       21,495,000       255,447       92.5 %     10.85  
The Point at Carlisle Plaza
  PA     100 %     2,235,000       11,110,000       13,345,000       725,000       12,620,000       182,859       92.0 %     6.99  
The Shops at Suffolk Downs
  MA     100 %     3,564,000       11,116,000       14,680,000       448,000       14,232,000       85,777       90.9 %     10.58  
Townfair Center
  PA     100 %     3,022,000       14,197,000       17,219,000       1,464,000       15,755,000       203,531       95.6 %     7.65  
Trexler Mall
  PA     100 %     6,934,000       31,680,000       38,614,000       1,139,000       37,475,000       339,363       96.4 %     8.25  
Trexlertown Plaza
  PA     100 %     5,261,000       23,869,000       29,130,000       398,000       28,732,000       241381       82.7 %     10.65  
Ukrops at Fredericksburg
  VA     100 %     3,213,000       12,758,000       15,971,000       404,000       15,567,000       63,000       100.0 %     16.44  
Ukrops at Glen Allen
  VA     100 %     6,769,000       213,000       6,982,000       54,000       6,928,000       43,000       100.0 %     9.01  
Valley Plaza
  MD     100 %     1,950,000       7,967,000       9,917,000       711,000       9,206,000       191,189       100.0 %     4.45  
Virginia Center Commons
  VA     100 %     992,000       3,860,000       4,852,000       157,000       4,695,000       9,763       100.0 %     31.56  
Virginia Little Creek
  VA     100 %     1,650,000       8,350,000       10,000,000       456,000       9,544,000       69,620       100.0 %     10.52  
Wal-Mart Center
  CT     100 %           11,848,000       11,848,000       988,000       10,860,000       155,842       94.9 %     5.64  
Washington Center Shoppes
  NJ     100 %     1,811,000       8,219,000       10,030,000       1,209,000       8,821,000       154,240       97.5 %     7.64  
Westlake Discount Drug Mart Plaza
  OH     100 %     1,004,000       3,905,000       4,909,000       120,000       4,789,000       55,775       100.0 %     7.28  
 
                                                                               
                     
Total Wholly-Owned Stabilized Properties
                    198,596,000       908,816,000       1,107,412,000       58,027,000       1,049,385,000       8,621,656       95.2 %     10.84  
                     
 
Properties Owned in Joint Venture (2)
                                                                               
Fairview Plaza
  PA     30 %     1,811,000       7,438,000       9,249,000       744,000       8,505,000       69,579       100.0 %     11.73  
Halifax Plaza
  PA     30 %     1,102,000       4,704,000       5,806,000       460,000       5,346,000       54,150       100.0 %     11.00  
Loyal Plaza
  PA     25 %     3,853,000       17,051,000       20,904,000       2,089,000       18,815,000       293,825       100.0 %     7.57  
Newport Plaza
  PA     30 %     1,316,000       5,452,000       6,768,000       534,000       6,234,000       66,789       100.0 %     10.90  
 
                                                                               
                     
Total Consolidated Joint Ventures
                    8,082,000       34,645,000       42,727,000       3,827,000       38,900,000       484,343       100.0 %     9.01  
                     
 
                                                                               
Total Stabilized Properties
                    206,678,000       943,461,000       1,150,139,000       61,854,000       1,088,285,000       9,105,999       95.5 %     10.74  
                     

24


 

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2006
                                                                                 
                                                            Gross                
                    Financial statement carrying value       leasable             Average
            Percent             Buildings and     Total     Accumulated     Net book     area     Percent     base rent per  
Property Description   State     owned     Land     improvements     cost     depreciation     value     (“GLA”)     occupied     leased sq. ft.  
 
Development/Redevelopment and Other Non-Stabilized Properties (1):
                                                                               
Centerville Discount Drug Mart Plaza
  OH     100 %     780,000       3,627,000       4,407,000       261,000       4,146,000       49,494       72.3 %     10.98  
Columbia Mall
  PA     100 %     2,855,000       16,334,000       19,189,000       766,000       18,423,000       351,866       66.3 %     7.57  
Dunmore Shopping Center
  PA     100 %     565,000       2,243,000       2,808,000       154,000       2,654,000       101,000       66.2 %     3.35  
Huntingdon Plaza
  PA     100 %     933,000       4,614,000       5,547,000       410,000       5,137,000       151,697       45.0 %     6.58  
Lake Raystown Plaza
  PA     100 %     2,231,000       13,775,000       16,006,000       1,032,000       14,974,000       145,727       65.4 %     15.26  
Ontario Discount Drug Mart Plaza
  OH     100 %     809,000       3,645,000       4,454,000       240,000       4,214,000       38,373       79.4 %     8.32  
Value City Shopping Center
  MI     100 %     189,000       1,326,000       1,515,000       121,000       1,394,000       117,000       72.6 %     1.98  
 
                                                                               
Total Non-Stabilized Properties
                    8,362,000       45,564,000       53,926,000       2,984,000       50,942,000       955,157       64.4 %     7.66  
                     
 
                                                                               
Total Operating Portfolio
                    215,040,000       989,025,000       1,204,065,000       64,838,000       1,139,227,000       10,061,156       92.5 %   $ 10.53  
                       
 
                                                                               
Land Held For Development:
                                                                               
Bergestrasse
  PA     100 %     1,640,000       5,000       1,645,000             1,645,000     7.70  acres              
Blue Mountain Common
  PA     100 %     13,742,000       394,000       14,136,000             14,136,000     34.00  acres              
Columbia Mall
  PA     100 %     1,466,000       114,000       1,580,000             1,580,000     46.00  acres              
Halifax Plaza
  PA     100 %     1,107,000       706,000       1,813,000             1,813,000     14.00  acres              
Kinderhook
  NY     100 %     1,678,000       12,000       1,690,000             1,690,000     2.60  acres              
Pine Grove Plaza
  NJ     100 %     388,000             388,000             388,000     2.80  acres              
The Shops at Suffolk Downs
  MA     100 %     4,016,000       276,000       4,292,000             4,292,000     0.84  acres              
Shore Mall
  NJ     100 %     2,018,000             2,018,000             2,018,000     50.00  acres              
Trexlertown Plaza
  PA     100 %     8,087,000       285,000       8,372,000             8,372,000     34.90  acres              
Trindle Spring
  PA     100 %     1,028,000       46,000       1,074,000             1,074,000     2.10  acres              
Washington Center Shoppes
  NJ     100 %     250,000       654,000       904,000             904,000     1.00  acres              
                                     
 
                                                                               
Total Land Held For Development
                    35,420,000       2,492,000       37,912,000             37,912,000     195.94  acres              
                                       
 
                                                                               
Total Carrying Value
                  $ 250,460,000     $ 991,517,000     $ 1,241,977,000     $ 64,838,000     $ 1,177,139,000                          
                                             
 
                                                                               
Unconsolidated Joint Venture (3)
                                                  $ 3,644,000                          
 
                                                                             

25


 

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft. (Continued)
As of December 31, 2006
 
(1)   “Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2006. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, Ontario Discount Drug Mart Plaza, and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.
 
(2)   The terms of the respective joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company.
 
(3)   The Company has a 49% interest in an unconsolidated joint venture which owns a single-tenant office property located in Philadelphia, PA.

26


 

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of December 31, 2006
(unaudited)
                                                                 
                    Carrying value amounts     Stated contract amounts  
                            Balances             Balances  
    Percent     Maturity     Int.     Dec 31     Dec 31     Int.     Dec 31     Dec 31  
Property   Owned     Date     rate     2006     2005     rate     2006     2005  
     
Fixed-rate mortgages:
                                                               
The Point
    100.0 %   Sep 2012     7.6 %   $ 18,566,000     $ 18,928,000       7.6 %   $ 18,566,000     $ 18,928,000  
Academy Plaza
    100.0 %   Mar 2013     7.3 %     9,952,000       10,121,000       7.3 %     9,952,000       10,121,000  
Port Richmond Village
    100.0 %   Apr 2008     7.2 %     10,781,000       10,965,000       7.2 %     10,781,000       10,965,000  
Washington Center Shoppes
    100.0 %   Nov 2007     7.5 %     5,571,000       5,663,000       7.5 %     5,571,000       5,663,000  
Red Lion (a)
    20.0 %   Feb 2010     8.9 %           16,310,000       8.9 %           16,310,000  
Loyal Plaza
    25.0 %   Jun 2011     7.2 %     13,204,000       13,374,000       7.2 %     13,204,000       13,374,000  
Fairview Plaza
    30.0 %   Feb 2013     5.7 %     5,772,000       5,859,000       5.7 %     5,772,000       5,859,000  
Halifax Plaza
    30.0 %   Feb 2010     6.8 %     3,920,000       4,010,000       6.8 %     3,920,000       4,010,000  
Newport Plaza
    30.0 %   Feb 2010     6.8 %     5,018,000       5,127,000       6.8 %     5,018,000       5,127,000  
Pine Grove Plaza
    100.0 %   Mar 2006     8.5 %           388,000       0.0 %           500,000  
Pine Grove Plaza
    100.0 %   Sep 2015     5.0 %     6,090,000       6,178,000       5.0 %     6,090,000       6,178,000  
Golden Triangle
    100.0 %   Apr 2008     6.0 %     9,264,000       9,633,000       7.4 %     9,116,000       9,371,000  
Townfair Center
    100.0 %   Mar 2008     6.0 %     9,656,000       9,916,000       7.0 %     9,556,000       9,726,000  
Franklin Village Plaza
    100.0 %   Nov 2011     4.8 %     43,500,000       43,500,000       4.8 %     43,500,000       43,500,000  
Centerville Discount Drug Mart
    100.0 %   May 2015     5.2 %     2,935,000       2,977,000       5.2 %     2,935,000       2,977,000  
Clyde Discount Drug Mart
    100.0 %   May 2015     5.2 %     2,035,000       2,064,000       5.2 %     2,035,000       2,064,000  
CVS at Bradford
    100.0 %   Mar 2017     5.2 %     1,023,000       1,099,000       7.1 %     937,000       997,000  
CVS at Celina
    100.0 %   Jan 2020     5.2 %     1,701,000       1,783,000       7.5 %     1,491,000       1,545,000  
CVS at Erie
    100.0 %   Nov 2018     5.2 %     1,393,000       1,478,000       7.1 %     1,261,000       1,326,000  
CVS at Portage Trail
    100.0 %   Aug 2017     5.0 %     1,095,000       1,174,000       7.8 %     964,000       1,020,000  
Dover Discount Drug Mart
    100.0 %   May 2015     5.2 %     2,226,000       2,258,000       5.2 %     2,226,000       2,258,000  
East Chestnut
    100.0 %   Apr 2018     5.2 %     2,280,000       2,371,000       7.4 %     1,969,000       2,023,000  
Fairfield Plaza
    100.0 %   Jul 2015     5.0 %     5,366,000       5,444,000       5.0 %     5,366,000       5,444,000  
Lodi Discount Drug Mart
    100.0 %   May 2015     5.2 %     2,480,000       2,516,000       5.2 %     2,480,000       2,516,000  
McCormick Place
    100.0 %   Jul 2008     5.2 %     2,275,000       2,414,000       7.4 %     2,207,000       2,299,000  
Ontario Discount Drug Mart
    100.0 %   May 2015     5.2 %     2,290,000       2,322,000       5.2 %     2,290,000       2,322,000  
Pickerington Discount Drug Mart
    100.0 %   Jul 2015     5.0 %     4,361,000       4,425,000       5.0 %     4,361,000       4,425,000  
Polaris Discount Drug Mart
    100.0 %   May 2015     5.2 %     4,672,000       4,739,000       5.2 %     4,672,000       4,739,000  
Pondside Plaza
    100.0 %   May 2015     5.6 %     1,210,000       1,226,000       5.6 %     1,210,000       1,226,000  
Powell Discount Drug Mart
    100.0 %   May 2015     5.2 %     4,476,000       4,540,000       5.2 %     4,476,000       4,540,000  
Rite Aid at Massillon
    100.0 %   Jan 2020     5.0 %     1,711,000       1,795,000       7.7 %     1,471,000       1,524,000  
Shelby Discount Drug Mart
    100.0 %   May 2015     5.2 %     2,290,000       2,322,000       5.2 %     2,290,000       2,322,000  
Staples at Oswego
    100.0 %   May 2015     5.3 %     2,354,000       2,387,000       5.3 %     2,354,000       2,387,000  
Coliseum Marketplace
    100.0 %   Jul 2014     5.2 %     12,952,000       13,180,000       6.1 %     12,229,000       12,354,000  
General Booth Plaza
    100.0 %   Aug 2013     5.2 %     5,784,000       5,902,000       6.1 %     5,496,000       5,567,000  
Kempsville Crossing
    100.0 %   Aug 2013     5.2 %     6,565,000       6,703,000       6.1 %     6,239,000       6,324,000  
Liberty Marketplace
    100.0 %   Jul 2014     5.2 %     10,099,000       10,324,000       6.1 %     9,546,000       9,692,000  
Mechanicsburg Giant
    100.0 %   Nov 2014     5.2 %     10,456,000       10,697,000       5.5 %     10,229,000       10,437,000  
Smithfield Plaza
    100.0 %   Aug 2013     5.2 %     3,689,000       3,758,000       6.1 %     3,504,000       3,544,000  
Suffolk Plaza
    100.0 %   Aug 2013     5.2 %     4,978,000       5,090,000       6.1 %     4,732,000       4,804,000  
Virginia Little Creek
    100.0 %   Aug 2013     5.2 %     5,254,000       5,363,000       6.1 %     4,993,000       5,060,000  
Virginia Little Creek
    100.0 %   Sep 2021     5.2 %     522,000       546,000       8.0 %     438,000       453,000  
Wal-Mart Center
    100.0 %   Nov 2015     5.1 %     6,081,000       6,168,000       5.1 %     6,081,000       6,168,000  
Jordan Lane
    100.0 %   Dec 2015     5.5 %     13,669,000       13,845,000       5.5 %     13,669,000       13,845,000  
Oakland Mills
    100.0 %   Jan 2016     5.5 %     5,139,000       5,200,000       5.5 %     5,139,000       5,200,000  
Trexler Mall
    100.0 %   May 2014     5.4 %     22,701,000       23,057,000       5.5 %     22,472,000       22,794,000  
Fieldstone Marketplace
    100.0 %   Jul 2014     5.4 %     19,658,000       19,849,000       6.0 %     18,914,000       19,000,000  
Pennsboro Commons
    100.0 %   Mar 2016     5.5 %     11,433,000             5.5 %     11,433,000        
Shore Mall
    100.0 %   Aug 2008     5.8 %     31,015,000             7.0 %     30,390,000        
Shore Mall
    100.0 %   Jan 2009     5.7 %     2,408,000             0.0 %     2,643,000        
Gold Star Plaza
    100.0 %   May 2019     6.0 %     2,952,000             7.3 %     2,760,000        
Shaw’s Plaza
    100.0 %   Mar 2014     6.0 %     13,895,000             5.6 %     14,200,000        
Hamburg Commons
    100.0 %   Oct 2016     6.1 %     5,389,000             6.1 %     5,389,000        
Carbondale Plaza
    100.0 %   Oct 2016     6.1 %     5,394,000             6.1 %     5,394,000        
Long Reach Village
    100.0 %   Mar 2014     5.7 %     4,921,000             5.7 %     4,921,000        

27


 

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of December 31, 2006
(unaudited)
                                                                 
                    Carrying value amounts     Stated contract amounts  
                            Balances             Balances  
    Percent     Maturity     Int.     Dec 31     Dec 31     Int.     Dec 31     Dec 31  
Property   Owned     Date     rate     2006     2005     rate     2006     2005  
     
 
                                                               
Meadows Marketplace
    100.0 %   Nov 2016     5.6 %     10,763,000             5.6 %     10,763,000        
Gahanna Discount Drug Mart
    100.0 %   Nov 2016     5.8 %     5,195,000             5.8 %     5,195,000        
Carrolton Discount Drug Mart
    100.0 %   Dec 2016     5.6 %     2,440,000             5.6 %     2,440,000        
Gabriel Brothers Plaza
    100.0 %   Dec 2016     5.6 %     3,200,000             5.6 %     3,200,000        
Hudson Discount Drug Mart
    100.0 %   Dec 2016     5.7 %     2,575,000             5.7 %     2,575,000        
Westlake Discount Drug Mart
    100.0 %   Dec 2016     5.6 %     3,346,000             5.6 %     3,346,000        
Oak Ridge
    100.0 %   May 2015     5.5 %     3,580,000             5.5 %     3,580,000        
Elmhurst Square
    100.0 %   Dec 2014     5.4 %     4,244,000             5.4 %     4,244,000        
Camp Hill (c)
    100.0 %   Jan 2017     5.5 %     65,000,000             5.5 %     65,000,000        
 
                                                               
                 
Total fixed-rate mortgages
          6.9 years     5.7 %     494,764,000       338,988,000       5.9 %   $ 489,195,000     $ 332,828,000  
                                         
            [weighted averages]                   [weighted average]        
 
                                                               
Variable-rate mortgages:
                                                               
LA Fitness Facility (a)
    100.0 %   Dec 2007     8.1 %     4,839,000       4,878,000                          
Camp Hill (c)
    100.0 %   Apr 2008     7.2 %           36,445,000                          
 
                                                               
                                     
Total variable-rate mortgages
          1.0 years     8.1 %     4,839,000       41,323,000                          
                                                     
            [weighted averages]                                        
 
                                                               
                                     
Total mortgages
          6.8 years     5.7 %     499,603,000       380,311,000                          
                                                     
            [weighted averages]                                        
 
                                                               
Secured revolving credit
          Jan 2009                                                
facility (b)
    100.0 %   2.1 years     6.6 %     68,470,000       147,480,000                          
                                                     
            [weighted averages]                                        
 
                                                               
                                                     
Total debt
          6.3 years     5.8 %   $ 568,073,000     $ 527,791,000                          
                                                     
            [weighted averages]                                        
Pro rata share of total debt
                          $ 547,873,000     $ 491,774,000                          
                                                     

28


 

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of December 31, 2006
(unaudited)
                                 
Maturity                   Secured    
schedule   Scheduled   Balloon   revolving    
by year   amortization   payments   credit facility (b)   Total
     
 
                               
2007
  $ 7,917,000     $ 10,327,000             $ 18,244,000  
2008
    7,049,000       60,194,000               67,243,000  
2009
    6,078,000       1,542,000     $ 68,470,000       76,090,000  
2010
    6,222,000       8,324,000               14,546,000  
2011
    6,397,000       55,786,000               62,183,000  
2012
    7,153,000       15,901,000               23,054,000  
2013
    6,590,000       35,871,000               42,461,000  
2014
    5,462,000       85,733,000               91,195,000  
2015
    3,979,000       55,979,000               59,958,000  
2016
    2,880,000       46,158,000               49,038,000  
2017
    1,074,000       60,468,000               61,542,000  
2018
    888,000       965,000               1,853,000  
2019
    542,000                     542,000  
2020
    73,000                     73,000  
2021
    36,000       15,000               51,000  
 
                               
     
 
  $ 62,340,000     $ 437,263,000     $ 68,470,000     $ 568,073,000  
     
(a)   As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. On May 23, 2006, the Company sold its interest in the Red Lion partnership and acquired the remaining 50% interest in the LA Fitness Facility partnership.
 
(b)   The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2009.
 
(c)   In December 2006, the Company arranged permanent financing at the Camp Hill property and repaid the outstanding construction financing.

29


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties
(unaudited)
                                                         
            As of December 31, 2006
                    Mortgage   Other assets/    
    Partners’   Real estate,   loans   liabilities,   Equity (a)
Property   percent   net   payable   net   Partners   Cedar (b)(c)   Total
     
Loyal Plaza
    75 %   $ 18,814,619     $ (13,203,587 )   $ 1,029,413     $ 5,243,385     $ 1,397,060     $ 6,640,445  
Fairview Plaza (d)
    70 %     8,504,823       (5,771,737 )     (107,658 )     1,596,660       1,028,768       2,625,428  
Halifax Plaza (d)
    70 %     5,347,148       (3,920,000 )     127,662       1,165,877       388,933       1,554,810  
Newport Plaza (d)
    70 %     6,233,537       (5,018,184 )     378,802       1,126,180       467,975       1,594,155  
             
 
          $ 38,900,127     $ (27,913,508 )   $ 1,428,219     $ 9,132,102     $ 3,282,736     $ 12,414,838  
             
                                                         
            As of September 30, 2006
                    Mortgage   Other assets/    
    Partners’   Real estate,   loans   liabilities,   Equity (a)
Property   percent   net   payable   net   Partners   Cedar (b)(c)   Total
     
Loyal Plaza
    75 %   $ 18,868,441     $ (13,247,934 )   $ 1,214,624     $ 5,275,958     $ 1,559,173     $ 6,835,131  
Fairview Plaza (d)
    70 %     8,551,783       (5,794,194 )     (122,458 )     1,602,227       1,032,904       2,635,131  
Halifax Plaza (d)
    70 %     5,375,441       (3,942,500 )     77,606       1,153,558       356,989       1,510,547  
Newport Plaza (d)
    70 %     6,267,607       (5,045,484 )     362,344       1,110,649       473,818       1,584,467  
             
 
          $ 39,063,272     $ (28,030,112 )   $ 1,532,116     $ 9,142,392     $ 3,422,884     $ 12,565,276  
             
                                                         
            As of June 30, 2006
                    Mortgage   Other assets/    
    Partners’   Real estate,   loans   liabilities,   Equity (a)
Property   percent   net   payable   net   Partners   Cedar (b)(c)   Total
     
Loyal Plaza
    75 %   $ 19,003,100     $ (13,288,889 )   $ 1,090,243     $ 5,242,703     $ 1,561,751     $ 6,804,454  
Fairview Plaza (d)
    70 %     8,595,465       (5,815,423 )     (158,015 )     1,592,875       1,029,152       2,622,027  
Halifax Plaza (d)
    70 %     5,401,514       (3,965,000 )     124,736       1,212,996       348,254       1,561,250  
Newport Plaza (d)
    70 %     6,298,399       (5,072,784 )     414,659       1,153,608       486,666       1,640,274  
             
 
          $ 39,298,478     $ (28,142,096 )   $ 1,471,623     $ 9,202,182     $ 3,425,823     $ 12,628,005  
             

30


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)
                                                         
            As of March 31, 2006
                    Mortgage   Other assets/    
    Partners’   Real estate,   loans   liabilities,   Equity (a)
Property   percent   net   payable   net   Partners   Cedar (b)(c)   Total
     
Loyal Plaza
    75 %   $ 19,137,754     $ (13,329,083 )   $ 1,011,858     $ 5,212,817     $ 1,607,712     $ 6,820,529  
Fairview Plaza (d)
    70 %     8,634,920       (5,836,340 )     (179,189 )     1,592,714       1,026,677       2,619,391  
Halifax Plaza (d)
    70 %     5,426,527       (3,987,500 )     103,011       1,197,702       344,336       1,542,038  
Newport Plaza (d)
    70 %     6,332,453       (5,100,084 )     347,933       1,119,893       460,409       1,580,302  
LA Fitness Facility (f)
    50 %     5,723,513       (4,870,230 )     253,503       806,444       300,342       1,106,786  
             
 
          $ 45,255,167     $ (33,123,237 )   $ 1,537,116     $ 9,929,570     $ 3,739,476     $ 13,669,046  
             
                                                         
            As of December 31, 2005
                    Mortgage   Other assets/    
    Partners’   Real estate,   loans   liabilities,   Equity (a)
Property   percent   net   payable   net   Partners   Cedar (b)(c)   Total
     
Loyal Plaza
    75 %   $ 19,279,062     $ (13,373,758 )   $ 1,322,219     $ 5,211,000     $ 2,016,523     $ 7,227,523  
Red Lion (f)
    80 %     18,364,848       (16,310,014 )     1,720,818       2,411,397       1,364,255       3,775,652  
Fairview Plaza (d)
    70 %     8,686,016       (5,858,777 )     (233,195 )     1,564,351       1,029,693       2,594,044  
Halifax Plaza (d)
    70 %     5,453,408       (4,010,000 )     41,126       1,163,630       320,904       1,484,534  
Newport Plaza (d)
    70 %     6,368,100       (5,127,384 )     254,933       1,063,636       432,013       1,495,649  
LA Fitness Facility (f)
    50 %     5,749,656       (4,878,220 )     464,655       925,137       410,954       1,336,091  
             
 
          $ 63,901,090     $ (49,558,153 )   $ 3,570,556     $ 12,339,151     $ 5,574,342     $ 17,913,493  
             

31


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)
                                                                                         
            Three months ended December 31, 2006
            Property-level operations   Share of property net income
    Partners’           Operating   Cedar   Depreciation/   Operating   Non-op           <<< Partners >>>    
Property   percent   Revenues   expenses   mgt. Fees   amortization   income   inc/exp (e)   Net income   Regular   Preference   Cedar (b)
     
 
Loyal Plaza
    75 %   $ 720,383     $ 206,184             $ 142,872     $ 371,327     $ 255,039     $ 116,288     $ 87,216     $ 29,072     $  
 
Fairview Plaza (d)
    70 %     230,918       42,818               48,221       139,879       84,704       55,175                        
 
                                                                )                      
Halifax Plaza (d)
    70 %     212,096       44,581               29,355       138,160       70,892       67,268     130,615       11,195     $ 44,783  
 
                                                                )                      
Newport Plaza (d)
    70 %     244,209       57,221               34,206       152,782       88,632       64,150                        
                 
 
          $ 1,407,606     $ 350,804     $     $ 254,654     $ 802,148     $ 499,267     $ 302,881     $ 217,831     $ 40,267     $ 44,783  
                 
                                                                                         
            Three months ended September 30, 2006
            Property-level operations   Share of property net income
    Partners’           Operating   Cedar   Depreciation/   Operating   Non-op           <<< Partners >>>    
Property   percent   Revenues   expenses   mgt. Fees   amortization   income   inc/exp (e)   Net income   Regular   Preference   Cedar (b)
     
 
Loyal Plaza
    75 %   $ 705,058     $ 112,960     $ 23,676     $ 138,586     $ 429,836     $ 247,721     $ 182,115     $ 136,586     $ 45,529     $  
 
Fairview Plaza (d)
    70 %     251,526       36,609       6,980       48,109       159,828       85,022       74,806                        
 
                                                                )                      
Halifax Plaza (d)
    70 %     180,877       37,099       4,916       29,350       109,512       70,708       38,804   )   130,993       11,226     $ 44,914  
 
                                                                )                      
Newport Plaza (d)
    70 %     247,980       46,322       6,181       34,138       161,339       87,816       73,523   )                      
                 
 
          $ 1,385,441     $ 232,990     $ 41,753     $ 250,183     $ 860,515     $ 491,267     $ 369,248     $ 267,579     $ 56,755     $ 44,914  
                 
                                                                                         
            Three months ended June 30, 2006
            Property-level operations   Share of property net income
    Partners’           Operating   Cedar   Depreciation/   Operating   Non-op           <<< Partners >>>    
Property   percent   Revenues   expenses   mgt. fees   amortization   income   inc/exp (e)   Net income   Regular   Preference Cedar (b)
     
 
Loyal Plaza
    75 %   $ 727,461     $ 147,122     $ 17,023     $ 138,569     $ 424,747     $ 246,001     $ 178,746     $ 134,060     $ 44,687     $  
 
Fairview Plaza (d)
    70 %     238,625       36,749       6,817       47,937       147,122       84,410       62,712   )                      
 
                                                                )                      
Halifax Plaza (d)
    70 %     186,970       36,352       5,385       29,364       115,869       78,256       37,613   )   101,139       8,669       34,676  
 
                                                                )                      
Newport Plaza (d)
    70 %     224,894       52,234       6,550       34,054       132,056       87,897       44,159   )                      
 
LA Fitness (f)
    50 %     105,658       511       3,170       16,561       85,416       51,773       33,643       16,822       3,870       12,952  
                 
 
          $ 1,483,608     $ 272,968     $ 38,945     $ 266,485     $ 905,210     $ 548,337     $ 356,873     $ 252,020     $ 57,225     $ 47,628  
                 

32


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)
                                                                                                 
            Three months ended March 31, 2006
            Property-level operations           Share of property net income
    Partners’           Operating   Cedar   Depreciation/   Operating   Non-op                   <<< Partners >>>    
Property   percent   Revenues   expenses   mgt. Fees   amortization   income   inc/exp (e)   Net income           Regular   Preference   Cedar (b)
             
 
                                                                                               
Loyal Plaza
    75 %   $ 726,566     $ 187,395     $ 21,756     $ 145,376     $ 372,039     $ 250,222     $ 121,817             $ 91,363     $ 30,454     $  
 
Fairview Plaza (d)
    70 %     273,667       30,773       6,886       52,383       183,625       83,806       99,819       )                          
 
                                                                    )                          
Halifax Plaza (d)
    70 %     187,480       36,131       5,475       29,348       116,526       69,852       46,674       )       139,893       11,992       47,962  
 
                                                                    )                          
Newport Plaza (d)
    70 %     232,705       51,682       6,365       35,647       139,011       85,657       53,354       )                          
 
LA Fitness (f)
    50 %     185,400       898       5,562       29,059       149,881       90,845       59,036               29,518       6,789       22,729  
                         
 
          $ 1,605,818     $ 306,879     $ 46,044     $ 291,813     $ 961,082     $ 580,382     $ 380,700             $ 260,774     $ 49,235     $ 70,691  
                         
                                                                                                 
            Three months ended December 31, 2005
            Property-level operations           Share of property net income
    Partners’           Operating   Cedar   Depreciation/   Operating   Non-op                   <<< Partners >>>    
Property   percent   Revenues   expenses   mgt. Fees   amortization   income   inc/exp (e)   Net income           Regular   Preference   Cedar (b)
             
 
                                                                                               
Loyal Plaza
    75 %   $ 757,156     $ 133,068     $ 26,228     $ 138,559     $ 459,301     $ 252,883     $ 206,418             $ 154,814     $ 51,605     $  
 
Red Lion (f)
    80 %     638,887       203,332       18,967       107,272       309,316       385,873       (76,557 )             (61,247 )           (15,310 )
 
Fairview Plaza (d)
    70 %     266,408       49,246       5,795       47,612       163,755       85,968       77,787       )                          
 
                                                                    )                          
Halifax Plaza (d)
    70 %     210,738       41,251       6,940       29,348       133,199       72,290       60,909       )       124,457       10,670       42,669  
 
                                                                    )                          
Newport Plaza (d)
    70 %     218,224       46,819       7,530       34,054       129,821       90,721       39,100       )                          
 
LA Fitness (f)
    50 %     185,400       907       5,562       26,872       152,059       86,946       65,113               32,557       7,488       25,069  
                         
 
          $ 2,276,813     $ 474,623     $ 71,022     $ 383,717     $ 1,347,451     $ 974,681     $ 372,770             $ 250,581     $ 69,762     $ 52,428  
                         

33


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)
                                                 
                            Three months ended December 31, 2006
    Partners’                   Share of FFO (a)
Property   percent   Cedar           Partners   Cedar (b)   Total
             
 
                                               
Loyal Plaza
    75 %     25 %           $ 192,912     $ 66,247     $ 259,159  
 
Fairview Plaza (d)
    70 %     30 %     )                          
 
                    )                          
Halifax Plaza (d)
    70 %     30 %     )       202,608       95,767       298,375  
 
                    )                          
Newport Plaza (d)
    70 %     30 %     )                          
                             
 
                          $ 395,520     $ 162,014     $ 557,534  
                             
                                                 
                            Three months ended September 30, 2006
    Partners’                   Share of FFO (a)
Property   percent   Cedar           Partners   Cedar (b)   Total
             
 
                                               
Loyal Plaza
    75 %     25 %           $ 235,990     $ 84,710     $ 320,700  
 
Fairview Plaza (d)
    70 %     30 %     )                          
 
                    )                          
Halifax Plaza (d)
    70 %     30 %     )       202,785       95,943       298,728  
 
                    )                          
Newport Plaza (d)
    70 %     30 %     )                          
                             
 
                          $ 438,775     $ 180,653     $ 619,428  
                             
                                                 
                            Three months ended June 30, 2006
    Partners’                   Share of FFO (a)
Property   percent   Cedar           Partners   Cedar (b)   Total
             
 
                                               
Loyal Plaza
    75 %     25 %           $ 233,621     $ 83,695     $ 317,316  
 
Fairview Plaza (d)
    70 %     30 %     )                          
 
                    )                          
 
Halifax Plaza (d)
    70 %     30 %     )       181,124       74,714       255,838  
 
                    )                          
 
Newport Plaza (d)
    70 %     30 %     )                          
 
LA Fitness (f)
    50 %     50 %             31,257       18,948       50,205  
                             
 
                          $ 446,002     $ 177,357     $ 623,359  
                             

34


 

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)
                                                 
                            Three months ended March 31, 2006
    Partners’                   Share of FFO (a)
Property   percent   Cedar           Partners   Cedar (b)   Total
             
 
                                               
Loyal Plaza
    75 %     25 %           $ 198,535     $ 68,658     $ 267,193  
 
Fairview Plaza (d)
    70 %     30 %     )                          
 
                    )                          
Halifax Plaza (d)
    70 %     30 %     )       212,128       105,098       317,226  
 
                    )                          
Newport Plaza (d)
    70 %     30 %     )                          
 
LA Fitness (f)
    50 %     50 %             54,848       33,247       88,095  
                             
 
                          $ 465,511     $ 207,003     $ 672,514  
                             
                                                 
                            Three months ended December 31, 2005
    Partners’                   Share of FFO (a)
Property   percent   Cedar           Partners   Cedar (b)   Total
             
 
                                               
Loyal Plaza
    75 %     25 %           $ 252,983     $ 91,994     $ 344,977  
 
Red Lion (f)
    80 %     20 %             24,570       6,143       30,713  
 
Fairview Plaza (d)
    70 %     30 %     )                          
 
                    )                          
Halifax Plaza (d)
    70 %     30 %     )       197,778       91,035       288,813  
 
                    )                          
Newport Plaza (d)
    70 %     30 %     )                          
 
LA Fitness (f)
    50 %     50 %             56,793       35,192       91,985  
                             
 
                          $ 532,124     $ 224,364     $ 756,488  
                             
 
(a)   The Partners’ and Cedar’s respective shares of equity and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners.
 
(b)   Includes limited partners’ share.
 
(c)   Equity includes net receivable/payable balances on open account between joint venture and wholly-owned entities.
 
(d)   As each of these three properties is under an umbrella partnership, any shortfall in required preference returns with respect to any one of the properties will be offset by excess cash flow from any of the other properties.
 
(e)   Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.
 
(f)   As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. On May 23, 2006, Cedar sold its interest in the Red Lion partnership and acquired the remaining 50% interest in the LA Fitness facility. The results shown above for the LA Fitness facility are for the periods prior to its becoming a wholly-owned property.

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