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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.

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.

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

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	%

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

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.

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.

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.

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	%

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.

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.

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

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

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

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

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

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

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

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

2005

100%

85,777

2005

Stop & Shop

74,977

9/30/2025

Townfair Center

2004

100%

203,531

2002

Lowe’s Home Centers

95,173

12/31/2015

Shop ’n Save

50,000

2/28/2012

Trexler Mall

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

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

2005

100%

63,000

1997

Ukrop’s Supermarket

63,000

8/4/2017

Ukrop’s at Glen Allen

2005

100%

43,000

2000

Ukrop’s Supermarket

43,000

2/15/2010

Valley Plaza

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

2005

100%

9,763

2002

Virginia Little Creek

2005

100%

69,620

1996/2001

Farm Fresh

66,120

1/31/2014

Wal-Mart Center

2003

100%

155,842

1972/2000

Wal-Mart

95,482

1/31/2020

NAMCO

20,000

1/31/2011

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

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

2005

100%

38,373

2002

Discount Drug Mart

25,475

3/31/2018

Value City Shopping Center

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.

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

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

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

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

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		—

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

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.

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

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

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

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

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

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.



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


(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.