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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
March 31, 2009
(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 acquisition, 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 and potential purchasers of the Company’s properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment 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 or termination of current leases; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.

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, 2008 and Form 10-Q for the quarter ended March 31, 2009.

Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At March 31, 2009, 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 13 consolidated operating joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property and 75% in one property. 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. The Company’s three 60%-owned joint ventures for development projects in Limerick, Pottsgrove and Stroudsburg, Pennsylvania, are consolidated as they are deemed to be variable interest entities and the Company is the primary income or loss beneficiary in each case. In addition, the Company has a 76.3% interest in an unconsolidated joint venture which owns a single-tenant office property.

Effective January 1, 2009, the Company adopted SFAS No. 160, “Noncontrolling Interests in Consolidated Financial Statements — an amendment of ARB No. 51”. SFAS 160 clarifies that a noncontrolling interest in a subsidiary (minority interests or limited partners’ interest, in the case of the Company) is an ownership interest in a consolidated entity which should be reported as equity in the parent company’s consolidated financial statements. As required by SFAS 160, the Company has reclassified, for all periods presented, the balances related to minority interests in consolidated joint ventures and limited partners’ interest in the Operating Partnership into the consolidated equity accounts, as appropriate (the applicable portion of those OP Units as to which the holders have certain stock registration rights has remained in the mezzanine section of the consolidated balance sheet).

Use of Funds From Operations (“FFO”) and Funds Available for Distribution (“FAD”) as Non-GAAP Financial Measures

Funds From Operations (“FFO”) and Funds Available for Distribution (“FAD”) are widely-recognized non-GAAP financial measures for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, are useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO and FAD are useful to investors as they capture 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 and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO and FAD because the Company considers them important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO/FAD or an adjusted FFO/FAD-based measure (1) as a criterion 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 Company’s secured revolving credit facilities.

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 attributable to the Company’s 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). The Company calculates FAD by further adjusting FFO to exclude the pro rata share of straight-line rents, amortization of intangible lease liabilities, non-real estate amortization, and stock-based compensation included in operations, and to include routine capital expenditures and scheduled debt amortization payments.

FFO and FAD do not represent cash generated from operating activities and should not be considered as alternatives to net income attributable to the Company’s common shareholders or to cash flow from operating activities. FFO and FAD are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO and FAD are measures used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computations of FFO and FAD may vary from one company to another.

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008

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	$	8.58		$	13.88		$	22.00		$	24.40		$	23.12

Common shares outstanding		45,062,472			44,468,287			44,488,703			44,487,817			44,460,886
OP Units outstanding		2,017,451			2,017,451			2,018,537			2,019,623			2,029,623
Closing market price	$	1.74		$	7.08		$	13.22		$	11.72		$	11.68

Equity market capitalization	$	112,378,000		$	378,393,000		$	692,926,000		$	631,687,000		$	625,085,000
Pro rata share of outstanding debt		978,716,000			925,353,000			869,182,000			840,488,000			812,884,000

Total market capitalization	$	1,091,094,000		$	1,303,746,000		$	1,562,108,000		$	1,472,175,000		$	1,437,969,000

Ratio of pro rata share of outstanding debt to total market capitalization		89.7	%		71.0	%		55.6	%		57.1	%		56.5	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	23,560,000		$	23,546,000		$	24,162,000		$	24,414,000		$	25,388,000
Cedar Shopping Centers, Inc. shareholders’ equity		524,349,000			524,027,000			537,738,000			544,735,000			551,617,000

		547,909,000			547,573,000			561,900,000			569,149,000			577,005,000
Pro rata share of total debt		978,716,000			925,353,000			869,182,000			840,488,000			812,884,000

Total financial statement capitalization	$	1,526,625,000		$	1,472,926,000		$	1,431,082,000		$	1,409,637,000		$	1,389,889,000


Ratio of pro rata share of outstanding debt to total financial statement capitalization		64.1	%		62.8	%		60.7	%		59.6	%		58.5	%


	Three months ended
	Mar 31, 2009		Dec 31, 2008		Sep 30, 2008		Jun 30, 2008		Mar 31, 2008

Total revenues	$	46,895,000	$	44,608,000	$	43,322,000	$	42,915,000	$	43,635,000
Net income attributable to common shareholders	$	3,999,000	$	2,885,000	$	3,277,000	$	1,224,000	$	3,112,000
Per common share (basic)	$	0.09	$	0.06	$	0.07	$	0.03	$	0.07
Per common share (diluted)	$	0.09	$	0.06	$	0.07	$	0.03	$	0.07
Dividends to common shareholders	$	5,046,000	$	10,010,000	$	10,010,000	$	10,003,000	$	10,004,000
Per common share	$	0.1125	$	0.2250	$	0.2250	$	0.2250	$	0.2250
FFO	$	15,484,000	$	14,285,000	$	14,440,000	$	14,417,000	$	13,717,000
Per common share/OP unit (basic)	$	0.33	$	0.31	$	0.31	$	0.31	$	0.30
Per common share/OP unit (diluted)	$	0.33	$	0.31	$	0.31	$	0.31	$	0.30

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,880,000		44,489,000		44,488,000		44,464,000		44,458,000
Additional shares for conversion of OP Units (basic)		2,017,000		2,018,000		2,019,000		2,029,000		2,030,000

Shares used in determination of FFO per share (basic)		46,897,000		46,507,000		46,507,000		46,493,000		46,488,000


Shares used in determination of diluted earnings per share		44,880,000		44,489,000		44,490,000		44,466,000		44,459,000
Additional shares for conversion of OP Units (diluted)		2,017,000		2,018,000		2,020,000		2,029,000		2,030,000

Shares used in determination of FFO per share (diluted)		46,897,000		46,507,000		46,510,000		46,495,000		46,489,000

CEDAR SHOPPING CENTERS, INC.

Summary Financial Data (Continued)


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008


Real estate, net	$	1,716,047,000		$	1,634,981,000		$	1,571,206,000		$	1,563,229,000		$	1,529,249,000
Land held for sale		2,266,000			2,266,000			2,701,000			2,686,000			2,681,000
Investment in unconsolidated joint venture		5,385,000			4,976,000			4,902,000			4,791,000			3,775,000
Other assets		94,119,000			84,905,000			91,328,000			83,913,000			93,713,000

Total assets	$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000		$	1,629,418,000


Total debt	$	1,095,304,000		$	1,013,473,000		$	957,551,000		$	934,648,000		$	903,691,000
Other liabilities		104,932,000			107,932,000			91,894,000			92,134,000			91,053,000
Limited partners’ interest in Operating Partnership		14,279,000			14,271,000			14,636,000			14,781,000			15,420,000
Equity		603,302,000			591,452,000			606,056,000			613,056,000			619,254,000

Total liabilities and equity	$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000		$	1,629,418,000


Fixed-rate mortgages	$	700,198,000		$	655,681,000		$	641,499,000		$	677,281,000		$	676,951,000
Variable-rate mortgages		58,181,000			53,302,000			41,362,000			2,977,000			—

Total mortgages		758,379,000			708,983,000			682,861,000			680,258,000			676,951,000
Secured revolving credit facilities		336,925,000			304,490,000			274,690,000			254,390,000			226,740,000

Total debt	$	1,095,304,000		$	1,013,473,000		$	957,551,000		$	934,648,000		$	903,691,000


Pro rata share of total debt	$	978,716,000		$	925,353,000		$	869,182,000		$	840,488,000		$	812,884,000


Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.7	%		5.8	%		5.8	%
Variable-rate mortgages		3.9	%		4.4	%		5.4	%		4.4	%		—
Total mortgages		5.6	%		5.7	%		5.7	%		5.8	%		5.8	%
Secured variable-rate revolving credit facilities		2.0	%		2.8	%		4.1	%		3.6	%		4.0	%
Total debt		4.5	%		4.8	%		5.2	%		5.2	%		5.3	%

CEDAR SHOPPING CENTERS, INC.

Consolidated Balance Sheets


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008

Assets:
Real estate:
Land	$	394,209,000		$	379,780,000		$	367,833,000		$	368,173,000		$	347,655,000
Buildings and improvements		1,480,256,000			1,402,198,000			1,339,198,000			1,320,079,000			1,295,843,000

		1,874,465,000			1,781,978,000			1,707,031,000			1,688,252,000			1,643,498,000
Less accumulated depreciation		(158,418,000	)		(146,997,000	)		(135,825,000	)		(125,023,000	)		(114,249,000	)

Real estate, net		1,716,047,000			1,634,981,000			1,571,206,000			1,563,229,000			1,529,249,000

Land held for sale		2,266,000			2,266,000			2,701,000			2,686,000			2,681,000
Investment in unconsolidated joint venture		5,385,000			4,976,000			4,902,000			4,791,000			3,775,000

Cash and cash equivalents		14,327,000			8,231,000			9,950,000			10,451,000			17,564,000
Restricted cash		13,877,000			14,004,000			14,015,000			16,260,000			16,042,000
Receivables:
Rents and other receivables, net		8,125,000			5,818,000			7,861,000			6,920,000			9,149,000
Straight-line rents receivable		14,962,000			14,322,000			13,582,000			12,927,000			12,157,000
Other assets		9,851,000			9,403,000			12,660,000			6,282,000			10,212,000
Deferred charges, net:
Lease origination costs		20,076,000			19,464,000			19,496,000			20,094,000			19,299,000
Financing costs		10,629,000			11,168,000			11,078,000			8,982,000			7,290,000
Other		2,272,000			2,495,000			2,686,000			1,997,000			2,000,000

Total assets	$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000		$	1,629,418,000


Liabilities and shareholders’ equity:
Mortgage loans payable	$	758,379,000		$	708,983,000		$	682,861,000		$	680,258,000		$	676,951,000
Secured revolving credit facilities		336,925,000			304,490,000			274,690,000			254,390,000			226,740,000
Accounts payable and accrued expenses		32,981,000			36,068,000			17,145,000			13,602,000			12,585,000
Tenant prepayments and security deposits		10,718,000			10,480,000			9,500,000			9,810,000			10,668,000
Unamortized intangible lease liabilities		61,233,000			61,384,000			65,249,000			68,722,000			67,800,000

Total liabilities		1,200,236,000			1,121,405,000			1,049,445,000			1,026,782,000			994,744,000


Limited partners’ interest in Operating Partnership		14,279,000			14,271,000			14,636,000			14,781,000			15,420,000

Equity:
Cedar Shopping Centers, Inc. shareholders’ equity		524,349,000			524,027,000			537,738,000			544,735,000			551,617,000
Noncontrolling interests		78,953,000			67,425,000			68,318,000			68,321,000			67,637,000

Total equity		603,302,000			591,452,000			606,056,000			613,056,000			619,254,000

Total liabilities and equity	$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000		$	1,629,418,000

CEDAR SHOPPING CENTERS, INC.

Consolidated Net Operating Income


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008

Revenues:
Rents:
Base rents		31,798,000		$	30,830,000		$	30,274,000		$	30,251,000		$	29,897,000
Percentage rents		216,000			745,000			609,000			127,000			372,000
Straight-line rents		640,000			740,000			655,000			770,000			711,000
Amortization of intangible lease liabilities		3,416,000			4,032,000			3,473,000			3,504,000			3,400,000

		36,070,000			36,347,000			35,011,000			34,652,000			34,380,000
Expense recoveries		10,563,000			7,941,000			7,800,000			8,088,000			9,048,000
Other		262,000			320,000			511,000			175,000			207,000

		46,895,000			44,608,000			43,322,000			42,915,000			43,635,000

Expenses:
Operating, maintenance and management		9,301,000			7,539,000			6,974,000			7,114,000			8,210,000
Real estate and other property- related taxes		5,371,000			5,221,000			4,994,000			4,758,000			4,701,000

		14,672,000			12,760,000			11,968,000			11,872,000			12,911,000


Net operating income		32,223,000			31,848,000			31,354,000			31,043,000			30,724,000

Other income (expense):
General and administrative		(2,964,000	)		(2,273,000	)		(2,654,000	)		(2,323,000	)		(2,191,000	)
Depreciation and amortization		(12,400,000	)		(12,270,000	)		(11,996,000	)		(14,007,000	)		(11,529,000	)
Interest expense		(12,090,000	)		(13,150,000	)		(12,480,000	)		(12,192,000	)		(12,048,000	)
Amortization of deferred financing costs		(901,000	)		(959,000	)		(801,000	)		(504,000	)		(514,000	)
Capitalization of interest expense and financing costs		1,399,000			2,058,000			2,038,000			1,417,000			1,178,000
Interest income		14,000			14,000			35,000			77,000			158,000
Equity in income of unconsolidated joint venture		259,000			274,000			310,000			222,000			150,000
Gain on sale of land parcel		239,000			—			—			—			—


Net income		5,779,000			5,542,000			5,806,000			3,733,000			5,928,000

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		354,000			(557,000	)		(412,000	)		(482,000	)		(706,000	)
Limited partners’ interest in consolidated OP		(180,000	)		(130,000	)		(148,000	)		(56,000	)		(143,000	)

Total net loss (income) attributable to noncontrolling interests		174,000			(687,000	)		(560,000	)		(538,000	)		(849,000	)


Net income attributable to Cedar Shopping Centers, Inc.		5,953,000			4,855,000			5,246,000			3,195,000			5,079,000

Preferred distribution requirements		(1,954,000	)		(1,970,000	)		(1,969,000	)		(1,971,000	)		(1,967,000	)


Net income attributable to common shareholders	$	3,999,000		$	2,885,000		$	3,277,000		$	1,224,000		$	3,112,000

Net operating income/Revenues		69	%		71	%		72	%		72	%		70	%
Expense recovery percentage (a)		78	%		72	%		75	%		79	%		78	%


(a)		The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $582,000, $821,000, $412,000, $535,000 and $139,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

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


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008

Net income attributable to common shareholders	$	3,999,000		$	2,885,000		$	3,277,000		$	1,224,000		$	3,112,000
Add (deduct):
Real estate depreciation and amortization		12,391,000			12,200,000			11,921,000			13,939,000			11,461,000
Noncontrolling interests:
Limited partners’ interest		180,000			130,000			148,000			56,000			143,000
Minority interests in consolidated joint ventures		(354,000	)		557,000			412,000			482,000			706,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(832,000	)		(1,568,000	)		(1,368,000	)		(1,417,000	)		(1,781,000	)
Equity in income of unconsolidated joint venture		(259,000	)		(274,000	)		(310,000	)		(222,000	)		(150,000	)
FFO from unconsolidated joint venture		359,000			355,000			360,000			355,000			226,000

Funds From Operations (“FFO”)		15,484,000			14,285,000			14,440,000			14,417,000			13,717,000

Add (deduct) the pro rata share of:
Straight-line rents		(452,000	)		(556,000	)		(501,000	)		(588,000	)		(539,000	)
Amortization of intangible lease liabilities		(3,285,000	)		(3,441,000	)		(3,349,000	)		(3,377,000	)		(3,237,000	)
Non-real estate amortization		613,000			607,000			477,000			438,000			442,000
Stock-based compensation (credited) charged to operations		(936,000	)		(1,139,000	)		897,000			607,000			734,000
Capital expenditures, tenant improvements, and leasing commissions — second generation (b)		(1,057,000	)		(1,484,000	)		(1,089,000	)		(1,247,000	)		(1,205,000	)
Scheduled debt amortization payments — carrying value amounts		(1,875,000	)		(1,921,000	)		(1,877,000	)		(1,956,000	)		(1,982,000	)

Funds Available for Distribution (“FAD”)	$	8,492,000		$	6,351,000		$	8,998,000		$	8,294,000		$	7,930,000


FFO per common share, assuming OP Unit conversion:
Basic	$	0.33		$	0.31		$	0.31		$	0.31		$	0.30

Diluted	$	0.33		$	0.31		$	0.31		$	0.31		$	0.30


FAD per common share, assuming OP Unit conversion:
Basic	$	0.18		$	0.14		$	0.19		$	0.18		$	0.17

Diluted	$	0.18		$	0.14		$	0.19		$	0.18		$	0.17


Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,880,000			44,489,000			44,488,000			44,464,000			44,458,000
Additional shares assuming conversion of OP Units (basic)		2,017,000			2,018,000			2,019,000			2,029,000			2,030,000

Shares used in determination of FFO per share (basic)		46,897,000			46,507,000			46,507,000			46,493,000			46,488,000


Shares used in determination of diluted earnings per share		44,880,000			44,489,000			44,490,000			44,466,000			44,459,000
Additional shares assuming conversion of OP Units (diluted)		2,017,000			2,018,000			2,020,000			2,029,000			2,030,000

Shares used in determination of FFO per share (diluted)		46,897,000			46,507,000			46,510,000			46,495,000			46,489,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (a)	$	16,040,000		$	37,877,000		$	20,360,000		$	28,858,000		$	31,270,000

Capitalized interest and financing costs	$	1,399,000		$	2,058,000		$	2,038,000		$	1,417,000		$	1,176,000

Scheduled debt amortization payments — stated contract amounts	$	1,726,000		$	1,787,000		$	1,678,000		$	1,728,000		$	1,785,000

Transaction costs (d)	$	764,000		$	848,000		$	5,000		$	—		$	3,000


	As of
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
	2009		2008		2008		2008		2008

Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(c)	$	199,010,000	$	185,837,000	$	147,797,000	$	134,496,000	$	111,135,000


(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 the applicable portions of development/redevelopment and expansion properties.

(d)		The March 31, 2009 amount includes $259,000 relating to the adoption of SFAS 141R, effective January 1, 2009, with respect to the expensing of certain transaction costs applicable to property acquisitions.

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


	Three months ended
	Mar 31			Dec 31			Sep 30			Jun 30			Mar 31
	2009			2008			2008			2008			2008

Cash flow from operating activities:
Net income	$	5,779,000		$	5,542,000		$	5,806,000		$	3,733,000		$	5,928,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash provisions:
Equity in income of unconsolidated joint venture		(259,000	)		(274,000	)		(310,000	)		(222,000	)		(150,000	)
Distributions from unconsolidated joint venture		200,000			200,000			200,000			302,000			132,000
Straight-line rents receivable		(640,000	)		(740,000	)		(655,000	)		(770,000	)		(711,000	)
Depreciation and amortization		12,400,000			12,270,000			11,996,000			14,007,000			11,529,000
Amortization of intangible lease liabilities		(3,416,000	)		(4,032,000	)		(3,473,000	)		(3,504,000	)		(3,400,000	)
Amortization/market price adjustments relating to stock-based compensation		(936,000	)		(1,139,000	)		897,000			607,000			734,000
Amortization of deferred financing costs		637,000			563,000			428,000			396,000			403,000
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		(2,307,000	)		2,043,000			(941,000	)		2,229,000			(1,509,000	)
Other		(942,000	)		3,188,000			(3,302,000	)		539,000			(272,000	)
Accounts payable and accrued expenses		(1,446,000	)		2,288,000			938,000			(1,056,000	)		(86,000	)

Net cash provided by operating activities		9,070,000			19,909,000			11,584,000			16,261,000			12,598,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(35,656,000	)		(60,410,000	)		(20,562,000	)		(20,483,000	)		(29,956,000	)
Purchase of consolidated joint venture minority interests		—			—			—			—			(17,454,000	)
Investment in unconsolidated joint venture		(350,000	)		—			(3,000	)		(1,094,000	)		—
Construction escrows and other		(397,000	)		(210,000	)		544,000			(237,000	)		(1,062,000	)

Net cash (used in) investing activities		(36,403,000	)		(60,620,000	)		(20,021,000	)		(21,814,000	)		(48,472,000	)


Cash flow from financing activities:
Net advances from revolving lines of credit		32,435,000			29,800,000			20,300,000			27,650,000			36,300,000
Proceeds from mortgage financings		8,000,000			25,791,000			53,385,000			62,000			27,500,000
Mortgage repayments		(11,520,000	)		(2,477,000	)		(50,782,000	)		(14,911,000	)		(25,147,000	)
Payments/refund of deferred financing costs, net		(101,000	)		(650,000	)		(2,524,000	)		(2,088,000	)		200,000
Noncontrolling interests:
Contributions from consolidated joint venture minority interests, net		11,857,000			2,123,000			(9,000	)		276,000			3,993,000
Distributions to consolidated joint venture minority interests		—			(3,161,000	)		—			—			(266,000	)
Redemption of Operating Partnership Units		—			—			—			(122,000	)		—
Distributions to limited partners		(227,000	)		(454,000	)		(455,000	)		(456,000	)		(457,000	)
Preferred stock distributions		(1,969,000	)		(1,970,000	)		(1,969,000	)		(1,968,000	)		(1,970,000	)
Distributions to common shareholders		(5,046,000	)		(10,010,000	)		(10,010,000	)		(10,003,000	)		(10,004,000	)


Net cash provided by (used in) financing activities		33,429,000			38,992,000			7,936,000			(1,560,000	)		30,149,000


Net increase (decrease) in cash and cash equivalents		6,096,000			(1,719,000	)		(501,000	)		(7,113,000	)		(5,725,000	)
Cash and cash equivalents at beginning of period		8,231,000			9,950,000			10,451,000			17,564,000			23,289,000

Cash and cash equivalents at end of period	$	14,327,000		$	8,231,000		$	9,950,000		$	10,451,000		$	17,564,000

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended Mar 31,
	2009			2008


The number of properties that were owned throughout each of the comparative periods		117			117


Revenues:
Rents:
Base rents	$	29,831,000		$	29,759,000
Percentage rents		208,000			372,000
Straight-line rents		547,000			699,000
Amortization of intangible lease liabilities		3,285,000			3,377,000

		33,871,000			34,207,000
Expense recoveries (a)		10,145,000			8,975,000
Other		225,000			207,000

Total revenues		44,241,000			43,389,000


Operating expenses (a):
Operating, maintenance and management		8,935,000			7,510,000
Real estate and other property-related taxes		4,990,000			4,567,000

Total expenses		13,925,000			12,077,000


Net operating income	$	30,316,000		$	31,312,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	72,000			0.2	%
Percentage rents		(164,000	)		-44.1	%
Straight-line rents		(152,000	)		-21.7	%
Amortization of intangible lease liabilities		(92,000	)		-2.7	%

		(336,000	)		-1.0	%
Expense recoveries		1,170,000			13.0	%
Other		18,000			8.7	%

Total revenues		852,000			2.0	%


Expenses:
Operating, maintenance and management		1,425,000			19.0	%
Real estate and other property-related taxes		423,000			9.3	%

Total expenses		1,848,000			15.3	%


Net operating income	$	(996,000	)		-3.2	%


Percent occupied at end of period		91.9	%		92.5	%


Expense recovery percentage (a)		78.4	%		77.7	%


(a)		The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $576,000 and $139,000, respectively.

CEDAR SHOPPING CENTERS, INC.

Leasing Activity and Occupancy Statistics (a)(b)


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008


Renewals

Number of leases		38			61			27			29			42
Aggregate square feet		200,000			321,000			84,000			78,000			188,000
Average square feet		5,263			5,262			3,111			2,690			4,476
Average expiring base rent psf	$	10.67		$	11.87		$	15.63		$	12.80		$	11.10
Average new base rent psf	$	11.04		$	13.19		$	17.23		$	14.42		$	12.44
% increase in base rent		3.47	%		11.12	%		10.24	%		12.66	%		12.07	%

New leases

Number of leases		19			20			22			5			9
Aggregate square feet		95,000			67,000			94,000			16,000			30,000
Average square feet		5,000			3,350			4,273			3,200			3,333
Average new base rent psf	$	10.06		$	13.42		$	17.59		$	18.47		$	20.14

Terminated leases

Number of leases		19			18			16			15			13
Aggregate square feet		90,000			52,000			49,000			75,000			122,000
Average square feet		4,737			2,889			3,063			5,000			9,385
Average old base rent psf	$	12.12		$	13.34		$	14.25		$	10.26		$	5.39


	As of
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2009			2008			2008			2008			2008


Occupancy statistics

Stabilized properties:
Wholly-owned		95	%		95	%		95	%		96	%		96	%
Consolidated joint ventures		96	%		97	%		98	%		96	%		96	%

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


Development/redevelopment and other non-stabilized properties		65	%		65	%		66	%		68	%		68	%


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


(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 represents a small percentage of the total portfolio.

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of March 31, 2009


	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 (b)		19		1,137,000		9.0	%	$	17,060,000	$	15.00		13.1	%
Discount Drug Mart		18		454,000		3.6	%		4,253,000		9.37		3.3	%
Farm Fresh (b)		6		364,000		2.9	%		3,914,000		10.75		3.0	%
Stop & Shop (b)		5		325,000		2.6	%		3,493,000		10.75		2.7	%
CVS		12		133,000		1.0	%		2,762,000		20.77		2.1	%
Shaw’s (b)		4		241,000		1.9	%		2,716,000		11.27		2.1	%
LA Fitness		4		168,000		1.3	%		2,422,000		14.42		1.9	%
Staples		7		151,000		1.2	%		2,091,000		13.85		1.6	%
Food Lion (b)		7		243,000		1.9	%		1,921,000		7.91		1.5	%
Burlington Coat Factory		2		306,000		2.4	%		1,680,000		5.49		1.3	%

Sub-total top ten tenants		84		3,522,000		27.8	%		42,312,000		12.01		32.5	%

Remaining tenants		1,182		8,153,000		64.3	%		87,694,000		10.76		67.5	%

Sub-total all tenants		1,266		11,675,000		92.1	%		130,006,000		11.14		100.0	%

Vacant space (c)		n/a		996,000		7.9	%		n/a		n/a		n/a

Total (including vacant space)		1,266		12,671,000		100.0	%	$	130,006,000	$	10.26		n/a


(a)		Based on annualized base rent.

(b)		Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shaw’s, Shop ‘n Save (GLA of 53,000; annualized base rent of $505,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of $1,206,000) and Acme (GLA of 172,000; annualized based rent of $756,000), and (3) Food Lion and Hannaford (GLA of 43,000; annualized base rent of $405,000).

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


	Three months ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
Total Revenues By State	2009		2008		2008		2008		2008

State
Pennsylvania	$	20,881,000	$	20,990,000	$	20,703,000	$	20,309,000	$	20,715,000
Massachusetts		6,403,000		5,908,000		5,804,000		5,918,000		6,084,000
Connecticut		4,934,000		3,866,000		3,762,000		3,645,000		3,501,000
Ohio		3,426,000		3,225,000		3,210,000		3,290,000		3,271,000
New Jersey		3,255,000		3,349,000		3,095,000		3,253,000		3,332,000
Virginia		2,996,000		2,821,000		2,598,000		2,607,000		2,616,000
Maryland		2,834,000		2,390,000		2,088,000		1,934,000		2,025,000
New York		1,703,000		1,676,000		1,625,000		1,553,000		1,542,000
Michigan		463,000		383,000		437,000		406,000		549,000

	$	46,895,000	$	44,608,000	$	43,322,000	$	42,915,000	$	43,635,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of March 31, 2009


												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		154,000		1.3	%	$	2,102,000	$	13.65		1.6	%
2009		149		578,000		5.0	%		6,901,000		11.94		5.3	%
2010		213		1,509,000		12.9	%		15,141,000		10.03		11.6	%
2011		169		1,010,000		8.7	%		11,084,000		10.97		8.5	%
2012		162		826,000		7.1	%		9,481,000		11.48		7.3	%
2013		134		780,000		6.7	%		9,235,000		11.84		7.1	%
2014		90		1,278,000		10.9	%		9,926,000		7.77		7.6	%
2015		55		616,000		5.3	%		6,715,000		10.90		5.2	%
2016		38		529,000		4.5	%		5,439,000		10.28		4.2	%
2017		35		528,000		4.5	%		6,642,000		12.58		5.1	%
2018		42		825,000		7.1	%		9,157,000		11.10		7.0	%
2019		23		527,000		4.5	%		5,641,000		10.70		4.3	%
Thereafter		85		2,515,000		21.5	%		32,542,000		12.94		25.0	%


		1,266		11,675,000		100.0	%		130,006,000		11.14		100.0	%

Vacant space (a)		n/a		996,000		n/a			n/a		n/a		n/a


Total portfolio (b)		1,266		12,671,000		n/a		$	130,006,000	$	10.26		n/a


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

(b)		At March 31, 2009, the Company had a portfolio of 123 operating properties totaling approximately 12.7 million square feet of GLA, including 110 wholly-owned properties comprising approximately 11.0 million square feet and 13 properties owned in joint venture comprising approximately 1.7 million square feet. The entire 123 property portfolio was approximately 92% leased at March 31, 2009.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of March 31, 2009


						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	%		152,727	1965/1998	Acme Markets		50,918	9/30/2018

Annie Land Plaza	VA	2006		100	%		42,500	1999	Food Lion		29,000	5/4/2019

Camp Hill	PA	2002		100	%		472,458	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	%		124,565	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/	Acme Markets		55,000	9/30/2016
								2004

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	11/30/2014

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

Coliseum Marketplace	VA	2005		100	%		98,359	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

East Chestnut	PA	2005		100	%		21,180	1996

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 March 31, 2009


						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 Plaza	PA	2003		100	%		69,579	1992	Giant Foods		59,237	2/28/2017

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	%		302,716	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

Grove City Discount Drug Mart Plaza	OH	2007		100	%		40,848	2005	Discount Drug Mart		24,596	3/31/2020

Halifax Plaza	PA	2003		100	%		51,510	1994	Giant Foods		32,000	10/31/2019

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	%		33,578	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	%		181,730	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	2/11/2014

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	5/31/2014

Kingston Plaza	NY	2006		100	%		18,337	2006

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2009


						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

Loyal Plaza	PA	2002		100	%		293,825	1969/2000	K-Mart		102,558	8/31/2011
									Giant Foods		66,935	10/31/2019
									Staples		20,555	11/30/2014

Mason Discount Drug Mart Plaza	OH	2008		100	%		52,896	2005/2007	Discount Drug Mart		24,596	3/31/2021

McCormick Place	OH	2005		100	%		46,000	1995	Sam Levin Furniture		46,000	11/30/2011

McDonalds / Waffle House of Medina ^(b)	OH	2005		100	%		6,000	2003

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


Metro Square	MD	2008		100	%		71,428	1999	Shoppers Food Warehouse		58,200	1/31/2030

Newport Plaza	PA	2003		100	%		66,789	1996	Giant Foods		43,400	5/31/2021

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	2/28/2014

Powell Discount Drug Mart Plaza	OH	2005		100	%		49,772	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
									Avalon Carpet		25,000	1/31/2012
									Pep Boys		22,000	9/30/2014

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2009


						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

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

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

Shore Mall	NJ	2006		100	%		603,098	1960/1980	Boscov’s		172,200	9/19/2018
									Burlington Coat Factory		144,000	4/30/2014
									Burlington Coat Factory		85,000	11/30/2009
									K&G		25,000	2/28/2017

Smithfield Plaza	VA	2005-2008		100	%		134,664	1987/1996	Farm Fresh		45,544	1/31/2014
									Maxway		21,600	9/30/2010
									Peebles		21,600	1/31/2010

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
									Modell’s		20,000	1/31/2018

St. James Square	MD	2005		100	%		39,903	2000	Food Lion		33,000	11/14/2020

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

Staples at Oswego	NY	2005		100	%		23,884	2000	Staples		23,884	2/28/2015

Stop & Shop Plaza	CT	2008		100	%		54,510	2006	Stop & Shop		54,510	11/30/2026

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	%		250,697	1972/2001	Burlington Coat Factory		76,665	1/31/2011
									Giant Foods		58,585	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	10/22/2012
									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	5/31/2014

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2009


						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	11/30/2013
									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	%		190,939	1975/1994	K-Mart		95,810	9/30/2014
									Ollie’s Bargain Outlet		41,888	3/31/2011
									Tractor Supply		32,095	5/31/2010

Virginia Center Commons	VA	2005		100	%		9,763	2002

Virginia Little Creek	VA	2005		100	%		69,620	1996/2001	Farm Fresh		66,120	1/31/2014

Wal-Mart Center	CT	2003		100	%		155,842	1972/2000	Wal-Mart		95,482	1/31/2020
									NAMCO		20,000	1/31/2011

Washington Center Shoppes	NJ	2001		100	%		157,290	1979/1995	Acme Markets		66,046	12/2/2020
									Planet Fitness		20,742	3/31/2024

West Bridgewater Plaza	MA	2007		100	%		133,039	1970/2007	Shaw’s		57,315	2/28/2027
									Big Lots		25,000	1/31/2014

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							10,020,443


Properties Owned in Joint Venture:
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	%		109,784	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

							834,580

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2009


						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

PCP Joint Venture:
New London Mall	CT	2009		40	%		259,293	1967/1997 -	Shoprite		64,017	2/29/2020
								2000	Marshalls		30,354	1/31/2014
									Homegoods		25,432	9/30/2010
									Petsmart		23,500	1/31/2015
									AC Moore		20,932	3/31/2015

San Souci Plaza	MD	2009		40	%		264,134	1985 - 1997/	Shoppers Food Warehouse		61,466	5/31/2020
								2007	Marshalls		27,000	9/30/2017

							523,427

Joint Ventures (other):
CVS at Naugatuck	CT	2008		50	%		13,225	2008	CVS		13,225	1/31/2034

Total Consolidated Joint Ventures							1,371,232

Total Stabilized Properties							11,391,675


Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall	PA	2005		75	%		344,440	1988	Sears		64,264	10/24/2013
									Bon-Ton		45,000	10/31/2013
									JC Penney		34,076	10/31/2013

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

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

Huntingdon Plaza	PA	2004		100	%		147,197	1972 - 2003	Peebles		22,060	1/31/2018

Lake Raystown Plaza	PA	2004		100	%		145,727	1995	Giant Foods		61,435	10/31/2026

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

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


Total Non-Stabilized Properties							1,279,450


Total Portfolio ^(c)							12,671,125


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of March 31, 2009. Dunmore Shopping Center, Fairview Commons and Shelby Discount Drug Mart Plaza are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		The McDonalds / Waffle House of Medina property was sold on April 23, 2009.

(c)		In addition, the Company has a 76.3% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of March 31, 2009


					Financial statement carrying values										Gross
															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	$	11,141,000	$	13,547,000	$	2,065,000	$	11,482,000		152,727		82	%	$	12.94
Annie Land Plaza	VA		100	%		809,000		3,869,000		4,678,000		387,000		4,291,000		42,500		92	%		9.10
Camp Hill	PA		100	%		4,424,000		60,495,000		64,919,000		6,676,000		58,243,000		472,458		98	%		12.69
Carbondale Plaza	PA		100	%		1,586,000		11,622,000		13,208,000		1,585,000		11,623,000		124,565		87	%		5.61
Carll’s Corner	NJ		100	%		2,979,000		15,455,000		18,434,000		788,000		17,646,000		129,582		94	%		8.71
Carman’s Plaza	NY		100	%		8,454,000		34,302,000		42,756,000		1,822,000		40,934,000		194,481		94	%		16.09
Carrollton Discount Drug Mart Plaza	OH		100	%		713,000		3,339,000		4,052,000		486,000		3,566,000		40,480		100	%		8.04
Centerville Discount Drug Mart Plaza	OH		100	%		1,219,000		5,445,000		6,664,000		702,000		5,962,000		49,287		93	%		11.13
Circle Plaza	PA		100	%		561,000		2,884,000		3,445,000		134,000		3,311,000		92,171		100	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,230,000		3,903,000		423,000		3,480,000		34,592		83	%		8.88
Coliseum Marketplace	VA		100	%		3,586,000		17,161,000		20,747,000		2,321,000		18,426,000		98,359		100	%		15.82
Columbus Crossing	PA		100	%		4,579,000		19,251,000		23,830,000		2,997,000		20,833,000		142,166		97	%		16.01
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		215,000		1,558,000		10,722		100	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		242,000		2,143,000		10,195		100	%		17.49
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		209,000		1,973,000		10,125		100	%		16.50
CVS at Kinderhook	NY		100	%		2,501,000		1,106,000		3,607,000		48,000		3,559,000		13,225		100	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,603,000		1,944,000		205,000		1,739,000		10,722		100	%		13.00
CVS at Westfield	NY		100	%		339,000		1,558,000		1,897,000		177,000		1,720,000		10,125		100	%		15.74
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,803,000		3,366,000		588,000		2,778,000		38,409		100	%		8.68
East Chestnut	PA		100	%		800,000		3,700,000		4,500,000		636,000		3,864,000		21,180		100	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,229,000		7,600,000		627,000		6,973,000		66,250		95	%		8.64
Enon Discount Drug Mart Plaza	OH		100	%		1,135,000		4,356,000		5,491,000		235,000		5,256,000		42,876		100	%		11.01
Fairfield Plaza	CT		100	%		2,202,000		9,393,000		11,595,000		1,132,000		10,463,000		72,279		93	%		13.94
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,291,000		9,554,000		69,579		100	%		12.22
Family Dollar at Zanesville	OH		100	%		81,000		570,000		651,000		236,000		415,000		6,900		100	%		8.70
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		101,000		803,000		3,200		100	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,312,000		1,576,000		133,000		1,443,000		18,300		100	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,846,000		73,663,000		9,111,000		64,552,000		302,716		92	%		19.65
Gabriel Brothers Plaza	OH		100	%		947,000		3,964,000		4,911,000		583,000		4,328,000		83,740		100	%		5.60
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,765,000		8,503,000		682,000		7,821,000		48,080		91	%		15.06
General Booth Plaza	VA		100	%		1,935,000		9,540,000		11,475,000		1,523,000		9,952,000		73,320		95	%		12.44
Gold Star Plaza	PA		100	%		1,644,000		6,542,000		8,186,000		760,000		7,426,000		71,729		84	%		9.25
Golden Triangle	PA		100	%		2,320,000		19,323,000		21,643,000		3,026,000		18,617,000		202,943		98	%		12.08
Groton Shopping Center	CT		100	%		3,073,000		12,343,000		15,416,000		949,000		14,467,000		117,986		97	%		10.17
Grove City Discount Drug Mart Plaza	OH		100	%		1,157,000		4,564,000		5,721,000		270,000		5,451,000		40,848		100	%		13.09
Halifax Plaza	PA		100	%		1,347,000		5,936,000		7,283,000		811,000		6,472,000		51,510		100	%		11.05
Hamburg Commons	PA		100	%		1,153,000		9,792,000		10,945,000		1,099,000		9,846,000		99,580		92	%		6.22
Hannaford Plaza	MA		100	%		1,874,000		8,711,000		10,585,000		832,000		9,753,000		102,459		97	%		7.48
Hilliard Discount Drug Mart Plaza	OH		100	%		1,307,000		4,980,000		6,287,000		278,000		6,009,000		40,988		100	%		12.83
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		2,967,000		3,753,000		193,000		3,560,000		33,578		95	%		9.97
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,593,000		4,363,000		458,000		3,905,000		32,259		100	%		10.72
Jordan Lane	CT		100	%		4,291,000		21,416,000		25,707,000		2,566,000		23,141,000		181,730		98	%		9.72
Kempsville Crossing	VA		100	%		2,207,000		11,129,000		13,336,000		1,805,000		11,531,000		94,477		97	%		11.33
Kenley Village	MD		100	%		726,000		3,553,000		4,279,000		891,000		3,388,000		51,894		97	%		8.06
Kings Plaza	MA		100	%		2,408,000		11,776,000		14,184,000		791,000		13,393,000		168,243		99	%		6.11
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		142,000		5,093,000		18,337		100	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		720,000		6,918,000		41,000		100	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,844,000		15,539,000		1,474,000		14,065,000		68,200		89	%		17.45
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,460,000		4,164,000		551,000		3,613,000		38,576		88	%		8.27
Long Reach Village	MD		100	%		1,721,000		8,679,000		10,400,000		967,000		9,433,000		104,922		90	%		11.10
Loyal Plaza	PA		100	%		4,511,000		22,260,000		26,771,000		3,837,000		22,934,000		293,825		100	%		7.80

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2009


					Financial statement carrying values										Gross
															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.

Mason Discount Drug Mart Plaza	OH		100	%		1,849,000		7,447,000		9,296,000		339,000		8,957,000		52,896		91	%		14.56
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		724,000		4,189,000		46,000		100	%		8.50
McDonalds / Waffle House of Medina ^(b)	OH		100	%		737,000		132,000		869,000		30,000		839,000		6,000		100	%		12.98
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,221,000		13,647,000		51,500		100	%		20.90
Metro Square	MD		100	%		3,121,000		12,351,000		15,472,000		207,000		15,265,000		71,428		100	%		18.84
Newport Plaza	PA		100	%		1,722,000		8,108,000		9,830,000		969,000		8,861,000		66,789		100	%		10.98
Oak Ridge	VA		100	%		960,000		4,272,000		5,232,000		335,000		4,897,000		38,700		100	%		10.39
Oakhurst Plaza	PA		100	%		4,539,000		18,189,000		22,728,000		1,713,000		21,015,000		111,869		89	%		15.61
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		1,021,000		17,160,000		89,850		100	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,314,000		7,925,000		1,026,000		6,899,000		58,224		100	%		12.82
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,664,000		4,473,000		501,000		3,972,000		38,623		85	%		8.64
Palmyra Shopping Center	PA		100	%		1,488,000		6,628,000		8,116,000		1,015,000		7,101,000		112,108		91	%		5.39
Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,965,000		7,270,000		815,000		6,455,000		47,810		96	%		12.12
Pine Grove Plaza	NJ		100	%		1,622,000		6,507,000		8,129,000		983,000		7,146,000		79,306		100	%		11.04
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,846,000		7,088,000		997,000		6,091,000		50,283		90	%		12.21
Pondside Plaza	NY		100	%		365,000		1,627,000		1,992,000		265,000		1,727,000		19,340		100	%		8.20
Port Richmond Village	PA		100	%		2,942,000		12,403,000		15,345,000		2,351,000		12,994,000		154,908		94	%		12.89
Powell Discount Drug Mart Plaza	OH		100	%		1,384,000		6,169,000		7,553,000		896,000		6,657,000		49,772		93	%		12.28
Price Chopper Plaza	MA		100	%		4,135,000		18,485,000		22,620,000		839,000		21,781,000		101,824		88	%		10.93
Rite Aid at Massillon	OH		100	%		442,000		2,014,000		2,456,000		234,000		2,222,000		10,125		100	%		17.91
River View Plaza I, II and III	PA		100	%		9,718,000		44,032,000		53,750,000		6,738,000		47,012,000		244,225		87	%		17.70
Shaw’s Plaza	MA		100	%		5,780,000		25,075,000		30,855,000		2,245,000		28,610,000		176,609		96	%		10.94
Shoppes at Salem Run	VA		100	%		1,076,000		4,265,000		5,341,000		405,000		4,936,000		15,100		100	%		23.35
Shore Mall	NJ		100	%		7,179,000		39,454,000		46,633,000		4,034,000		42,599,000		603,098		95	%		7.69
Smithfield Plaza	VA		100	%		2,919,000		12,769,000		15,688,000		941,000		14,747,000		134,664		98	%		9.32
South Philadelphia	PA		100	%		8,222,000		38,435,000		46,657,000		6,873,000		39,784,000		283,415		83	%		14.21
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		690,000		4,359,000		39,903		100	%		11.43
Stadium Plaza	MI		100	%		2,443,000		9,779,000		12,222,000		1,060,000		11,162,000		77,688		100	%		15.28
Staples at Oswego	NY		100	%		635,000		3,000,000		3,635,000		430,000		3,205,000		23,884		100	%		11.99
Stop & Shop Plaza	CT		100	%		—		11,297,000		11,297,000		605,000		10,692,000		54,510		100	%		15.59
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,113,000		7,525,000		67,216		100	%		9.90
Sunset Crossing	PA		100	%		2,150,000		9,130,000		11,280,000		1,361,000		9,919,000		74,142		92	%		14.65
Swede Square	PA		100	%		2,272,000		10,510,000		12,782,000		2,033,000		10,749,000		98,792		100	%		14.09
The Brickyard	CT		100	%		6,465,000		28,739,000		35,204,000		4,889,000		30,315,000		274,553		100	%		8.99
The Commons	PA		100	%		3,098,000		14,154,000		17,252,000		2,662,000		14,590,000		175,121		84	%		9.83
The Point	PA		100	%		2,996,000		22,021,000		25,017,000		4,880,000		20,137,000		250,697		94	%		11.44
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,319,000		13,552,000		1,850,000		11,702,000		182,859		89	%		6.75
The Shops at Suffolk Downs	MA		100	%		3,564,000		11,428,000		14,992,000		1,225,000		13,767,000		85,829		100	%		11.76
Timpany Plaza	MA		100	%		3,391,000		16,362,000		19,753,000		996,000		18,757,000		183,775		95	%		6.54
Trexler Mall	PA		100	%		6,932,000		32,362,000		39,294,000		3,507,000		35,787,000		339,363		98	%		8.70
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,242,000		14,729,000		63,000		100	%		16.44
Ukrop’s at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		167,000		6,815,000		43,000		100	%		9.01
Valley Plaza	MD		100	%		1,950,000		8,250,000		10,200,000		1,183,000		9,017,000		190,939		97	%		4.52
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		470,000		4,385,000		9,763		100	%		31.83
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,181,000		8,808,000		69,620		100	%		11.00
Wal-Mart Center	CT		100	%		—		11,856,000		11,856,000		1,660,000		10,196,000		155,842		98	%		6.20
Washington Center Shoppes	NJ		100	%		1,999,000		10,206,000		12,205,000		2,029,000		10,176,000		157,290		93	%		9.24
West Bridgewater Plaza	MA		100	%		2,738,000		14,487,000		17,225,000		765,000		16,460,000		133,039		91	%		9.26
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,905,000		4,909,000		369,000		4,540,000		55,775		100	%		7.28
Yorktowne Plaza	MD		100	%		5,913,000		25,256,000		31,169,000		1,676,000		29,493,000		158,982		96	%		13.42

Total Wholly-Owned Stabilized Properties						239,190,000		1,109,904,000		1,349,094,000		136,540,000		1,212,554,000		10,020,443		95	%		11.02

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2009


						Financial statement carrying values										Gross
																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:
Homburg Joint Venture:
Aston Center	PA			20	%		4,319,000		17,070,000		21,389,000		947,000		20,442,000		55,000			100	%		24.70
Ayr Town Center	PA			20	%		2,442,000		9,750,000		12,192,000		611,000		11,581,000		55,600			100	%		15.83
Fieldstone Marketplace	MA			20	%		5,229,000		21,882,000		27,111,000		2,555,000		24,556,000		193,970			96	%		11.47
Meadows Marketplace	PA			20	%		1,914,000		11,336,000		13,250,000		917,000		12,333,000		89,138			93	%		15.41
Parkway Plaza	PA			20	%		4,647,000		19,421,000		24,068,000		1,351,000		22,717,000		106,628			98	%		15.09
Pennsboro Commons	PA			20	%		3,608,000		14,297,000		17,905,000		1,801,000		16,104,000		109,784			94	%		13.92
Scott Town Center	PA			20	%		2,959,000		11,800,000		14,759,000		797,000		13,962,000		67,933			98	%		17.69
Spring Meadow Shopping Center	PA			20	%		4,112,000		16,429,000		20,541,000		958,000		19,583,000		67,850			100	%		19.90
Stonehedge Square	PA			20	%		2,698,000		11,705,000		14,403,000		1,153,000		13,250,000		88,677			94	%		11.34

							31,928,000		133,690,000		165,618,000		11,090,000		154,528,000		834,580			96	%		15.08

PCP Joint Venture:
New London Mall	CT			40	%		7,810,000		32,033,000		39,843,000		201,000		39,642,000		259,293			98	%		13.26
San Souci Plaza	MD			40	%		6,360,000		26,949,000		33,309,000		211,000		33,098,000		264,134			94	%		9.90

							14,170,000		58,982,000		73,152,000		412,000		72,740,000		523,427			96	%		11.60

Joint Ventures (other):
CVS at Naugatuck	CT			100	%		—		2,709,000		2,709,000		29,000		2,680,000		13,225			100	%		35.01

Total Consolidated Joint Ventures							46,098,000		195,381,000		241,479,000		11,531,000		229,948,000		1,371,232			96	%		13.96

Total Stabilized Properties							285,288,000		1,305,285,000		1,590,573,000		148,071,000		1,442,502,000		11,391,675			95	%		11.38


Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall ^(c)	PA			75	%		2,855,000		16,938,000		19,793,000		1,969,000		17,824,000		344,440			65	%		5.78
Dunmore Shopping Center	PA			100	%		565,000		2,245,000		2,810,000		358,000		2,452,000		101,000			66	%		3.61
Fairview Commons	PA			100	%		858,000		3,568,000		4,426,000		396,000		4,030,000		59,578			77	%		5.05
Huntingdon Plaza	PA			100	%		933,000		5,861,000		6,794,000		611,000		6,183,000		147,197			53	%		6.64
Lake Raystown Plaza	PA			100	%		2,231,000		14,969,000		17,200,000		1,763,000		15,437,000		145,727			63	%		15.55
Shelby Discount Drug Mart Plaza	OH			100	%		671,000		3,276,000		3,947,000		530,000		3,417,000		36,596			78	%		8.92
Townfair Center	PA			100	%		3,022,000		14,795,000		17,817,000		2,592,000		15,225,000		203,531			59	%		6.50
Trexlertown Plaza	PA			100	%		5,262,000		25,797,000		31,059,000		2,128,000		28,931,000		241,381			75	%		10.50

Total Non-Stabilized Properties							16,397,000		87,449,000		103,846,000		10,347,000		93,499,000		1,279,450			65	%		7.95


Total Operating Portfolio							301,685,000		1,392,734,000		1,694,419,000		158,418,000		1,536,001,000		12,671,125			92	%	$	11.14


Projects Under Development and Land Held For Future Expansion and Development:
Blue Mountain Commons	PA			100	%		14,065,000		20,390,000		34,455,000		—		34,455,000	34.00		acres
Columbia Mall ^(c)	PA			75	%		1,465,000		387,000		1,852,000		—		1,852,000	46.21		acres
Crossroads II ^(d)	PA			60	%		17,671,000		5,103,000		22,774,000		—		22,774,000	18.23		acres
Halifax Commons	PA			100	%		872,000		175,000		1,047,000		—		1,047,000	4.37		acres
Halifax Plaza	PA			100	%		1,503,000		1,173,000		2,676,000		—		2,676,000	12.83		acres
Heritage Crossing ^(e)	PA			60	%		5,066,000		6,233,000		11,299,000		—		11,299,000	14.23		acres
Liberty Marketplace	PA			100	%		1,564,000		17,000		1,581,000		—		1,581,000	15.51		acres
Northside Commons	PA			100	%		3,379,000		5,644,000		9,023,000		—		9,023,000	15.92		acres
Oregon Pike	PA			100	%		2,283,000		37,000		2,320,000		—		2,320,000	11.20		acres
Pine Grove Plaza	NJ			100	%		388,000		45,000		433,000		—		433,000	2.66		acres
Shore Mall	NJ			100	%		2,018,000		78,000		2,096,000		—		2,096,000	50.00		acres
The Brickyard	CT			100	%		1,183,000		141,000		1,324,000		—		1,324,000	1.95		acres
The Shops at Suffolk Downs	MA			100	%		4,016,000		5,232,000		9,248,000		—		9,248,000	6.51		acres
Trexlertown Plaza	PA			100	%		8,089,000		2,275,000		10,364,000		—		10,364,000	37.28		acres
Trindle Spring	PA			100	%		1,148,000		244,000		1,392,000		—		1,392,000	2.10		acres
Upland Square ^(f)	PA			60	%		27,454,000		39,809,000		67,263,000		—		67,263,000	112.85		acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000	12.32		acres
Various projects in progress		N/A		100	%		—		539,000		539,000		—		539,000	—		acres

Total Projects Under Development and Land Held For Future Expansion and Development:							92,524,000		87,522,000		180,046,000		—		180,046,000	398.15		acres

Total Carrying Value						$	394,209,000	$	1,480,256,000	$	1,874,465,000	$	158,418,000	$	1,716,047,000


Land held for sale														$	2,266,000

Unconsolidated Joint Venture ^(g)														$	5,385,000

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2009


Notes:

(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of March 31, 2009. Dunmore Shopping Center, Fairview Commons and Shelby Discount Drug Mart Plaza are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		The McDonalds / Waffle House of Medina property was sold on April 23, 2009.

(c)		On January 3, 2008, the Company entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall and adjacent land parcels.

(d)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 137,000 sq. ft. shopping center in Stroudsburg, PA., and is to receive a preferred rate of return on its investment, if earned.

(e)		The Company has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of an estimated 54,000 sq. ft. shopping center in Limerick, PA., and is to receive a preferred rate of return on its investment, if earned.

(f)		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, if earned.

(g)		The Company has a 76.3% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

CEDAR SHOPPING CENTERS, INC.
Development Pipeline Status (a)
As of March 31, 2009
(Dollars in millions)


							Cash
		Owner-			Est. Total		Invest-		Balance		Est. Delivery		Land													Est. NOI
		ship			Project		ment		To Comp-		Dates		Area		GLA		Leasing Status									At 100%
Property	Location	%			Cost		To Date		letion		Anchor(s)	Balance	Acres		Sq. Ft.		% Signed			LOI			Principal Tenants	Sq. Ft.		Occupancy		Est. Yield (b)						Discussion

Operating Properties Under Redevelopment:
Carbondale Plaza	Carbondale, PA		100	%	$	9.3	$	8.8	$	0.5	1st half ’09	1st half ’09		14.8		131,000		88	%		12	%	Weis Markets		53,000	$	0.7		7.2	%	—	7.7	%	Construction of new CVS store (formerly in-line); development of outparcel
																							CVS		13,200
Huntingdon Plaza	Huntingdon, PA		100	%		8.1		6.8		1.3	2nd half ’09	1st half ’10		16.7		147,000		53	%		1	%	Peebles		22,000		0.5		5.9	%	—	6.4	%	Backfilling former Ames and Bi-Lo stores; new outparcel
																							VixMax Holdings		8,000
																							dba Sears Dealer
Lake Raystown Plaza	Huntingdon, PA		100	%		20.9		16.1		4.8	2nd half ’09	1st half ’10		15.5		146,000		63	%		25	%	Giant Food Stores		62,000		1.8		8.4	%	—	8.9	%	Represents total of land acquisition for ground-up development of new supermarket (completed in 2nd half '06); purchase cost of original center; backfilling former store and construction of additional retail; and potential lodging development/sale and outparcels.


Newport Plaza	Newport, PA		100	%		10.4		8.9		1.5	1st half ’09	2nd half ’09		16.4		83,000		77	%		18	%	Giant Food Stores		54,000		0.8		7.8	%	—	8.3	%	Ground-up expansion of existing supermarket by 25,000 sq. ft. ancillary in-line retail and outparcel. This includes purchase price of the original center.

The Shops at Suffolk Downs	Revere, MA		100	%		11.8		9.5		2.3	1st half ’09	2nd half ’09		6.5		36,000		45	%		24	%	Dollar Tree		9,500		0.8		6.2	%	—	6.7	%	Represents costs only for completing construction of in-line store next to new Stop & Shop (owned) and Target (non-owned) and ground-up development of new separate multi-tenant 36,000 sq.ft. retail building. Does not include purchase price for the Stop & Shop premises.
																							Famous Footwear		6,500
																							Verizon		2,000
Trexlertown Plaza	Trexlertown, PA		100	%		41.0		28.0		13.0	2nd half ’10	2nd half ’10		32.2		258,000		71	%		28	%	Giant		73,850		3.5		8.2	%	—	8.7	%	Phase I represents a scaled-back version of original project.
(Phase I)																							Sears		22,500
																							Tractor Supply		22,700

Total Operating Properties — Redevelopment						101.5		78.2		23.3				102.1		801,000		69	%(c)		19	%(c)			349,250		8.1		7.8	%(c)		8.3	%(c)

*Ground-Up Development Properties:*
Blue Mountain Commons	Harrisburg, PA		100	%		41.6		34.0		7.6	2nd half ’09	1st half ’10		34.0		130,000		80	%		15	%	Giant Food Stores		97,700		3.1		7.0	%	—	7.5	%	Ground-up development of new large prototype supermarket, bank and food service outparcels and fuel service facility; development/sale/ground lease of back 12 acres.
																							PNC Bank		3,400
Northside Commons	Cambelltown, PA		100	%		12.9		9.0		3.9	2nd half ’09	1st half ’10		15.9		82,000		61	%		27	%	Redner's		48,000		0.9		7.1	%	—	7.6	%	Ground-up development of new supermarket, ancillary in-line retail and outparcel(s).
																							Subway		1,600
Halifax Commons	Halifax, PA		100	%		4.8		1.0		3.8	2nd half ’09	2nd half ’09		4.4		23,000		63	%		9	%	Rite-Aid		15,000		0.4		8.6	%	—	9.1	%	Development of new small multi-tenant property anchored by drug store moved from Halifax Plaza.
Crossroads II	Stroudsburg, PA		60	%		36.9		20.5		16.4	2nd half ’09	2nd half ’10		18.2		133,000		62	%		15	%	Giant Food Stores		76,000		3.1		8.1	%	—	8.6	%	Ground-up joint venture development of new supermarket, in-line retail and outparcel(s).
Heritage Crossing	Limerick, PA		60	%		15.0		11.3		3.7	1st half ’09	2nd half ’09		14.2		54,000		47	%		30	%	Walgreens		14,820		1.4		9.1	%		9.6	%	Ground-up joint venture development.
																							Kinderworks		10,800									Ground-up joint venture development.
Upland Square	Pottstown, PA		60	%		98.1		64.6		33.5	2nd half ’09	1st half '11		112.9		653,000		62	%		21	%	Target		135,000		8.7		8.5	%	—	9.0	%	Ground-up joint venture development of “big box” center. Target store owned by Target.
																							Giant Food Stores		76,000
																							LA Fitness		45,000
																							Best Buy		30,000
																							Bed Bath & Beyond		25,000
																							TJ Maxx		25,000
																							Staples		18,000
																							PetCo		14,000

Total Ground-Up Development Properties						209.3		140.4		68.9				199.6		1,075,000		63	%(c)		20	%(c)			635,320		17.6		8.2	%(c)		8.7	%(c)


Total Redevelopment & Ground-Up					$	310.8	$	218.6	$	92.2				301.7		1,876,000		66	%(c)		20	%(c)			984,570	$	25.7


(a)		The chart does not include certain development properties previously listed on the Company’s website/PowerPoint, including, without limitation, the Shore Mall property (Egg Harbor Township, NJ), Faxon Lumber Site (Williamsport, PA) and Trindle Plaza (Carlisle, PA). While development of these properties may be pursued, the plans are not yet sufficiently determined for status reporting purposes.

(b)		Estimated Yield is the estimated initial NOI on a cash basis at full occupancy divided by the estimated total project cost. Estimated cash NOI, constituting a forward-looking measure, does not include certain GAAP (non-cash) revenue measures, such as straight-line rents and amortization of intangible lease liabilities, the amounts of which are not determinable in the absence of executed leases with tenants in-place and paying rent. Management believes such measures would be generally immaterial.

(c)		Weighted average.

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2009


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Mar 31		Dec 31		Int.			Mar 31		Dec 31
Property	Owned			Date	rate			2009		2008		rate			2009		2008

Fixed-rate mortgages:
Academy Plaza		100.0	%	Mar 2013		7.3	%	$	9,522,000	$	9,576,000		7.3	%	$	9,522,000	$	9,576,000
Aston Center		20.0	%	Nov 2015		5.5	%		12,974,000		13,033,000		5.9	%		12,694,000		12,742,000
Ayr Town Center		20.0	%	Jun 2015		5.5	%		7,318,000		7,350,000		5.6	%		7,264,000		7,294,000
Camp Hill Shopping Center		100.0	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carll’s Corner		100.0	%	Nov 2012		5.6	%		5,994,000		6,023,000		5.6	%		5,994,000		6,023,000
Carman’s Plaza		100.0	%	Oct 2016		6.3	%		33,327,000		33,322,000		6.2	%		33,500,000		33,500,000
Carrollton Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		2,369,000		2,378,000		5.6	%		2,369,000		2,378,000
Centerville Discount Drug Mart		100.0	%	May 2015		5.2	%		2,831,000		2,844,000		5.2	%		2,831,000		2,844,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		1,964,000		1,973,000		5.2	%		1,964,000		1,973,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,414,000		12,478,000		6.1	%		11,915,000		11,955,000
Crossroads II		60.0	%	Jan 2009		7.1	%		—		4,316,000		7.1	%		—		4,316,000
Crossroads II		60.0	%	Jan 2010		8.5	%		878,000		1,000,000		8.5	%		878,000		1,000,000
Crossroads II		60.0	%	Jan 2010		5.0	%		425,000		425,000		5.0	%		425,000		425,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		840,000		862,000		7.1	%		785,000		803,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,505,000		1,528,000		7.5	%		1,353,000		1,370,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,188,000		1,211,000		7.1	%		1,097,000		1,117,000
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		910,000		932,000		7.8	%		825,000		842,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,148,000		2,158,000		5.2	%		2,148,000		2,158,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,064,000		2,089,000		7.4	%		1,829,000		1,846,000
Elmhurst Square Shopping Center		100.0	%	Dec 2014		5.4	%		4,097,000		4,115,000		5.4	%		4,097,000		4,115,000
Fairfield Plaza		100.0	%	Jul 2015		5.0	%		5,174,000		5,197,000		5.0	%		5,174,000		5,197,000
Fairview Plaza		100.0	%	Feb 2013		5.7	%		5,556,000		5,583,000		5.7	%		5,556,000		5,583,000
Fieldstone Marketplace		20.0	%	Jul 2014		5.4	%		18,908,000		18,998,000		6.0	%		18,396,000		18,461,000
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	%		3,107,000		3,119,000		5.6	%		3,107,000		3,119,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,050,000		5,068,000		5.8	%		5,050,000		5,068,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,506,000		5,539,000		6.1	%		5,320,000		5,342,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,559,000		2,605,000		7.3	%		2,424,000		2,464,000
Golden Triangle		100.0	%	6.1 years		5.8	%		21,211,000		21,279,000		5.8	%		21,211,000		21,279,000
Groton Shopping Center		100.0	%	Oct 2015		6.2	%		11,687,000		11,711,000		5.3	%		12,133,000		12,174,000
Halifax Plaza		100.0	%	Feb 2010		6.8	%		3,391,000		3,740,000		6.8	%		3,391,000		3,740,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,236,000		5,254,000		6.1	%		5,236,000		5,254,000
Hudson Discount Drug Mart Plaza		100.0	%	Dec 2016		5.7	%		2,502,000		2,511,000		5.7	%		2,502,000		2,511,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,235,000		13,288,000		5.5	%		13,235,000		13,288,000
Kempsville Crossing		100.0	%	Aug 2013		2.8	%		6,237,000		6,276,000		6.1	%		6,026,000		6,052,000
King’s Plaza		100.0	%	Jul 2014		6.0	%		7,903,000		7,935,000		6.0	%		7,903,000		7,935,000
LA Fitness Facility		100.0	%	Jan 2013		3.9	%		5,879,000		5,907,000		5.4	%		5,879,000		5,907,000
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		9,561,000		9,624,000		6.1	%		9,183,000		9,227,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,394,000		2,404,000		5.2	%		2,394,000		2,404,000
Long Reach Village		100.0	%	5.9 years		5.6	%		4,751,000		4,772,000		5.7	%		4,751,000		4,772,000
Loyal Plaza		100.0	%	Jun 2011		7.2	%		12,772,000		12,827,000		7.2	%		12,772,000		12,827,000
McCormick Place		100.0	%	Aug 2017		6.1	%		2,645,000		2,653,000		6.1	%		2,645,000		2,653,000
Meadows Marketplace		20.0	%	Nov 2016		5.6	%		10,446,000		10,485,000		5.6	%		10,446,000		10,485,000
Mechanicsburg Giant		100.0	%	Nov 2014		1.8	%		9,874,000		9,943,000		5.5	%		9,717,000		9,779,000
Metro Square		100.0	%	Nov 2029		2.8	%		9,301,000		9,346,000		7.5	%		9,301,000		9,346,000
New London Mall		40.0	%	Apr 2015		6.1	%		25,761,000		—		4.9	%		27,365,000		—
Newport Plaza		100.0	%	1.1 years		2.0	%		4,772,000		4,800,000		6.8	%		4,772,000		4,800,000
Oak Ridge Shopping Center		100.0	%	May 2015		5.5	%		3,495,000		3,508,000		5.5	%		3,495,000		3,508,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		4,976,000		4,996,000		5.5	%		4,976,000		4,996,000
Ontario Discount Drug Mart		100.0	%	4.4 years		4.5	%		2,210,000		2,219,000		5.2	%		2,210,000		2,219,000
Parkway Plaza		20.0	%	May 2017		5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20.0	%	Mar 2016		5.5	%		11,076,000		11,120,000		5.5	%		11,076,000		11,120,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,205,000		4,224,000		5.0	%		4,205,000		4,224,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2009


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Mar 31		Dec 31		Int.			Mar 31		Dec 31
Property	Owned			Date	rate			2009		2008		rate			2009		2008

Pine Grove Plaza		100.0	%	Sep 2015		5.0	%		5,873,000		5,900,000		5.0	%		5,873,000		5,900,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,509,000		4,529,000		5.2	%		4,509,000		4,529,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,171,000		1,176,000		5.6	%		1,171,000		1,176,000
Port Richmond Village		100.0	%	Aug 2013		6.5	%		14,864,000		14,922,000		6.5	%		14,864,000		14,922,000
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,320,000		4,339,000		5.2	%		4,320,000		4,339,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,510,000		1,533,000		7.7	%		1,336,000		1,352,000
San Souci Plaza		40.0	%	Dec 2016		6.2	%		27,200,000		—		6.2	%		27,200,000		—
Scott Town Center		20.0	%	Aug 2015		5.5	%		8,760,000		8,791,000		4.9	%		8,983,000		9,024,000
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		13,991,000		13,980,000		5.6	%		14,200,000		14,200,000
Shelby Discount Drug Mart Plaza		100.0	%	May 2015		5.2	%		2,210,000		2,219,000		5.2	%		2,210,000		2,219,000
Shore Mall		100.0	%	Jan 2009		5.7	%		—		1,543,000		0.0	%		—		1,543,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,524,000		3,543,000		6.1	%		3,404,000		3,417,000
Smithfield Plaza		100.0	%	May 2016		6.6	%		6,966,000		6,961,000		6.2	%		7,100,000		7,100,000
Spring Meadow Shoppping Center		20.0	%	Nov 2014		5.5	%		12,881,000		12,944,000		5.9	%		12,642,000		12,693,000
Staples at Oswego		100.0	%	May 2015		5.3	%		2,274,000		2,283,000		5.3	%		2,274,000		2,283,000
Stonehedge Square		20.0	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000
Stop & Shop Plaza		100.0	%	Apr 2017		6.2	%		7,000,000		7,000,000		6.2	%		7,000,000		7,000,000
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,711,000		4,742,000		6.1	%		4,552,000		4,574,000
The Point		100.0	%	Sep 2012		7.6	%		17,643,000		17,753,000		7.6	%		17,643,000		17,753,000
Timpany Plaza		100.0	%	Jan 2014		5.6	%		8,510,000		8,555,000		6.1	%		8,311,000		8,346,000
Trexler Mall		100.0	%	May 2014		5.4	%		21,834,000		21,939,000		5.5	%		21,678,000		21,775,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		4,994,000		5,025,000		6.1	%		4,826,000		4,846,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		464,000		471,000		8.0	%		401,000		405,000
Wal-Mart Center		100.0	%	Nov 2015		5.1	%		5,870,000		5,896,000		5.1	%		5,870,000		5,896,000
Washington Center Shoppes		100.0	%	Dec 2012		5.9	%		8,662,000		8,691,000		5.9	%		8,662,000		8,691,000
West Bridgewater		100.0	%	Sep 2016		6.5	%		10,904,000		10,901,000		6.2	%		11,000,000		11,000,000
Westlake Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		3,249,000		3,261,000		5.6	%		3,249,000		3,261,000
Yorktowne Plaza		100.0	%	Jul 2014		6.1	%		20,656,000		20,740,000		6.0	%		20,686,000		20,770,000


Total fixed-rate mortgages				6.1 years		5.8	%		700,198,000		655,681,000		5.8	%	$	698,805,000	$	652,525,000

				[weighted average]								[weighted average]

Variable-rate mortgages:
Crossroads II		60.0	%						—		371,000
Crossroads II		60.0	%						—		2,750,000
Shore Mall		100.0	%	Sep 2011		5.9	%		21,000,000		21,000,000
Upland Square		60.0	%	Sep 2011		2.8	%		37,181,000		29,181,000


Total variable-rate mortgages				2.5 years		3.9	%		58,181,000		53,302,000

				[weighted average]


Total mortgages				5.9 years		5.6	%		758,379,000		708,983,000

				[weighted average]

Secured revolving credit facilties:
Stabilized property facility ^(a)		100.0	%	Jan 2010		1.8	%		276,035,000		250,190,000
Development property facility ^(a)		100.0	%	Jun 2011		2.8	%		60,890,000		54,300,000


				1.1 years		2.0	%		336,925,000		304,490,000

				[weighted average]


Total debt				4.4 years		4.5	%	$	1,095,304,000	$	1,013,473,000

				[weighted average]
Pro rata share of total debt								$	978,716,000	$	925,353,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Balance Sheet Information


				As of March 31, 2009
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


Homburg		80	%	$	154,526,752	$	(105,361,866	)	$	5,195,942		$	53,381,170		$	979,658	$	54,360,828
PCP (c)		60	%	$	72,740,465	$	(52,961,116	)	$	56,857		$	11,134,258			8,701,948		19,836,206
WP Realty (d )		25	%		19,676,276		—			(826,909	)		4,167,745			14,681,622		18,849,367
Fameco I (e)		40	%		67,263,458		(37,180,700	)		(4,223,394	)		1,048,000			24,811,364		25,859,364
Fameco II (f)		40	%		22,773,739		(1,302,676	)		(7,663,878	)		—			13,807,185		13,807,185
Hirshland (g)		40	%		11,298,154		—			(438,919	)		(81,472	)		10,940,707		10,859,235
Other		50	%		2,680,126		—			(1,433,853	)		21,897			1,224,376		1,246,273


				$	350,958,970	$	(196,806,358	)	$	(9,334,154	)	$	69,671,598		$	75,146,860	$	144,818,458


	As of December 31, 2008
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


Homburg		80	%	$	155,286,146	$	(105,720,241	)	$	4,150,863		$	53,008,099		$	708,669	$	53,716,768
WP Realty (d )		25	%		19,786,741		—			(1,072,232	)		4,170,986			14,543,523		18,714,509
Fameco I (e)		40	%		61,314,775		(29,180,877	)		(3,139,893	)		1,048,000			27,946,005		28,994,005
Fameco II (f)		40	%		21,749,339		(8,862,327	)		(8,447,706	)		—			4,439,306		4,439,306
Hirshland (g)		40	%		10,511,099		—			(554,302	)		(77,453	)		10,034,250		9,956,797


				$	268,648,100	$	(143,763,445	)	$	(9,063,270	)	$	58,149,632		$	57,671,753	$	115,821,385


	As of September 30, 2008
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


Homburg		80	%	$	156,145,335	$	(106,062,518	)	$	6,419,345		$	53,301,842		$	3,200,320	$	56,502,162
WP Realty (d )		25	%		19,892,499		—			(1,056,987	)		4,205,948			14,629,564		18,835,512
Fameco I (e)		40	%		44,153,571		(17,303,031	)		1,682,203			1,048,000			27,484,743		28,532,743
Fameco II (f)		40	%		21,021,646		(8,800,418	)		(2,462,034	)		244,499			9,514,695		9,759,194
Hirshland (g)		40	%		1,085		—			200,000			(8,556	)		209,641		201,085


				$	241,214,136	$	(132,165,967	)	$	4,782,527		$	58,791,733		$	55,038,963	$	113,830,696


	As of June 30, 2008
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners		Cedar (b)		Total


Homburg		80	%	$	157,223,806	$	(106,387,913	)	$	4,990,722		$	52,946,428	$	2,880,187	$	55,826,615
WP Realty (d )		25	%		19,967,887		—			(1,474,302	)		4,149,674		14,343,911		18,493,585
Fameco I (e)		40	%		35,345,662		(13,908,207	)		22,101			1,048,000		20,411,556		21,459,556
Fameco II (f)		40	%		20,313,003		(8,718,400	)		(1,744,352	)		543,389		9,306,862		9,850,251


				$	232,850,358	$	(129,014,520	)	$	1,794,169		$	58,687,491	$	46,942,516	$	105,630,007


	As of March 31, 2008
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners		Cedar (b)		Total


Homburg		80	%	$	158,265,086	$	(106,708,897	)	$	3,789,663		$	52,543,040	$	2,802,812	$	55,345,852
WP Realty (d )		25	%		19,939,889		—			(1,741,210	)		4,078,277		14,120,402		18,198,679
Fameco I (e)		40	%		30,990,857		(13,600,458	)		2,001			1,048,000		16,344,400		17,392,400


				$	209,195,832	$	(120,309,355	)	$	2,050,454		$	57,669,317	$	33,267,614	$	90,936,931

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Income Statement Information


				Three months ended March 31, 2009
				Property-level operations																	Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op						<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (i)			Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	4,040,567	$	859,937	$	138,851	$	1,090,521	$	1,951,258		$	1,484,923		$	466,335		$	373,068		$	—	$	93,267
PCP (c)		60	%		1,263,262		1,515,897		31,367		442,455		(726,457	)		516,446			(1,242,903	)		(745,742	)				(497,161	)
WP Realty (d )		25	%		573,223		453,149		—		133,039		(12,965	)		0			(12,965	)		(3,241	)		—		(9,724	)
Fameco I (e)		40	%		—		—		—		—		—			—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—			—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—			—			—			—			—		—
Other		50	%		115,760.00		50,370.00		3,910.00		22,640.00		38,840.00			—			38,840			21,897			—		16,943


				$	5,992,812	$	2,879,353	$	174,128	$	1,688,655	$	1,250,676		$	2,001,369		$	(750,693	)	$	(354,018	)	$	—	$	(396,675	)


				Three months ended December 31, 2008
				Property-level operations																	Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op						<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (i)			Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	4,626,274	$	842,424	$	275,096	$	1,220,614	$	2,288,140		$	1,521,444		$	766,696		$	613,357		$	—	$	153,339
WP Realty (d )		25	%		691,989		436,632		—		136,291		119,066			(17,087	)		136,153			34,038			—		102,115
Fameco I (e)		40	%		—		—		—		—		—			—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			224,109			(224,109	)		(89,644	)		—		(134,465	)
Hirshland (g)		40	%		—		—		—		—		—			—			—			—			—		—


				$	5,318,263	$	1,279,056	$	275,096	$	1,356,905	$	2,407,206		$	1,728,466		$	678,740		$	557,751		$	—	$	120,989


				Three months ended September 30, 2008
				Property-level operations																	Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op						<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (i)			Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	3,936,380	$	712,011	$	112,530	$	1,142,039	$	1,969,800		$	1,525,530		$	444,270		$	355,416		$	—	$	88,854
WP Realty (d )		25	%		754,175		383,033		—		169,546		201,596			(23,498	)		225,094			56,274			—		168,821
Fameco I (e)		40	%		—		—		—		—		—			—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—			—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—			—			—			—			—		—


				$	4,690,555	$	1,095,044	$	112,530	$	1,311,585	$	2,171,396		$	1,502,032		$	669,364		$	411,690		$	—	$	257,675


				Three months ended June 30, 2008
				Property-level operations																	Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op						<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (i)			Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	3,904,638	$	658,110	$	98,176	$	1,130,663	$	2,017,689		$	1,512,825		$	504,864		$	403,891		$	—	$	100,973
WP Realty (d )		25	%		724,064		380,494		—		124,960		218,610			(92,250	)		310,860			77,715			—		233,145
Fameco I (e)		40	%		—		—		—		—		—			—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—			—			—			—		—


				$	4,628,702	$	1,038,604	$	98,176	$	1,255,623	$	2,236,299		$	1,420,575		$	815,724		$	481,606		$	—	$	334,118


				Three months ended March 31, 2008
				Property-level operations																	Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op						<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (i)			Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	4,055,880	$	812,059	$	109,634	$	1,146,300	$	1,987,887		$	1,516,072		$	471,815		$	377,452		$	—	$	94,363
WP Realty (d )		25	%		758,175		381,997		—		166,393		209,785			(116,732	)		326,517			81,629			—		244,888
Kimco (h)		70% - 75	%		1,195,802		260,353		31,272		230,476		673,701			388,956			284,745			242,662			4,488		37,595
Fameco I (e)		40	%		—		—		—		—		—			—			—			—			—		—


				$	6,009,857	$	1,454,409	$	140,906	$	1,543,169	$	2,871,373		$	1,788,296		$	1,083,077		$	701,743		$	4,488	$	376,846

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

FFO Allocation


				Three months ended March 31, 2009
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,245,485		$	311,372		$	1,556,857
PCP (c)		60	%		(480,269	)		(320,179	)		(800,448	)
WP Realty (d )		25	%		30,019			90,056			120,075
Fameco I (e)		40	%		—			—			—
Fameco II (f)		40	%		—			—			—
Hirshland (g)		40	%		—			—			—
Other		50	%		36,342			25,138			61,480


				$	831,577		$	106,387		$	937,964


				Three months ended December 31, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,589,848		$	397,462		$	1,987,310
WP Realty (d )		25	%		68,111			204,334			272,445
Fameco I (e)		40	%		—			—			—
Fameco II (f)		40	%		(89,644	)		(134,465	)		(224,109	)
Hirshland (g)		40	%		—			—			—


				$	1,568,315		$	467,331		$	2,035,646


				Three months ended September 30, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,269,047		$	317,262		$	1,586,309
WP Realty (d )		25	%		98,660			295,980			394,640
Fameco I (e)		40	%		—			—			—
Fameco II (f)		40	%		—			—			—
Hirshland (g)		40	%		—			—			—


				$	1,367,707		$	613,242		$	1,980,949


				Three months ended June 30, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,308,422		$	327,105		$	1,635,527
WP Realty (d )		25	%		108,955			326,865			435,820
Fameco I (e)		40	%		—			—			—
Fameco II (f)		40	%		—			—			—


				$	1,417,377		$	653,970		$	2,071,347


				Three months ended March 31, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,294,491		$	323,623		$	1,618,114
WP Realty (d )		25	%		123,228			369,682			492,910
Kimco (h)		70% - 75	%		363,138			245,759			608,897
Fameco I (e)		40	%		—			—			—


				$	1,780,857		$	939,064		$	2,719,921

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Notes:


(a)		The Partners’ and Cedar’s respective shares of equity, net income 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 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 in December 2007.

(c)		Cedar has a 40% interest in two joint ventures formed for the acquisitions of New London Mall and San Souci Plaza in January and February 2009, respectively. The loss reflected during the three months ended March 31, 2009 represents the expensing of transaction costs in connection with the properties’ acquisitions, in accordance with the adoption of SFAS 141R, which became effective January 1, 2009.

(d)		On January 3, 2008, Cedar entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall property and adjacent land parcels.

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

(f)		Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 137,000 sq. ft. shopping center (Crossroads II) in Stroudsburg, PA, and is to receive a preferred rate of return on its investment, if earned.

(g)		Cedar has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of an estimated 54,000 sq. ft. shopping center (Heritage Crossing) in Limerick, PA and is to receive a preferred rate of return on its investment, if earned.

(h)		On March 18, 2008, Cedar acquired Kimco’s minority interests in the joint venture properties (Fairview Plaza, Halifax Plaza, Loyal Plaza and Newport Plaza). The amounts shown are for the periods prior to their becoming wholly-owned properties.

(i)		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 facilities^(a)		Total


2009	$	6,198,000					$	6,198,000
2010		8,743,000	$	9,300,000	$	276,035,000		294,078,000
2011		9,120,000		113,966,000		60,890,000		183,976,000
2012		10,147,000		29,638,000				39,785,000
2013		9,422,000		54,945,000				64,367,000
2014		7,707,000		130,489,000				138,196,000
2015		5,726,000		119,696,000				125,422,000
2016		4,135,000		118,839,000				122,974,000
2017		2,060,000		90,612,000				92,672,000
2018		1,282,000		18,972,000				20,254,000

Thereafter		6,893,000		489,000				7,382,000


	$	71,433,000	$	686,946,000	$	336,925,000	$	1,095,304,000


Disclosures		3-4
Summary Financial Data		5-6
Consolidated Balance Sheets		7
Consolidated Net Operating Income		8
Funds From Operations (“FFO”), Funds Available For Distribution (“FAD”) 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		21-24
Status of Development Projects		25
Debt Summary		26-28
Consolidated Joint Venture Properties		29-32


(a)		The Company has the option to extend the development property credit facility, which is due in June 2011, for one year beyond that date.