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Exhibit 99.2
 
CEDAR SHOPPING CENTERS, INC.
 
Supplemental Financial Information
 
December 31, 2004
 
(unaudited)
 
 
Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050
Tel: (516) 767-6492  Fax: (516) 767-6497
www.cedarshoppingcenters.com
 
 
Cedar Shopping Centers, Inc.
Supplemental Financial Information
December 31, 2004
(unaudited)
 
TABLE OF CONTENTS
 
 
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Cedar Shopping Centers, Inc.
Supplemental Financial Information
December 31, 2004
(unaudited)
 
Disclosures
 
Forward Looking Statements
 
          Statements made or incorporated by reference in the 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 belief, expectations, or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, 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 r esult of factors outside of the Company’s control. Certain factors that migfht cause such a difference 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 eastern United States in particular; the financial viability of tenants; the continuing availability of shopping center acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels; the Company’s potential inability to realize the level of proceeds from property sales as initially expected; inherent risks 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, and marke t factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration of current leases; and the financial flexibility to refinance debt obligations when due.
 
Basis of Presentation
 
          The information contained in the Supplemental Financial Information is unaudited and does not purport to disclose all items required by GAAP. The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2004.
 
          Cedar Shopping Centers Partnership, L.P. (the “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. As of December 31, 2004 and 2003, respectively, the Company owned approximately a 97.3% and a 97.4% economic interest in, and was the sole general partner of, the OP. The limited partners’ interest in the OP is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to, and convertible into, shares of the Company’s common stock on a one-for-one basis. With respect to its joint ventures, the Company has general partnership interests ranging from 20% to 50% and, as the Company is the sole general partner and exercises substantial operating control over these entities, such partnerships are consolidated in the Company’s financial statements.
 
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Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure
 
          The Company considers FFO to be a relevant and meaningful supplemental measure of the performance of the Company because it is predicated on a cash flow analysis, contrasted with net income, a measure predicated on GAAP, which gives effect to non-cash items such as depreciation and amortization. The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), as income before allocation to minority interests (computed in accordance with GAAP), excluding gains or losses from debt restructurings and sales of property, plus depreciation and amortization, and after preferred stock distribution requirements and adjustments for any unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures would be computed to re flect FFO on the same basis. In computing FFO, the Company does not add back to net income the amortization of costs incurred in connection with its financing or hedging activities or depreciation of non-real estate assets, but would adjust net income for those items that are defined as “extraordinary” under GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to cash flow as a measure of liquidity. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. FFO is not necessarily indicative of cash available to fund ongoing cash needs.
 
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Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
 
 
 
December 31,
 
 
 
 
 
 
2004
 
2003
 
 
 
 
 
Equity market capitalization (end of period):
 
 
 
 
 
 
 
Common shares outstanding
 
 
19,350,981
 
 
16,456,011
 
OP Units outstanding
 
 
454,469
 
 
439,421
 
Closing market price
 
$
14.30
 
$
12.42
 
8-7/8 Series A Cumulative Redeemable
 
 
 
 
 
 
 
Preferred Stock shares outstanding
 
 
2,350,000
 
 
—
 
Closing market price
 
$
26.39
 
$
—
 
Equity market capitalization
 
$
345,234,000
 
$
209,841,000
 
Pro rata share of outstanding debt
 
 
212,142,000
 
 
125,762,000
 
 
 
 
 
Total capitalization
 
$
557,376,000
 
$
335,603,000
 
 
 
 
 
Ratio of pro rata share of outstanding debt to total capitalization
 
 
38.1
%
 
37.5
%
 
 
 
 
 
 
 
 
 
 
Three months ended December 31,
 
 
 
 
 
 
2004
 
2003
 
 
 
 
 
Total revenues
 
$
14,738,000
 
$
8,585,000
 
Net income (loss) applicable to common shareholders
 
$
1,248,000
 
$
(20,884,000
)
Per common share
 
$
0.07
 
$
(1.86
)
Dividends to common shareholders
 
$
3,712,000
 
$
—
 
Per common share
 
$
0.225
 
$
—
 
Average number of common shares outstanding
 
 
17,344,000
 
 
11,253,000
 
FFO
 
$
4,312,000
 
$
(20,498,000
)
Per common share/OP unit
 
$
0.24
 
$
(1.75
)
AFFO
 
$
3,815,000
 
$
(20,953,000
)
Per common share/OP unit
 
$
0.21
 
$
(1.79
)
Avg. no. of common shares/OP units  outstanding
 
 
17,799,000
 
 
11,735,000
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31,
 
 
 
 
 
 
2004
 
2003
 
 
 
 
 
Total revenues
 
$
51,144,000
 
$
26,679,000
 
Net income (loss) applicable to common shareholders
 
$
5,702,000
 
$
(21,351,000
)
Per common share
 
$
0.34
 
$
(7.09
)
Dividends to common shareholders
 
$
13,750,000
 
$
—
 
Per common share
 
$
0.835
 
$
—
 
Average number of common shares outstanding
 
 
16,681,000
 
 
3,010,000
 
FFO
 
$
15,625,000
 
$
(20,588,000
)
Per common share/OP unit
 
$
0.91
 
$
(5.79
)
AFFO
 
$
13,437,000
 
$
(21,612,000
)
Per common share/OP unit
 
$
0.78
 
$
(6.08
)
Avg. no. of common shares/OP units outstanding
 
 
17,131,000
 
 
3,557,000
 
 
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Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
(continued)
 
 
 
December 31,
 
 
 
 
 
 
2004
 
2003
 
 
 
 
 
Real estate, net
 
 
505,325,000
 
 
324,531,000
 
Other assets
 
 
31,835,000
 
 
25,116,000
 
 
 
 
 
Total assets
 
$
537,160,000
 
$
349,647,000
 
 
 
 
 
Total debt
 
$
248,630,000
 
$
162,458,000
 
Other liabilities
 
 
34,239,000
 
 
19,571,000
 
Minority interests
 
 
11,995,000
 
 
12,435,000
 
Limited partners’ interest in OP
 
 
6,542,000
 
 
4,035,000
 
Shareholders’ equity
 
 
235,754,000
 
 
151,148,000
 
 
 
 
 
Total liabilities and equity
 
$
537,160,000
 
$
349,647,000
 
 
 
 
 
Fixed-rate mortgages
 
$
161,475,000
 
$
116,537,000
 
Variable-rate mortgages
 
 
18,955,000
 
 
28,921,000
 
 
 
 
 
Total mortgages
 
 
180,430,000
 
 
145,458,000
 
Secured revolving credit facility
 
 
68,200,000
 
 
17,000,000
 
 
 
 
 
Total debt
 
$
248,630,000
 
$
162,458,000
 
 
 
 
 
Pro rata share of total debt
 
$
212,142,000
 
$
125,287,000
 
 
 
 
 
Weighted average interest rates at year end:
 
 
 
 
 
 
 
Fixed-rate mortgages
 
 
6.5
%
 
7.2
%
Variable-rate mortgages
 
 
4.7
%
 
4.7
%
Total mortgages
 
 
6.3
%
 
6.7
%
Secured variable rate revolving credit facility
 
 
3.9
%
 
3.4
%
Total debt
 
 
5.7
%
 
6.4
%
 
6
 
 
CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets Information
(unaudited)
 
 
 
December 31, 2004
 
December 31, 2003
 
 
 
 
 
 
 
Total
 
Joint venture
properties
 
Wholly-owned
properties
 
Total
 
Joint venture
properties
 
Wholly-owned
properties
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Real estate:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Land
 
$
97,617,000
 
$
14,409,000
 
$
83,208,000
 
$
61,774,000
 
$
14,409,000
 
$
47,365,000
 
Buildings and improvements
 
 
423,735,000
 
 
54,083,000
 
 
369,652,000
 
 
269,031,000
 
 
52,755,000
 
 
216,276,000
 
 
 
 
 
 
 
 
 
 
 
 
521,352,000
 
 
68,492,000
 
 
452,860,000
 
 
330,805,000
 
 
67,164,000
 
 
263,641,000
 
Less accumulated depreciation
 
 
(16,027,000
)
 
(3,055,000
)
 
(12,972,000
)
 
(6,274,000
)
 
(1,663,000
)
 
(4,611,000
)
 
 
 
 
 
 
 
 
Real estate, net
 
 
505,325,000
 
 
65,437,000
 
 
439,888,000
 
 
324,531,000
 
 
65,501,000
 
 
259,030,000
 
Cash and cash equivalents
 
 
8,457,000
 
 
—
 
 
8,457,000
 
 
6,154,000
 
 
—
 
 
6,154,000
 
Cash at joint ventures
 
 
1,193,000
 
 
1,193,000
 
 
—
 
 
1,003,000
 
 
1,003,000
 
 
—
 
Construction / improvement and other escrows
 
 
5,912,000
 
 
1,408,000
 
 
4,504,000
 
 
6,665,000
 
 
1,343,000
 
 
5,322,000
 
Receivables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rents and other, net
 
 
1,929,000
 
 
216,000
 
 
1,713,000
 
 
2,098,000
 
 
(46,000
)
 
2,144,000
 
Straight-line rents
 
 
2,554,000
 
 
668,000
 
 
1,886,000
 
 
1,171,000
 
 
442,000
 
 
729,000
 
Other assets
 
 
2,379,000
 
 
271,000
 
 
2,108,000
 
 
1,540,000
 
 
109,000
 
 
1,431,000
 
Deferred charges, net:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Leasing costs
 
 
6,163,000
 
 
226,000
 
 
5,937,000
 
 
3,206,000
 
 
30,000
 
 
3,176,000
 
Financing costs
 
 
2,994,000
 
 
675,000
 
 
2,319,000
 
 
1,874,000
 
 
786,000
 
 
1,088,000
 
Interest rate swaps/caps
 
 
—
 
 
—
 
 
—
 
 
1,339,000
 
 
—
 
 
1,339,000
 
Other
 
 
254,000
 
 
—
 
 
254,000
 
 
66,000
 
 
—
 
 
66,000
 
 
 
 
 
 
 
 
 
Total assets
 
$
537,160,000
 
$
70,094,000
 
$
467,066,000
 
$
349,647,000
 
$
69,168,000
 
$
280,479,000
 
 
 
 
 
 
 
 
 
Liabilities and shareholders’ equity:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage loans payable
 
$
180,430,000
 
$
50,224,000
 
$
130,206,000
 
$
145,458,000
 
$
50,379,000
 
$
95,079,000
 
Secured revolving credit facility
 
 
68,200,000
 
 
—
 
 
68,200,000
 
 
17,000,000
 
 
—
 
 
17,000,000
 
Accounts payable and accrued expenses
 
 
5,549,000
 
 
464,000
 
 
5,085,000
 
 
4,334,000
 
 
691,000
 
 
3,643,000
 
Tenant advance payments and security deposits
 
 
3,463,000
 
 
533,000
 
 
2,930,000
 
 
1,685,000
 
 
403,000
 
 
1,282,000
 
Unamortized intangible lease liabilities
 
 
25,227,000
 
 
1,185,000
 
 
24,042,000
 
 
13,552,000
 
 
1,345,000
 
 
12,207,000
 
 
 
 
 
 
 
 
 
Total liabilities
 
 
282,869,000
 
 
52,406,000
 
 
230,463,000
 
 
182,029,000
 
 
52,818,000
 
 
129,211,000
 
 
 
 
 
 
 
 
 
Minority interests
 
 
11,995,000
 
 
11,995,000
 
 
—
 
 
12,435,000
 
 
12,435,000
 
 
—
 
Limited partners’ interest in consolidated OP
 
 
6,542,000
 
 
154,000
 
 
6,388,000
 
 
4,035,000
 
 
102,000
 
 
3,933,000
 
Equity (a)
 
 
235,754,000
 
 
5,539,000
 
 
230,215,000
 
 
151,148,000
 
 
3,813,000
 
 
147,335,000
 
 
 
 
 
 
 
 
 
Total liabilities and equity
 
$
537,160,000
 
$
70,094,000
 
$
467,066,000
 
$
349,647,000
 
$
69,168,000
 
$
280,479,000
 
 
 
 
 
 
 
 
 
 
(a) Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned properties.
 
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CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations Information (a)
(unaudited)
 
 
 
Three months ended December 31, 2004
 
Three months ended December 31, 2003
 
 
 
 
 
 
 
Total
 
Joint venture
 
Wholly-owned
 
Total
 
Joint venture
 
Wholly-owned
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rents:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rents
 
$
10,117,000
 
$
1,813,000
 
$
8,304,000
 
$
6,173,000
 
$
1,958,000
 
$
4,215,000
 
Percentage rents
 
 
131,000
 
 
19,000
 
 
112,000
 
 
44,000
 
 
21,000
 
 
23,000
 
Straight-line rents
 
 
428,000
 
 
22,000
 
 
406,000
 
 
315,000
 
 
106,000
 
 
209,000
 
Amortization of intangible lease liabilities
 
 
599,000
 
 
47,000
 
 
552,000
 
 
289,000
 
 
10,000
 
 
279,000
 
 
 
 
 
 
 
 
 
 
 
 
11,275,000
 
 
1,901,000
 
 
9,374,000
 
 
6,821,000
 
 
2,095,000
 
 
4,726,000
 
Expense recoveries
 
 
3,377,000
 
 
552,000
 
 
2,825,000
 
 
1,597,000
 
 
507,000
 
 
1,090,000
 
Interest and other
 
 
86,000
 
 
3,000
 
 
83,000
 
 
167,000
 
 
2,000
 
 
165,000
 
 
 
 
 
 
 
 
 
Total revenues
 
 
14,738,000
 
 
2,456,000
 
 
12,282,000
 
 
8,585,000
 
 
2,604,000
 
 
5,981,000
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating, maintenance and management
 
 
3,005,000
 
 
376,000
 
 
2,629,000
 
 
2,406,000
 
 
546,000
 
 
1,860,000
 
Real estate and other property- related taxes
 
 
1,165,000
 
 
220,000
 
 
945,000
 
 
966,000
 
 
264,000
 
 
702,000
 
General and administrative
 
 
1,242,000
 
 
—
 
 
1,242,000
 
 
1,619,000
 
 
—
 
 
1,619,000
 
Depreciation and amortization
 
 
3,687,000
 
 
409,000
 
 
3,278,000
 
 
2,279,000
 
 
445,000
 
 
1,834,000
 
Interest
 
 
2,678,000
 
 
982,000
 
 
1,696,000
 
 
1,879,000
 
 
1,131,000
 
 
748,000
 
One-time transaction costs associated with 2003 public offering
 
 
—
 
 
—
 
 
—
 
 
20,788,000
 
 
—
 
 
20,788,000
 
 
 
 
 
 
 
 
 
Total expenses
 
 
11,777,000
 
 
1,987,000
 
 
9,790,000
 
 
29,937,000
 
 
2,386,000
 
 
27,551,000
 
 
 
 
 
 
 
 
 
Income (loss) before minority and limited partners’ interests
 
 
2,961,000
 
 
469,000
 
 
2,492,000
 
 
(21,352,000
)
 
218,000
 
 
(21,570,000
)
Minority interests
 
 
(371,000
)
 
(371,000
)
 
—
 
 
(193,000
)
 
(193,000
)
 
—
 
Limited partners’ interest
 
 
(70,000
)
 
(3,000
)
 
(67,000
)
 
698,000
 
 
(4,000
)
 
702,000
 
 
 
 
 
 
 
 
 
Net income (loss)
 
 
2,520,000
 
 
95,000
 
 
2,425,000
 
 
(20,847,000
)
 
21,000
 
 
(20,868,000
)
Preferred distribution requirements
 
 
(1,272,000
)
 
—
 
 
(1,272,000
)
 
(37,000
)
 
—
 
 
(37,000
)
 
 
 
 
 
 
 
 
Net income (loss) applicable to common shareholders
 
$
1,248,000
 
$
95,000
 
$
1,153,000
 
$
(20,884,000
)
$
21,000
 
$
(20,905,000
)
 
 
 
 
 
 
 
 
Per common share
 
$
0.07
 
$
—
 
$
0.07
 
$
(1.86
)
$
—
 
$
(1.86
)
 
 
 
 
 
 
 
 
Average number of common shares outstanding
 
 
17,344,000
 
 
17,344,000
 
 
17,344,000
 
 
11,253,000
 
 
11,253,000
 
 
11,253,000
 
 
 
 
 
 
 
 
 
 
8
 
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations Information (a)
(unaudited)
(continued)
 
 
 
Year ended December 31, 2004
 
Year ended December 31, 2003
 
 
 
 
 
 
 
Total
 
Joint venture
 
Wholly-owned
 
Total
 
Joint venture
 
Wholly-owned
 
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rents:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Base rents
 
$
36,118,000
 
$
7,069,000
 
$
29,049,000
 
$
19,014,000
 
$
9,068,000
 
$
9,946,000
 
Percentage rents
 
 
505,000
 
 
39,000
 
 
466,000
 
 
215,000
 
 
69,000
 
 
146,000
 
Straight-line rents
 
 
1,333,000
 
 
226,000
 
 
1,107,000
 
 
835,000
 
 
456,000
 
 
379,000
 
Amortization of intangible  lease liabilities
 
 
2,154,000
 
 
161,000
 
 
1,993,000
 
 
879,000
 
 
118,000
 
 
761,000
 
 
 
 
 
 
 
 
 
 
 
 
40,110,000
 
 
7,495,000
 
 
32,615,000
 
 
20,943,000
 
 
9,711,000
 
 
11,232,000
 
Expense recoveries
 
 
10,565,000
 
 
1,809,000
 
 
8,756,000
 
 
5,509,000
 
 
2,137,000
 
 
3,372,000
 
Interest and other
 
 
469,000
 
 
14,000
 
 
455,000
 
 
227,000
 
 
20,000
 
 
207,000
 
 
 
 
 
 
 
 
 
Total revenues
 
 
51,144,000
 
 
9,318,000
 
 
41,826,000
 
 
26,679,000
 
 
11,868,000
 
 
14,811,000
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Operating, maintenance and management
 
 
10,751,000
 
 
1,432,000
 
 
9,319,000
 
 
7,190,000
 
 
2,124,000
 
 
5,066,000
 
Real estate and other property- related taxes
 
 
4,872,000
 
 
875,000
 
 
3,997,000
 
 
2,861,000
 
 
1,261,000
 
 
1,600,000
 
General and administrative
 
 
3,575,000
 
 
—
 
 
3,575,000
 
 
3,161,000
 
 
—
 
 
3,161,000
 
Depreciation and amortization
 
 
12,401,000
 
 
1,532,000
 
 
10,869,000
 
 
5,196,000
 
 
2,139,000
 
 
3,057,000
 
Interest
 
 
10,239,000
 
 
3,931,000
 
 
6,308,000
 
 
9,412,000
 
 
5,180,000
 
 
4,232,000
 
One-time transaction costs associated with 2003 public offering
 
 
—
 
 
—
 
 
—
 
 
20,788,000
 
 
—
 
 
20,788,000
 
 
 
 
 
 
 
 
 
Total expenses
 
 
41,838,000
 
 
7,770,000
 
 
34,068,000
 
 
48,608,000
 
 
10,704,000
 
 
37,904,000
 
 
 
 
 
 
 
 
 
Income (loss) before minority and  limited partners’ interests
 
 
9,306,000
 
 
1,548,000
 
 
7,758,000
 
 
(21,929,000
)
 
1,164,000
 
 
(23,093,000
)
Minority interests
 
 
(1,229,000
)
 
(1,229,000
)
 
—
 
 
(983,000
)
 
(983,000
)
 
—
 
Limited partners’ interest
 
 
(217,000
)
 
(9,000
)
 
(208,000
)
 
1,637,000
 
 
(111,000
)
 
1,748,000
 
 
 
 
 
 
 
 
 
Net income  (loss)
 
 
7,860,000
 
 
310,000
 
 
7,550,000
 
 
(21,275,000
)
 
70,000
 
 
(21,345,000
)
Preferred distribution requirements
 
 
(2,158,000
)
 
—
 
 
(2,158,000
)
 
(76,000
)
 
—
 
 
(76,000
)
 
 
 
 
 
 
 
 
Net income (loss) applicable to  common shareholders
 
$
5,702,000
 
$
310,000
 
$
5,392,000
 
$
(21,351,000
)
$
70,000
 
$
(21,421,000
)
 
 
 
 
 
 
 
 
Per common share
 
$
0.34
 
$
0.02
 
$
0.32
 
$
(7.09
)
$
0.02
 
$
(7.11
)
 
 
 
 
 
 
 
 
Average number of common  shares outstanding
 
 
16,681,000
 
 
16,681,000
 
 
16,681,000
 
 
3,010,000
 
 
3,010,000
 
 
3,010,000
 
 
 
 
 
 
 
 
 
 
(a) In connection with the public offering concluded during the fourth quarter of 2003, Cedar acquired a 100% interest in several of the properties that were previously owned in joint venture, as well as the limited partner’s interest in the Operating Partnership.
The results of operations of the properties which remain jointly-owned througout both years are summarized as follows (for comparability, the limited partners’ interest for all periods reflect the 2004 position):
 
 
 
Three months ended December 31,
 
Years ended December 31,
 
 
 
 
 
 
 
2004
 
2003
 
2004
 
2003
 
 
 
 
 
 
 
Revenues
 
$
2,456,000
 
$
2,053,000
 
$
9,318,000
 
$
7,887,000
 
Expenses
 
 
1,987,000
 
 
1,863,000
 
 
7,770,000
 
 
7,016,000
 
 
 
 
 
 
 
Operating income
 
 
469,000
 
 
190,000
 
 
1,548,000
 
 
871,000
 
Minority interests
 
 
(371,000
)
 
(158,000
)
 
(1,229,000
)
 
(748,000
)
Limited partners’ interest
 
 
(3,000
)
 
(1,000
)
 
(9,000
)
 
(3,000
)
 
 
 
 
 
 
Net income
 
$
95,000
 
$
31,000
 
$
310,000
 
$
120,000
 
 
 
 
 
 
 
 
9
Back to Contents
 
CEDAR SHOPPING CENTERS, INC.
Reconciliation of Net Income (Loss) to
Funds From Operations (“FFO”) and
Adjusted Funds From Operations (“AFFO”)
(unaudited)
 
 
 
Three months ended December 31,
 
Year ended December 31,
 
 
 
 
 
 
 
2004
 
2003
 
2004
 
2003
 
 
 
 
 
 
 
Net income (loss) (1)
 
$
2,520,000
 
$
(20,847,000
)
$
7,860,000
 
$
(21,275,000
)
Add (deduct):
 
 
 
 
 
 
 
 
 
 
 
 
 
Depreciation and amortization
 
 
3,253,000
 
 
1,441,000
 
 
10,622,000
 
 
3,878,000
 
Limited partners’ interest
 
 
70,000
 
 
(698,000
)
 
217,000
 
 
(1,637,000
)
Preferred distribution requirements
 
 
(1,307,000
)
 
(124,000
)
 
(2,218,000
)
 
(254,000
)
Minority interests
 
 
371,000
 
 
193,000
 
 
1,229,000
 
 
983,000
 
Minority interests’ share of FFO
 
 
(595,000
)
 
(463,000
)
 
(2,085,000
)
 
(2,283,000
)
 
 
 
 
 
 
FFO
 
 
4,312,000
 
 
(20,498,000
)
 
15,625,000
 
 
(20,588,000
)
Add (deduct):
 
 
 
 
 
 
 
 
 
 
 
 
 
Straight-line rents
 
 
(428,000
)
 
(315,000
)
 
(1,333,000
)
 
(835,000
)
Minority interests’ share of straight-line rents
 
 
19,000
 
 
81,000
 
 
162,000
 
 
352,000
 
Provision for tenant improvements and capital  expenditures (2)
 
 
(467,000
)
 
(309,000
)
 
(1,726,000
)
 
(946,000
)
Minority interests’ share of provision for tenant  improvements and capital expenditures (2)
 
 
76,000
 
 
88,000
 
 
305,000
 
 
405,000
 
Pre-occupancy rents received in connection with  the Camp Hill redevelopment project
 
 
303,000
 
 
—
 
 
404,000
 
 
—
 
 
 
 
 
 
 
AFFO
 
$
3,815,000
 
$
(20,953,000
)
$
13,437,000
 
$
(21,612,000
)
 
 
 
 
 
 
FFO per common share/unit outstanding
 
$
0.24
 
$
(1.75
)
$
0.91
 
$
(5.79
)
AFFO per common share/unit outstanding
 
$
0.21
 
$
(1.79
)
$
0.78
 
$
(6.08
)
 
 
 
 
 
 
Average common shares/OP units outstanding (3)
 
 
17,799,000
 
 
11,735,000
 
 
17,131,000
 
 
3,557,000
 
 
 
 
 
 
 
 
(1) Net income (loss) includes income from amortization of intangible lease liabilities of $599,000, $289,000, $2,154,000 and $879,000, respectively. The minority interests’ share of such amortization was $30,000, $9,000, $123,000 and $86,000, respectively. Net income (loss) also includes a charge for the ineffective portion of the change in the fair value of the Company’s derivative financial instruments of $134,000, $0, $730,000, and $0, respectively. Minority interests did not share in such charge.
(2) The provision for tenant improvements and capital expenditures is calculated at the rate of $0.55 per sq. ft. per annum on the respective properties, excluding development/redevelopment properties.
(3) Assumes conversion of OP Units.
 
 
 
 
 
 
10
 
 
 
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of December 31, 2004
 
Property
 
Year
acquired
 
Percent
owned (2)
 
Gross
leasable
area
“GLA”
 
Year built/
year last
renovated
 
Number
of
tenants
 
Percent
occupied
 
  
Average
base rent per
leased SF
 
 
Major tenants [>=20,000 SF of GLA]
 
Name
 
SF
 
Lease expiration
 
 
STABILIZED PROPERTIES (1):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
The Point
 
 
2000
 
 
100%
 
 
255.447
 
 
1972/2001
 
 
20
 
 
100
%
  
$
10.01
 
 
Giant Foods
 
 
55,000
 
 
07/31/2021
 
Harrisburg, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Burlington Coat Factory
 
 
76,665
 
 
01/31/2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Staples
 
 
24,000
 
 
08/31/2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
A.C. Moore
 
 
20,000
 
 
07/31/2008
 
Academy Plaza
 
 
2001
 
 
100
%
 
152,878
 
 
1965/1998
 
 
34
 
 
100
%
  
 
11.24
 
 
Acme Markets
 
 
50,918
 
 
09/31/2018
 
Philadelphia, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Raising Horizons Charter School
 
 
20,092
 
 
08/31/2005
 
Port Richmond Village
 
 
2001
 
 
100
%
 
154,908
 
 
1988
 
 
31
 
 
100
%
  
 
12.07
 
 
Thriftway
 
 
40,000
 
 
10/31/2008
 
Philadelphia, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Pep Boys
 
 
20,615
 
 
01/31/2009
 
Washington Center Shoppes
 
 
2001
 
 
100
%
 
153,260
 
 
1979/1995
 
 
29
 
 
99
%
  
 
7.39
 
 
Acme Markets
 
 
66,046
 
 
12/02/2020
 
Washington Township, NJ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Powerhouse Gym
 
 
20,742
 
 
12/31/2012
 
Red Lion
 
 
2002
 
 
20
%
 
224,269
 
 
1970/2000
 
 
17
 
 
87
%
  
 
12.22
 
 
Best Buy Stores
 
 
46,000
 
 
01/31/2014
 
Philadelphia, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Sports Authority
 
 
43,825
 
 
08/15/2005
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Staples
 
 
23,942
 
 
07/31/2015
 
Loyal Plaza
 
 
2002
 
 
25
%
 
293,931
 
 
1969/2000
 
 
26
 
 
100
%
  
 
7.30
 
 
K-Mart
 
 
102,558
 
 
08/31/2006
 
Williamsport, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Giant Foods
 
 
66,935
 
 
10/31/2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
Staples
 
 
20,661
 
 
11/30/2014
 
LA Fitness Facility
 
 
2002
 
 
50
%
 
41,000
 
 
2003
 
 
1
 
 
100
%
  
 
18.09
 
 
LA Fitness
 
 
41,000
 
 
12/31/2018
 
Fort Washington, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
Fairview Plaza
 
 
2003
 
 
30
%
 
69,579
 
 
1992
 
 
5
 
 
97
%
  
 
11.40
 
 
Giant Foods
 
 
59,237
 
 
02/28/2017
 
New Cumberland, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
Halifax Plaza
 
 
2003
 
 
30
%
 
54,150
 
 
1994
 
 
9
 
 
100
%
  
 
10.27
 
 
Giant Foods
 
 
32,000
 
 
10/11/2019
 
Halifax, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
Newport Plaza
 
 
2003
 
 
30
%
 
66,789
 
 
1996
 
 
9
 
 
100
%
  
 
10.08
 
 
Giant Foods
 
 
43,400
 
 
05/31/2021
 
Newport, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
Pine Grove Plaza
 
 
2003
 
 
100
%
 
79,306
 
 
2001/2002
 
 
15
 
 
97
%
  
 
10.47
 
 
Peebles
 
 
24,963
 
 
01/31/2022
 
Pemberton Township, NJ
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
11
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CEDAR SHOPPING CENTERS, INC.
Property Summary
As of December 31, 2004
(continued)
 
 
Property

Year
acquired

Percent
owned (2)

Gross
leasable
area
“GLA”

Year built/
year last
renovated

Number
of
tenants 		Percent
occupied

Average
base rent per
leased SF

Major tenants [>=20,000 SF of GLA]
Name SF

Lease expiration

 
 
 
 
 
 
 
 
 
 
 
Swede Square
 
 
2003
 
 
100
%
 
98,792
 
 
1980/2004
 
 
16
 
 
88
%
 
13.13
 
 
LA Fitness
 
 
37,200
 
 
06/30/2016
 
East Norriton, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Valley Plaza
 
 
2003
 
 
100
%
 
191,189
 
 
1975/1994
 
 
7
 
 
100
%
 
4.33
 
 
K-Mart
 
 
95,810
 
 
09/30/2009
 
Hagerstown, MD
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ollie’s
 
 
41,888
 
 
03/31/2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tractor Supply
 
 
32,095
 
 
05/31/2010
 
Wal-Mart Center
 
 
2003
 
 
100
%
 
155,842
 
 
1972/2000
 
 
8
 
 
95
%
 
5.32
 
 
Wal-Mart
 
 
95,482
 
 
01/31/2020
 
Southington, CT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Namco
 
 
20,000
 
 
01/31/2011
 
South Philadelphia
 
 
2003
 
 
100
%
 
283,486
 
 
1950/2003
 
 
26
 
 
97
%
 
12.87
 
 
Shop Rite
 
 
54,388
 
 
09/30/2018
 
Philadelphia, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Bally’s Total Fitness
 
 
31,000
 
 
05/31/2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Ross Stores
 
 
31,349
 
 
01/31/2013
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
National Wholesale Liquidators
 
 
26,000
 
 
01/31/2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Modell’s
 
 
20,000
 
 
01/31/2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Strauss Discount Auto
 
 
20,000
 
 
11/30/2013
 
River View Plaza I, II and III
 
 
2003
 
 
100
%
 
244,225
 
 
1991/1998
 
 
22
 
 
95
%
 
18.43
 
 
United Artists
 
 
77,700
 
 
12/31/2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DA Lease Co.
 
 
25,000
 
 
01/31/2005
 
Philadelphia, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Pep Boys
 
 
22,000
 
 
09/30/2014
 
Columbus Crossing
 
 
2003
 
 
100
%
 
142,166
 
 
2001
 
 
9
 
 
100
%
 
15.22
 
 
Super Fresh Supermarket
 
 
61,506
 
 
09/30/2020
 
Philadelphia, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Old Navy
 
 
25,000
 
 
09/30/2008
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
A.C. Moore
 
 
22,000
 
 
09/30/2011
 
Sunset Crossing
 
 
2003
 
 
100
%
 
74,142
 
 
2002
 
 
6
 
 
96
%
 
14.42
 
 
Giant Foods
 
 
54,332
 
 
06/30/2022
 
Dickson City, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Commons
 
 
2004
 
 
100
%
 
175,121
 
 
2000 - 2003
 
 
21
 
 
98
%
 
10.03
 
 
Elder-Beerman Stores
 
 
54,500
 
 
01/31/2017
 
DuBois, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shop ‘n Save
 
 
52,654
 
 
10/07/2015
 
Townfair Center
 
 
2004
 
 
100
%
 
203,531
 
 
1995 - 2002
 
 
11
 
 
97
%
 
7.68
 
 
Lowe’s Home Centers
 
 
95,173
 
 
12/31/2015
 
White Township, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Shop ‘n Save
 
 
50,000
 
 
02/08/2012
 
Lake Raystown Plaza
 
 
2004
 
 
100
%
 
84,292
 
 
1995
 
 
9
 
 
100
%
 
8.58
 
 
Giant Foods
 
 
39,244
 
 
07/31/2015
 
Huntingdon, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
12
 
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of December 31, 2004
(continued)
 
Property
 
Year
acquired
 
Percent
owned (2)
 
Gross
leasable
area
“GLA”
 
Year built/
year last
renovated
 
Number
of
tenants
 
Percent
occupied
 
Average
base rent per
leased SF
 
 
Major tenants [>=20,000 SF of GLA]
 
Name
 
SF
 
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
 
Franklin Village Plaza
 
 
2004
 
 
100
%
 
303772 (3
)
 
1987/1989
 
 
64
 
 
96
%
 
17.93
 
 
Stop & Shop (3)
 
 
75,000
 
 
10/31/2025
 
Franklin, MA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marshalls
 
 
26,890
 
 
01/31/2009
 
The Brickyard
 
 
2004
 
 
100
%
 
274,553
 
 
1989 - 1990
 
 
5
 
 
98
%
 
8.13
 
 
Sam’s Club
 
 
109,755
 
 
10/31/2010
 
Berlin, CT
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Home Depot
 
 
103,003
 
 
10/31/2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Syms
 
 
38,000
 
 
03/31/2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3,776,628
 
 
 
 
 
400
 
 
97
%
 
11.03
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DEVELOPMENT/REDEVELOPMENT PROPERTIES:
 
Camp Hill Mall
 
 
2002
 
 
100
%
 
448,613
 
 
1958/2004
 
 
24
 
 
67
%
 
8.12
 
 
Boscov’s
 
 
167,597
 
 
09/30/2010
 
Camp Hill, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Giant Foods
 
 
42,070
 
 
01/31/2011
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Barnes & Noble
 
 
24,908
 
 
01/31/2011
 
Golden Triangle
 
 
2003
 
 
100
%
 
191,581
 
 
1960/2004
 
 
16
 
 
86
%
 
10.33
 
 
LA Fitness
 
 
44,796
 
 
04/30/2020
 
Lancaster, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Marshalls
 
 
30,000
 
 
05/31/2010
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Staples
 
 
24,060
 
 
05/31/2012
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
B&G Inc.
 
 
22,000
 
 
04/30/2009
 
Carbondale Plaza
 
 
2004
 
 
100
%
 
129,915
 
 
1972
 
 
8
 
 
61
%
 
5.23
 
 
Weis Markets
 
 
52,720
 
 
02/29/2016
 
Carbondale, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Huntingdon Plaza
 
 
2004
 
 
100
%
 
151,277
 
 
1972 - 2003
 
 
13
 
 
50
%
 
6.51
 
 
Peebles
 
 
22,060
 
 
01/31/2018
 
Huntingdon, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hamburg Commons]
 
 
2004
 
 
100
%
 
97,633
 
 
1988 - 1993
 
 
6
 
 
14
%
 
9.64
 
 
 
 
 
 
 
 
 
 
Hamburg, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Meadows Marketplace
 
 
2004
 
 
100
%
 
91,250
 
 
1972 - 2003
 
 
N/A
 
 
—
 
 
N/A
 
 
Giant Foods (4)
 
 
65,000
 
 
09/30/2025
 
South Hanover Township, PA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1,110,269
 
 
 
 
 
67
 
 
57
%
 
8.17
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
TOTAL PORTFOLIO
 
 
 
 
 
 
 
 
4,886,897
 
 
 
 
 
467
 
 
88
%
$
10.61
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
13
 
CEDAR SHOPPING CENTERS, INC.
Property Summary
As Of December 31, 2004
(continued)
 
(1)
“Stabilized properties” are those properties, with no development/redevelopment activities, having an occupancy rate of at least 80%.
(2)
Other than the partnerships owning the Red Lion and the LA Fitness Facility properties, the terms of the several joint venture agreements provide, among other things, that the minority interest partners receive certain preferential returns on their investments prior to any distributions to the Company.
(3)
Stop & Shop is presently constructing an addition to its existing 55,000 sq. ft. store which will increase the size to 75,000 sq. ft. Upon completion, which is estimated to be November 1, 2005, the extended lease term will run for 20 years from that date. The total GLA for the shopping center includes approximately 15,000 sq. ft. which will result from the Stop & Shop expansion.
(4)
Giant Foods has signed a 20-year lease for a 65,000 sq. ft. store at Meadows Marketplace. Development activities have commenced, are expected to cost approximately $10 million (including the cost of the land), and are projected to be competed in September 2005. At present, it is anticipated that this property will contain a total of approximately 91,000 sq. ft. of GLA.
 
14
 
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As Of December 31, 2004
(unaudited)
 
Property
 
Percent
Owned
 
Maturity
Date
 
Int. rate
Dec 31,
2004
 
 
 
 
 
 
 
Pro rata share
 
 
 
 
 
 
 
 
Balance, December 31,
 
December 31,
 
 
2004
 
2003
 
2004
 
2003
 
 
 
 
 
 
 
 
Fixed-rate mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
The Point
 
 
100.0
%
 
Sep 2012
 
 
7.625
%
$
19,264,066
 
$
19,575,315
 
$
19,264,066
 
$
19,575,315
 
Academy Plaza
 
 
100.0
%
 
Mar 2013
 
 
7.275
%
 
10,278,394
 
 
10,422,358
 
 
10,278,394
 
 
10,422,358
 
Port Richmond Village
 
 
100.0
%
 
Apr 2008
 
 
7.174
%
 
11,135,398
 
 
11,291,886
 
 
11,135,398
 
 
11,291,886
 
Washington Center Shoppes
 
 
100.0
%
 
Nov 2007
 
 
7.530
%
 
5,749,062
 
 
5,826,179
 
 
5,749,062
 
 
5,826,179
 
Red Lion
 
 
20.0
%
 
Feb 2010
 
 
8.860
%
 
16,458,559
 
 
16,590,396
 
 
3,291,712
 
 
3,318,079
 
Loyal Plaza
 
 
25.0
%
 
Jun 2011
 
 
7.180
%
 
13,532,016
 
 
13,676,519
 
 
3,383,004
 
 
3,419,130
 
Fairview Plaza
 
 
30.0
%
 
Feb 2013
 
 
5.710
%
 
5,940,932
 
 
6,017,539
 
 
1,782,280
 
 
1,805,262
 
Halifax Plaza
 
 
30.0
%
 
Jan 2010
 
 
6.830
%
 
4,100,000
 
 
4,190,000
 
 
1,230,000
 
 
1,257,000
 
Newport Plaza
 
 
30.0
%
 
Feb 2010
 
 
6.830
%
 
3,792,000
 
 
3,870,000
 
 
1,137,600
 
 
1,161,000
 
Newport Plaza
 
 
30.0
%
 
Feb 2010
 
 
6.830
%
 
1,444,584
 
 
1,475,784
 
 
433,375
 
 
442,735
 
Pine Grove Plaza
 
 
100.0
%
 
Apr 2010
 
 
6.240
%
 
5,737,500
 
 
5,887,500
 
 
5,737,500
 
 
5,887,500
 
Pine Grove Plaza
 
 
100.0
%
 
Mar 2006
 
 
8.500
%
 
387,807
 
 
387,807
 
 
387,807
 
 
387,807
 
Golden Triangle
 
 
100.0
%
 
Apr 2008
 
 
6.000
%
 
9,987,070
 
 
10,325,318
 
 
9,987,070
 
 
10,325,318
 
Townfair Center
 
 
100.0
%
 
Mar 2008
 
 
6.000
%
 
10,167,275
 
 
—
 
 
10,167,275
 
 
—
 
Franklin Village Plaza
 
 
100.0
%
 
Nov 2011
 
 
4.810
%
 
43,500,000
 
 
—
 
 
43,500,000
 
 
—
 
 
 
 
 
 
 
 
 
 
 
 
Total fixed-rate debt
 
 
 
 
 
5.8 years
 
 
6.530
%
 
161,474,663
 
 
109,536,601
 
 
127,464,543
 
 
75,119,569
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[wtd-avg maturity]
 
[wtd-avg rate]
 
 
 
 
 
 
 
 
 
 
 
 
 
Variable-rate mortgages:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
LA Fitness Facility
 
 
50.0
%
 
Dec 2007
 
 
5.750
%
 
4,955,346
 
 
4,558,803
 
 
2,477,673
 
 
2,279,402
 
Camp Hill Mall
(a)
 
100.0
%
 
Nov 2005
 
 
4.368
%
 
14,000,000
 
 
14,000,000
 
 
14,000,000
 
 
14,000,000
 
Swede Square
 
 
100.0
%
 
N/A
 
 
N/A
 
 
—
 
 
5,560,000
 
 
—
 
 
5,560,000
 
Valley Plaza
 
 
100.0
%
 
N/A
 
 
N/A
 
 
—
 
 
6,361,583
 
 
—
 
 
6,361,583
 
Wal-Mart Center
 
 
100.0
%
 
N/A
 
 
N/A
 
 
—
 
 
5,440,988
 
 
—
 
 
5,440,988
 
 
 
 
 
 
 
 
 
 
 
 
Total variable rate mortgages
 
 
 
 
 
1.4 years
 
 
4.730
%
 
18,955,346
 
 
35,921,374
 
 
16,477,673
 
 
33,641,973
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[wtd-avg maturity]
 
[wtd-avg rate]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total mortgages
 
 
 
 
 
5.4 years
 
 
6.340
%
 
180,430,009
 
 
145,457,975
 
 
143,942,216
 
 
108,761,541
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[wtd-avg maturity]
 
[wtd-avg rate]
 
 
 
 
 
 
 
 
 
 
 
 
 
Secured revolving credit facility
(b)
 
100.0
%
 
Jan 2007
 
 
3.918
%
 
68,200,000
 
 
17,000,000
 
 
68,200,000
 
 
17,000,000
 
 
 
 
 
 
 
 
 
 
 
 
Secured revolving credit facility
 
 
 
 
 
2.1 years
 
 
3.918
%
 
68,200,000
 
 
17,000,000
 
 
68,200,000
 
 
17,000,000
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[wtd-avg maturity]
 
[wtd-avg rate]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total debt
 
 
 
 
 
4.5 years
 
 
5.680
%
$
248,630,009
 
$
162,457,975
 
$
212,142,216
 
$
125,761,541
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
[wtd-avg maturity]
 
[wtd-avg rate]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
15
Back to Contents
 
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As Of December 31, 2004
(unaudited)
(continued)
 
Maturity schedule by year
 
 
 
 
Mortgage debt
 
Secured
revolving
credit facility
 
Total
 
Scheduled
amortization
 
Balloon
payments
 
 
 
 
 
 
 
 
2005
 
 
(a)
 
$
2,093,992
 
$
14,000,000
 
 
 
 
$
16,093,992
 
2006
 
 
 
 
 
2,163,478
 
 
431,119
 
 
 
 
 
2,594,597
 
2007
 
 
(b)
 
 
2,311,180
 
 
10,443,063
 
$
68,200,000
 
 
80,954,243
 
2008
 
 
 
 
 
1,647,180
 
 
28,644,387
 
 
 
 
 
30,291,567
 
2009
 
 
 
 
 
1,542,018
 
 
—
 
 
 
 
 
1,542,018
 
2010
 
 
 
 
 
1,117,717
 
 
28,832,891
 
 
 
 
 
29,950,608
 
2011
 
 
 
 
 
44,492,470
 
 
12,285,642
 
 
 
 
 
56,778,112
 
2012
 
 
 
 
 
759,348
 
 
15,900,641
 
 
 
 
 
16,659,989
 
2013
 
 
 
 
 
53,733
 
 
13,711,150
 
 
 
 
 
13,764,883
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
56,181,116
 
$
124,248,893
 
$
68,200,000
 
$
248,630,009
 
 
 
 
 
 
 
 
 
 
 
(a) In February 2005, the Company received a commitment for an aggregate of $49 million in construction financing, which provides for the repayment of the $14 million in original acquisiton financing, as well as funding for substantially all the projected redevelopment costs at the property. The facility will bear interest at 185 bps over LIBOR and mature in three years. At December 31, 2003, $7,000,000 of this obligation bore interest  at a variable rate.
 
 (b) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2007.
 
16
Back to Contents
 
CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
 
 
 
 
 
As  of December 31, 2004
 
 
 
 
 
 
Property
 
Partners’
percent
 
Real estate,
net
 
Mortgage
loans
payable
 
Other assets
liabilities,
net
 
Equity (a)
 
Partners
 
Cedar (b)(c)
 
Total
 
 
 
 
 
 
 
 
Loyal Plaza
 
 
75
%
$
19,594,588
 
$
13,532016
 
$
971,027
 
$
4,520,684
 
$
2,512,915
 
$
7,033,599
 
Red Lion
 
 
80
%
 
18,994,194
 
 
16,458,559
 
 
1,696,776
 
 
2,815,665
 
 
1,416,749
 
 
4,232,413
 
Fairview Plaza (d)
 
 
70
%
 
8,871,938
 
 
5,940,932
 
 
(327,522
)
 
1,561,199
 
 
982,285
 
 
2,543,484
 
Halifax Plaza (d)
 
 
70
%
 
5,570,758
 
 
4,100,000
 
 
(109,082
)
 
1,162,462
 
 
199,214
 
 
1,361,676
 
Newport Plaza (d)
 
 
70
%
 
6,474,162
 
 
5,263,584
 
 
60,251
 
 
1,053,464
 
 
244,365
 
 
1,297,829
 
LA Fitness Facility
 
 
50
%
 
5,930,789
 
 
4,955,346
 
 
243,549
 
 
881,015
 
 
337,977
 
 
1,218,992
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
65,436,431
 
$
50,223,437
 
$
2,474,999
 
$
11,994,488
 
$
4,693,505
 
$
17,687,993
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the year ended December 31, 2004
 
 
 
 
 
 
Property
 
Partners’
percent
Cedar
 
 
 
Share of property net income
 
 
 
 
 
 
Property-level operations
 
Partners
 
 
 
Revenues
 
 
Operating
expenses
 
 
Depreciation/
amortization
 
 
Interest
 
 
Total
expenses
 
 
Net income
 
 
Regular
 
 
Preference
 
 
Cedar (b)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loyal Plaza
 
 
75
%
$
2,773,959
 
$
756,499
 
$
435,848
 
$
2,223,689
 
$
1,617,582
 
$
550,270
 
$
412,703
 
$
137,567
 
$
—
 
Red Lion
 
 
80
%
 
3,190,854
 
 
971,678
 
 
520,518
 
 
1,614,653
 
 
3,106,849
 
 
84,005
 
 
67,204
 
 
—
 
 
16,801
 
Fairview Plaza (d)
 
 
70
%
 
957,259
 
 
158,007
 
 
192,192
 
 
346,940
 
 
697,123
 
 
260,136
}
 
 
 
 
 
 
 
 
 
Halifax Plaza (d)
 
 
70
%
 
749,001
 
 
178,034
 
 
127,991
 
 
286,870
 
 
592,895
 
 
156,106
}
 
417,724
 
 
35,805
 
 
143,220
 
Newport Plaza (d)
 
 
70
%
 
902,403
 
 
213,562
 
 
146,510
 
 
361,824
 
 
721,896
 
 
180,507
}
 
 
 
 
 
 
 
 
 
LA Fitness Facility
 
 
50
%
 
743,702
 
 
29,177
 
 
109,522
 
 
288,866
 
 
427,565
 
 
316,137
 
 
158,068
 
 
—
 
 
158,069
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
9,317,178
 
$
2,306,957
 
$
1,532,201
 
$
3,930,859
 
$
7,770,017
 
$
1,547,161
 
$
1,055,699
 
$
173,372
 
$
318,090
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
17
Back to Contents
 
CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
(continued)
 
Property
 
Partners’
percent
 
Cedar
 
 
Share of FFO
 
Partners
 
Cedar (b)
 
Total
 
 
 
 
 
 
 
Loyal Plaza
 
 
75
%
 
25
%
 
$
726,442
 
$
245,618
 
$
972,060
 
Red Lion
 
 
80
%
 
20
%
 
 
413,334
 
 
103,334
 
 
516,668
 
Fairview Plaza (d)
 
 
70
%
 
30
%
}
 
 
 
 
 
 
 
 
 
Halifax Plaza (d)
 
 
70
%
 
30
%
}
 
735,662
 
 
309,800
 
 
1,045,462
 
Newport Plaza (d)
 
 
70
%
 
30
%
}
 
 
 
 
 
 
 
 
 
LA Fitness Facility
 
 
50
%
 
50
%
 
 
209,258
 
 
209,258
 
 
418,516
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
2,084,696
 
$
868,010
 
$
2,952,706
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(a) The Partners/Cedar shares of equity, 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 cumulative effect of preference returns to joint venture partners.
 
 (b) Includes limited partners’ share.
 
 ( c) Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned entities.
 
 (d) As each of these three properties is under an umbrella partnership, any shortfall in required preference payments by any one of the properties will be offset by excess cash flow from any of the other properties.
 
18
 
CEDAR SHOPPING CENTERS, INC.
Tenant Concentration Schedule
As Of December 31, 2004
(unaudited)
 
Tenant
 
Number
of stores
 
Sq ft
 
Percentage
Sq ft
 
Annualized
base rents
 
Annualized
base rents
per sq ft
 
Percentage
Annualized
base rents
 
 
 
 
 
 
 
 
Giant Foods/Stop & Shop
 
 
9
 
 
467,218
 
 
9.56
%
 
4,977,671
 
 
10.65
 
 
10.90
%
LA Fitness
 
 
3
 
 
122,996
 
 
2.52
%
 
1,743,072
 
 
14.17
 
 
3.82
%
Staples
 
 
5
 
 
110,663
 
 
2.26
%
 
1,419,992
 
 
12.83
 
 
3.11
%
United Artists Theatre Group
 
 
1
 
 
77,700
 
 
1.59
%
 
1,328,950
 
 
17.10
 
 
2.91
%
Wal-Mart/Sam’s Club
 
 
2
 
 
205,237
 
 
4.20
%
 
1,255,618
 
 
6.12
 
 
2.75
%
Shop ‘n Save
 
 
2
 
 
102,654
 
 
2.10
%
 
854,151
 
 
8.32
 
 
1.87
%
Boscov’s
 
 
1
 
 
167,597
 
 
3.43
%
 
742,071
 
 
4.43
 
 
1.62
%
Home Depot
 
 
1
 
 
103,003
 
 
2.11
%
 
669,520
 
 
6.50
 
 
1.47
%
Super Fresh Super Markets
 
 
1
 
 
61,506
 
 
1.26
%
 
650,000
 
 
10.57
 
 
1.42
%
Best Buy
 
 
1
 
 
46,000
 
 
0.94
%
 
619,083
 
 
13.46
 
 
1.36
%
 
 
 
 
 
 
 
 
Sub-total top ten tenants
 
 
26
 
 
1,464,574
 
 
29.97
%
 
14,260,128
 
 
9.74
 
 
31.21
%
Remaining tenants
 
 
441
 
 
2,841,931
 
 
58.15
%
 
31,426,631
 
 
11.06
 
 
68.79
%
 
 
 
 
 
 
 
 
Sub-total all tenants
 
 
467
 
 
4,306,505
 
 
88.12
%
 
45,686,759
 
 
10.61
 
 
100.00
%
Vacant
 
 
N/A
 
 
580,392
 
 
11.88
%
 
N/A
 
 
N/A
 
 
N/A
 
 
 
 
 
 
 
 
 
Total (including vacant)
 
 
467
 
 
4,886,897
 
 
100.00
%
 
45,686,759
 
 
9.35
 
 
N/A
 
 
 
 
 
 
 
 
 
 
(a) Includes locations presently undergoing development and/or redevelopment activities.

19
Back to Contents
 
CEDAR SHOPPING CENTERS, INC.
Lease Expiration Schedule
As Of December 31, 2004
(unaudited)
 
Number of tenants
 
Sq ft
 
Percentage
of total
sq ft
 
Year
leases
expire
 
Annualized
expiring
base rents
 
Annualized
expiring
per sq ft
 
Percentage
Annualized
expiring
base rents
 
 
 
 
 
 
 
 
7
 
 
16,408
 
 
0.34
%
 
M-T-M
 
 
222,204
 
 
13.54
 
 
0.49
%
59
 
 
261,006
 
 
5.34
%
 
12/31/2005
 
 
3,834,964
 
 
14.69
 
 
8.39
%
72
 
 
338,070
 
 
6.92
%
 
12/31/2006
 
 
4,052,099
 
 
11.99
 
 
8.87
%
69
 
 
256,746
 
 
5.25
%
 
12/31/2007
 
 
3,500,779
 
 
13.64
 
 
7.66
%
60
 
 
315,159
 
 
6.45
%
 
12/31/2008
 
 
4,501,449
 
 
14.28
 
 
9.85
%
65
 
 
365,089
 
 
7.47
%
 
12/31/2009
 
 
3,456,886
 
 
9.47
 
 
7.57
%
20
 
 
548,188
 
 
11.22
%
 
12/31/2010
 
 
3,968,642
 
 
7.24
 
 
8.69
%
20
 
 
307,169
 
 
6.29
%
 
12/31/2011
 
 
2,615,937
 
 
8.52
 
 
5.73
%
22
 
 
206,248
 
 
4.22
%
 
12/31/2012
 
 
2,166,175
 
 
10.50
 
 
4.74
%
15
 
 
124,287
 
 
2.54
%
 
12/31/2013
 
 
1,438,628
 
 
11.58
 
 
3.15
%
19
 
 
150,311
 
 
3.08
%
 
11/30/2014
 
 
1,963,743
 
 
13.06
 
 
4.30
%
8
 
 
229,774
 
 
4.70
%
 
12/31/2015
 
 
1,966,064
 
 
8.56
 
 
4.30
%
4
 
 
125,924
 
 
2.58
%
 
6/30/2016
 
 
943,548
 
 
7.49
 
 
2.07
%
3
 
 
144,737
 
 
2.96
%
 
5/31/2017
 
 
1,452,867
 
 
10.04
 
 
3.18
%
6
 
 
266,066
 
 
5.44
%
 
12/31/2018
 
 
3,410,374
 
 
12.82
 
 
7.46
%
4
 
 
113,493
 
 
2.32
%
 
10/31/2019
 
 
1,018,169
 
 
8.97
 
 
2.23
%
4
 
 
267,830
 
 
5.48
%
 
12/2/2020
 
 
1,668,279
 
 
6.23
 
 
3.65
%
5
 
 
107,005
 
 
2.19
%
 
10/23/2021
 
 
1,441,367
 
 
13.47
 
 
3.15
%
3
 
 
82,995
 
 
1.70
%
 
6/30/2022
 
 
1,046,586
 
 
12.61
 
 
2.29
%
1
 
 
5,000
 
 
0.10
%
 
7/31/2024
 
 
68,000
 
 
13.60
 
 
0.15
%
1
 
 
75,000
 
 
1.53
%
 
10/31/2025
 
 
950,000
 
 
12.67
 
 
2.08
%
 
 
 
 
 
 
 
 
467
 
 
4,306,505
 
 
88.12
%
 
 
 
 
45,686,759
 
 
10.61
 
 
100.00
%
N/A
 
 
580,392
 
 
11.88
%
 
Vacant
 
 
N/A
 
 
N/A
 
 
N/A
 
 
 
 
 
 
 
 
 
467
 
 
4,886,897
 
 
100.00
%
 
Total
portfolio
 
 
45,686,759
 
 
9.35
 
 
N/A
 
 
 
 
 
 
 
 
 
 
(a) Includes locations presently undergoing development and/or redevelopment activities.

20