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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2007
(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; the availability of suitable joint venture partners; changes in interest rates; returns from development, redevelopment and acquisition activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration 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 and Form 10-Q for the quarter ended March 31, 2007.

Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At March 31, 2007, 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)


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2007			2006			2006			2006			2006

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	$	26.24		$	26.63		$	26.35		$	26.22		$	26.00

Common shares outstanding		44,188,181			43,772,802			34,944,452			34,085,652			30,239,235
OP Units outstanding		1,985,299			1,984,064			1,837,099			1,837,099			1,565,144
Closing market price	$	16.20		$	15.91		$	16.17		$	14.72		$	15.84

Equity market capitalization	$	841,162,000		$	822,528,000		$	688,300,000		$	621,864,000		$	596,081,000
Pro rata share of outstanding debt		570,037,000			547,873,000			636,385,000			516,807,000			550,379,000

Total market capitalization	$	1,411,199,000		$	1,370,401,000		$	1,324,685,000		$	1,138,671,000		$	1,146,460,000

Ratio of pro rata share of outstanding debt to total market capitalization		40.4	%		40.0	%		48.0	%		45.4	%		48.0	%


	Three months ended
	Mar 31, 2007		Dec 31, 2006		Sep 30, 2006		Jun 30, 2006		Mar 31, 2006

Total revenues	$	36,191,000	$	34,263,000	$	31,929,000	$	30,308,000	$	29,992,000
Net income applicable to common shareholders	$	3,655,000	$	2,539,000	$	1,785,000	$	2,134,000	$	1,000,000
Per common share (basic)	$	0.08	$	0.07	$	0.05	$	0.07	$	0.03
Per common share (diluted)	$	0.08	$	0.07	$	0.05	$	0.07	$	0.03
Dividends to common shareholders	$	9,929,000	$	8,013,000	$	7,752,000	$	6,867,000	$	6,701,000
Per common share	$	0.225	$	0.225	$	0.225	$	0.225	$	0.225
FFO	$	13,630,000	$	11,723,000	$	10,729,000	$	10,012,000	$	9,490,000
Per common share/OP unit (basic)	$	0.30	$	0.30	$	0.30	$	0.31	$	0.30
Per common share/OP unit (diluted)	$	0.30	$	0.30	$	0.30	$	0.31	$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,112,000		36,723,000		34,484,000		30,618,000		29,878,000
Additional shares for conversion of OP Units (basic)		1,985,000		1,924,000		1,837,000		1,632,000		1,556,000

Shares used in determination of FFO per share (basic)		46,097,000		38,647,000		36,321,000		32,250,000		31,434,000


Shares used in determination of diluted earnings per share		44,120,000		36,729,000		34,489,000		30,863,000		30,139,000
Additional shares for conversion of OP Units (diluted)		1,999,000		1,940,000		1,846,000		1,639,000		1,564,000

Shares used in determination of FFO per share (diluted)		46,119,000		38,669,000		36,335,000		32,502,000		31,703,000

CEDAR SHOPPING CENTERS, INC.
Summary Financial data (Continued)
(unaudited)


	Mar 30,			Dec 31,			Sep 30,			Jun 30,			Mar 30,
	2007			2006			2006			2006			2006

Real estate, net	$	1,201,711,000		$	1,177,139,000		$	1,135,346,000		$	1,006,939,000		$	994,447,000
Other assets		76,056,000			74,580,000			70,418,000			64,689,000			64,513,000

Total assets	$	1,277,767,000		$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000


Total debt	$	590,151,000		$	568,073,000		$	656,668,000		$	537,170,000		$	569,799,000
Other liabilities		76,487,000			70,595,000			66,797,000			58,349,000			64,082,000
Minority interests in consolidated joint ventures		9,228,000			9,132,000			9,143,000			9,202,000			9,930,000
Limited partners’ interest in consolidated OP		25,880,000			25,969,000			23,658,000			23,812,000			20,342,000
Shareholders’ equity		576,021,000			577,950,000			449,498,000			443,095,000			394,807,000

Total liabilities and equity	$	1,277,767,000		$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000


Fixed-rate mortgages	$	492,763,000		$	494,764,000		$	396,247,000		$	368,328,000		$	366,907,000
Variable-rate mortgages		4,818,000			4,839,000			45,291,000			44,362,000			43,412,000

Total mortgages		497,581,000			499,603,000			441,538,000			412,690,000			410,319,000
Secured revolving credit facility		92,570,000			68,470,000			215,130,000			124,480,000			159,480,000

Total debt	$	590,151,000		$	568,073,000		$	656,668,000		$	537,170,000		$	569,799,000


Pro rata share of total debt	$	570,037,000		$	547,873,000		$	636,385,000		$	516,807,000		$	550,379,000


Weighted average interest rates:
Fixed-rate mortgages		5.7	%		5.7	%		5.7	%		5.6	%		5.7	%
Variable-rate mortgages		8.1	%		8.1	%		7.3	%		7.3	%		6.8	%
Total mortgages		5.7	%		5.7	%		5.9	%		5.8	%		5.8	%
Secured variable-rate revolving credit facility		6.4	%		6.6	%		6.7	%		6.6	%		6.1	%
Total debt		5.8	%		5.8	%		6.1	%		6.0	%		5.9	%

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets
(unaudited)


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2007			2006			2006			2006			2006

Assets:
Real estate:
Land	$	254,642,000		$	250,460,000		$	230,777,000		$	198,841,000		$	191,096,000
Buildings and improvements		1,020,930,000			991,517,000			960,963,000			856,292,000			844,110,000

		1,275,572,000			1,241,977,000			1,191,740,000			1,055,133,000			1,035,206,000
Less accumulated depreciation		(73,861,000	)		(64,838,000	)		(56,394,000	)		(48,194,000	)		(40,759,000	)

Real estate, net		1,201,711,000			1,177,139,000			1,135,346,000			1,006,939,000			994,447,000

Investments in unconsolidated joint ventures		3,676,000			3,644,000			—			—			1,346,000

Cash and cash equivalents		14,774,000			17,885,000			15,918,000			11,755,000			11,895,000
Restricted cash		10,887,000			10,909,000			10,824,000			11,242,000			10,408,000
Cash at consolidated joint ventures		573,000			598,000			466,000			447,000			614,000
Receivables:
Rents and other, net		5,709,000			4,187,000			5,272,000			4,475,000			6,208,000
Straight-line rents		8,962,000			7,995,000			7,161,000			6,460,000			5,609,000
Other assets		7,604,000			6,921,000			9,430,000			10,326,000			9,060,000
Deferred charges, net:
Leasing costs		14,984,000			15,050,000			14,618,000			13,710,000			13,548,000
Financing costs		5,785,000			5,939,000			5,095,000			4,992,000			5,041,000
Other		3,102,000			1,452,000			1,634,000			1,282,000			784,000

Total assets	$	1,277,767,000		$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000


Liabilities and shareholders’ equity:
Mortgage loans payable	$	497,581,000		$	499,603,000		$	441,538,000		$	412,690,000		$	410,319,000
Secured revolving credit facility		92,570,000			68,470,000			215,130,000			124,480,000			159,480,000
Accounts payable and accrued expenses		13,705,000			11,321,000			9,788,000			7,286,000			10,476,000
Tenant prepayments and security deposits		6,275,000			6,114,000			6,267,000			4,695,000			5,251,000
Unamortized intangible lease liabilities		56,507,000			53,160,000			50,742,000			46,368,000			48,355,000

Total liabilities		666,638,000			638,668,000			723,465,000			595,519,000			633,881,000


Minority interests in consolidated joint ventures		9,228,000			9,132,000			9,143,000			9,202,000			9,930,000
Limited partners’ interest in consolidated OP		25,880,000			25,969,000			23,658,000			23,812,000			20,342,000

Shareholders’ equity		576,021,000			577,950,000			449,498,000			443,095,000			394,807,000

Total liabilities and equity	$	1,277,767,000		$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income
(unaudited)


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2007			2006			2006			2006			2006

Revenues:
Rents:
Base rents	$	24,525,000		$	23,967,000		$	22,404,000		$	20,728,000		$	20,332,000
Percentage rents		483,000			870,000			40,000			745,000			312,000
Straight-line rents		967,000			833,000			701,000			851,000			900,000
Amortization of intangible lease liabilities		2,589,000			2,585,000			3,042,000			2,043,000			2,628,000

		28,564,000			28,255,000			26,187,000			24,367,000			24,172,000
Expense recoveries		7,275,000			5,914,000			5,496,000			5,654,000			5,614,000
Other		352,000			94,000			246,000			287,000			206,000

		36,191,000			34,263,000			31,929,000			30,308,000			29,992,000

Expenses:
Operating, maintenance and management		7,077,000			5,620,000			5,258,000			5,334,000			6,168,000
Real estate and other property- related taxes		3,577,000			3,446,000			3,323,000			3,135,000			2,936,000

		10,654,000			9,066,000			8,581,000			8,469,000			9,104,000


Net operating income		25,537,000			25,197,000			23,348,000			21,839,000			20,888,000

Other income (expense):
General and administrative		(1,998,000	)		(1,866,000	)		(1,431,000	)		(1,410,000	)		(1,379,000	)
Depreciation and amortization		(9,883,000	)		(9,224,000	)		(9,002,000	)		(8,060,000	)		(8,597,000	)
Interest expense		(7,568,000	)		(9,122,000	)		(8,556,000	)		(7,742,000	)		(7,357,000	)
Amortization of deferred financing costs		(352,000	)		(445,000	)		(341,000	)		(333,000	)		(329,000	)
Interest income		275,000			249,000			155,000			121,000			116,000
Unconsolidated joint ventures:
Equity in income (loss)		156,000			110,000			—			(15,000	)		(25,000	)
Gain on sale of interest		—			—			—			141,000			—
Minority interests in consolidated joint ventures		(395,000	)		(259,000	)		(324,000	)		(309,000	)		(310,000	)
Limited partners’ interest in consolidated OP		(163,000	)		(131,000	)		(95,000	)		(114,000	)		(53,000	)


Net income		5,609,000			4,509,000			3,754,000			4,118,000			2,954,000

Preferred distribution requirements		(1,954,000	)		(1,970,000	)		(1,969,000	)		(1,984,000	)		(1,954,000	)


Net income applicable to common shareholders	$	3,655,000		$	2,539,000		$	1,785,000		$	2,134,000		$	1,000,000


Net operating income/Revenues		71	%		74	%		73	%		72	%		70	%
Expense recovery percentage (a)		68	%		65	%		64	%		67	%		62	%
Adjusted expense recovery percentage (a)		71	%		68	%		68	%		71	%		67	%


(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 $338,000, $362,000, $538,000, $551,000 and $735,000, respectively.

CEDAR SHOPPING CENTERS, INC.
Funds From Operations (“FFO”) And Other Financial Information
(unaudited)


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2007			2006			2006			2006			2006

Net income applicable to common shareholders	$	3,655,000		$	2,539,000		$	1,785,000		$	2,134,000		$	1,000,000
Add (deduct):
Real estate depreciation and amortization		9,830,000			9,178,000			8,963,000			8,029,000			8,571,000
Limited partners’ interest		163,000			131,000			95,000			114,000			53,000
Minority interests in consolidated joint ventures		395,000			259,000			324,000			309,000			310,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(491,000	)		(396,000	)		(438,000	)		(446,000	)		(466,000	)
Equity in (income) loss of unconsolidated joint ventures		(156,000	)		(110,000	)		—			15,000			25,000
Gain on sale of interest in unconsolidated joint venture		—			—			—			(141,000	)		—
FFO from unconsolidated joint ventures		234,000			122,000			—			(2,000	)		(3,000	)

Funds From Operations	$	13,630,000		$	11,723,000		$	10,729,000		$	10,012,000		$	9,490,000

FFO per common share, assuming conversion of OP Units:
Basic	$	0.30		$	0.30		$	0.30		$	0.31		$	0.30

Diluted	$	0.30		$	0.30		$	0.30		$	0.31		$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,112,000			36,723,000			34,484,000			30,618,000			29,878,000
Additional shares assuming conversion of OP Units (basic)		1,985,000			1,924,000			1,837,000			1,632,000			1,556,000

Shares used in determination of FFO per share (basic)		46,097,000			38,647,000			36,321,000			32,250,000			31,434,000


Shares used in determination of diluted earnings per share		44,120,000			36,729,000			34,489,000			30,863,000			30,139,000
Additional shares assuming conversion of OP Units (diluted)		1,999,000			1,940,000			1,846,000			1,639,000			1,564,000

Shares used in determination of FFO per share (diluted)		46,119,000			38,669,000			36,335,000			32,502,000			31,703,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions:
First generation (a)	$	6,749,000		$	6,272,000		$	6,211,000		$	6,520,000		$	8,686,000

Second generation (b)	$	1,566,000		$	2,870,000		$	1,673,000		$	1,358,000		$	1,418,000


Capitalized interest	$	880,000		$	1,051,000		$	1,078,000		$	869,000		$	678,000

Scheduled debt amortization payments:
Stated contract amounts	$	1,637,000		$	1,475,000		$	1,343,000		$	1,229,000		$	1,569,000

Carrying value amounts	$	1,941,000		$	1,784,000		$	1,639,000		$	1,535,000		$	1,849,000


Straight-line rents	$	947,000		$	812,000		$	680,000		$	825,000		$	872,000

Amortization of intangible lease liabilities	$	2,571,000		$	2,569,000		$	3,019,000		$	2,022,000		$	2,609,000

Non-real estate amortization	$	484,000		$	484,000		$	374,000		$	356,000		$	348,000

Stock-based compensation charged to operating expenses	$	440,000		$	282,000		$	176,000		$	158,000		$	113,000


	As of
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
	2007		2006		2006		2006		2006

Land held for development and other real estate out of service (at cost) (c)	$	57,810,000	$	61,822,000	$	55,490,000	$	55,897,000	$	60,038,000


(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,
	2007			2006

The number of properties that were owned throughout each of the comparative periods		83			83


Revenues:
Rents:
Base rents	$	20,431,000		$	19,631,000
Percentage rents		411,000			311,000
Straight-line rents		594,000			882,000
Amortization of intangible lease liabilities		1,746,000			2,418,000

		23,182,000			23,242,000
Expense recoveries (a)		6,055,000			5,209,000
Other		357,000			94,000

Total revenues		29,594,000			28,545,000


Operating expenses (a):
Operating, maintenance and management		5,308,000			5,161,000
Real estate and other property-related taxes		2,780,000			2,622,000

Total expenses		8,088,000			7,783,000


Net operating income	$	21,506,000		$	20,762,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	800,000			4.1	%
Percentage rents		100,000			32.2	%
Straight-line rents		(288,000	)		-32.7	%
Amortization of intangible lease liabilities		(672,000	)		-27.8	%

		(60,000	)		-0.3	%
Expense recoveries		846,000			16.2	%
Other		263,000			279.8	%

Total revenues		1,049,000			3.7	%


Expenses:
Operating, maintenance and management		147,000			2.8	%
Real estate and other property-related taxes		158,000			6.0	%

Total expenses		305,000			3.9	%


Net operating income	$	744,000			3.6	%


Percent occupied at end of period		92.4	%		92.0	%

Adjusted percent occupied at end of period (b)		92.4	%		90.7	%


(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 $317,000 and $731,000, respectively.

(b)		For comparative purposes, the percent occupied as of March 31, 2006 is calculated by using the GLA as of March 31, 2007, which includes approximately 113,000 sq. ft. of additional space at the development/redevelopment properties.

CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2007			2006			2006			2006			2006

Renewals

Number of leases		57			17			14			8			25
Aggregate square feet		283,000			51,000			28,000			23,000			138,000
Average square feet		4,965			3,000			2,000			2,875			5,520
Average expiring base rent psf	$	9.55		$	16.28		$	14.10		$	13.08		$	9.69
Average new base rent psf	$	10.31		$	16.84		$	15.99		$	13.92		$	10.01
% increase in base rent		7.96	%		3.44	%		13.40	%		6.42	%		3.30	%

New leases

Number of leases		20			20			20			17			14
Aggregate square feet		81,000			134,000			123,000			119,000			51,000
Average square feet		4,050			6,700			6,150			7,000			3,643
Average new base rent psf	$	18.22		$	13.07		$	15.71		$	13.87		$	8.22

Terminated leases

Number of leases		16			20			26			17			8
Aggregate square feet		71,000			38,000			141,000			51,000			16,000
Average square feet		4,438			1,900			5,423			3,000			2,000
Average old base rent psf	$	15.30		$	14.51		$	10.33		$	14.92		$	14.48


	As of
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2007			2006			2006			2006			2006

Occupancy statistics

Stabilized properties:
Wholly-owned		95	%		95	%		94	%		95	%		95	%
Consolidated joint ventures		100	%		100	%		100	%		100	%		100	%

Total stabilized properties		96	%		96	%		94	%		95	%		95	%


Development/redevelopment and other non-stabilized properties		64	%		64	%		63	%		73	%		74	%


Total operating portfolio		93	%		93	%		91	%		92	%		91	%

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of March 31, 2007
(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		1,053,000		10.3	%	$	13,658,000	$	12.97		13.8	%
SuperValu/Farm Fresh/Shop ’n Save/Shaw’s/Acme		13		767,000		7.5	%		7,258,000		9.46		7.3	%
Discount Drug Mart		13		332,000		3.2	%		3,072,000		9.25		3.1	%
LA Fitness		4		168,000		1.6	%		2,422,000		14.42		2.4	%
CVS		13		132,000		1.3	%		2,259,000		17.11		2.3	%
Staples		7		151,000		1.5	%		2,063,000		13.66		2.1	%
Food Lion/Hannaford		7		248,000		2.4	%		2,021,000		8.15		2.0	%
A&P/Super Fresh		2		116,000		1.1	%		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		1.0	%		1,423,000		13.42		1.4	%

Sub-total top ten tenants		80		3,420,000		33.5	%		37,187,000		10.87		37.4	%

Remaining tenants		976		6,048,000		59.2	%		62,137,000		10.27		62.6	%

Sub-total all tenants		1,056		9,468,000		92.7	%		99,324,000		10.49		100.0	%

Vacant space (b)		n/a		748,000		7.3	%		n/a		n/a		n/a

Total (including vacant space)		1,056		10,216,000		100.0	%	$	99,324,000	$	9.72		n/a


(a)		Based on annualized base rent.

(b)		Includes vacant space at properties undergoing development and/or redevelopment activities.

Total Revenues By State


	Three months ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
State	2007		2006		2006		2006		2006

Pennsylvania	$	19,276,000	$	18,463,000	$	17,606,000	$	16,375,000	$	16,924,000
Massachusetts		4,170,000		3,759,000		3,202,000		2,701,000		2,472,000
Connecticut		2,951,000		2,777,000		2,503,000		2,582,000		2,805,000
Virginia		2,624,000		2,355,000		2,116,000		2,101,000		2,027,000
New Jersey		2,595,000		2,722,000		2,433,000		2,903,000		2,091,000
Ohio		2,303,000		2,166,000		2,325,000		2,144,000		2,151,000
Maryland		1,245,000		1,148,000		914,000		804,000		799,000
Michigan		525,000		553,000		477,000		497,000		515,000
New York		502,000		320,000		353,000		201,000		209,000

	$	36,191,000	$	34,263,000	$	31,929,000	$	30,308,000	$	29,993,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of March 31, 2007
(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		67		174,000		1.8	%	$	1,997,000	$	11.48		2.0	%
2007		120		316,000		3.3	%		4,064,000		12.86		4.1	%
2008		165		783,000		8.3	%		9,036,000		11.54		9.1	%
2009		163		876,000		9.3	%		8,727,000		9.96		8.8	%
2010		128		1,159,000		12.2	%		10,646,000		9.19		10.7	%
2011		111		740,000		7.8	%		7,903,000		10.68		8.0	%
2012		73		546,000		5.8	%		5,489,000		10.05		5.5	%
2013		30		257,000		2.7	%		2,533,000		9.86		2.6	%
2014		30		535,000		5.7	%		4,856,000		9.08		4.9	%
2015		34		394,000		4.2	%		4,056,000		10.29		4.1	%
2016		35		492,000		5.2	%		5,134,000		10.43		5.2	%
2017		16		387,000					4,205,000
Thereafter		84		2,809,000		29.7	%		30,678,000		10.92		30.9	%


		1,056		9,468,000		100.0	%		99,324,000		10.49		100.0	%

Vacant space (a)		n/a		748,000		n/a			n/a		n/a		n/a


Total portfolio		1,056		10,216,000		n/a		$	99,324,000	$	9.72		n/a


(a)		Includes vacant space at properties undergoing development and/or redevelopment activities.

At March 31, 2007, the Company had a portfolio of 99 properties totaling approximately 10.2 million square feet of GLA, including 95 wholly-owned properties comprising approximately 9.7 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) 89 “stabilized” properties (those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of March 31, 2007), with an aggregate of 8.8 million square feet of GLA, which were approximately 95% leased, (2) three development/redevelopment properties with an aggregate of 649,000 square feet of GLA, which were approximately 62% leased, and (3) three non-stabilized properties with an aggregate of 267,000 square feet of GLA, which are presently being re-tenanted and which were approximately 70% leased. The four properties owned in joint venture are all “stabilized” properties and have a 100% occupancy percentage. The entire 99 property portfolio was approximately 93% leased at March 31, 2007.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of March 31, 2007


							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	%		152,068	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 March 31, 2007


							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

Fairview Commons	PA		2007		100	%		59,578	1976/2003

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		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	%		301,519	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	%		48,080	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	%		202,943	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 March 31, 2007


							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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2007


							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	%		111,869	1980/2001	Giant Foods		62,320		1/31/2019

Oakland Commons	CT		2007		100	%		89,850	1962/1995	Shaw’s		54,661		2/29/2016
										Bristol Ten Pin		35,189		4/30/2043

Oakland Mills	MD		2005		100	%		58,224	1960’s/2004	Food Lion		43,470		11/30/2018

Ontario Discount Drug Mart Plaza	OH		2005		100	%		38,373	2002	Discount Drug Mart		25,475		3/31/2018

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 March 31, 2007


							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		25,000		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 March 31, 2007


							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	%		155,042	1972/2000	Wal-Mart		95,482		1/31/2020
										NAMCO		20,000		1/31/2011

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2007


						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							8,815,572


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							9,299,915


Development/Redevelopment and Other Non-Stabilized Properties ^(1):

Centerville Discount Drug Mart Plaza	OH	2005		100	%		49,287	2000	Discount Drug Mart		24,012		3/31/2016

Columbia Mall	PA	2005		100	%		351,366	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 March 31, 2007

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

Value City Shopping Center

2005

100

117,000

1950’s/2003

Value City

85,000

1/31/2008

Total Non-Stabilized Properties

16,077

Total Portfolio ^(3):

10,215,992


(1)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of March 31, 2007. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, 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 March 31, 2007


															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	$	1,468,000	$	11,569,000		152,068		82.7	%	$	12.17
Annie Land Plaza	VA		100	%		809,000		3,857,000		4,666,000		91,000		4,575,000		42,500		100.0	%		9.10
Camp Hill	PA		100	%		4,424,000		59,656,000		64,080,000		3,366,000		60,714,000		468,462		97.6	%		12.50
Carbondale Plaza	PA		100	%		1,586,000		9,883,000		11,469,000		1,007,000		10,462,000		129,915		83.4	%		5.54
Carrolton Discount Drug Mart Plaza	OH		100	%		713,000		3,332,000		4,045,000		247,000		3,798,000		40,480		100.0	%		8.07
Clyde Discount Drug Mart Plaza	OH		100	%		451,000		2,329,000		2,780,000		188,000		2,592,000		34,592		82.7	%		8.85
Coliseum Marketplace	VA		100	%		3,586,000		17,145,000		20,731,000		1,176,000		19,555,000		105,181		100.0	%		14.35
Columbus Crossing	PA		100	%		4,579,000		19,140,000		23,719,000		1,905,000		21,814,000		142,166		97.2	%		15.78
CVS at Bradford	PA		100	%		291,000		1,468,000		1,759,000		104,000		1,655,000		10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		118,000		2,267,000		10,195		100.0	%		17.49
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		102,000		2,080,000		10,125		100.0	%		16.50
CVS at Portage Trail	OH		100	%		341,000		1,603,000		1,944,000		98,000		1,846,000		10,722		100.0	%		13.00
CVS at Westfield	NY		100	%		339,000		1,558,000		1,897,000		86,000		1,811,000		10,125		100.0	%		15.74
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,794,000		3,357,000		338,000		3,019,000		38,409		100.0	%		8.14
East Chestnut	PA		100	%		800,000		3,699,000		4,499,000		389,000		4,110,000		21,180		100.0	%		16.26
Elmhurst Square	VA		100	%		1,371,000		5,992,000		7,363,000		68,000.00		7,295,000		66,250		100.0	%		8.47
Fairfield Plaza	CT		100	%		2,202,000		9,441,000		11,643,000		489,000		11,154,000		71,979		95.8	%		13.90
Fairview Commons	PA		100	%		849,000		3,539,000		4,388,000		31,000		4,357,000		59,578		89.6	%		5.74
Family Dollar at Zanesville	OH		100	%		82,000		569,000		651,000		115,000		536,000		6,900		100.0	%		8.70
Fieldstone Marketplace	MA		100	%		5,229,000		21,403,000		26,632,000		1,066,000		25,566,000		193,970		92.2	%		10.21
FirstMerit Bank at Akron	OH		100	%		169,000		737,000		906,000		50,000		856,000		3,200		100.0	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,304,000		1,568,000		19,000		1,549,000		18,300		100.0	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,124,000		72,941,000		5,541,000		67,400,000		301,519		92.2	%		19.43
Gabriel Brothers Plaza	OH		100	%		947,000		3,707,000		4,654,000		269,000		4,385,000		81,891		92.6	%		4.93
Gahanna Discount Drug Mart Plaza	OH		100	%		1,379,000		5,385,000		6,764,000		96,000		6,668,000		48,080		88.8	%		14.05
General Booth Plaza	VA		100	%		1,935,000		9,505,000		11,440,000		793,000		10,647,000		73,320		100.0	%		11.83
Gold Star Plaza	PA		100	%		1,646,000		6,519,000		8,165,000		234,000		7,931,000		71,729		97.8	%		9.01
Golden Triangle	PA		100	%		2,320,000		18,692,000		21,012,000		1,619,000		19,393,000		202,943		97.6	%		11.76
Hamburg Commons	PA		100	%		1,153,000		9,781,000		10,934,000		614,000		10,320,000		99,580		100.0	%		6.40
Hannaford Plaza	MA		100	%		1,874,000		8,455,000		10,329,000		170,000		10,159,000		102,459		94.9	%		7.61
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,572,000		4,342,000		221,000		4,121,000		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 March 31, 2007


															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		1,028,000		24,134,000		181,735		96.0	%		9.39
Kempsville Crossing	VA		100	%		2,207,000		11,018,000		13,225,000		889,000		12,336,000		94,477		100.0	%		10.81
Kenley Village	MD		100	%		726,000		3,533,000		4,259,000		543,000		3,716,000		51,894		100.0	%		7.89
Kingston Plaza	NY		100	%		2,827,000		2,228,000		5,055,000		22,000		5,033,000		18,347		84.1	%		26.53
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		376,000		7,262,000		41,000		100.0	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,763,000		15,458,000		683,000		14,775,000		68,200		94.7	%		17.00
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,400,000		4,104,000		265,000		3,839,000		38,576		100.0	%		9.27
Long Reach Village	MD		100	%		1,721,000		8,575,000		10,296,000		217,000		10,079,000		105,081		91.0	%		10.45
Majestic Plaza	MI		100	%		2,443,000		9,583,000		12,026,000		451,000		11,575,000		79,180		100.0	%		14.38
McCormick Place	OH		100	%		847,000		4,038,000		4,885,000		368,000		4,517,000		46,000		100.0	%		8.34
McDonalds/Waffle House at Medina	OH		100	%		737,000		132,000		869,000		15,000		854,000		6,000		100.0	%		11.70
Meadows Marketplace	PA		100	%		1,914,000		11,122,000		13,036,000		333,000		12,703,000		85,930		93.2	%		14.34
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		555,000		14,313,000		51,500		100.0	%		20.90
Oak Ridge Shopping Center	VA		100	%		960,000		4,255,000		5,215,000		50,000		5,165,000		38,700		100.0	%		10.25
Oakhurst Plaza	PA		100	%		4,538,000		18,177,000		22,715,000		452,000		22,263,000		111,869		92.8	%		14.05
Oakland Commons	CT		100	%		2,502,000		15,654,000		18,156,000		78,000		18,078,000		89,850		100.0	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,312,000		7,923,000		439,000		7,484,000		58,224		100.0	%		12.20
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,648,000		4,457,000		269,000		4,188,000		38,373		84.6	%		8.82
Palmyra Shopping Center	PA		100	%		1,490,000		6,575,000		8,065,000		444,000		7,621,000		112,328		96.3	%		5.38
Pennsboro Commons	PA		100	%		3,608,000		14,275,000		17,883,000		795,000		17,088,000		109,784		94.5	%		13.94
Pickerington Discount Drug Mart Plaza	OH		100	%		1,186,000		5,392,000		6,578,000		388,000		6,190,000		47,810		89.7	%		11.88
Pine Grove Plaza	NJ		100	%		1,622,000		6,499,000		8,121,000		651,000		7,470,000		79,306		100.0	%		10.76
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,820,000		7,062,000		528,000		6,534,000		50,283		100.0	%		12.05
Pondside Plaza	NY		100	%		365,000		1,617,000		1,982,000		129,000		1,853,000		19,340		100.0	%		8.20
Port Richmond Village	PA		100	%		2,942,000		12,367,000		15,309,000		1,679,000		13,630,000		154,908		97.1	%		12.23
Powell Discount Drug Mart Plaza	OH		100	%		1,384,000		6,153,000		7,537,000		489,000		7,048,000		49,772		100.0	%		12.16
Rite Aid at Massillon	OH		100	%		442,000		2,014,000		2,456,000		112,000		2,344,000		10,125		100.0	%		17.91
River View Plaza I, II and III	PA		100	%		9,718,000		43,715,000		53,433,000		4,393,000		49,040,000		244,225		87.5	%		17.02
Shaw’s Plaza	MA		100	%		5,780,000		24,957,000		30,737,000		598,000		30,139,000		176,609		98.6	%		10.03
Shelby Discount Drug Mart Plaza	OH		100	%		671,000		3,266,000		3,937,000		278,000		3,659,000		36,596		89.1	%		9.21
Shoppes at Salem Run	VA		100	%		1,076,000		4,263,000		5,339,000		160,000		5,179,000		15,100		100.0	%		22.66
Shore Mall	NJ		100	%		7,170,000		38,966,000		46,136,000		1,438,000		44,698,000		620,968		96.0	%		7.38
Smithfield Plaza	VA		100	%		1,049,000		5,220,000		6,269,000		341,000		5,928,000		45,544		100.0	%		10.04
South Philadelphia	PA		100	%		8,222,000		37,858,000		46,080,000		4,085,000		41,995,000		283,415		98.9	%		13.09
St James Square	MD		100	%		688,000		4,352,000		5,040,000		357,000		4,683,000		39,903		100.0	%		11.23

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2007


															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.

Staples at Oswego	NY		100	%		635,000		3,000,000		3,635,000		210,000		3,425,000		23,884		100	%		11.99
Stonehedge Square	PA		100	%		2,733,000		11,618,000		14,351,000		326,000		14,025,000		90,126		94	%		11.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		506,000		8,132,000		67,216		100	%		9.40
Sunset Crossing	PA		100	%		2,150,000		9,011,000		11,161,000		875,000		10,286,000		74,142		96	%		14.49
Swede Square	PA		100	%		2,268,000		8,550,000		10,818,000		1,252,000		9,566,000		98,792		100	%		13.64
The Brickyard	CT		100	%		6,465,000		28,714,000		35,179,000		2,549,000		32,630,000		274,553		100	%		8.95
The Commons	PA		100	%		3,098,000		14,048,000		17,146,000		1,792,000		15,354,000		175,121		92	%		9.83
The Point	PA		100	%		2,996,000		21,898,000		24,894,000		3,569,000		21,325,000		255,447		93	%		10.85
The Point at Carlisle Plaza	PA		100	%		2,235,000		11,110,000		13,345,000		856,000		12,489,000		182,859		91	%		6.86
The Shops at Suffolk Downs	MA		100	%		3,564,000		11,116,000		14,680,000		532,000		14,148,000		85,777		91	%		10.58
Townfair Center	PA		100	%		3,022,000		14,200,000		17,222,000		1,647,000		15,575,000		203,531		92	%		7.42
Trexler Mall	PA		100	%		6,934,000		31,886,000		38,820,000		1,411,000		37,409,000		339,363		96	%		8.25
Trexlertown Plaza	PA		100	%		5,261,000		23,900,000		29,161,000		625,000		28,536,000		241,381		80	%		10.31
Ukrops at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		497,000		15,474,000		63,000		100	%		16.44
Ukrops at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		67,000		6,915,000		43,000		100	%		9.01
Valley Plaza	MD		100	%		1,950,000		7,967,000		9,917,000		767,000		9,150,000		191,189		100	%		4.45
Virginia Center Commons	VA		100	%		992,000		3,860,000		4,852,000		193,000		4,659,000		9,763		100	%		31.56
Virginia Little Creek	VA		100	%		1,650,000		8,350,000		10,000,000		537,000		9,463,000		69,620		100	%		10.52
Wal-Mart Center	CT		100	%		0		11,848,000		11,848,000		1,062,000		10,786,000		155,042		95	%		5.64
Washington Center Shoppes	NJ		100	%		1,811,000		8,459,000		10,270,000		1,278,000		8,992,000		154,240		98	%		7.73
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,905,000		4,909,000		147,000		4,762,000		55,775		100	%		7.28


Total Wholly-Owned Stabilized Properties						203,222,000		938,170,000		1,141,392,000		66,674,000		1,074,718,000		8,815,572		95	%		10.78

Properties Owned in Joint Venture ⁽²⁾
Fairview Plaza	PA		30	%		1,811,000		7,438,000		9,249,000		791,000		8,458,000		69,579		100	%		11.73
Halifax Plaza	PA		30	%		1,102,000		4,704,000		5,806,000		489,000		5,317,000		54,150		100	%		11.00
Loyal Plaza	PA		25	%		3,853,000		17,135,000		20,988,000		2,228,000		18,760,000		293,825		100	%		7.57
Newport Plaza	PA		30	%		1,316,000		5,452,000		6,768,000		568,000		6,200,000		66,789		100	%		10.90


Total Consolidated Joint Ventures						8,082,000		34,729,000		42,811,000		4,076,000		38,735,000		484,343		100	%		9.01


Total Stabilized Properties						211,304,000		972,899,000		1,184,203,000		70,750,000		1,113,453,000		9,299,915		96	%		10.68

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2007


															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	%		854,000		3,965,000		4,819,000		300,000		4,519,000		49,287			73	%		10.98
Columbia Mall	PA		100	%		2,855,000		16,382,000		19,237,000		913,000		18,324,000		351,366			68	%		7.66
Dunmore Shopping Center	PA		100	%		565,000		2,243,000		2,808,000		179,000		2,629,000		101,000			66	%		3.35
Huntingdon Plaza	PA		100	%		933,000		4,748,000		5,681,000		445,000		5,236,000		151,697			45	%		6.58
Lake Raystown Plaza	PA		100	%		2,231,000		14,403,000		16,634,000		1,128,000		15,506,000		145,727			65	%		15.26
Value City Shopping Center	MI		100	%		396,000		2,151,000		2,547,000		146,000		2,401,000		117,000			73	%		1.98

Total Non-Stabilized Properties						7,834,000		43,892,000		51,726,000		3,111,000		48,615,000		916,077			64	%		7.66


Total Operating Portfolio						219,138,000		1,016,791,000		1,235,929,000		73,861,000		1,162,068,000		10,215,992			93	%	$	10.49


Land Held For Development:
Bergestrasse	PA		100	%		1,640,000		16,000		1,656,000		—		1,656,000		7.70	acres
Blue Mountain Common	PA		100	%		13,818,000		797,000		14,615,000		—		14,615,000		34.00	acres
Columbia Mall	PA		100	%		1,466,000		153,000		1,619,000		—		1,619,000		46.00	acres
Halifax Plaza	PA		100	%		1,107,000		762,000		1,869,000		—		1,869,000		14.00	acres
Kinderhook	NY		100	%		1,686,000		202,000		1,888,000		—		1,888,000		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		348,000		4,364,000		—		4,364,000		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		452,000		8,539,000		—		8,539,000		34.90	acres
Trindle Spring	PA		100	%		1,028,000		70,000		1,098,000		—		1,098,000		2.10	acres
Washington Center Shoppes	NJ		100	%		250,000		1,339,000		1,589,000		—		1,589,000		1.00	acres


Total Land Held For Development						35,504,000		4,139,000		39,643,000		—		39,643,000		195.94	acres


Total Carrying Value					$	254,642,000	$	1,020,930,000	$	1,275,572,000	$	73,861,000	$	1,201,711,000


Unconsolidated Joint Venture ⁽³⁾													$	3,676,000


(1)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of March 31, 2007. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, 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.

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2007
(unaudited)


					Carrying value amounts							Stated contract amounts
								Balances							Balances
	Percent			Maturity	Int.			Mar 31		Dec 31		Int.			Mar 31		Dec 31
Property	Owned			Date	rate			2007		2006		rate			2007		2006

Fixed-rate mortgages:
The Point		100.0	%	Sep 2012		7.6	%	$	18,471,000	$	18,566,000		7.6	%	$	18,471,000	$	18,566,000
Academy Plaza		100.0	%	Mar 2013		7.3	%		9,905,000		9,952,000		7.3	%		9,905,000		9,952,000
Port Richmond Village		100.0	%	Apr 2008		7.2	%		10,731,000		10,781,000		7.2	%		10,731,000		10,781,000
Washington Center Shoppes		100.0	%	Nov 2007		7.5	%		5,545,000		5,571,000		7.5	%		5,545,000		5,571,000
Loyal Plaza		25.0	%	Jun 2011		7.2	%		13,156,000		13,204,000		7.2	%		13,156,000		13,204,000
Fairview Plaza		30.0	%	Feb 2013		5.7	%		5,748,000		5,772,000		5.7	%		5,748,000		5,772,000
Halifax Plaza		30.0	%	Feb 2010		6.8	%		3,898,000		3,920,000		6.8	%		3,898,000		3,920,000
Newport Plaza		30.0	%	Feb 2010		6.8	%		4,991,000		5,018,000		6.8	%		4,991,000		5,018,000
Pine Grove Plaza		100.0	%	Sep 2015		5.0	%		6,066,000		6,090,000		5.0	%		6,066,000		6,090,000
Golden Triangle		100.0	%	Apr 2008		6.0	%		9,167,000		9,264,000		7.4	%		9,047,000		9,116,000
Townfair Center		100.0	%	Mar 2008		6.0	%		9,587,000		9,656,000		7.0	%		9,509,000		9,556,000
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	%		2,923,000		2,935,000		5.2	%		2,923,000		2,935,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		2,027,000		2,035,000		5.2	%		2,027,000		2,035,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		1,004,000		1,023,000		7.1	%		921,000		937,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,680,000		1,701,000		7.5	%		1,477,000		1,491,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,371,000		1,393,000		7.1	%		1,244,000		1,261,000
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		1,079,000		1,095,000		7.8	%		954,000		964,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,217,000		2,226,000		5.2	%		2,217,000		2,226,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,257,000		2,280,000		7.4	%		1,954,000		1,969,000
Fairfield Plaza		100.0	%	Jul 2015		5.0	%		5,344,000		5,366,000		5.0	%		5,344,000		5,366,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,471,000		2,480,000		5.2	%		2,471,000		2,480,000
McCormick Place		100.0	%	Jul 2008		5.2	%		2,239,000		2,275,000		7.4	%		2,183,000		2,207,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,281,000		2,290,000		5.2	%		2,281,000		2,290,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,344,000		4,361,000		5.0	%		4,344,000		4,361,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,654,000		4,672,000		5.2	%		4,654,000		4,672,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,206,000		1,210,000		5.6	%		1,206,000		1,210,000
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,459,000		4,476,000		5.2	%		4,459,000		4,476,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,689,000		1,711,000		7.7	%		1,457,000		1,471,000
Shelby Discount Drug Mart		100.0	%	May 2015		5.2	%		2,281,000		2,290,000		5.2	%		2,281,000		2,290,000
Staples at Oswego		100.0	%	May 2015		5.3	%		2,345,000		2,354,000		5.3	%		2,345,000		2,354,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,892,000		12,952,000		6.1	%		12,193,000		12,229,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,753,000		5,784,000		6.1	%		5,476,000		5,496,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,529,000		6,565,000		6.1	%		6,215,000		6,239,000
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		10,039,000		10,099,000		6.1	%		9,506,000		9,546,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		10,393,000		10,456,000		5.5	%		10,173,000		10,229,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,670,000		3,689,000		6.1	%		3,493,000		3,504,000
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,949,000		4,978,000		6.1	%		4,712,000		4,732,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		5,225,000		5,254,000		6.1	%		4,974,000		4,993,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		515,000		522,000		8.0	%		434,000		438,000
Wal-Mart Center		100.0	%	Nov 2015		5.1	%		6,058,000		6,081,000		5.1	%		6,058,000		6,081,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,621,000		13,669,000		5.5	%		13,621,000		13,669,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		5,121,000		5,139,000		5.5	%		5,121,000		5,139,000
Trexler Mall		100.0	%	May 2014		5.4	%		22,605,000		22,701,000		5.5	%		22,384,000		22,472,000
Fieldstone Marketplace		100.0	%	Jul 2014		5.4	%		19,574,000		19,658,000		6.0	%		18,856,000		18,914,000
Pennsboro Commons		100.0	%	Mar 2016		5.5	%		11,393,000		11,433,000		5.5	%		11,393,000		11,433,000
Shore Mall		100.0	%	Aug 2008		5.8	%		30,779,000		31,015,000		7.0	%		30,248,000		30,390,000
Shore Mall		100.0	%	Jan 2009		5.7	%		2,305,000		2,408,000		0.0	%		2,506,000		2,643,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,910,000		2,952,000		7.3	%		2,725,000		2,760,000
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		13,905,000		13,895,000		5.6	%		14,200,000		14,200,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,373,000		5,389,000		6.1	%		5,373,000		5,389,000
Carbondale Plaza		100.0	%	Oct 2016		6.1	%		5,378,000		5,394,000		6.1	%		5,378,000		5,394,000
Long Reach Village		100.0	%	Mar 2014		5.7	%		4,902,000		4,921,000		5.7	%		4,902,000		4,921,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2007
(unaudited)


					Carrying value amounts							Stated contract amounts
								Balances							Balances
	Percent			Maturity	Int.			Mar 31		Dec 31		Int.			Mar 31		Dec 31
Property	Owned			Date	rate			2007		2006		rate			2007		2006

Meadows Marketplace		100.0	%	Nov 2016		5.6	%		10,728,000		10,763,000		5.6	%		10,728,000		10,763,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,178,000		5,195,000		5.8	%		5,178,000		5,195,000
Carrolton Discount Drug Mart		100.0	%	Dec 2016		5.6	%		2,432,000		2,440,000		5.6	%		2,432,000		2,440,000
Gabriel Brothers Plaza		100.0	%	Dec 2016		5.6	%		3,190,000		3,200,000		5.6	%		3,190,000		3,200,000
Hudson Discount Drug Mart		100.0	%	Dec 2016		5.7	%		2,567,000		2,575,000		5.7	%		2,567,000		2,575,000
Westlake Discount Drug Mart		100.0	%	Dec 2016		5.6	%		3,335,000		3,346,000		5.6	%		3,335,000		3,346,000
Oak Ridge		100.0	%	May 2015		5.5	%		3,580,000		3,580,000		5.5	%		3,580,000		3,580,000
Elmhurst Square		100.0	%	Dec 2014		5.4	%		4,228,000		4,244,000		5.4	%		4,228,000		4,244,000
Camp Hill		100.0	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000


Total fixed-rate mortgages				6.6 years		5.7	%		492,763,000		494,764,000		5.9	%	$	487,488,000	$	489,195,000

				[weighted averages]								[weighted average]

Variable-rate mortgages:
LA Fitness Facility		100.0	%	Dec 2007		8.1	%		4,818,000		4,839,000


Total variable-rate mortgages				0.8 years		8.1	%		4,818,000		4,839,000

				[weighted averages]


Total mortgages				6.6 years		5.7	%		497,581,000		499,603,000

				[weighted averages]

Secured revolving credit facility (a)				Jan 2009
		100.0	%	1.8 years		6.4	%		92,570,000		68,470,000

				[weighted averages]


Total debt				5.8 years		5.8	%	$	590,151,000	$	568,073,000

				[weighted averages]
Pro rata share of total debt								$	570,037,000	$	547,873,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties
(unaudited)


				As of March 31, 2007
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total

Loyal Plaza		75	%	$	18,759,650	$	(13,155,839	)	$	1,119,361		$	5,326,283	$	1,396,889	$	6,723,172

Fairview Plaza (d)		70	%		8,457,863		(5,748,052	)		(38,282	)		1,621,589		1,049,940		2,671,529

Halifax Plaza (d)		70	%		5,317,771		(3,897,500	)		124,795			1,155,269		389,797		1,545,066

Newport Plaza (d)		70	%		6,199,466		(4,990,884	)		390,689			1,124,207		475,064		1,599,271


				$	38,734,750	$	(27,792,275	)	$	1,596,563		$	9,227,348	$	3,311,690	$	12,539,038


				As of March 31, 2007
						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 March 31, 2007
						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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)


				As of March 31, 2007
						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


				As of March 31, 2007
						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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)


				Three months ended March 31, 2007
				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	%	$	785,571	$	151,854	$	18,785	$	143,600	$	471,332	$	239,574	$	231,758		$	173,819	$	57,940	$	—
Fairview Plaza (d)		70	%		277,060		46,134		4,854		48,221		177,851		82,551		95,300	)
																		)
Halifax Plaza (d)		70	%		196,232		44,973		4,756		29,403		117,100		62,398		54,702	)		149,913		12,851	$	51,397
																		)
Newport Plaza (d)		70	%		245,631		58,525		6,009		34,206		146,891		82,732		64,159	)

				$	1,504,494	$	301,486	$	34,404	$	255,430	$	913,174	$	467,255	$	445,919		$	323,731	$	70,791	$	51,397


				Three months ended December 31, 2007
				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	$	181,765	$	24,419	$	142,872	$	371,327	$	255,039	$	116,288		$	87,216	$	29,072	$	—
Fairview Plaza (d)		70	%		230,918		35,021		7,797		48,221		139,879		84,704		55,175	)
																		)
Halifax Plaza (d)		70	%		212,096		37,724		6,857		29,355		138,160		70,892		67,268	)		130,615		11,195	$	44,783
																		)
Newport Plaza (d)		70	%		244,209		49,457		7,764		34,206		152,782		88,632		64,150	)

				$	1,407,606	$	303,967	$	46,837	$	254,654	$	802,148	$	499,267	$	302,881		$	217,831	$	40,267	$	44,783


				Three months ended September 31, 2007
				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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)


				Three months ended June 30, 2007
				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


				Three months ended March 30, 2007
				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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)


								Three months ended March 31, 2007
	Partners’							Share of FFO (a)
Property	percent			Cedar				Partners		Cedar (b)		Total

Loyal Plaza		75	%		25	%		$	274,251	$	101,107	$	375,358
Fairview Plaza (d)		70	%		30	%	)
							)
Halifax Plaza (d)		70	%		30	%	)		216,555		109,437		325,992
							)
Newport Plaza (d)		70	%		30	%	)

								$	490,806	$	210,544	$	701,350


								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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)


								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


								Three months ended March 30, 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


(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)		On May 23, 2006, Cedar 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.


Maturity					Secured
schedule	Scheduled		Balloon		revolving
by year	amortization		payments		credit facility (a)		Total

2007	$	5,921,000	$	10,305,000			$	16,226,000
2008		7,049,000		60,194,000				67,243,000
2009		6,078,000		1,542,000	$	92,570,000		100,190,000
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		2,870,000		46,158,000				49,028,000
2017		1,074,000		60,478,000				61,552,000
2018		888,000		965,000				1,853,000
2019		542,000		—				542,000
2020		73,000		—				73,000
2021		32,000		15,000				47,000


	$	60,330,000	$	437,251,000	$	92,570,000	$	590,151,000


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 and State 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


(a)		The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2009.