exv99w2

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 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 (including the availability of 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, 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 December 31, 2007, the Company owned a 95.6% 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 thirteen consolidated operating joint ventures, the Company has general partnership interests ranging from 20% to 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 adjusted 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


	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2007			2007			2007			2007			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	$	23.50		$	25.26		$	26.14		$	26.24		$	26.63

Common shares outstanding		44,237,907			44,230,766			44,230,866			44,188,181			43,772,802
OP Units outstanding		2,032,881			1,981,778			1,981,778			1,985,299			1,984,064
Closing market price	$	10.23		$	13.62		$	14.35		$	16.20		$	15.91

Equity market capitalization	$	556,775,000		$	719,088,000		$	755,948,000		$	841,162,000		$	822,528,000
Pro rata share of outstanding debt		746,024,000			803,990,000			680,722,000			570,037,000			547,873,000

Total market capitalization	$	1,302,799,000		$	1,523,078,000		$	1,436,670,000		$	1,411,199,000		$	1,370,401,000


Ratio of pro rata share of outstanding debt to total market capitalization		57.3	%		52.8	%		47.4	%		40.4	%		40.0	%


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

Total revenues	$	43,046,000	$	37,477,000	$	36,581,000	$	35,818,000	$	33,851,000
Net income applicable to common shareholders	$	3,591,000	$	3,925,000	$	2,921,000	$	3,655,000	$	2,539,000
Per common share (basic)	$	0.08	$	0.09	$	0.07	$	0.08	$	0.07
Per common share (diluted)	$	0.08	$	0.09	$	0.07	$	0.08	$	0.07
Dividends to common shareholders	$	9,952,000	$	9,952,000	$	9,942,000	$	9,929,000	$	8,013,000
Per common share	$	0.225	$	0.225	$	0.225	$	0.225	$	0.225
FFO	$	15,569,000	$	14,150,000	$	12,841,000	$	13,630,000	$	11,723,000
Per common share/OP unit (basic)	$	0.34	$	0.31	$	0.28	$	0.30	$	0.30
Per common share/OP unit (diluted)	$	0.34	$	0.31	$	0.28	$	0.30	$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,234,000		44,231,000		44,194,000		44,112,000		36,723,000
Additional shares for conversion of OP Units (basic)		1,989,000		1,982,000		1,984,000		1,985,000		1,924,000

Shares used in determination of FFO per share (basic)		46,223,000		46,213,000		46,178,000		46,097,000		38,647,000


Shares used in determination of diluted earnings per share		44,236,000		44,234,000		44,198,000		44,120,000		36,729,000
Additional shares for conversion of OP Units (diluted)		1,989,000		1,981,000		1,997,000		1,999,000		1,940,000

Shares used in determination of FFO per share (diluted)		46,225,000		46,215,000		46,195,000		46,119,000		38,669,000

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


	Year ended Dec 31,
	2007		2006

Total revenues	$	152,922,000	$	125,020,000
Net income applicable to common shareholders	$	14,092,000	$	7,458,000
Per common share (basic)	$	0.32	$	0.23
Per common share (diluted)	$	0.32	$	0.23
Dividends to common shareholders	$	39,775,000	$	29,333,000
Per common share	$	0.900	$	0.900
FFO	$	56,190,000	$	41,954,000
Per common share/OP unit (basic)	$	1.22	$	1.21
Per common share/OP unit (diluted)	$	1.22	$	1.21

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,193,000		32,926,000
Additional shares for conversion of OP Units (basic)		1,985,000		1,737,000

Shares used in determination of FFO per share (basic)		46,178,000		34,663,000


Shares used in determination of diluted earnings per share		44,197,000		33,055,000
Additional shares for conversion of OP Units (diluted)		1,990,000		1,747,000

Shares used in determination of FFO per share (diluted)		46,187,000		34,802,000


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

Real estate, net	$	1,482,426,000		$	1,398,959,000		$	1,287,710,000		$	1,190,136,000		$	1,165,944,000
Property held for sale		12,135,000			11,805,000			11,838,000			11,892,000			11,493,000
Investment in unconsolidated joint venture		3,757,000			3,718,000			3,700,000			3,676,000			3,644,000
Other assets		96,666,000			88,155,000			76,487,000			72,063,000			70,638,000

Total assets	$	1,594,984,000		$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000


Total debt	$	851,514,000		$	823,935,000		$	700,752,000		$	590,151,000		$	568,073,000
Other liabilities		97,225,000			78,807,000			73,122,000			76,487,000			70,595,000
Minority interests in consolidated joint ventures		62,402,000			10,321,000			10,363,000			9,228,000			9,132,000
Limited partners’ interest in consolidated OP		25,689,000			25,352,000			25,606,000			25,880,000			25,969,000
Shareholders’ equity		558,154,000			564,222,000			569,892,000			576,021,000			577,950,000

Total liabilities and equity	$	1,594,984,000		$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000


Fixed-rate mortgages	$	656,320,000		$	632,268,000		$	556,964,000		$	492,763,000		$	494,764,000
Variable-rate mortgages		4,754,000			4,777,000			4,798,000			4,818,000			4,839,000

Total mortgages		661,074,000			637,045,000			561,762,000			497,581,000			499,603,000
Secured revolving credit facility		190,440,000			186,890,000			138,990,000			92,570,000			68,470,000

Total debt	$	851,514,000		$	823,935,000		$	700,752,000		$	590,151,000		$	568,073,000


Pro rata share of total debt	$	746,024,000		$	803,990,000		$	680,722,000		$	570,037,000		$	547,873,000


Weighted average interest rates:
Fixed-rate mortgages		5.7	%		5.7	%		5.7	%		5.7	%		5.7	%
Variable-rate mortgages		7.7	%		7.9	%		8.1	%		8.1	%		8.1	%
Total mortgages		5.7	%		5.8	%		5.7	%		5.7	%		5.7	%
Secured variable-rate revolving credit facility		6.2	%		6.7	%		6.4	%		6.4	%		6.6	%
Total debt		5.8	%		6.0	%		5.8	%		5.8	%		5.8	%

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


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

Assets:
Real estate:
Land	$	313,156,000		$	296,372,000		$	271,915,000		$	252,199,000		$	248,108,000
Buildings and improvements		1,272,405,000			1,194,368,000			1,098,290,000			1,011,347,000			982,294,000

		1,585,561,000			1,490,740,000			1,370,205,000			1,263,546,000			1,230,402,000
Less accumulated depreciation		(103,135,000	)		(91,781,000	)		(82,495,000	)		(73,410,000	)		(64,458,000	)

Real estate, net		1,482,426,000			1,398,959,000			1,287,710,000			1,190,136,000			1,165,944,000

Property and related assets held for sale, net of accumulated depreciation		12,135,000			11,805,000			11,838,000			11,892,000			11,493,000
Investments in unconsolidated joint ventures		3,757,000			3,718,000			3,700,000			3,676,000			3,644,000

Cash and cash equivalents		20,307,000			21,148,000			18,258,000			14,774,000			17,885,000
Restricted cash		14,857,000			12,248,000			11,757,000			10,887,000			10,909,000
Cash at consolidated joint ventures		2,982,000			558,000			511,000			573,000			598,000
Receivables:
Rents and other, net		7,640,000			5,086,000			4,640,000			5,709,000			4,187,000
Straight-line rents		11,242,000			10,492,000			9,632,000			8,815,000			7,870,000
Other assets		9,778,000			10,749,000			5,878,000			7,604,000			6,921,000
Deferred charges, net:
Leasing costs		19,218,000			16,867,000			16,044,000			14,814,000			14,877,000
Financing costs		7,941,000			6,837,000			6,263,000			5,785,000			5,939,000
Other		2,701,000			4,170,000			3,504,000			3,102,000			1,452,000

Total assets	$	1,594,984,000		$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000


Liabilities and shareholders’ equity:
Mortgage loans payable	$	661,074,000		$	637,045,000		$	561,762,000		$	497,581,000		$	499,603,000
Secured revolving credit facility		190,440,000			186,890,000			138,990,000			92,570,000			68,470,000
Accounts payable and accrued expenses		17,036,000			14,296,000			11,894,000			13,705,000			11,321,000
Tenant prepayments and security deposits		9,032,000			8,459,000			5,439,000			6,275,000			6,114,000
Unamortized intangible lease liabilities		71,157,000			56,052,000			55,789,000			56,507,000			53,160,000

Total liabilities		948,739,000			902,742,000			773,874,000			666,638,000			638,668,000


Minority interests in consolidated joint ventures		62,402,000			10,321,000			10,363,000			9,228,000			9,132,000
Limited partners’ interest in consolidated OP		25,689,000			25,352,000			25,606,000			25,880,000			25,969,000

Shareholders’ equity		558,154,000			564,222,000			569,892,000			576,021,000			577,950,000

Total liabilities and equity	$	1,594,984,000		$	1,502,637,000		$	1,379,735,000		$	1,277,767,000		$	1,251,719,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income


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

Revenues:
Rents:
Base rents	$	28,869,000		$	26,609,000		$	26,072,000		$	24,257,000		$	23,702,000
Percentage rents		885,000			492,000			327,000			483,000			870,000
Straight-line rents		750,000			860,000			817,000			945,000			809,000
Amortization of intangible lease liabilities		3,268,000			2,526,000			2,509,000			2,589,000			2,585,000

		33,772,000			30,487,000			29,725,000			28,274,000			27,966,000
Expense recoveries		8,067,000			6,875,000			6,755,000			7,192,000			5,791,000
Other		1,207,000			115,000			101,000			352,000			94,000

		43,046,000			37,477,000			36,581,000			35,818,000			33,851,000

Expenses:
Operating, maintenance and management		6,547,000			5,660,000			5,658,000			6,999,000			5,593,000
Real estate and other property- related taxes		4,842,000			3,869,000			3,552,000			3,507,000			3,339,000

		11,389,000			9,529,000			9,210,000			10,506,000			8,932,000


Net operating income		31,657,000			27,948,000			27,371,000			25,312,000			24,919,000

Other income (expense):
General and administrative		(1,976,000	)		(1,847,000	)		(3,220,000	)		(1,998,000	)		(1,866,000	)
Depreciation and amortization		(12,354,000	)		(10,065,000	)		(9,821,000	)		(9,810,000	)		(9,144,000	)
Interest expense		(12,608,000	)		(10,819,000	)		(10,170,000	)		(8,448,000	)		(10,173,000	)
Amortization of deferred financing costs		(81,000	)		(423,000	)		(377,000	)		(352,000	)		(445,000	)
Capitalization of interest expense and financing costs		683,000			1,201,000			985,000			880,000			1,051,000
Interest income		208,000			82,000			223,000			275,000			249,000
Unconsolidated joint ventures:
Equity in income (loss)		171,000			150,000			157,000			156,000			110,000
Minority interests in consolidated joint ventures		(387,000	)		(333,000	)		(300,000	)		(395,000	)		(259,000	)
Limited partners’ interest in consolidated OP		(143,000	)		(169,000	)		(125,000	)		(156,000	)		(121,000	)
Discontinued operations		391,000			169,000			182,000			145,000			188,000


Net income		5,561,000			5,894,000			4,905,000			5,609,000			4,509,000

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


Net income applicable to common shareholders	$	3,591,000		$	3,925,000		$	2,921,000		$	3,655,000		$	2,539,000

Net operating income/Revenues		74	%		75	%		75	%		71	%		74	%
Expense recovery percentage (a)		71	%		72	%		73	%		68	%		65	%
Adjusted expense recovery percentage (a)		72	%		73	%		75	%		71	%		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 $230,000, $60,000, $234,000, $338,000 and $362,000, respectively.

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


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

Net income applicable to common shareholders	$	3,591,000		$	3,925,000		$	2,921,000		$	3,655,000		$	2,539,000
Add (deduct):
Real estate depreciation and amortization		12,173,000			10,078,000			9,837,000			9,830,000			9,178,000
Limited partners’ interest		159,000			179,000			132,000			163,000			131,000
Minority interests in consolidated joint ventures		387,000			333,000			300,000			395,000			259,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(774,000	)		(448,000	)		(426,000	)		(491,000	)		(396,000	)
Equity in (income) loss of unconsolidated joint ventures		(171,000	)		(150,000	)		(157,000	)		(156,000	)		(110,000	)
FFO from unconsolidated joint ventures		204,000			233,000			234,000			234,000			122,000

Funds From Operations	$	15,569,000		$	14,150,000		$	12,841,000		$	13,630,000		$	11,723,000

FFO per common share, assuming OP Unit conversion:
Basic	$	0.34		$	0.31		$	0.28		$	0.30		$	0.30

Diluted	$	0.34		$	0.31		$	0.28		$	0.30		$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,234,000			44,231,000			44,194,000			44,112,000			36,723,000
Additional shares assuming conversion of OP Units (basic)		1,989,000			1,982,000			1,984,000			1,985,000			1,924,000

Shares used in determination of FFO per share (basic)		46,223,000			46,213,000			46,178,000			46,097,000			38,647,000

Shares used in determination of diluted earnings per share		44,236,000			44,234,000			44,198,000			44,120,000			36,729,000
Additional shares assuming conversion of OP Units (diluted)		1,989,000			1,981,000			1,997,000			1,999,000			1,940,000

Shares used in determination of FFO per share (diluted)		46,225,000			46,215,000			46,195,000			46,119,000			38,669,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions:
First generation (a)	$	3,296,000		$	4,991,000		$	7,438,000		$	6,749,000		$	6,272,000

Second generation (b)	$	1,536,000		$	1,306,000		$	589,000		$	1,566,000		$	2,867,000

Capitalized interest	$	1,343,000		$	1,201,000		$	985,000		$	880,000		$	1,051,000

Scheduled debt amortization payments:
Stated contract amounts	$	1,785,000		$	1,759,000		$	1,710,000		$	1,637,000		$	1,475,000

Carrying value amounts	$	2,050,000		$	2,113,000		$	2,033,000		$	1,941,000		$	1,784,000

Straight-line rents	$	682,000		$	845,000		$	797,000		$	925,000		$	787,000

Amortization of intangible lease liabilities	$	3,229,000		$	2,508,000		$	2,491,000		$	2,571,000		$	2,569,000

Non-real estate amortization	$	526,000		$	478,000		$	432,000		$	398,000		$	484,000

Stock-based compensation charged to operations	$	(150,000	)	$	302,000		$	714,000		$	440,000		$	282,000


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

Land held for development and other real estate out of service (at cost) (c)	$	68,093,000	$	66,955,000	$	60,615,000	$	57,810,000	$	61,822,000


(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


	Three months ended
	Dec 31			Sep 30			Jun 30			Mar 31			Dec 31
	2007			2007			2007			2007			2006
Cash flow from operating activities:
Net income	$	5,561,000		$	5,894,000		$	4,905,000		$	5,609,000		$	4,509,000
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		121,000			68,000			34,000			129,000			(8,000	)
Equity in income of unconsolidated joint ventures		(171,000	)		(150,000	)		(157,000	)		(156,000	)		(110,000	)
Distributions from unconsolidated joint venture		132,000			132,000			133,000			132,000			44,000
Limited partners’ interest		161,000			177,000			132,000			163,000			131,000
Straight-line rents receivable		(765,000	)		(880,000	)		(839,000	)		(967,000	)		(833,000	)
Depreciation and amortization		12,239,000			10,140,000			9,898,000			9,883,000			9,224,000
Amortization of intangible lease liabilities		(3,268,000	)		(2,526,000	)		(2,509,000	)		(2,589,000	)		(2,585,000	)
Amortization relating to stock-based compensation		(150,000	)		302,000			714,000			440,000			282,000
Amortization of deferred financing costs		81,000			423,000			377,000			352,000			445,000
Increases/decreases in operating assets and liabilities:
Cash at consolidated joint ventures		(976,000	)		(47,000	)		62,000			25,000			(132,000	)
Rents and other receivables, net		(1,649,000	)		(446,000	)		1,069,000			(1,522,000	)		1,084,000
Other		1,078,000			(5,320,000	)		686,000			(709,000	)		1,616,000
Accounts payable and accrued expenses		2,279,000			4,164,000			290,000			(685,000	)		12,000

Net cash provided by operating activities		14,673,000			11,931,000			14,795,000			10,105,000			13,679,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(53,483,000	)		(41,368,000	)		(65,704,000	)		(26,942,000	)		(36,253,000	)
Investment in unconsolidated joint ventures		—			—			—			(8,000	)		(1,949,000	)
Construction escrows and other		(3,894,000	)		(559,000	)		(537,000	)		63,000			720,000

Net cash (used in) investing activities		(57,377,000	)		(41,927,000	)		(66,241,000	)		(26,887,000	)		(37,482,000	)


Cash flow from financing activities:
Net advances (repayments) from line of credit		3,550,000			47,900,000			46,420,000			24,100,000			(146,660,000	)
Proceeds from sales of common stock		—			—			(222,000	)		4,132,000			133,875,000
Proceeds from mortgage financings		8,800,000			2,693,000			23,000,000			—			92,536,000
Mortgage repayments		(7,709,000	)		(4,343,000	)		(2,103,000	)		(2,022,000	)		(42,295,000	)
Contributions from minority interest partners, net of joint venture cash at date of formation		50,733,000			—			1,048,000			—			—
Distributions in excess of earnings from consolidated joint venture minority interests		—			—			—			—			—
Distributions to limited partners		(452,000	)		(446,000	)		(447,000	)		(443,000	)		(414,000	)
Preferred distribution requirements		(1,970,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,970,000	)
Distributions to common shareholders		(9,952,000	)		(9,952,000	)		(9,942,000	)		(9,929,000	)		(8,013,000	)
Payment of deferred financing costs		(1,137,000	)		(997,000	)		(855,000	)		(198,000	)		(1,289,000	)

Net cash provided by financing activities		41,863,000			32,886,000			54,930,000			13,671,000			25,770,000


Net increase (decrease) in cash and cash equivalents		(841,000	)		2,890,000			3,484,000			(3,111,000	)		1,967,000
Cash and cash equivalents at beginning of period		21,148,000			18,258,000			14,774,000			17,885,000			15,918,000

Cash and cash equivalents at end of period	$	20,307,000		$	21,148,000		$	18,258,000		$	14,774,000		$	17,885,000

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended Dec 31,						Year ended Dec 31,
	2007			2006			2007			2006
The number of properties that were owned throughout each of the comparative periods		92			92			82			82


Revenues:
Rents:
Base rents	$	23,827,000		$	23,450,000		$	81,028,000		$	78,329,000
Percentage rents		838,000			868,000			1,646,000			1,689,000
Straight-line rents		520,000			814,000			1,929,000			2,812,000
Amortization of intangible lease liabilities		2,335,000			2,584,000			6,611,000			8,484,000

		27,520,000			27,716,000			91,214,000			91,314,000
Expense recoveries (a)		6,587,000			5,698,000			21,680,000			19,611,000
Other		1,209,000			94,000			1,683,000			488,000

Total revenues		35,316,000			33,508,000			114,577,000			111,413,000


Operating expenses (a):
Operating, maintenance and management		5,345,000			4,995,000			17,051,000			17,540,000
Real estate and other property-related taxes		3,693,000			3,256,000			11,365,000			10,562,000

Total expenses		9,038,000			8,251,000			28,416,000			28,102,000


Net operating income	$	26,278,000		$	25,257,000		$	86,161,000		$	83,311,000


Increase/(decrease) period over period Revenues:
Rents:
Base rents	$	377,000			1.6	%	$	2,699,000			3.4	%
Percentage rents		(30,000	)		-3.5	%		(43,000	)		-2.5	%
Straight-line rents		(294,000	)		-36.1	%		(883,000	)		-31.4	%
Amortization of intangible lease liabilities		(249,000	)		-9.6	%		(1,873,000	)		-22.1	%

		(196,000	)		-0.7	%		(100,000	)		-0.1	%
Expense recoveries		889,000			15.6	%		2,069,000			10.6	%
Other		1,115,000			1186.2	%		1,195,000			244.9	%

Total revenues		1,808,000			5.4	%		3,164,000			2.8	%


Expenses:
Operating, maintenance and management		350,000			7.0	%		(489,000	)		-2.8	%
Real estate and other property-related taxes		437,000			13.4	%		803,000			7.6	%

Total expenses		787,000			9.5	%		314,000			1.1	%


Net operating income	$	1,021,000			4.0	%	$	2,850,000			3.4	%


Percent occupied at end of period		91.9	%		92.5	%		91.7	%		92.2	%


(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 $134,000, $362,000, $452,000 and $2,011,000, respectively.

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


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

Renewals

Number of leases		32			21			31			57			17
Aggregate square feet		106,000			55,000			61,000			283,000			51,000
Average square feet		3,313			2,619			1,968			4,965			3,000
Average expiring base rent psf	$	10.61		$	12.97		$	15.31		$	9.55		$	16.28
Average new base rent psf	$	11.55		$	13.98		$	16.07		$	10.31		$	16.84
% increase in base rent		8.86	%		7.79	%		4.96	%		7.96	%		3.44	%

New leases

Number of leases		7			11			12			20			20
Aggregate square feet		20,000			31,000			38,000			81,000			134,000
Average square feet		2,857			2,818			3,167			4,050			6,700
Average new base rent psf	$	12.49		$	17.04		$	14.34		$	18.22		$	13.07

Terminated leases

Number of leases		14			13			10			16			20
Aggregate square feet		81,000			38,000			23,000			71,000			38,000
Average square feet		5,786			2,923			2,300			4,438			1,900
Average old base rent psf	$	9.95		$	16.02		$	16.95		$	15.30		$	14.51

Occupancy statistics


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

Stabilized properties:
Wholly-owned		95	%		96	%		96	%		95	%		95	%
Consolidated joint ventures		98	%		100	%		100	%		100	%		100	%

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


Development/redevelopment and other non-stabilized properties		67	%		68	%		68	%		64	%		64	%


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


Property held for sale		100	%		100	%		100	%		100	%		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 December 31, 2007


	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		9.4	%	$	16,641,000	$	14.67		13.9	%
Discount Drug Mart		17		430,000		3.6	%		4,009,000		9.32		3.4	%
Farm Fresh (c)		6		364,000		3.0	%		3,768,000		10.35		3.2	%
Stop & Shop (c)		4		271,000		2.3	%		2,644,000		9.76		2.2	%
Shaw’s (c)		4		241,000		2.0	%		2,631,000		10.92		2.2	%
CVS		13		137,000		1.1	%		2,490,000		18.18		2.1	%
LA Fitness		4		168,000		1.4	%		2,422,000		14.42		2.0	%
Staples		7		151,000		1.3	%		2,091,000		13.85		1.8	%
Food Lion (c)		7		243,000		2.0	%		1,921,000		7.91		1.6	%
Rite Aid/Eckerd		13		141,000		1.2	%		1,696,000		12.03		1.4	%

Sub-total top ten tenants		94		3,280,000		27.3	%		40,313,000		12.29		33.8	%

Remaining tenants		1132		7,830,000		65.2	%		79,004,000		10.09		66.2	%

Sub-total all tenants		1,226		11,110,000		92.5	%		119,317,000		10.74		100.0	%

Vacant space (b)		n/a		899,000		7.5	%		n/a		n/a		n/a

Total (including vacant space)		1,226		12,009,000		100.0	%	$	119,317,000	$	9.94		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 53,000), Shaw’s and Acme (GLA of 172,000), and (3) Food Lion and Hannaford (GLA of 43,000).


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

Pennsylvania	$	22,119,000	$	20,627,000	$	20,248,000	$	19,276,000	$	18,463,000
Massachusetts		5,339,000		3,710,000		3,636,000		4,170,000		3,759,000
Connecticut		3,467,000		3,039,000		2,798,000		2,951,000		2,777,000
New Jersey		3,086,000		2,767,000		2,854,000		2,595,000		2,722,000
Ohio		3,038,000		2,615,000		2,684,000		2,303,000		2,166,000
Virginia		2,483,000		2,624,000		2,636,000		2,624,000		2,355,000
Maryland		1,870,000		1,465,000		1,235,000		1,245,000		1,148,000
New York		1,507,000		495,000		355,000		502,000		320,000
Michigan		137,000		135,000		135,000		152,000		141,000

	$	43,046,000	$	37,477,000	$	36,581,000	$	35,818,000	$	33,851,000


Property held for sale
Michigan	$	416,000	$	368,000	$	369,000	$	373,000	$	412,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of December 31, 2007


												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		71		179,000		1.6	%	$	1,953,000	$	10.91		1.6	%
2008		169		627,000		5.6	%		7,063,000		11.26		5.9	%
2009		195		1,168,000		10.5	%		10,565,000		9.05		8.9	%
2010		165		1,273,000		11.5	%		12,314,000		9.67		10.3	%
2011		136		912,000		8.2	%		9,685,000		10.62		8.1	%
2012		151		793,000		7.1	%		8,777,000		11.07		7.4	%
2013		68		522,000		4.7	%		5,555,000		10.64		4.7	%
2014		41		654,000		5.9	%		6,083,000		9.30		5.1	%
2015		44		512,000		4.6	%		5,273,000		10.30		4.4	%
2016		39		557,000		5.0	%		5,640,000		10.13		4.7	%
2017		32		483,000		4.3	%		6,111,000		12.65		5.1	%
Thereafter		115		3,430,000		30.9	%		40,298,000		11.75		33.8	%


		1,226		11,110,000		100.0	%		119,317,000		10.74		100.0	%

Vacant space (b)		n/a		899,000		n/a			n/a		n/a		n/a


Total
portfolio (c)		1,226		12,009,000		n/a		$	119,317,000	$	9.94		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 December 31, 2007, the Company had a portfolio of 118 properties totaling approximately 12.0 million square feet of GLA, including 105 wholly-owned properties comprising approximately 10.7 million square feet and 13 properties owned in joint venture comprising approximately 1.3 million square feet. The portfolio of wholly-owned properties consisted of (1) 95 “stabilized” properties (those properties at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2007), with an aggregate of 9.2 million square feet of GLA, which were approximately 95% leased, (2) five development/redevelopment properties with an aggregate of 1.1 million square feet of GLA, which were approximately 66% leased, (3) four non-stabilized properties with an aggregate of 280,000 square feet of GLA, which are presently being re-tenanted and which were approximately 70% leased, and (4) one property held for sale with an aggregate of 78,000 square feet of GLA, which was 100% leased. The 13 properties owned in joint venture were all “stabilized” properties and were 98% leased. The entire 118 property portfolio was approximately 93% leased at December 31, 2007.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of December 31, 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

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

Carll’s Corner	NJ	2007	100%		129,582	1960’s-1999/ 2004	Acme Markets		55,000	9/30/2016

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

Centerville Discount Drug Mart Plaza	OH	2005	100%		49,287	2000	Discount Drug Mart		24,012	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

Enon Discount Drug Mart Plaza	OH	2007	100%		42,876	2005-2006	Discount Drug Mart		24,596	3/31/2022

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

Fairfield Plaza	CT	2005	100%		72,279	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 Zanesville	OH	2005	100%		6,900	2000	Family Dollar		6,900	12/31/2009

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	1/31/2014

Gabriel Brothers Plaza	OH	2005	100%		83,740	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

Hills & Dales Discount Drug Mart Plaza	OH	2007	100%		33,553	1992-2007	Discount Drug Mart		23,608	3/31/2023

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

Kings Plaza	MA	2007	100%		168,243	1970/1994	Work Out World		42,997	12/31/2014
							AJ Wright		28,504	9/30/2013
							Ocean State Job Lot		20,300	5/31/2009

Kingston Plaza	NY	2006	100%		18,337	2006

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

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

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

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

Long Reach Village	MD	2006	100%		104,922	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

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

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%		51,332	2001	Discount Drug Mart		25,852	3/31/2018

Price Chopper Plaza	MA	2007	100%		101,824	1960’s-2004	Price Chopper		58,545	11/30/2015

Rite Aid at Massillon	OH	2005	100%		10,125	1999	Rite Aid		10,125	1/31/2020

River View Plaza I, II and III	PA	2003	100%		244,225	1991/1998	United Artists Theatre		77,700	12/31/2018
							Pep Boys		22,000	9/30/2014
							Avalon Carpet		25,000	1/31/2012

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 December 31, 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%	609,797	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

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%	250,697	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

Timpany Plaza	MA	2007	100%	183,775	1970’s-1989	Stop & Shop		59,947		12/31/2009
						Big Lots		28,027		1/31/2011
						Gardner Theater		27,576		5/31/2009

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 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		30,594		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		1/31/2009

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				9,235,462


Properties Owned in Joint Venture: ^(b)
Homburg Joint Venture:
Aston Center	PA	2002	20%	55,000	2005	Giant Foods		55,000		11/30/2025

Ayr Town Center	PA	2002	20%	55,600	2005	Giant Foods		50,000		5/31/2025

Fieldstone Marketplace	MA	2005	20%	193,970	1988/2003	Shaw’s		68,000		2/29/2024
						Flagship Cinema		41,975		10/31/2023

Meadows Marketplace	PA	2004	20%	89,138	2005	Giant Foods		65,507		11/30/2025

Parkway Plaza	PA	2007	20%	106,628	1998-2002	Giant Foods		66,935		12/31/2018

Pennsboro Commons	PA	2005	20%	108,584	1999	Giant Foods		68,624		8/10/2019

Scott Town Center	PA	2007	20%	67,933	2004	Giant Foods		54,333		7/31/2023

Spring Meadow Shopping Center	PA	2007	20%	67,850	2004	Giant Foods		65,000		10/31/2024

Stonehedge Square	PA	2006	20%	88,677	1990/2006	Nell’s Market		51,687		5/31/2026

				833,380

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

Kimco Joint Venture:
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

					484,343

Total Consolidated Joint Ventures					1,317,723

Total Stabilized Properties					10,553,185


Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall	PA	2005	100%		350,703	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	2007	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

Townfair Center	PA	2004	100%		203,531	2002	Lowe’s Home Centers	95,173	12/31/2015

Trexlertown Plaza	PA	2006	100%		241,381	1990/2005	Redner’s	47,900	10/31/2010
							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					1,373,067

Total portfolio excluding property held for sale					11,926,252

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

Total Portfolio ^(c)					12,003,940


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2007. Dunmore Shopping Center, East Chestnut, Grove City Discount Drug Mart Plaza and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		The terms of certain of the 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 December 31, 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	$	1,690,000	$	11,398,000		152,068		80.2	%	$	12.27
Annie Land Plaza	VA		100	%		809,000		3,858,000		4,667,000		205,000		4,462,000		42,500		97.2	%		9.18
Camp Hill	PA		100	%		4,424,000		59,896,000		64,320,000		4,602,000		59,718,000		459,730		99.4	%		12.64
Carbondale Plaza	PA		100	%		1,586,000		9,936,000		11,522,000		1,227,000		10,295,000		129,915		83.4	%		5.54
Carll’s Corner	NJ		100	%		3,034,000		15,303,000		18,337,000		47,000		18,290,000		129,582		92.1	%		8.37
Carman’s Plaza	NY		100	%		8,539,000		34,640,000		43,179,000		311,000		42,868,000		194,481		94.7	%		16.40
Carrollton Discount Drug Mart Plaza	OH		100	%		713,000		3,338,000		4,051,000		336,000		3,715,000		40,480		100.0	%		8.04
Centerville Discount Drug Mart Plaza	OH		100	%		1,219,000		5,429,000		6,648,000		427,000		6,221,000		49,287		97	%		11.34
Circle Plaza	PA		100	%		561,000		2,884,000		3,445,000		32,000		3,413,000		92,171		100.0	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,214,000		3,887,000		265,000		3,622,000		34,592		100.0	%		9.60
Coliseum Marketplace	VA		100	%		3,586,000		17,146,000		20,732,000		1,720,000		19,012,000		105,015		100.0	%		13.79
Columbus Crossing	PA		100	%		4,579,000		19,249,000		23,828,000		2,313,000		21,515,000		142,166		97.2	%		15.93
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		146,000		1,627,000		10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		165,000		2,220,000		10,195		100.0	%		17.49
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		142,000		2,040,000		10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		2,492,000		1,116,000		3,608,000		13,000.00		3,595,000		13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,603,000		1,944,000		138,000		1,806,000		10,722		100.0	%		13.00
CVS at Westfield	NY		100	%		339,000		1,559,000		1,898,000		120,000		1,778,000		10,125		100.0	%		15.74
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,794,000		3,357,000		446,000		2,911,000		38,409		100.0	%		8.30
Elmhurst Square	VA		100	%		1,371,000		6,144,000		7,515,000		272,000		7,243,000		66,250		100.0	%		8.71
Enon Discount Drug Mart Plaza	OH		100	%		904,000		3,424,000		4,328,000		0		4,328,000		42,876		91.5	%		10.56
Fairfield Plaza	CT		100	%		2,202,000		9,391,000		11,593,000		988,000		10,605,000		72,279		93.5	%		13.66
Fairview Commons	PA		100	%		858,000		3,628,000		4,486,000		189,000		4,297,000		59,578		89.6	%		5.79
Family Dollar at Zanesville	OH		100	%		82,000		571,000		653,000		160,000		493,000		6,900		100.0	%		8.70
FirstMerit Bank at Akron	OH		100	%		169,000		737,000		906,000		69,000		837,000		3,200		100.0	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,304,000		1,568,000		61,000		1,507,000		18,300		100.0	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,417,000		73,234,000		6,929,000		66,305,000		301,519		92.0	%		19.70
Gabriel Brothers Plaza	OH		100	%		947,000		3,899,000		4,846,000		383,000		4,463,000		83,740		100.0	%		5.50
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,753,000		8,491,000		362,000		8,129,000		48,080		91.0	%		15.06
General Booth Plaza	VA		100	%		1,935,000		9,517,000		11,452,000		1,080,000		10,372,000		73,320		97.5	%		11.80
Gold Star Plaza	PA		100	%		1,644,000		6,509,000		8,153,000		435,000		7,718,000		71,729		95.5	%		8.98
Golden Triangle	PA		100	%		2,320,000		19,107,000		21,427,000		2,140,000		19,287,000		202,943		96.8	%		11.89
Groton Shopping Center	CT		100	%		3,070,000		12,386,000		15,456,000		244,000		15,212,000		117,986		97.1	%		10.45
Hamburg Commons	PA		100	%		1,153,000		9,791,000		10,944,000		800,000		10,144,000		99,580		100.0	%		6.43
Hannaford Plaza	MA		100	%		1,874,000		8,595,000		10,469,000		427,000		10,042,000		102,459		91.8	%		7.51
Hilliard Discount Drug Mart Plaza	OH		100	%		1,200,000		4,551,000		5,751,000		56,000		5,695,000		40,988		94.5	%		13.12
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		2,967,000		3,753,000		0		3,753,000		33,553		100.0	%		10.06
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,576,000		4,346,000		310,000		4,036,000		32,259		100.0	%		10.71
Jordan Lane	CT		100	%		4,291,000		21,120,000		25,411,000		1,603,000		23,808,000		181,735		96.0	%		9.48
Kempsville Crossing	VA		100	%		2,207,000		11,111,000		13,318,000		1,254,000		12,064,000		94,477		98.6	%		10.87
Kenley Village	MD		100	%		726,000		3,533,000		4,259,000		699,000		3,560,000		51,894		100.0	%		7.91
Kings Plaza	MA		100	%		2,413,000		11,788,000		14,201,000		134,000		14,067,000		168,243		100.0	%		6.11
Kingston Plaza	NY		100	%		2,891,000		2,345,000		5,236,000		68,000		5,168,000		18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		505,000		7,133,000		41,000		100.0	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,801,000		15,496,000		1,019,000		14,477,000		68,200		93.0	%		17.09
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,433,000		4,137,000		370,000		3,767,000		38,576		100.0	%		9.27
Long Reach Village	MD		100	%		1,721,000		8,670,000		10,391,000		527,000		9,864,000		104,922		91.4	%		10.56
McCormick Place	OH		100	%		847,000		4,055,000		4,902,000		500,000		4,402,000		46,000		100.0	%		8.50
McDonalds/Waffle House at Medina	OH		100	%		737,000		132,000		869,000		20,000		849,000		6,000		100.0	%		12.45
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		805,000		14,063,000		51,500		100.0	%		20.90
Oak Ridge	VA		100	%		960,000		4,271,000		5,231,000		158,000		5,073,000		38,700		100.0	%		10.31
Oakhurst Plaza	PA		100	%		4,539,000		18,187,000		22,726,000		933,000		21,793,000		111,869		92.8	%		14.55
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		431,000		17,750,000		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 December 31, 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		737,000		7,186,000		58,224		100	%		11.75
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,654,000		4,463,000		355,000		4,108,000		38,623		94	%		7.86
Palmyra Shopping Center	PA		100	%		1,488,000		6,578,000		8,066,000		679,000		7,387,000		112,108		96	%		5.51
Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,956,000		7,261,000		541,000		6,720,000		47,810		100	%		12.17
Pine Grove Plaza	NJ		100	%		1,622,000		6,498,000		8,120,000		774,000		7,346,000		79,306		100	%		9.98
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,832,000		7,074,000		715,000		6,359,000		50,283		100	%		12.11
Pondside Plaza	NY		100	%		365,000		1,617,000		1,982,000		180,000		1,802,000		19,340		100	%		8.20
Port Richmond Village	PA		100	%		2,942,000		12,375,000		15,317,000		1,929,000		13,388,000		154,908		97	%		12.37
Powell Discount Drug Mart Plaza	OH		100	%		1,384,000		6,155,000		7,539,000		649,000		6,890,000		51,332		97	%		12.16
Price Chopper Plaza	MA		100	%		3,551,000		18,422,000		21,973,000		100,000		21,873,000		101,824		88	%		10.74
Rite Aid at Massillon	OH		100	%		442,000		2,014,000		2,456,000		158,000		2,298,000		10,125		100	%		17.91
River View Plaza I, II and III	PA		100	%		9,718,000		43,831,000		53,549,000		5,271,000		48,278,000		244,225		87	%		17.50
Shaw’s Plaza	MA		100	%		5,780,000		25,122,000		30,902,000		1,235,000		29,667,000		176,609		100	%		10.46
Shelby Discount Drug Mart Plaza	OH		100	%		671,000		3,276,000		3,947,000		386,000		3,561,000		36,596		84	%		9.06
Shoppes at Salem Run	VA		100	%		1,076,000		4,263,000		5,339,000		250,000		5,089,000		15,100		100	%		23.09
Shore Mall	NJ		100	%		7,179,000		39,067,000		46,246,000		2,440,000		43,806,000		609,797		96	%		7.62
Smithfield Plaza	VA		100	%		1,049,000		5,220,000		6,269,000		494,000		5,775,000		45,544		100	%		10.04
South Philadelphia	PA		100	%		8,222,000		38,241,000		46,463,000		5,145,000		41,318,000		283,415		99	%		13.28
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		481,000		4,568,000		39,903		100	%		11.30
Staples at Oswego	NY		100	%		635,000		3,000,000		3,635,000		293,000		3,342,000		23,884		100	%		11.99
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		734,000		7,904,000		67,216		100	%		9.40
Sunset Crossing	PA		100	%		2,150,000		9,068,000		11,218,000		1,063,000		10,155,000		74,142		83	%		14.77
Swede Square	PA		100	%		2,268,000		8,701,000		10,969,000		1,540,000		9,429,000		98,792		100	%		13.73
The Brickyard	CT		100	%		6,465,000		28,714,000		35,179,000		3,427,000		31,752,000		274,553		100	%		8.95
The Commons	PA		100	%		3,098,000		14,073,000		17,171,000		2,140,000		15,031,000		175,121		85	%		9.66
The Point	PA		100	%		2,996,000		21,939,000		24,935,000		4,061,000		20,874,000		250,697		93	%		10.76
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,208,000		13,441,000		1,225,000		12,216,000		182,859		91	%		6.73
The Shops at Suffolk Downs	MA		100	%		3,564,000		11,130,000		14,694,000		788,000		13,906,000		85,829		91	%		10.58
Timpany Plaza	MA		100	%		3,412,000		16,204,000		19,616,000		52,000		19,564,000		183,775		97	%		6.48
Trexler Mall	PA		100	%		6,932,000		32,247,000		39,179,000		2,209,000		36,970,000		339,363		99	%		8.58
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		777,000		15,194,000		63,000		100	%		16.44
Ukrop’s at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		104,000		6,878,000		43,000		100	%		9.01
Valley Plaza	MD		100	%		1,950,000		8,033,000		9,983,000		911,000		9,072,000		191,189		97	%		4.24
Virginia Center Commons	VA		100	%		992,000		3,860,000		4,852,000		302,000		4,550,000		9,763		100	%		31.83
Virginia Little Creek	VA		100	%		1,650,000		8,350,000		10,000,000		779,000		9,221,000		69,620		100	%		10.52
Wal-Mart Center	CT		100	%		0		11,848,000		11,848,000		1,285,000		10,563,000		155,739		98	%		6.17
Washington Center Shoppes	NJ		100	%		2,061,000		10,049,000		12,110,000		1,526,000		10,584,000		157,290		94	%		8.18
West Bridgewater	MA		100	%		2,823,000		14,800,000		17,623,000		131,000		17,492,000		135,449		80	%		8.55
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,905,000		4,909,000		230,000		4,679,000		55,775		100	%		7.28
Yorktowne Plaza	MD		100	%		5,940,000		25,374,000		31,314,000		345,000		30,969,000		158,982		96	%		13.63

Total Wholly-Owned Stabilized Properties						219,183,000		1,006,108,000		1,225,291,000		84,717,000		1,140,574,000		9,235,462		95	%		10.72

Properties Owned in Joint Venture: ^(b)
Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		355,000		21,034,000		55,000		100	%		24.70
Ayr Town Center	PA		20	%		2,442,000		9,748,000		12,190,000		229,000		11,961,000		55,600		100	%		15.83
Fieldstone Marketplace	MA		20	%		5,229,000		21,435,000		26,664,000		1,634,000		25,030,000		193,970		92	%		10.26
Meadows Marketplace	PA		20	%		1,914,000		11,246,000		13,160,000		584,000		12,576,000		89,138		93	%		15.34
Parkway Plaza	PA		20	%		4,647,000		19,421,000		24,068,000		486,000		23,582,000		106,628		100	%		14.46
Pennsboro Commons	PA		20	%		3,608,000		14,325,000		17,933,000		1,171,000		16,762,000		108,584		96	%		13.82
Scott Town Center	PA		20	%		2,959,000		11,800,000		14,759,000		294,000		14,465,000		67,933		98	%		16.42
Spring Meadow Shopping Center	PA		20	%		4,111,000		16,428,000		20,539,000		358,000		20,181,000		67,850		100	%		19.90
Stonehedge Square	PA		20	%		2,698,000		11,630,000		14,328,000		634,000		13,694,000		88,677		94	%		11.25

						31,927,000		133,103,000		165,030,000		5,745,000		159,285,000		833,380		96	%		14.62

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

Kimco Joint Venture:
Fairview Plaza	PA			30	%		1,811,000		7,488,000		9,299,000		935,000		8,364,000		69,579		100	%		12.22
Halifax Plaza	PA			30	%		1,102,000		4,699,000		5,801,000		577,000		5,224,000		54,150		100	%		11.07
Loyal Plaza	PA			25	%		3,853,000		17,222,000		21,075,000		2,649,000		18,426,000		293,825		100	%		7.76
Newport Plaza	PA			30	%		1,316,000		5,571,000		6,887,000		672,000		6,215,000		66,789		100	%		10.90

							8,082,000		34,980,000		43,062,000		4,833,000		38,229,000		484,343		100	%		9.20

Total Consolidated Joint Ventures							40,009,000		168,083,000		208,092,000		10,578,000		197,514,000		1,317,723		98	%		12.58

Total Stabilized Properties							259,192,000		1,174,191,000		1,433,383,000		95,295,000		1,338,088,000		10,553,185		96	%		10.95


Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall	PA			100	%		2,855,000		16,650,000		19,505,000		1,330,000		18,175,000		350,703		69	%		7.07
Dunmore Shopping Center	PA			100	%		565,000		2,243,000		2,808,000		245,000		2,563,000		101,000		66	%		3.54
East Chestnut	PA			100	%		800,000		3,699,000		4,499,000		509,000		3,990,000		21,180		62	%		14.84
Grove City Discount Drug Mart Plaza	OH			100	%		874,000		3,394,000		4,268,000		80,000		4,188,000		40,848		79	%		12.22
Huntingdon Plaza	PA			100	%		933,000		5,097,000		6,030,000		495,000		5,535,000		151,697		46	%		6.59
Lake Raystown Plaza	PA			100	%		2,231,000		14,806,000		17,037,000		1,313,000		15,724,000		145,727		63	%		15.48
Townfair Center	PA			100	%		3,022,000		14,258,000		17,280,000		2,165,000		15,115,000		203,531		64	%		6.82
Trexlertown Plaza	PA			100	%		5,262,000		24,657,000		29,919,000		1,407,000		28,512,000		241,381		79	%		10.39
Value City Shopping Center	MI			100	%		360,000		2,152,000		2,512,000		234,000		2,278,000		117,000		73	%		1.99

Total Non-Stabilized Properties							16,902,000		86,956,000		103,858,000		7,778,000		96,080,000		1,373,067		67	%		8.09


Total Operating Portfolio							276,094,000		1,261,147,000		1,537,241,000		103,073,000		1,434,168,000		11,926,252		92	%	$	10.71


Land Held For Development:
Bergstrasse	PA			100	%		1,640,000		83,000		1,723,000		—		1,723,000	7.70 acres
Blue Mountain Commons	PA			100	%		14,065,000		2,251,000		16,316,000		—		16,316,000	34.00 acres
Columbia Mall	PA			100	%		1,466,000		273,000		1,739,000		—		1,739,000	48.29 acres
Halifax Plaza	PA			100	%		1,503,000		954,000		2,457,000		—		2,457,000	14.45 acres
Liberty Marketplace	PA			100	%		1,564,000		2,000		1,566,000		—		1,566,000	15.51 acres
Pine Grove Plaza	NJ			100	%		388,000		15,000		403,000		—		403,000	2.80 acres
Shore Mall	NJ			100	%		2,018,000		—		2,018,000		—		2,018,000	50.00 acres
The Brickyard	CT			100	%		1,167,000		21,000		1,188,000		—		1,188,000	1.95 acres
The Shops at Suffolk Downs	MA			100	%		4,016,000		599,000		4,615,000		—		4,615,000	0.84 acres
Trexlertown Plaza	PA			100	%		8,087,000		1,013,000		9,100,000		—		9,100,000	34.90 acres
Trindle Spring	PA			100	%		1,148,000		145,000		1,293,000		—		1,293,000	2.10 acres
Upland Square ^(c)	PA			60	%		—		5,158,000		5,158,000		—		5,158,000	- acres
Various projects in progress		N/A		100	%		—		744,000		744,000		62,000		682,000	- acres


Total Land Held For Development							37,062,000		11,258,000		48,320,000		62,000		48,258,000	212.54 acres


Total Carrying Value						$	313,156,000	$	1,272,405,000	$	1,585,561,000	$	103,135,000	$	1,482,426,000


Property Held For Sale						$	2,443,000	$	9,775,000	$	12,218,000	$	486,000	$	11,732,000		77,688		100	%	$	15.28


Unconsolidated Joint Venture ^(d)														$	3,757,000


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2007. Dunmore Shopping Center, East Chestnut, Grove City Discount Drug Mart Plaza, and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		The terms of certain of the 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 December 31, 2007


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

Fixed-rate mortgages:
Academy Plaza		100.0	%	Mar 2013		7.3	%	$	9,770,000	$	9,952,000		7.3	%	$	9,770,000	$	9,952,000
Aston Center		20.0	%	Nov 2015		5.5	%		13,252,000		—		5.9	%		12,915,000		—
Ayr Town Center		20.0	%	Jun 2015		5.5	%		7,467,000		—		5.6	%		7,402,000		—
Camp Hill Shopping Center		100.0	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carbondale Plaza		100.0	%	Oct 2016		6.1	%		5,328,000		5,394,000		6.1	%		5,328,000		5,394,000
Carll’s Corner		100.0	%	Nov 2012		5.6	%		6,132,000		—		5.6	%		6,132,000		—
Carman’s Plaza		100.0	%	Oct 2016		6.3	%		33,299,000		—		6.2	%		33,500,000		—
Carrollton Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		2,410,000		2,440,000		5.6	%		2,410,000		2,440,000
Centerville Discount Drug Mart		100.0	%	May 2015		5.2	%		2,890,000		2,935,000		5.2	%		2,890,000		2,935,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		2,005,000		2,035,000		5.2	%		2,005,000		2,035,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,718,000		12,952,000		6.1	%		12,095,000		12,229,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		944,000		1,023,000		7.1	%		872,000		937,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,616,000		1,701,000		7.5	%		1,433,000		1,491,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,304,000		1,393,000		7.1	%		1,191,000		1,261,000
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		1,018,000		1,095,000		7.8	%		908,000		964,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,193,000		2,226,000		5.2	%		2,193,000		2,226,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,186,000		2,280,000		7.4	%		1,910,000		1,969,000
Elmhurst Square Shopping Center		100.0	%	Dec 2014		5.4	%		4,181,000		4,244,000		5.4	%		4,181,000		4,244,000
Fairfield Plaza		100.0	%	Jul 2015		5.0	%		5,283,000		5,366,000		5.0	%		5,283,000		5,366,000
Fairview Plaza		30.0	%	Feb 2013		5.7	%		5,680,000		5,772,000		5.7	%		5,680,000		5,772,000
Fieldstone Marketplace		20.0	%	Jul 2014		5.4	%		19,333,000		19,658,000		6.0	%		18,693,000		18,914,000
Franklin Village Plaza		100.0	%	Nov 2011		4.8	%		43,500,000		43,500,000		4.8	%		43,500,000		43,500,000
Gabriel Brothers Plaza		100.0	%	Dec 2016		5.6	%		3,160,000		3,200,000		5.6	%		3,160,000		3,200,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,133,000		5,195,000		5.8	%		5,133,000		5,195,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,663,000		5,784,000		6.1	%		5,421,000		5,496,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,783,000		2,952,000		7.3	%		2,617,000		2,760,000
Golden Triangle		100.0	%	Apr 2008		6.0	%		8,878,000		9,264,000		7.4	%		8,841,000		9,116,000
Groton Shopping Center		100.0	%	Oct 2015		6.2	%		11,665,000		—		5.3	%		12,200,000		—
Halifax Plaza		30.0	%	Feb 2010		6.8	%		3,830,000		3,920,000		6.8	%		3,830,000		3,920,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,324,000		5,389,000		6.1	%		5,324,000		5,389,000
Hudson Discount Drug Mart Plaza		100.0	%	Dec 2016		5.7	%		2,544,000		2,575,000		5.7	%		2,544,000		2,575,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,483,000		13,669,000		5.5	%		13,483,000		13,669,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,422,000		6,565,000		6.1	%		6,148,000		6,239,000
King’s Plaza		100.0	%	Jul 2014		6.0	%		8,051,000		—		6.0	%		8,051,000		—
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		9,865,000		10,099,000		6.1	%		9,391,000		9,546,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,443,000		2,480,000		5.2	%		2,443,000		2,480,000
Long Reach Village		100.0	%	Mar 2014		5.7	%		4,848,000		4,921,000		5.7	%		4,848,000		4,921,000
Loyal Plaza		25.0	%	Jun 2011		7.2	%		13,021,000		13,204,000		7.2	%		13,021,000		13,204,000
McCormick Place ^(a)		100.0	%	Jul 2008		5.2	%		—		2,275,000		7.4	%		—		2,207,000
McCormick Place ^(a)		100.0	%	Aug 2017		6.1	%		2,683,000		—		6.1	%		2,683,000		—
Meadows Marketplace		20.0	%	Nov 2016		5.6	%		10,627,000		10,763,000		5.6	%		10,627,000		10,763,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		10,205,000		10,456,000		5.5	%		10,009,000		10,229,000
Newport Plaza		30.0	%	Feb 2010		6.8	%		4,909,000		5,018,000		6.8	%		4,909,000		5,018,000
Oak Ridge Shopping Center		100.0	%	May 2015		5.5	%		3,554,000		3,580,000		5.5	%		3,554,000		3,580,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		5,069,000		5,139,000		5.5	%		5,069,000		5,139,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,255,000		2,290,000		5.2	%		2,255,000		2,290,000
Parkway Plaza		20.0	%	May 2017		5.5	%		14,300,000		—		5.5	%		14,300,000		—
Pennsboro Commons		20.0	%	Mar 2016		5.5	%		11,280,000		11,433,000		5.5	%		11,280,000		11,433,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,294,000		4,361,000		5.0	%		4,294,000		4,361,000
Pine Grove Plaza		100.0	%	Sep 2015		5.0	%		5,997,000		6,090,000		5.0	%		5,997,000		6,090,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,602,000		4,672,000		5.2	%		4,602,000		4,672,000

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


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

Pondside Plaza		100.0	%	May 2015			5.6	%		1,193,000		1,210,000		5.6	%		1,193,000		1,210,000
Port Richmond Village		100.0	%	Apr 2008			7.2	%		10,584,000		10,781,000		7.2	%		10,584,000		10,781,000
Powell Discount Drug Mart		100.0	%	May 2015			5.2	%		4,409,000		4,476,000		5.2	%		4,409,000		4,476,000
Rite Aid at Massillon		100.0	%	Jan 2020			5.0	%		1,624,000		1,711,000		7.7	%		1,414,000		1,471,000
Scott Town Center		20.0	%	Aug 2015			5.5	%		8,903,000		—		4.9	%		9,174,000		—
Shaw’s Plaza		100.0	%	Mar 2014			6.0	%		13,937,000		13,895,000		5.6	%		14,200,000		14,200,000
Shelby Discount Drug Mart Plaza		100.0	%	May 2015			5.2	%		2,255,000		2,290,000		5.2	%		2,255,000		2,290,000
Shore Mall		100.0	%	Aug 2008			5.8	%		30,083,000		31,015,000		7.0	%		29,835,000		30,390,000
Shore Mall		100.0	%	Jan 2009			5.7	%		1,987,000		2,408,000		0.0	%		2,093,000		2,643,000
Smithfield Plaza		100.0	%	Aug 2013			5.2	%		3,617,000		3,689,000		6.1	%		3,461,000		3,504,000
Spring Meadow Shoppping Center		20.0	%	Nov 2014			5.5	%		13,176,000		—		5.9	%		12,881,000		—
Staples at Oswego		100.0	%	May 2015			5.3	%		2,320,000		2,354,000		5.3	%		2,320,000		2,354,000
Stonehedge Square		20.0	%	Jul 2017			6.2	%		8,700,000		—		6.2	%		8,700,000		—
Suffolk Plaza		100.0	%	Aug 2013			5.2	%		4,862,000		4,978,000		6.1	%		4,655,000		4,732,000
The Point		100.0	%	Sep 2012			7.6	%		18,175,000		18,566,000		7.6	%		18,175,000		18,566,000
Timpany Plaza		100.0	%	Jan 2014			5.6	%		8,725,000		—		6.1	%		8,472,000		—
Townfair Center		100.0	%	Mar 2008			6.0	%		9,384,000		9,656,000		7.0	%		9,373,000		9,556,000
Trexler Mall		100.0	%	May 2014			5.4	%		22,328,000		22,701,000		5.5	%		22,132,000		22,472,000
Virginia Little Creek		100.0	%	Aug 2013			5.2	%		5,141,000		5,254,000		6.1	%		4,921,000		4,993,000
Virginia Little Creek		100.0	%	Sep 2021			5.2	%		497,000		522,000		8.0	%		422,000		438,000
Wal-Mart Center		100.0	%	Nov 2015			5.1	%		5,991,000		6,081,000		5.1	%		5,991,000		6,081,000
Washington Center Shoppes ^(b)		100.0	%	Nov 2007			7.5	%		—		5,571,000		7.5	%		—		5,571,000
Washington Center Shoppes ^(b)		100.0	%	Dec 2012			5.9	%		8,800,000		—		5.9	%		8,800,000		—
West Bridgewater		100.0	%	Sep 2016			6.5	%		10,888,000		—		6.2	%		11,000,000		—
Westlake Discount Drug Mart Plaza		100.0	%	Dec 2016			5.6	%		3,304,000		3,346,000		5.6	%		3,304,000		3,346,000
Yorktowne Plaza		100.0	%	Jul 2014			6.1	%		21,040,000		—		6.0	%		21,076,000		—


Total fixed-rate mortgages				6.4 years			5.7	%		656,320,000		494,764,000		5.9	%		652,165,000		489,195,000

				[weighted average]									[weighted average]
Variable-rate mortgage:
LA Fitness Facility		100.0	%	Jan 2008			7.7	%		4,754,000		4,839,000


Total variable-rate mortgage					0.1		7.7	%		4,754,000		4,839,000

				[weighted average]


Total mortgages				6.4 years			5.7	%		661,074,000		499,603,000

				[weighted average]

Secured revolving				Jan 2009
credit facility ^(c)		100.0	%		1.1		6.2	%		190,440,000		68,470,000

				[weighted average]

Total debt					5.2		5.8	%	$	851,514,000	$	568,073,000

				[weighted average]
Pro rata share of total debt									$	746,024,000	$	547,873,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Balance Sheet Information


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

Homburg		80%		$	159,284,980	$	(107,038,752	)	$	(4,113,918	)	$	52,169,276	$	(4,036,966	)	$	48,132,310
Kimco		70% - 75	%		38,229,678		(27,439,112	)		1,761,633			9,184,536		3,367,663			12,552,199
Fameco (c)		40%			5,158,480		—			(91,759	)		1,048,000		4,018,721			5,066,721


				$	202,673,138	$	(134,477,864	)	$	(2,444,044	)	$	62,401,812	$	3,349,418		$	65,751,230


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

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

Kimco		70% - 75	%	$	38,596,779	$	(27,676,871	)	$	1,678,478	$	9,314,973	$	3,283,413	$	12,598,386

Fameco (c)		40%			3,435,131		—			—		1,048,000		2,387,131		3,435,131


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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Income Statement Information


				Three months ended December 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 (d)		Net income		Regular		Preference		Cedar (b)

Homburg		80	%	$	1,136,057	$	220,002	$	33,813	$	319,459	$	562,783	$	438,125	$	124,658	$	99,726	$	—	$	24,932
Kimco		70% - 75	%		1,438,120		316,804		49,111		258,435		813,770		479,889		333,881		240,654		46,395		46,832
Fameco (c)		40	%		—		—		—		—		—		—		—		—		—		—

				$	2,574,177	$	536,806	$	82,924	$	577,894	$	1,376,553	$	918,014	$	458,539	$	340,380	$	46,395	$	71,764


				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 (d)		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 (c)		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 (d)		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 (c)		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 (d)		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 (d)		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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

FFO Allocation


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

Homburg		80	%		20	%	$	355,293	$	88,824	$	444,117
Kimco		70% - 75	%		25% - 30	%		417,884		174,431		592,315
Fameco (c)		40	%		60	%		—		—		—

							$	773,177	$	174,431	$	592,315


							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 (c)		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 (c)		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


(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. Equity also includes net receivable/payable balances on open account between joint venture and wholly-owned entities.

(b)		Includes limited partners’ share. Cedar’s negative equity in the Homburg joint venture includes the excess of the jont venture partner’s contribution over the underlying net book value of the properties owned prior to their contribution to the joint venture on December 6, 2007.

(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)		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 ^(c)		Total

2008	$	8,375,000	$	62,891,000			$	71,266,000
2009		7,606,000		1,542,000	$	190,440,000		199,588,000
2010		7,933,000		8,324,000				16,257,000
2011		8,212,000		55,786,000				63,998,000
2012		9,168,000		29,638,000				38,806,000
2013		8,623,000		35,871,000				44,494,000
2014		7,038,000		130,489,000				137,527,000
2015		6,153,000		92,331,000				98,484,000
2016		3,344,000		89,732,000				93,076,000
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		32,000		17,000				49,000

	$	69,232,000	$	591,842,000	$	190,440,000	$	851,514,000


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)		Refinanced in July 2007.

(b)		Refinanced in November 2007.

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