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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 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 (including the availability of property-specific construction financing) 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 September 30, 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 September 30, 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 operating 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.

In May 2007, the Company decided to dispose of Stadium Plaza, located in East Lansing, Michigan. For all periods presented, the carrying value of the property’s assets (principally the net book value of the real estate) has been classified as “held for sale” on the Company’s consolidated balance sheets, and the property’s results of operations have been classified as “discontinued operations” in the consolidated statements of income.

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)


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2007			2007			2007			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	$	25.26		$	26.14		$	26.24		$	26.63		$	26.35

Common shares outstanding		44,230,766			44,230,866			44,188,181			43,772,802			34,944,452
OP Units outstanding		1,981,778			1,981,778			1,985,299			1,984,064			1,837,099
Closing market price	$	13.62		$	14.35		$	16.20		$	15.91		$	16.17

Equity market capitalization	$	719,088,000		$	755,948,000		$	841,162,000		$	822,528,000		$	688,300,000
Pro rata share of outstanding debt		803,990,000			680,722,000			570,037,000			547,873,000			636,385,000

Total market capitalization	$	1,523,078,000		$	1,436,670,000		$	1,411,199,000		$	1,370,401,000		$	1,324,685,000

Ratio of pro rata share of outstanding debt to total market capitalization		52.8	%		47.4	%		40.4	%		40.0	%		48.0	%


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

Total revenues	$	37,477,000	$	36,581,000	$	35,818,000	$	33,851,000	$	31,591,000
Net income applicable to common shareholders	$	3,925,000	$	2,921,000	$	3,655,000	$	2,539,000	$	1,785,000
Per common share (basic)	$	0.09	$	0.07	$	0.08	$	0.07	$	0.05
Per common share (diluted)	$	0.09	$	0.07	$	0.08	$	0.07	$	0.05
Dividends to common shareholders	$	9,952,000	$	9,942,000	$	9,929,000	$	8,013,000	$	7,752,000
Per common share	$	0.225	$	0.225	$	0.225	$	0.225	$	0.225
FFO	$	14,150,000	$	12,841,000	$	13,630,000	$	11,723,000	$	10,729,000
Per common share/OP unit (basic)	$	0.31	$	0.28	$	0.30	$	0.30	$	0.30
Per common share/OP unit (diluted)	$	0.31	$	0.28	$	0.30	$	0.30	$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,231,000		44,194,000		44,112,000		36,723,000		34,484,000
Additional shares for conversion of OP Units (basic)		1,982,000		1,984,000		1,985,000		1,924,000		1,837,000

Shares used in determination of FFO per share (basic)		46,213,000		46,178,000		46,097,000		38,647,000		36,321,000


Shares used in determination of diluted earnings per share		44,234,000		44,198,000		44,120,000		36,729,000		34,489,000
Additional shares for conversion of OP Units (diluted)		1,981,000		1,997,000		1,999,000		1,940,000		1,846,000

Shares used in determination of FFO per share (diluted)		46,215,000		46,195,000		46,119,000		38,669,000		36,335,000

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


	Nine months ended Sep 30,
	2007		2006

Total revenues	$	109,876,000	$	91,169,000
Net income applicable to common shareholders	$	10,501,000	$	4,919,000
Per common share (basic)	$	0.24	$	0.16
Per common share (diluted)	$	0.24	$	0.15
Dividends to common shareholders	$	29,823,000	$	21,320,000
Per common share	$	0.675	$	0.675
FFO	$	40,621,000	$	30,231,000
Per common share/OP unit (basic)	$	0.88	$	0.91
Per common share/OP unit (diluted)	$	0.88	$	0.90

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,179,000		31,660,000
Additional shares for conversion of OP Units (basic)		1,984,000		1,675,000

Shares used in determination of FFO per share (basic)		46,163,000		33,335,000


Shares used in determination of diluted earnings per share		44,183,000		31,831,000
Additional shares for conversion of OP Units (diluted)		1,993,000		1,683,000

Shares used in determination of FFO per share (diluted)		46,176,000		33,514,000


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

Real estate, net	$	1,398,959,000		$	1,287,710,000		$	1,190,136,000		$	1,165,944,000		$	1,124,078,000
Property held for sale		11,805,000			11,838,000			11,892,000			11,493,000			11,545,000
Investment in unconsolidated joint venture		3,718,000			3,700,000			3,676,000			3,644,000			—
Other assets		88,155,000			76,487,000			72,063,000			70,638,000			70,141,000

Total assets	$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000		$	1,205,764,000


Total debt	$	823,935,000		$	700,752,000		$	590,151,000		$	568,073,000		$	656,668,000
Other liabilities		78,807,000			73,122,000			76,487,000			70,595,000			66,797,000
Minority interests in consolidated joint ventures		10,321,000			10,363,000			9,228,000			9,132,000			9,143,000
Limited partners’ interest in consolidated OP		25,352,000			25,606,000			25,880,000			25,969,000			23,658,000
Shareholders’ equity		564,222,000			569,892,000			576,021,000			577,950,000			449,498,000

Total liabilities and equity	$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000		$	1,205,764,000


Fixed-rate mortgages	$	632,268,000		$	556,964,000		$	492,763,000		$	494,764,000		$	396,247,000
Variable-rate mortgages		4,777,000			4,798,000			4,818,000			4,839,000			45,291,000

Total mortgages		637,045,000			561,762,000			497,581,000			499,603,000			441,538,000
Secured revolving credit facility		186,890,000			138,990,000			92,570,000			68,470,000			215,130,000

Total debt	$	823,935,000		$	700,752,000		$	590,151,000		$	568,073,000		$	656,668,000


Pro rata share of total debt	$	803,990,000		$	680,722,000		$	570,037,000		$	547,873,000		$	636,385,000


Weighted average interest rates:
Fixed-rate mortgages		5.7	%		5.7	%		5.7	%		5.7	%		5.7	%
Variable-rate mortgages		7.9	%		8.1	%		8.1	%		8.1	%		7.3	%
Total mortgages		5.8	%		5.7	%		5.7	%		5.7	%		5.9	%
Secured variable-rate revolving credit facility		6.7	%		6.4	%		6.4	%		6.6	%		6.7	%
Total debt		6.0	%		5.8	%		5.8	%		5.8	%		6.1	%

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


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

Assets:
Real estate:
Land	$	296,372,000		$	271,915,000		$	252,199,000		$	248,108,000		$	228,425,000
Buildings and improvements		1,194,368,000			1,098,290,000			1,011,347,000			982,294,000			951,743,000

		1,490,740,000			1,370,205,000			1,263,546,000			1,230,402,000			1,180,168,000
Less accumulated depreciation		(91,781,000	)		(82,495,000	)		(73,410,000	)		(64,458,000	)		(56,090,000	)

Real estate, net		1,398,959,000			1,287,710,000			1,190,136,000			1,165,944,000			1,124,078,000

Property and related assets held for sale, net of accumulated depreciation		11,805,000			11,838,000			11,892,000			11,493,000			11,545,000
Investments in unconsolidated joint ventures		3,718,000			3,700,000			3,676,000			3,644,000			—

Cash and cash equivalents		21,148,000			18,258,000			14,774,000			17,885,000			15,918,000
Restricted cash		12,248,000			11,757,000			10,887,000			10,909,000			10,824,000
Cash at consolidated joint ventures		558,000			511,000			573,000			598,000			466,000
Receivables:
Rents and other, net		5,086,000			4,640,000			5,709,000			4,187,000			5,272,000
Straight-line rents		10,492,000			9,632,000			8,815,000			7,870,000			7,060,000
Other assets		10,749,000			5,878,000			7,604,000			6,921,000			9,430,000
Deferred charges, net:
Leasing costs		16,867,000			16,044,000			14,814,000			14,877,000			14,442,000
Financing costs		6,837,000			6,263,000			5,785,000			5,939,000			5,095,000
Other		4,170,000			3,504,000			3,102,000			1,452,000			1,634,000

Total assets	$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000		$	1,205,764,000


Liabilities and shareholders’ equity:
Mortgage loans payable	$	637,045,000		$	561,762,000		$	497,581,000		$	499,603,000		$	441,538,000
Secured revolving credit facility		186,890,000			138,990,000			92,570,000			68,470,000			215,130,000
Accounts payable and accrued expenses		14,296,000			11,894,000			13,705,000			11,321,000			9,788,000
Tenant prepayments and security deposits		8,459,000			5,439,000			6,275,000			6,114,000			6,267,000
Unamortized intangible lease liabilities		56,052,000			55,789,000			56,507,000			53,160,000			50,742,000

Total liabilities		902,742,000			773,874,000			666,638,000			638,668,000			723,465,000


Minority interests in consolidated joint ventures		10,321,000			10,363,000			9,228,000			9,132,000			9,143,000
Limited partners’ interest in consolidated OP		25,352,000			25,606,000			25,880,000			25,969,000			23,658,000

Shareholders’ equity		564,222,000			569,892,000			576,021,000			577,950,000			449,498,000

Total liabilities and equity	$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000		$	1,205,764,000

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


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

Revenues:
Rents:
Base rents	$	26,609,000		$	26,072,000		$	24,257,000		$	23,702,000		$	22,141,000
Percentage rents		492,000			327,000			483,000			870,000			40,000
Straight-line rents		860,000			817,000			945,000			809,000			676,000
Amortization of intangible lease liabilities		2,526,000			2,509,000			2,589,000			2,585,000			3,042,000

		30,487,000			29,725,000			28,274,000			27,966,000			25,899,000
Expense recoveries		6,875,000			6,755,000			7,192,000			5,791,000			5,446,000
Other		115,000			101,000			352,000			94,000			246,000

		37,477,000			36,581,000			35,818,000			33,851,000			31,591,000


Expenses:
Operating, maintenance and management		5,660,000			5,658,000			6,999,000			5,593,000			5,231,000
Real estate and other property- related taxes		3,869,000			3,552,000			3,507,000			3,339,000			3,265,000

		9,529,000			9,210,000			10,506,000			8,932,000			8,496,000


Net operating income		27,948,000			27,371,000			25,312,000			24,919,000			23,095,000

Other income (expense):
General and administrative		(1,847,000	)		(3,220,000	)		(1,998,000	)		(1,866,000	)		(1,431,000	)
Depreciation and amortization		(10,065,000	)		(9,821,000	)		(9,810,000	)		(9,144,000	)		(8,923,000	)
Interest expense		(9,618,000	)		(9,185,000	)		(7,568,000	)		(9,122,000	)		(8,556,000	)
Amortization of deferred financing costs		(423,000	)		(377,000	)		(352,000	)		(445,000	)		(341,000	)
Interest income		82,000			223,000			275,000			249,000			155,000
Unconsolidated joint ventures:
Equity in income (loss)		150,000			157,000			156,000			110,000			—
Gain on sale of interest		—			—			—			—			—
Minority interests in consolidated joint ventures		(333,000	)		(300,000	)		(395,000	)		(259,000	)		(324,000	)
Limited partners’ interest in consolidated OP		(169,000	)		(125,000	)		(156,000	)		(121,000	)		(86,000	)
Discontinued operations		169,000			182,000			145,000			188,000			165,000


Net income		5,894,000			4,905,000			5,609,000			4,509,000			3,754,000

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


Net income applicable to common shareholders	$	3,925,000		$	2,921,000		$	3,655,000		$	2,539,000		$	1,785,000


Net operating income/Revenues		75	%		75	%		71	%		74	%		73	%
Expense recovery percentage (a)		72	%		73	%		68	%		65	%		64	%
Adjusted expense recovery percentage (a)		73	%		75	%		71	%		68	%		68	%


(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 $60,000, $234,000, $338,000, $362,000 and $538,000, respectively.

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


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

Net income applicable to common shareholders	$	3,925,000		$	2,921,000		$	3,655,000		$	2,539,000		$	1,785,000
Add (deduct):
Real estate depreciation and amortization		10,078,000			9,837,000			9,830,000			9,178,000			8,963,000
Limited partners’ interest		179,000			132,000			163,000			131,000			95,000
Minority interests in consolidated joint ventures		333,000			300,000			395,000			259,000			324,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(448,000	)		(426,000	)		(491,000	)		(396,000	)		(438,000	)
Equity in (income) loss of unconsolidated joint ventures		(150,000	)		(157,000	)		(156,000	)		(110,000	)		—
Gain on sale of interest in unconsolidated joint venture		—			—			—			—			—
FFO from unconsolidated joint ventures		233,000			234,000			234,000			122,000			—

Funds From Operations	$	14,150,000		$	12,841,000		$	13,630,000		$	11,723,000		$	10,729,000

FFO per common share, assuming OP Unit conversion:
Basic	$	0.31		$	0.28		$	0.30		$	0.30		$	0.30

Diluted	$	0.31		$	0.28		$	0.30		$	0.30		$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,231,000			44,194,000			44,112,000			36,723,000			34,484,000
Additional shares assuming conversion of OP Units (basic)		1,982,000			1,984,000			1,985,000			1,924,000			1,837,000

Shares used in determination of FFO per share (basic)		46,213,000			46,178,000			46,097,000			38,647,000			36,321,000


Shares used in determination of diluted earnings per share		44,234,000			44,198,000			44,120,000			36,729,000			34,489,000
Additional shares assuming conversion of OP Units (diluted)		1,981,000			1,997,000			1,999,000			1,940,000			1,846,000

Shares used in determination of FFO per share (diluted)		46,215,000			46,195,000			46,119,000			38,669,000			36,335,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions:
First generation (a)	$	4,991,000		$	7,438,000		$	6,749,000		$	6,272,000		$	6,211,000

Second generation (b)	$	1,306,000		$	589,000		$	1,566,000		$	2,867,000		$	1,657,000

Capitalized interest	$	1,201,000		$	985,000		$	880,000		$	1,051,000		$	1,078,000

Scheduled debt amortization payments:
Stated contract amounts	$	1,759,000		$	1,710,000		$	1,637,000		$	1,475,000		$	1,343,000

Carrying value amounts	$	2,113,000		$	2,033,000		$	1,941,000		$	1,784,000		$	1,639,000

Straight-line rents	$	845,000		$	797,000		$	925,000		$	787,000		$	655,000

Amortization of intangible lease liabilities	$	2,508,000		$	2,491,000		$	2,571,000		$	2,569,000		$	3,018,000

Non-real estate amortization	$	478,000		$	432,000		$	398,000		$	484,000		$	374,000

Stock-based compensation charged to operations	$	302,000		$	714,000		$	440,000		$	282,000		$	176,000


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

Land held for development and other real estate out of service (at cost) (c)	$	66,955,000	$	60,615,000	$	57,810,000	$	61,822,000	$	55,490,000


(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.
Consolidated Statements of Cash Flows
(unaudited)


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

Cash flow from operating activities:
Net income	$	5,894,000		$	4,905,000		$	5,609,000		$	4,509,000		$	3,754,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash provisions:
Earnings in excess of distributions of consolidated joint venture minority interests		68,000			34,000			129,000			(8,000	)		59,000
Equity in (income) loss of unconsolidated joint ventures		(150,000	)		(157,000	)		(156,000	)		(110,000	)		—
Distributions from unconsolidated joint venture		132,000			133,000			132,000			44,000			—
Gain on sale of interest in unconsolidated joint venture		—			—			—			—			—
Limited partners’ interest		177,000			132,000			163,000			131,000			95,000
Straight-line rents receivable		(880,000	)		(839,000	)		(967,000	)		(833,000	)		(701,000	)
Depreciation and amortization		10,140,000			9,898,000			9,883,000			9,224,000			9,002,000
Amortization of intangible lease liabilities		(2,526,000	)		(2,509,000	)		(2,589,000	)		(2,585,000	)		(3,042,000	)
Amortization relating to stock-based compensation		302,000			714,000			440,000			282,000			176,000
Amortization of deferred financing costs		423,000			377,000			352,000			445,000			341,000
Increases/decreases in operating assets and liabilities:
Cash at consolidated joint ventures		(47,000	)		62,000			25,000			(132,000	)		(19,000	)
Rents and other receivables, net		(446,000	)		1,069,000			(1,522,000	)		1,084,000			(797,000	)
Other assets		(5,320,000	)		686,000			(709,000	)		1,616,000			(3,660,000	)
Accounts payable, accrued expenses and other		4,164,000			290,000			(685,000	)		12,000			3,990,000

Net cash provided by operating activities		11,931,000			14,795,000			10,105,000			13,679,000			9,198,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(41,368,000	)		(65,704,000	)		(26,942,000	)		(36,253,000	)		(106,772,000	)
Investment in unconsolidated joint ventures		—			—			(8,000	)		(1,949,000	)		—
Proceeds from sale of interest in unconsolidated joint venture		—			—			—			—			—
Construction escrows and other		(559,000	)		(537,000	)		63,000			720,000			(862,000	)

Net cash (used in) investing activities		(41,927,000	)		(66,241,000	)		(26,887,000	)		(37,482,000	)		(107,634,000	)


Cash flow from financing activities:
Net advances (repayments) from line of credit		47,900,000			46,420,000			24,100,000			(146,660,000	)		90,650,000
Proceeds from sales of common stock		—			(222,000	)		4,132,000			133,875,000			12,493,000
Proceeds from mortgage financings		2,693,000			23,000,000			0			92,536,000			11,745,000
Mortgage repayments		(4,343,000	)		(2,103,000	)		(2,022,000	)		(42,295,000	)		(1,711,000	)
Contribution from minority interest partner		—			1,048,000			—			—			—
Distributions in excess of earnings from consolidated joint venture minority interests		—			—			—			—			—
Distributions to limited partners		(446,000	)		(447,000	)		(443,000	)		(414,000	)		(413,000	)
Preferred distribution requirements		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,970,000	)		(1,969,000	)
Distributions to common shareholders		(9,952,000	)		(9,942,000	)		(9,929,000	)		(8,013,000	)		(7,752,000	)
Payment of deferred financing costs		(997,000	)		(855,000	)		(198,000	)		(1,289,000	)		(444,000	)

Net cash provided by financing activities		32,886,000			54,930,000			13,671,000			25,770,000			102,599,000


Net increase (decrease) in cash and cash equivalents		2,890,000			3,484,000			(3,111,000	)		1,967,000			4,163,000
Cash and cash equivalents at beginning of period		18,258,000			14,774,000			17,885,000			15,918,000			11,755,000

Cash and cash equivalents at end of period	$	21,148,000		$	18,258,000		$	14,774,000		$	17,885,000		$	15,918,000

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended Sep 30,						Nine months ended Sep 30,
	2007			2006			2007			2006

The number of properties that were owned throughout each of the comparative periods		85			85			82			82


Revenues:
Rents:
Base rents	$	21,647,000		$	20,764,000		$	60,709,000		$	58,367,000
Percentage rents		389,000			40,000			968,000			936,000
Straight-line rents		522,000			584,000			1,562,000			2,178,000
Amortization of intangible lease liabilities		1,910,000			2,820,000			4,926,000			6,645,000

		24,468,000			24,208,000			68,165,000			68,126,000
Expense recoveries (a)		5,708,000			5,230,000			16,273,000			14,910,000
Other		84,000			96,000			496,000			403,000

Total revenues		30,260,000			29,534,000			84,934,000			83,439,000


Operating expenses (a):
Operating, maintenance and management		4,472,000			4,726,000			12,927,000			13,558,000
Real estate and other property-related taxes		3,211,000			2,984,000			8,327,000			7,907,000

Total expenses		7,683,000			7,710,000			21,254,000			21,465,000


Net operating income	$	22,577,000		$	21,824,000		$	63,680,000		$	61,974,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	883,000			4.3	%	$	2,342,000			4.0	%
Percentage rents		349,000			872.5	%		32,000			3.4	%
Straight-line rents		(62,000	)		-10.6	%		(616,000	)		-28.3	%
Amortization of intangible lease liabilities		(910,000	)		-32.3	%		(1,719,000	)		-25.9	%

		260,000			1.1	%		39,000			0.1	%
Expense recoveries		478,000			9.1	%		1,363,000			9.1	%
Other		(12,000	)		-12.5	%		93,000			23.1	%

Total revenues		726,000			2.5	%		1,495,000			1.8	%


Expenses:
Operating, maintenance and management		(254,000	)		-5.4	%		(631,000	)		-4.7	%
Real estate and other property-related taxes		227,000			7.6	%		420,000			5.3	%

Total expenses		(27,000	)		-0.4	%		(211,000	)		-1.0	%


Net operating income	$	753,000			3.5	%	$	1,706,000			2.8	%


Percent occupied at end of period		92.7	%		91.4	%		92.4	%		91.5	%


(a)		Expense recoveries are based principally on property-level operating expenses. The net provision (recovery) for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) amounted to $(20,000), $536,000, $444,000 and $1,796,000, respectively.

CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics (a)(b)


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

Renewals

Number of leases		21			31			57			17			14
Aggregate square feet		55,000			61,000			283,000			51,000			28,000
Average square feet		2,619			1,968			4,965			3,000			2,000
Average expiring base rent psf	$	12.97		$	15.31		$	9.55		$	16.28		$	14.10
Average new base rent psf	$	13.98		$	16.07		$	10.31		$	16.84		$	15.99
% increase in base rent		7.79	%		4.96	%		7.96	%		3.44	%		13.40	%

New leases

Number of leases		11			12			20			20			20
Aggregate square feet		31,000			38,000			81,000			134,000			123,000
Average square feet		2,818			3,167			4,050			6,700			6,150
Average new base rent psf	$	17.04		$	14.34		$	18.22		$	13.07		$	15.71

Terminated leases

Number of leases		13			10			16			20			26
Aggregate square feet		38,000			23,000			71,000			38,000			141,000
Average square feet		2,923			2,300			4,438			1,900			5,423
Average old base rent psf	$	16.02		$	16.95		$	15.30		$	14.51		$	10.33


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

Occupancy statistics

Stabilized properties:
Wholly-owned		96	%		96	%		95	%		95	%		94	%
Consolidated joint ventures		100	%		100	%		100	%		100	%		100	%

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


Development/redevelopment and other non-stabilized properties		68	%		68	%		64	%		64	%		63	%


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


Property held for sale		100	%		100	%		100	%		86	%		86	%


(a)		New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents, as in premises in low-density population areas, as compared to premises in major urban or suburban areas.

(b)		With the high occupancy levels for the Company’s portfolio on an overall basis, leasing activity for the indicated square footage amounts represent a small percentage of the total portfolio.

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of September 30, 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 (c)		19		1,134,000		10.0	%	$	16,606,000	$	14.64		14.5	%
Farm Fresh (c)		6		364,000		3.2	%		3,768,000		10.35		3.3	%
Discount Drug Mart		15		381,000		3.4	%		3,604,000		9.46		3.1	%
Shaw’s (c)		4		241,000		2.1	%		2,631,000		10.92		2.3	%
Stop & Shop (c)		3		211,000		1.9	%		2,484,000		11.77		2.2	%
LA Fitness		4		168,000		1.5	%		2,422,000		14.42		2.1	%
CVS		12		127,000		1.1	%		2,228,000		17.54		1.9	%
Staples		7		151,000		1.3	%		2,091,000		13.85		1.8	%
Food Lion (c)		7		243,000		2.1	%		1,921,000		7.91		1.7	%
Boscov’s		2		347,000		3.1	%		1,471,000		4.24		1.3	%

Sub-total top ten tenants		79		3,367,000		29.6	%		39,226,000		11.65		34.2	%

Remaining tenants		1102		7,184,000		63.3	%		75,423,000		10.50		65.8	%

Sub-total all tenants		1,181		10,551,000		92.9	%		114,649,000		10.87		100.0	%

Vacant space (b)		n/a		805,000		7.1	%		n/a		n/a		n/a

Total (including vacant space)		1,181		11,356,000		100.0	%	$	114,649,000	$	10.10		n/a


(a)		Based on annualized base rent; data includes leases at the property held for sale.

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

(c)		Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shop ‘n Save (GLA of 103,000), Shaw’s and Acme (GLA of 117,000), and (3) Food Lion and Hannaford (GLA of 43,000).


Total Revenues By State	Three months ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
State	2007		2007		2007		2006		2006
Pennsylvania	$	20,627,000	$	20,248,000	$	19,276,000	$	18,463,000	$	17,606,000
Massachusetts		3,710,000		3,636,000		4,170,000		3,759,000		3,202,000
Connecticut		3,039,000		2,798,000		2,951,000		2,777,000		2,503,000
New Jersey		2,767,000		2,854,000		2,595,000		2,722,000		2,433,000
Virginia		2,624,000		2,636,000		2,624,000		2,355,000		2,116,000
Ohio		2,615,000		2,684,000		2,303,000		2,166,000		2,325,000
Maryland		1,465,000		1,235,000		1,245,000		1,148,000		914,000
New York		495,000		355,000		502,000		320,000		353,000
Michigan		135,000		135,000		152,000		141,000		139,000

	$	37,477,000	$	36,581,000	$	35,818,000	$	33,851,000	$	31,591,000


Property held for sale
Michigan	$	368,000	$	369,000	$	373,000	$	412,000	$	338,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of September 30, 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		61		153,000		1.5	%	$	1,638,000	$	10.71		1.4	%
2007		39		89,000		0.8	%		1,266,000		14.22		1.1	%
2008		175		666,000		6.3	%		7,517,000		11.29		6.6	%
2009		189		1,031,000		9.8	%		9,932,000		9.63		8.7	%
2010		150		1,203,000		11.4	%		11,560,000		9.61		10.1	%
2011		125		830,000		7.9	%		8,867,000		10.68		7.7	%
2012		133		754,000		7.1	%		7,999,000		10.61		7.0	%
2013		56		462,000		4.4	%		4,834,000		10.46		4.2	%
2014		37		603,000		5.7	%		5,880,000		9.75		5.1	%
2015		40		442,000		4.2	%		4,700,000		10.63		4.1	%
2016		37		500,000		4.7	%		5,362,000		10.72		4.7	%
2017		32		483,000		4.6	%		6,109,000		12.65		5.3	%
Thereafter		107		3,335,000		31.6	%		38,985,000		11.69		34.0	%


		1,181		10,551,000		100.0	%		114,649,000		10.87		100.0	%

Vacant space (b)		n/a		805,000		n/a			n/a		n/a		n/a


Total portfolio (c)		1,181		11,356,000		n/a		$	114,649,000	$	10.10		n/a


(a)		Data includes leases at the property held for sale.

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

(c)		At September 30, 2007, the Company had a portfolio of 112 properties totaling approximately 11.4 million square feet of GLA, including 107 wholly-owned properties comprising approximately 10.8 million square feet and four properties owned in joint venture comprising approximately 485,000 square feet. The portfolio of wholly-owned properties consisted of (1) 98 “stabilized” properties (those properties at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2007), with an aggregate of 9.6 million square feet of GLA, which were approximately 96% leased, (2) four development/redevelopment properties with an aggregate of 890,000 square feet of GLA, which were approximately 67% leased, (3) five non-stabilized properties with an aggregate of 329,000 square feet of GLA, which are presently being re-tenanted and which were approximately 71% leased, and (4) one property held for sale with an aggregate of 78,000 square feet of GLA, which was 100% leased. The four properties owned in joint venture are all “stabilized” properties and are 100.0% leased. The entire 112 property portfolio was approximately 93% leased at September 30, 2007.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of September 30, 2007


						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration

Wholly-Owned Stabilized Properties: ^(a)
Academy Plaza	PA	2001		100	%		152,068	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

Aston Center	PA	2002		100	%		55,000	2005	Giant Foods		55,000	11/30/2025

Ayr Town Center	PA	2002		100	%		55,600	2005	Giant Foods		50,000	5/31/2025

Camp Hill	PA	2002		100	%		459,730	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

Carmans Plaza	NY	2007		100	%		194,481	1954/2007	Pathmark		52,211	3/31/2017
									Best Fitness		27,598	5/31/2018
									AJ Wright		25,806	4/30/2013

Carrollton Discount Drug Mart Plaza	OH	2005		100	%		40,480	2000	Discount Drug Mart		25,480	3/31/2016

Circle Plaza	PA	2007		100	%		92,171	1979/1991	K-Mart		92,171	11/30/2009

Clyde Discount Drug Mart Plaza	OH	2005		100	%		34,592	2002	Discount Drug Mart		24,592	3/31/2019

Coliseum Marketplace	VA	2005		100	%		105,015	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	1/31/2014
									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 Kinderhook	NY	2007		100	%		13,225	2007	CVS		13,225	1/31/2033

CVS at Portage Trail	OH	2005		100	%		10,722	1996	CVS		10,722	9/30/2017

CVS at Westfield	NY	2005		100	%		10,125	2000	CVS		10,125	1/31/2023

Dover Discount Drug Mart Plaza	OH	2005		100	%		38,409	2002	Discount Drug Mart		24,516	3/31/2013

Elmhurst Square	VA	2006		100	%		66,250	1961-1983	Food Lion		38,272	9/30/2011

Fairfield Plaza	CT	2005		100	%		72,279	2001/2005	TJ Maxx		25,257	8/31/2013
									Staples		20,388	10/31/2019

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007


						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration

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

Family Dollar at Zanesville	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

Groton Shopping Center	CT	2007		100	%		117,986	1969	TJ Maxx		30,000	5/31/2011

Hamburg Commons	PA	2004		100	%		99,580	1988-1993	Redner’s		56,780	6/30/2025

Hannaford Plaza	MA	2006		100	%		102,459	1965/2006	Hannaford		42,598	4/30/2015

Hilliard Discount Drug Mart Plaza	OH	2007		100	%		40,988	2003	Discount Drug Mart	24,592		3/31/2020

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	%		18,337	2006

LA Fitness Facility	PA	2002		100	%		41,000	2003	LA Fitness		41,000	12/31/2018

Liberty Marketplace	PA	2005		100	%		68,200	2003	Giant Foods		55,000	9/30/2023

Lodi Discount Drug Mart Plaza	OH	2005		100	%		38,576	2003	Discount Drug Mart	24,596		3/31/2019

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007


						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration

Long Reach Village	MD	2006		100	%		105,347	1973/1998	Safeway		53,684	7/31/2018

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	%		89,171	2005	Giant Foods		65,507	10/31/2025

Mechanicsburg Giant	PA	2005		100	%		51,500	2003	Giant Foods		51,500	8/31/2024

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	%		38,623	2002	Discount Drug Mart		25,475	3/31/2018

Palmyra Shopping Center	PA	2005		100	%		112,108	1960/1995	Weis Markets		46,181	3/31/2010

Parkway Plaza	PA	2007		100	%		106,628	1998-2002	Giant Foods		66,935	12/31/2018

Pennsboro Commons	PA	2005		100	%		108,584	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	10/31/2013
									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
									Avalon Carpet		25,000	1/31/2012

Scott Town Center	PA	2007		100	%		67,933	2004	Giant Foods		54,333	7/31/2023

Shaw’s Plaza	MA	2006		100	%		176,609	1968/1998	Shaw’s		60,748	2/28/2023
									Marshall’s		25,752	1/31/2013

Shelby Discount Drug Mart Plaza	OH	2005		100	%		36,596	2002	Discount Drug Mart		24,596	3/31/2019

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007


						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration

Shoppes at Salem Run	VA	2005		100	%		15,100	2005

Shore Mall	NJ	2006		100	%		617,197	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

Spring Meadow Shopping Center	PA	2007		100	%		67,850	2004	Giant Foods		65,000	10/31/2024

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	%		88,677	1990/2006	Nell’s Market		51,687	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

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	7/31/2013

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	%		85,829	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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007


							Gross				Major tenants [20,000 or more sq. ft. of GLA]
							leasable		Year built/		and tenants at single-tenant properties
		Year		Percent			area		year last					Lease
Property Description	State	acquired		owned			(“GLA”)		renovated		Name	Sq. ft.		expiration

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

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	%		155,739		1972/2000	Wal-Mart		95,482		1/31/2020
											NAMCO		20,000		1/31/2011

Washington Center Shoppes	NJ		2001		100	%		157,290		1979/1995	Acme Markets		66,046		12/2/2020
											Powerhouse Gym		20,742		1/31/2013

West Bridgewater Plaza	MA		2007		100	%		135,449		1970/2007	Shaw’s		57,315		2/28/2027
											Big Lots		25,000		1/31/2008

Westlake Discount Drug Mart Plaza	OH		2005		100	%		55,775		2005	BG Storage		31,295		1/31/2016
											Discount Drug Mart		24,480		3/31/2021

Yorktowne Plaza	MD		2007		100	%		158,982		1970/2000	Food Lion		37,692		12/31/2020


Total Wholly-Owned Stabilized Properties								9,572,432


Properties Owned in Joint Venture: ^(b)
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		10/31/2019
											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								10,056,775

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2007


							Gross				Major tenants [20,000 or more sq. ft. of GLA]
							leasable		Year built/		and tenants at single-tenant properties
		Year		Percent			area		year last					Lease
Property Description	State	acquired		owned			("GLA")		renovated		Name	Sq. ft.		expiration

Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Centerville Discount Drug Mart Plaza	OH		2005		100	%		49,287		2000	Discount Drug Mart		24,012		3/31/2016
Columbia Mall	PA		2005		100	%		351,356		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

East Chestnut	PA		2005		100	%		21,180		1996

Grove City Discount Drug Mart Plaza	OH		7		100	%		40,848		2005	Discount Drug Mart		24,596		3/31/2020

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

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		10/31/2012

Value City Shopping Center	MI		2005		100	%		117,000		1950's/2003	Value City		85,000		1/31/2008

Total Non-Stabilized Properties								1,219,476



Total portfolio excluding property held for sale								11,276,251

Property held for sale:
Stadium Plaza	MI		2005		100	%		77,688		1960's/2003	A&P		54,650		8/31/2022


Total Portfolio ^(c)								11,353,939


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2007. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, East Chestnut and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		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.

(c)		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 September 30, 2007


															Gross
					Financial statement carrying values										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: ^(a)
Academy Plaza	PA		100	%	$	2,406,000	$	10,682,000	$	13,088,000	$	1,617,000	$	11,471,000		152,068		80.2	%	$	12.26
Annie Land Plaza	VA		100	%		809,000		3,858,000		4,667,000		168,000		4,499,000		42,500		97.2	%		9.13
Aston Center	PA		100	%		4,318,000		17,066,000		21,384,000		237,000		21,147,000		55,000		100.0	%		24.70
Ayr Town Center	PA		100	%		2,441,000		9,746,000		12,187,000		153,000		12,034,000		55,600		100.0	%		15.83
Camp Hill	PA		100	%		4,424,000		60,047,000		64,471,000		4,137,000		60,334,000		459,730		99.4	%		12.64
Carbondale Plaza	PA		100	%		1,586,000		9,920,000		11,506,000		1,155,000		10,351,000		129,915		83.4	%		5.54
Carman’s Plaza	NY		100	%		8,618,000		34,471,000		43,089,000		0		43,089,000		194,481		94.7	%		16.39
Carrollton Discount Drug Mart Plaza	OH		100	%		713,000		3,338,000		4,051,000		306,000		3,745,000		40,480		100.0	%		8.07
Circle Plaza	PA		100	%		561,000		2,883,000		3,444,000		13,000		3,431,000		92,171		100.0	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		451,000		2,330,000		2,781,000		237,000		2,544,000		34,592		100.0	%		9.57
Coliseum Marketplace	VA		100	%		3,586,000		17,146,000		20,732,000		1,554,000		19,178,000		105,015		100.0	%		13.79
Columbus Crossing	PA		100	%		4,579,000		19,141,000		23,720,000		2,177,000		21,543,000		142,166		97.2	%		15.93
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		132,000		1,641,000		10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		149,000		2,236,000		10,195		100.0	%		17.49
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		129,000		2,053,000		10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		2,476,000		1,070,000		3,546,000		7,000.00		3,539,000		13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,603,000		1,944,000		125,000		1,819,000		10,722		100.0	%		13.00
CVS at Westfield	NY		100	%		339,000		1,559,000		1,898,000		109,000		1,789,000		10,125		100.0	%		15.74
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,794,000		3,357,000		411,000		2,946,000		38,409		100.0	%		8.14
Elmhurst Square	VA		100	%		1,371,000		6,122,000		7,493,000		203,000		7,290,000		66,250		100.0	%		8.55
Fairfield Plaza	CT		100	%		2,202,000		9,391,000		11,593,000		645,000		10,948,000		72,279		95.4	%		13.90
Fairview Commons	PA		100	%		858,000		3,568,000		4,426,000		124,000		4,302,000		59,578		89.6	%		5.72
Family Dollar at Zanesville	OH		100	%		82,000		571,000		653,000		145,000		508,000		6,900		100.0	%		8.70
Fieldstone Marketplace	MA		100	%		5,229,000		21,425,000		26,654,000		1,447,000		25,207,000		193,970		92.2	%		10.22
FirstMerit Bank at Akron	OH		100	%		169,000		737,000		906,000		62,000		844,000		3,200		100.0	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,304,000		1,568,000		47,000		1,521,000		18,300		100.0	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,169,000		72,986,000		6,469,000		66,517,000		301,519		92.0	%		19.58
Gabriel Brothers Plaza	OH		100	%		947,000		3,863,000		4,810,000		344,000		4,466,000		81,891		100.0	%		5.63
Gahanna Discount Drug Mart Plaza	OH		100	%		1,644,000		6,378,000		8,022,000		231,000		7,791,000		48,080		91.0	%		15.06
General Booth Plaza	VA		100	%		1,935,000		9,517,000		11,452,000		991,000		10,461,000		73,320		97.5	%		11.75
Gold Star Plaza	PA		100	%		1,644,000		6,508,000		8,152,000		369,000		7,783,000		71,729		97.8	%		9.01
Golden Triangle	PA		100	%		2,320,000		19,125,000		21,445,000		1,945,000		19,500,000		202,943		97.6	%		11.92
Groton Shopping Center	CT		100	%		3,067,000		12,377,000		15,444,000		46,000		15,398,000		117,986		100.0	%		10.53
Hamburg Commons	PA		100	%		1,153,000		9,830,000		10,983,000		721,000		10,262,000		99,580		100.0	%		6.41
Hannaford Plaza	MA		100	%		1,874,000		8,563,000		10,437,000		342,000		10,095,000		102,459		93.6	%		7.62
Hilliard Discount Drug Mart Plaza	OH		100	%		1,086,000		4,091,000		5,177,000		14,000		5,163,000		40,988		94.5	%		13.12
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,576,000		4,346,000		280,000		4,066,000		32,259		100.0	%		10.71
Jordan Lane	CT		100	%		4,291,000		21,086,000		25,377,000		1,409,000		23,968,000		181,735		96.0	%		9.42
Kempsville Crossing	VA		100	%		2,207,000		11,111,000		13,318,000		1,138,000		12,180,000		94,477		96.7	%		10.73
Kenley Village	MD		100	%		726,000		3,533,000		4,259,000		647,000		3,612,000		51,894		100.0	%		7.91
Kingston Plaza	NY		100	%		2,946,000		2,730,000		5,676,000		51,000		5,625,000		18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		462,000		7,176,000		41,000		100.0	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,793,000		15,488,000		886,000		14,602,000		68,200		93.0	%		17.09
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,430,000		4,134,000		335,000		3,799,000		38,576		100.0	%		9.27
Long Reach Village	MD		100	%		1,721,000		8,668,000		10,389,000		429,000		9,960,000		105,347		90.4	%		10.41
McCormick Place	OH		100	%		847,000		4,038,000		4,885,000		455,000		4,430,000		46,000		100.0	%		8.50
McDonalds/Waffle House at Medina	OH		100	%		737,000		132,000		869,000		18,000		851,000		6,000		100.0	%		11.70
Meadows Marketplace	PA		100	%		1,914,000		11,269,000		13,183,000		469,000		12,714,000		89,171		93.4	%		14.93
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		721,000		14,147,000		51,500		100.0	%		20.90
Oak Ridge	VA		100	%		960,000		4,261,000		5,221,000		123,000		5,098,000		38,700		100.0	%		10.28
Oakhurst Plaza	PA		100	%		4,539,000		18,180,000		22,719,000		775,000		21,944,000		111,869		92.8	%		14.42
Oakland Commons	CT		100	%		2,504,000		15,662,000		18,166,000		313,000		17,853,000		89,850		100.0	%		10.71

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2007


																Gross
					Financial statement carrying values											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.

Oakland Mills	MD		100	%			1,611,000		6,312,000		7,923,000		576,000		7,347,000		58,224		100.0	%		11.75
Ontario Discount Drug Mart Plaza	OH		100	%			809,000		3,654,000		4,463,000		326,000		4,137,000		38,623		94.3	%		7.86
Palmyra Shopping Center	PA		100	%			1,490,000		6,582,000		8,072,000		609,000		7,463,000		112,108		96.3	%		5.45
Parkway Plaza	PA		100	%			4,646,000		19,416,000		24,062,000		324,000		23,738,000		106,628		100.0	%		14.45
Pennsboro Commons	PA		100	%			3,608,000		14,275,000		17,883,000		1,047,000		16,836,000		108,584		95.6	%		13.80
Pickerington Discount Drug Mart Plaza	OH		100	%			1,186,000		6,063,000		7,249,000		486,000		6,763,000		47,810		100.0	%		12.17
Pine Grove Plaza	NJ		100	%			1,622,000		6,507,000		8,129,000		733,000		7,396,000		79,306		100.0	%		9.98
Polaris Discount Drug Mart Plaza	OH		100	%			1,242,000		5,820,000		7,062,000		653,000		6,409,000		50,283		100.0	%		12.09
Pondside Plaza	NY		100	%			365,000		1,617,000		1,982,000		163,000		1,819,000		19,340		100.0	%		8.20
Port Richmond Village	PA		100	%			2,942,000		12,375,000		15,317,000		1,845,000		13,472,000		154,908		97.1	%		12.36
Powell Discount Drug Mart Plaza	OH		100	%			1,384,000		6,155,000		7,539,000		592,000		6,947,000		49,772		100.0	%		12.16
Rite Aid at Massillon	OH		100	%			442,000		2,014,000		2,456,000		142,000		2,314,000		10,125		100.0	%		17.91
River View Plaza I, II and III	PA		100	%			9,718,000		43,724,000		53,442,000		4,979,000		48,463,000		244,225		87.5	%		17.49
Scott Town Center	PA		100	%			2,958,000		11,797,000		14,755,000		196,000		14,559,000		67,933		97.6	%		16.42
Shaw’s Plaza	MA		100	%			5,780,000		25,122,000		30,902,000		1,029,000		29,873,000		176,609		100	%		10.36
Shelby Discount Drug Mart Plaza	OH		100	%			671,000		3,276,000		3,947,000		339,000		3,608,000		36,596		89	%		9.21
Shoppes at Salem Run	VA		100	%			1,076,000		4,263,000		5,339,000		220,000		5,119,000		15,100		100	%		23.09
Shore Mall	NJ		100	%			7,179,000		39,052,000		46,231,000		2,105,000		44,126,000		617,197		96	%		7.53
Smithfield Plaza	VA		100	%			1,049,000		5,220,000		6,269,000		443,000		5,826,000		45,544		100	%		10.04
South Philadelphia	PA		100	%			8,222,000		37,871,000		46,093,000		4,711,000		41,382,000		283,415		99	%		13.13
Spring Meadow Shopping Center	PA		100	%			4,111,000		16,425,000		20,536,000		238,000		20,298,000		67,850		100	%		19.90
St James Square	MD		100	%			688,000		4,361,000		5,049,000		440,000		4,609,000		39,903		100	%		11.29
Staples at Oswego	NY		100	%			635,000		3,000,000		3,635,000		265,000		3,370,000		23,884		100	%		11.99
Stonehedge Square	PA		100	%			2,698,000		11,554,000		14,252,000		532,000		13,720,000		88,677		94	%		11.21
Suffolk Plaza	VA		100	%			1,402,000		7,236,000		8,638,000		658,000		7,980,000		67,216		100	%		9.40
Sunset Crossing	PA		100	%			2,150,000		9,014,000		11,164,000		1,007,000		10,157,000		74,142		88	%		15.08
Swede Square	PA		100	%			2,268,000		8,667,000		10,935,000		1,444,000		9,491,000		98,792		100	%		13.69
The Brickyard	CT		100	%			6,465,000		28,714,000		35,179,000		3,134,000		32,045,000		274,553		100	%		8.95
The Commons	PA		100	%			3,098,000		14,058,000		17,156,000		2,024,000		15,132,000		175,121		87	%		9.68
The Point	PA		100	%			2,996,000		21,926,000		24,922,000		3,897,000		21,025,000		255,447		91	%		10.76
The Point at Carlisle Plaza	PA		100	%			2,233,000		11,104,000		13,337,000		1,117,000		12,220,000		182,859		92	%		6.72
The Shops at Suffolk Downs	MA		100	%			3,564,000		11,118,000		14,682,000		703,000		13,979,000		85,829		91	%		10.58
Townfair Center	PA		100	%			3,022,000		14,238,000		17,260,000		1,879,000		15,381,000		203,531		92	%		7.05
Trexler Mall	PA		100	%			6,932,000		32,247,000		39,179,000		1,942,000		37,237,000		339,363		98	%		8.54
Ukrop’s at Fredericksburg	VA		100	%			3,213,000		12,758,000		15,971,000		683,000		15,288,000		63,000		100	%		16.44
Ukrop’s at Glen Allen	VA		100	%			6,769,000		213,000		6,982,000		92,000		6,890,000		43,000		100	%		9.01
Valley Plaza	MD		100	%			1,950,000		8,033,000		9,983,000		882,000		9,101,000		191,189		100	%		4.45
Virginia Center Commons	VA		100	%			992,000		3,860,000		4,852,000		266,000		4,586,000		9,763		100	%		31.83
Virginia Little Creek (Farm Fresh)	VA		100	%			1,650,000		8,350,000		10,000,000		698,000		9,302,000		69,620		100	%		10.52
Wal-Mart Center	CT		100	%			0		11,848,000		11,848,000		1,210,000		10,638,000		155,739		98	%		5.93
Washington Center Shoppes	NJ		100	%			2,061,000		10,379,000		12,440,000		1,450,000		10,990,000		157,290		94	%		8.16
West Bridgewater Plaza	MA		100	%			2,841,000		11,364,000		14,205,000		0		14,205,000		135,449		80	%		8.55
Westlake Discount Drug Mart Plaza	OH		100	%			1,004,000		3,905,000		4,909,000		203,000		4,706,000		55,775		100	%		7.28
Yorktowne Plaza	MD		100	%			5,942,000		25,380,000		31,322,000		86,000		31,236,000		158,982		96	%		13.62

Total Wholly-Owned Stabilized Properties							238,397,000		1,074,096,000		1,312,493,000		81,840,000		1,230,653,000		9,572,432		96	%		11.15

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2007


																Gross
						Financial statement carrying values										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.

Properties Owned in Joint Venture: ^(b)
Fairview Plaza	PA			30	%		1,811,000		7,488,000		9,299,000		886,000		8,413,000		69,579			100	%		12.19
Halifax Plaza	PA			30	%		1,102,000		4,697,000		5,799,000		548,000		5,251,000		54,150			100	%		11.03
Loyal Plaza	PA			25	%		3,853,000		17,220,000		21,073,000		2,508,000		18,565,000		293,825			100	%		7.65
Newport Plaza	PA			30	%		1,316,000		5,555,000		6,871,000		637,000		6,234,000		66,789			100	%		10.90

Total Consolidated Joint Ventures							8,082,000		34,960,000		43,042,000		4,579,000		38,463,000		484,343			100	%		9.13



Total Stabilized Properties							246,479,000		1,109,056,000		1,355,535,000		86,419,000		1,269,116,000		10,056,775			96	%		11.05

Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Centerville Discount Drug Mart Plaza	OH			100	%		854,000		3,965,000		4,819,000		382,000		4,437,000		49,287			73	%		11.12
Columbia Mall	PA			100	%		2,855,000		16,566,000		19,421,000		1,191,000		18,230,000		351,356			69	%		7.18
Dunmore Shopping Center	PA			100	%		565,000		2,243,000		2,808,000		223,000		2,585,000		101,000			66	%		3.54
East Chestnut	PA			100	%		800,000		3,699,000		4,499,000		483,000		4,016,000		21,180			62	%		14.58
Grove City Discount Drug Mart Plaza	OH			100	%		874,000		3,393,000		4,267,000		46,000		4,221,000		40,848			79	%		12.22
Huntingdon Plaza	PA			100	%		933,000		4,961,000		5,894,000		474,000		5,420,000		151,697			45	%		6.60
Lake Raystown Plaza	PA			100	%		2,231,000		14,664,000		16,895,000		1,242,000		15,653,000		145,727			63	%		15.48
Trexlertown Plaza	PA			100	%		5,262,000		24,315,000		29,577,000		1,072,000		28,505,000		241,381			79	%		10.31
Value City Shopping Center	MI			100	%		396,000		2,152,000		2,548,000		205,000		2,343,000		117,000			73	%		1.99

Total Non-Stabilized Properties							14,770,000		75,958,000		90,728,000		5,318,000		85,410,000		1,219,476			68	%		8.44

Total Operating Portfolio							261,249,000		1,185,014,000		1,446,263,000		91,737,000		1,354,526,000		11,276,251			93	%	$	10.84

Land Held For Development:
Bergstrasse	PA			100	%		1,640,000		64,000		1,704,000		—		1,704,000		7.70	acres
Blue Mountain Commons	PA			100	%		13,818,000		1,671,000		15,489,000		—		15,489,000		34.00	acres
Columbia Mall	PA			100	%		1,466,000		232,000		1,698,000		—		1,698,000		46.00	acres
Halifax Plaza	PA			100	%		1,107,000		869,000		1,976,000		—		1,976,000		14.00	acres
Liberty Marketplace	PA			100	%		1,555,000		0		1,555,000		—		1,555,000		15.51	acres
Pine Grove Plaza	NJ			100	%		388,000		5,000.00		393,000		—		393,000		2.80	acres
Shore Mall	NJ			100	%		2,018,000		—		2,018,000		—		2,018,000		50.00	acres
The Shops at Suffolk Downs	MA			100	%		4,016,000		501,000		4,517,000		—		4,517,000		0.84	acres
Trexlertown Plaza	PA			100	%		8,087,000		789,000		8,876,000		—		8,876,000		34.90	acres
Trindle Spring	PA			100	%		1,028,000		115,000		1,143,000		—		1,143,000		2.10	acres
Upland Square ^(c)	PA			60	%		—		4,571,000		4,571,000		—		4,571,000		—	acres
Various projects in progress		N/A		100	%		—		537,000		537,000		44,000		493,000		—	acres

Total Land Held For Development							35,123,000		9,354,000		44,477,000		44,000		44,433,000		207.85	acres


Total Carrying Value						$	296,372,000	$	1,194,368,000	$	1,490,740,000	$	91,781,000	$	1,398,959,000

Property Held For Sale						$	2,443,000	$	9,605,000	$	12,048,000	$	597,000	$	11,451,000		77,688			100	%	$	14.72

Unconsolidated Joint Venture ^(d)														$	3,718,000


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2007. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, East Chestnut and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		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.

(c)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 700,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment.

(d)		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 September 30, 2007
(unaudited)


					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30		Dec 31		Int.			Sep 30		Dec 31
Property	Owned			Date	rate			2007		2006		rate			2007		2006

Fixed-rate mortgages:
The Point		100.0	%	Sep 2012		7.6	%	$	18,275,000	$	18,566,000		7.6	%	$	18,275,000	$	18,566,000
Academy Plaza		100.0	%	Mar 2013		7.3	%		9,817,000		9,952,000		7.3	%		9,817,000		9,952,000
Port Richmond Village		100.0	%	Apr 2008		7.2	%		10,635,000		10,781,000		7.2	%		10,635,000		10,781,000
Washington Center Shoppes		100.0	%	Nov 2007		7.5	%		5,497,000		5,571,000		7.5	%		5,497,000		5,571,000
Loyal Plaza		25.0	%	Jun 2011		7.2	%		13,068,000		13,204,000		7.2	%		13,068,000		13,204,000
Fairview Plaza		30.0	%	Feb 2013		5.7	%		5,703,000		5,772,000		5.7	%		5,703,000		5,772,000
Halifax Plaza		30.0	%	Feb 2010		6.8	%		3,853,000		3,920,000		6.8	%		3,853,000		3,920,000
Newport Plaza		30.0	%	Feb 2010		6.8	%		4,936,000		5,018,000		6.8	%		4,937,000		5,018,000
Pine Grove Plaza		100.0	%	Sep 2015		5.0	%		6,021,000		6,090,000		5.0	%		6,021,000		6,090,000
Golden Triangle		100.0	%	Apr 2008		6.0	%		8,976,000		9,264,000		7.4	%		8,912,000		9,116,000
Townfair Center		100.0	%	Mar 2008		6.0	%		9,454,000		9,656,000		7.0	%		9,420,000		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	%		2,902,000		2,935,000		5.2	%		2,902,000		2,935,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		2,012,000		2,035,000		5.2	%		2,012,000		2,035,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		964,000		1,023,000		7.1	%		889,000		937,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,638,000		1,701,000		7.5	%		1,448,000		1,491,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,327,000		1,393,000		7.1	%		1,209,000		1,261,000
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		1,038,000		1,095,000		7.8	%		923,000		964,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,201,000		2,226,000		5.2	%		2,201,000		2,226,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,210,000		2,280,000		7.4	%		1,925,000		1,969,000
Fairfield Plaza		100.0	%	Jul 2015		5.0	%		5,304,000		5,366,000		5.0	%		5,304,000		5,366,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,453,000		2,480,000		5.2	%		2,453,000		2,480,000
McCormick Place ^(b)		100.0	%	Jul 2008		5.2	%		—		2,275,000		7.4	%		—		2,207,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,264,000		2,290,000		5.2	%		2,264,000		2,290,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,311,000		4,361,000		5.0	%		4,311,000		4,361,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,620,000		4,672,000		5.2	%		4,620,000		4,672,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,198,000		1,210,000		5.6	%		1,198,000		1,210,000
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,427,000		4,476,000		5.2	%		4,427,000		4,476,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,646,000		1,711,000		7.7	%		1,429,000		1,471,000
Shelby Discount Drug Mart		100.0	%	May 2015		5.2	%		2,264,000		2,290,000		5.2	%		2,264,000		2,290,000
Staples at Oswego		100.0	%	May 2015		5.3	%		2,329,000		2,354,000		5.3	%		2,329,000		2,354,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,778,000		12,952,000		6.1	%		12,130,000		12,229,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,694,000		5,784,000		6.1	%		5,440,000		5,496,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,459,000		6,565,000		6.1	%		6,171,000		6,239,000
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		9,925,000		10,099,000		6.1	%		9,431,000		9,546,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		10,269,000		10,456,000		5.5	%		10,066,000		10,229,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,635,000		3,689,000		6.1	%		3,472,000		3,504,000
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,892,000		4,978,000		6.1	%		4,675,000		4,732,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		5,170,000		5,254,000		6.1	%		4,940,000		4,993,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		503,000		522,000		8.0	%		426,000		438,000
Wal-Mart Center		100.0	%	Nov 2015		5.1	%		6,014,000		6,081,000		5.1	%		6,014,000		6,081,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,531,000		13,669,000		5.5	%		13,531,000		13,669,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		5,087,000		5,139,000		5.5	%		5,087,000		5,139,000
Trexler Mall		100.0	%	May 2014		5.4	%		22,424,000		22,701,000		5.5	%		22,219,000		22,472,000
Fieldstone Marketplace		100.0	%	Jul 2014		5.4	%		19,416,000		19,658,000		6.0	%		18,750,000		18,914,000
Pennsboro Commons		100.0	%	Mar 2016		5.5	%		11,319,000		11,433,000		5.5	%		11,319,000		11,433,000
Shore Mall		100.0	%	Aug 2008		5.8	%		30,320,000		31,015,000		7.0	%		29,979,000		30,390,000
Shore Mall		100.0	%	Jan 2009		5.7	%		2,059,000		2,408,000		0.0	%		2,195,000		2,643,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,826,000		2,952,000		7.3	%		2,654,000		2,760,000
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		13,927,000		13,895,000		5.6	%		14,200,000		14,200,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,340,000		5,389,000		6.1	%		5,340,000		5,389,000
Carbondale Plaza		100.0	%	Oct 2016		6.1	%		5,345,000		5,394,000		6.1	%		5,345,000		5,394,000
Long Reach Village		100.0	%	Mar 2014		5.7	%		4,867,000		4,921,000		5.7	%		4,867,000		4,921,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2007
(unaudited)


						Financial statement carrying values								Stated contract amounts
	Percent			Maturity		Int.			Sep 30		Dec 31			Int.			Sep 30		Dec 31
Property	Owned			Date		rate			2007		2006			rate			2007		2006

Meadows Marketplace		100.0	%	Nov 2016			5.6	%		10,662,000		10,763,000			5.6	%		10,662,000		10,763,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016			5.8	%		5,149,000		5,195,000			5.8	%		5,149,000		5,195,000
Carrollton Discount Drug Mart Plaza		100.0	%	Dec 2016			5.6	%		2,418,000		2,440,000			5.6	%		2,418,000		2,440,000
Gabriel Brothers Plaza		100.0	%	Dec 2016			5.6	%		3,171,000		3,200,000			5.6	%		3,171,000		3,200,000
Hudson Discount Drug Mart Plaza		100.0	%	Dec 2016			5.7	%		2,552,000		2,575,000			5.7	%		2,552,000		2,575,000
Westlake Discount Drug Mart Plaza		100.0	%	Dec 2016			5.6	%		3,315,000		3,346,000			5.6	%		3,315,000		3,346,000
Oak Ridge Shopping Center		100.0	%	May 2015			5.5	%		3,566,000		3,580,000			5.5	%		3,566,000		3,580,000
Elmhurst Square Shopping Center		100.0	%	Dec 2014			5.4	%		4,197,000		4,244,000			5.4	%		4,197,000		4,244,000
Camp Hill Shopping Center		100.0	%	Jan 2017			5.5	%		65,000,000		65,000,000			5.5	%		65,000,000		65,000,000
Aston Center		100.0	%	Nov 2015			5.5	%		13,306,000		—			5.9	%		12,958,000		—
Ayr Town Center		100.0	%	Jun 2015			5.5	%		7,496,000		—			5.6	%		7,429,000		—
Parkway Plaza		100.0	%	May 2017			5.5	%		14,300,000		—			5.5	%		14,300,000		—
Scott Town Center		100.0	%	Aug 2015			5.5	%		8,931,000		—			4.9	%		9,212,000		—
Spring Meadow Shoppping Center		100.0	%	Nov 2014			5.5	%		13,234,000		—			5.9	%		12,927,000		—
Stonehedge Square		100.0	%	Jul 2017			6.2	%		8,700,000		—			6.2	%		8,700,000		—
McCormick Place ^(b)		100.0	%	Aug 2017			6.1	%		2,691,000		—			6.1	%		2,691,000		—
Yorktowne Plaza		100.0	%	Jul 2014			6.1	%		21,114,000		—			6.0	%		21,152,000		—
Groton Shopping Center		100.0	%	Oct 2015			6.2	%		11,646,000		—			5.3	%		12,200,000		—
West Bridgewater		100.0	%	Sep 2016			6.5	%		10,884,000		—			6.2	%		11,000,000		—
Carman’s Plaza		100.0	%	Oct 2016			6.3	%		33,293,000		—			6.2	%		33,500,000		—


Total fixed-rate mortgages				6.7 years			5.7	%		632,268,000		494,764,000			5.9	%		628,096,000		489,195,000

				[weighted averages]									[weighted average]

Variable-rate mortgages:
LA Fitness Facility		100.0	%	Dec 2007			7.9	%		4,777,000		4,839,000


Total variable-rate mortgages					0.2		7.9	%		4,777,000		4,839,000

				[weighted averages]


Total mortgages				6.6 years			5.8	%		637,045,000		499,603,000

				[weighted averages]

Secured revolving credit				Jan 2009
facility ^(a)		100.0	%		1.3		6.7	%		186,890,000		68,470,000

				[weighted averages]


Total debt					5.4		6.0	%	$	823,935,000	$	568,073,000

				[weighted averages]
Pro rata share of total debt									$	803,990,000	$	547,873,000

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

Balance Sheet Information


		As of September 30, 2007
				Mortgage			Other assets/
	Partners'	Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent	net		payable			net			Partners		Cedar (b)(c)		Total

Kimco	70% - 75%	$	38,463,174	$	(27,560,316	)	$	1,737,453		$	9,273,154	$	3,367,157	$	12,640,311

Fameco (d)	40%		4,570,949		—			(241,054	)		1,048,000		3,281,895		4,329,895

		$	43,034,123	$	(27,560,316	)	$	1,496,399		$	10,321,154	$	6,649,052	$	16,970,206


		As of June 30, 2007
				Mortgage			Other assets/
	Partners'	Real estate,		loans			liabilities,		Equity (a)
Joint venture	percent	net		payable			net		Partners		Cedar (b)(c)		Total

Kimco	70% - 75%	$	38,596,779	$	(27,676,871	)	$	1,678,478	$	9,314,973	$	3,283,413	$	12,598,386
Fameco (d)	40%		3,435,131		—			—		1,048,000		2,387,131		3,435,131

		$	42,031,910	$	(27,676,871	)	$	1,678,478	$	10,362,973	$	5,670,544	$	16,033,517


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

Kimco	70% - 75%	$	38,734,750	$	(27,792,275	)	$	1,596,563	$	9,227,348	$	3,311,690	$	12,539,038

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


		As of December 31, 2006
				Mortgage			Other assets/
	Partners'	Real estate,		loans			liabilities,		Equity (a)
Joint venture	percent	net		payable			net		Partners		Cedar (b)(c)		Total

Kimco	70% - 75%	$	38,900,127	$	(27,913,508	)	$	1,428,219	$	9,132,102	$	3,282,736	$	12,414,838

		$	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)
Joint venture	percent	net		payable			net		Partners		Cedar (b)(c)		Total

Kimco	70% - 75%	$	39,063,272	$	(28,030,112	)	$	1,532,116	$	9,142,392	$	3,422,884	$	12,565,276

		$	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
(unaudited)

Income Statement Information


		Three months ended September 30, 2007
		Property-level operations														Share of property net income
	Partners’			Operating		Cedar		Depreciation/		Operating		Non-op				<<< Partners >>>
Joint venture	percent	Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income		Regular		Preference		Cedar (b)

Kimco	70% - 75%	$	1,419,661	$	255,960	$	38,620	$	256,827	$	868,254	$	484,819	$	383,435	$	277,111	$	56,089	$	50,235

Fameco (d)	40%		—		—		—		—		—		—		—		—		—		—


		$	1,419,661	$	255,960	$	38,620	$	256,827	$	868,254	$	484,819	$	383,435	$	277,111	$	56,089	$	50,235


		Three months ended June 30, 2007
		Property-level operations														Share of property net income
	Partners’			Operating		Cedar		Depreciation/		Operating		Non-op				<<< Partners >>>
Joint venture	percent	Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income		Regular		Preference		Cedar (b)

Kimco	70% - 75%	$	1,426,169	$	307,879	$	34,404	$	255,667	$	828,219	$	482,069	$	346,150	$	250,100	$	50,388	$	45,662

Fameco (d)	40%		—		—		—		—		—		—		—		—		—		—


		$	1,426,169	$	307,879	$	34,404	$	255,667	$	828,219	$	482,069	$	346,150	$	250,100	$	50,388	$	45,662


		Three months ended March 31, 2007
		Property-level operations														Share of property net income
	Partners’			Operating		Cedar		Depreciation/		Operating		Non-op				<<< Partners >>>
Joint venture	percent	Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income		Regular		Preference		Cedar (b)

Kimco	70% - 75%	$	1,504,494	$	301,486	$	34,404	$	255,430	$	913,174	$	467,255	$	445,919	$	323,731	$	70,791	$	51,397


		$	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, 2006
		Property-level operations														Share of property net income
	Partners’			Operating		Cedar		Depreciation/		Operating		Non-op				<<< Partners >>>
Joint venture	percent	Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income		Regular		Preference		Cedar (b)

Kimco	70% - 75%	$	1,407,606	$	303,967	$	46,837	$	254,654	$	802,148	$	499,267	$	302,881	$	217,831	$	40,267	$	44,783


		$	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 30, 2006
		Property-level operations														Share of property net income
	Partners’			Operating		Cedar		Depreciation/		Operating		Non-op				<<< Partners >>>
Joint venture	percent	Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income		Regular		Preference		Cedar (b)

Kimco	70% - 75%	$	1,385,441	$	232,990	$	41,753	$	250,183	$	860,515	$	491,267	$	369,248	$	267,579	$	56,755	$	44,914


		$	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
(unaudited)

FFO Allocation


			Three months ended September 30, 2007
	Partners’	Cedar’s	Share of FFO (a)
Joint venture	percent	percent	Partners		Cedar (b)		Total

Kimco	70% - 75%	25% - 30%	$	448,782	$	191,480	$	640,262

Fameco (d)	40%	60%		—		—		—


			$	448,782	$	191,480	$	640,262


			Three months ended June 30, 2007
	Partners’	Cedar’s	Share of FFO (a)
Joint venture	percent	percent	Partners		Cedar (b)		Total

Kimco	70% - 75%	25% - 30%	$	425,821	$	175,997	$	601,818

Fameco (d)	40%	60%		—		—		—


			$	425,821	$	175,997	$	601,818


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

Kimco	70% - 75%	25% - 30%	$	490,806	$	210,544	$	701,350


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


			Three months ended December 31, 2006
	Partners’	Cedar’s	Share of FFO (a)
Joint venture	percent	percent	Partners		Cedar (b)		Total

Kimco	70% - 75%	25% - 30%	$	395,520	$	162,014	$	557,534


			$	395,520	$	162,014	$	557,534


			Three months ended September 30, 2006
	Partners’	Cedar’s	Share of FFO (a)
Joint venture	percent	percent	Partners		Cedar (b)		Total

Kimco	70% - 75%	25% - 30%	$	438,775	$	180,653	$	619,428


			$	438,775	$	180,653	$	619,428


(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)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 700,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment.

(e)		Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.


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

2007	$	2,181,000	$	10,265,000			$	12,446,000
2008		7,878,000		58,138,000				66,016,000
2009		7,079,000		1,542,000	$	186,890,000		195,511,000
2010		7,376,000		8,324,000				15,700,000
2011		7,625,000		55,786,000				63,411,000
2012		8,585,000		15,901,000				24,486,000
2013		8,262,000		35,871,000				44,133,000
2014		6,964,000		115,760,000				122,724,000
2015		6,163,000		92,331,000				98,494,000
2016		3,345,000		89,652,000				92,997,000
2017		1,245,000		84,256,000				85,501,000
2018		888,000		965,000				1,853,000
2019		542,000		—				542,000
2020		73,000		—				73,000
2021		33,000		15,000				48,000

	$	68,239,000	$	568,806,000	$	186,890,000	$	823,935,000


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
Consolidated Statements of Cash Flows		10
Same Property Analysis		11
Leasing Activity and Occupancy Statistics		12
Tenant and State Concentration		13
Lease Expirations		14
Properties:
Description		15-20
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft		21-23
Debt Summary		24-26
Consolidated Joint Venture Properties		27-29


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

(b)		Refinanced in July 2007.