From:  Vikki Giambrone on behalf of Leo S. Ullman
   
 Sent:  Wednesday, February 17, 2010 3:42 PM
   
 To:  'crittendony@sec.gov'
   
 Subject:  Your Voicemail of Today's Date
   
 Attachments:  Lease Liability by Year.pdf
 
Dear Ms. Crittendon:

Further to your voicemail message received today, the following is respectfully submitted for your information and review:

 
1)
The breakdown by year of the amount of intangible lease liabilities with respect to acquired properties is as set forth in the schedule attached hereto.

 
2)
This will confirm that in determining the fair value of below-market leases for acquired properties, the Company did indeed consider potential lease renewals, but assigned low probabilities to any such renewals.

We hope and trust the foregoing and the attached are suitably responsive to your request.

We look forward to the opportunity to discuss these and related matters with you during tomorrow's conference call.

Yours very truly.



Leo S. Ullman

Attachment
 
 

 
Cedar Shopping Centers, Inc.
Acquired Intangible Lease Liability by Year

 
  
Amount of
   
Intangible Lease
  Year  
Liability
2003
  
13,457,000
2004
  
13,829,000
2005
  
6,845,000
2006
  
35,515,000
2007
  
28,889,000
2008
  
4,636,000
     
Total
  
103,171,000