Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

March 31, 2006

(unaudited)

Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com

 


Cedar Shopping Centers, Inc.
Supplemental Financial Information
March 31, 2006
(unaudited)

TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 

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Cedar Shopping Centers, Inc.
Supplemental Financial Information
March 31, 2006
(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 beliefs, 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 result of factors outside of the Company’s control. Certain factors that might 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 Company’s market areas in particular; the financial viability of the Company’s tenants; the continuing availability of suitable acquisitions, and development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels; 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 market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration of current leases; and the financial flexibility to 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 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, 2005 and Form 10-Q for the quarter ended March 31, 2006.

Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership”) 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, 2006, the Company owned a 95.1% 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 consolidated joint ventures, the Company has general partnership interests ranging from 25% to 50% and, as the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined, pursuant to EITF 04-05, that such partnerships should be included in the consolidated financial statements. Further, pursuant to EITF 04-05, the Company deconsolidated the Red Lion joint venture as of January 1, 2006 and is recognizing its share of the venture’s results under the equity method from that date forward.

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Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure

Funds From Operations (“FFO”) is a widely-recognized measure of REIT performance. The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income applicable to common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are computed to reflect FFO on the same basis. In computing FFO, the Company does not add back to net income applicable to common shareholders the amortization of costs incurred in connection with its financing or hedging activities, or depreciation of non-real estate assets, but does add back to net income applicable to common shareholders 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 net income applicable to common shareholders (determined in accordance with GAAP) as an indication of the Company’s financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. As 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)
 
   
March 31,
2006
  
December 31,
2005
  
   
 
 
Equity market capitalization (end of period):
              
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding
    
3,550,000
   
3,550,000
 
Closing market price
  
$
26.00
  
$
26.45
  
Common shares outstanding
    
30,239,235
   
29,617,935
 
OP Units outstanding
    
1,565,144
   
1,545,808
 
Closing market price
  
$
15.84
  
$
14.07
  
Equity market capitalization
  
$
596,081,000
  
$
532,371,000
  
Pro rata share of outstanding debt
    
550,379,000
   
491,774,000
 
   
 
 
Total capitalization
  
$
1,146,460,000
  
$
1,024,145,000
  
   
 
 
Ratio of pro rata share of outstanding debt to total capitalization
    
48.0
%
  
48.0
%
   
 
 
Ratio of pro rata share of outstanding debt to capitalization without Preferred Stock
    
52.2
%
  
52.9
%
   
 
 
 
   
Three months ended March 31,
 
 
 
 
 
 
2006
 
2005
  
   
 
 
Total revenues
  
$
29,992,000
  
$
16,522,000
  
Net income applicable to common shareholders
  
$
1,000,000
  
$
1,354,000
  
Per common share
  
$
0.03
  
$
0.07
  
Dividends to common shareholders
  
$
6,701,000
  
$
4,354,000
  
Per common share
  
$
0.225
  
$
0.225
  
FFO
  
$
9,490,000
  
$
4,870,000
  
Per common share/OP unit
  
$
0.30
  
$
0.25
  
Weighted average number of common shares:
              
Shares used in determination of earnings per share
    
29,878,000
   
19,351,000
 
Additional shares assuming conversion of OP Units
    
1,556,000
   
454,000
 
   
 
 
Shares used in determination of FFO per share
    
31,434,000
   
19,805,000
 
   
 
 

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Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
(continued)

 
 
March 31,
2006
 
December 31,
2005
  
   
 
 
Real estate, net
    
994,447,000
   
946,457,000
 
Other assets
    
64,513,000
   
49,799,000
 
   
 
 
Total assets
  
$
1,058,960,000
  
$
996,256,000
  
   
 
 
Total debt
  
$
569,799,000
  
$
527,791,000
  
Other liabilities
    
64,082,000
   
44,405,000
 
Minority interests in consolidated joint ventures
    
9,930,000
   
12,339,000
 
Limited partners’ interest in Operating Partnership
    
20,342,000
   
20,586,000
 
Shareholders’ equity
    
394,807,000
   
391,135,000
 
   
 
 
Total liabilities and equity
  
$
1,058,960,000
  
$
996,256,000
  
   
 
 
Fixed-rate mortgages
  
$
366,907,000
  
$
338,988,000
  
Variable-rate mortgages
    
43,412,000
   
41,323,000
 
   
 
 
Total mortgages
    
410,319,000
   
380,311,000
 
Secured revolving credit facility
    
159,480,000
   
147,480,000
 
   
 
 
Total debt
  
$
569,799,000
  
$
527,791,000
  
   
 
 
Pro rata share of total debt
  
$
550,379,000
  
$
491,774,000
  
   
 
 
Weighted average interest rates:
              
Fixed-rate mortgages
    
5.7
%
  
5.8
%
Variable-rate mortgages
    
6.8
%
  
6.3
%
Total mortgages
    
5.8
%
  
5.9
%
Secured variable-rate revolving credit facility
    
6.1
%
  
5.6
%
Total debt
    
5.9
%
  
5.8
%

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

   
March 31, 2006
 
December 31, 2005
 
 
 
 
 
     
Total
  
Consolidated
joint ventures
  
Wholly-owned
properties
  
Total
  
Consolidated
joint ventures
  
Wholly-owned
properties
   
 
 
Assets:
                                      
Real estate:
                                      
Land
  
$
191,096,000
  
$
10,188,000
  
$
180,908,000
  
$
180,951,000
  
$
14,409,000
  
$
166,542,000
  
Buildings and improvements
    
844,110,000
   
38,372,000
   
805,738,000
   
800,005,000
   
54,038,000
   
745,967,000
 
   
 
 
 
 
 
 
     
1,035,206,000
   
48,560,000
   
986,646,000
   
980,956,000
   
68,447,000
   
912,509,000
 
Less accumulated depreciation
    
(40,759,000
)
  
(3,304,000
)
  
(37,455,000
)
  
(34,499,000
)
  
(4,544,000
)
  
(29,955,000
)
   
 
 
 
 
 
 
Real estate, net
    
994,447,000
   
45,256,000
   
949,191,000
   
946,457,000
   
63,903,000
   
882,554,000
 
Investment in and advances to unconsolidated joint venture
    
1,346,000
   
—
    
1,346,000
                   
Cash and cash equivalents
    
11,895,000
   
—
   
11,895,000
   
8,601,000
   
—
   
8,601,000
 
Cash at joint ventures
    
614,000
   
614,000
   
—
    
1,385,000
   
1,385,000
   
—
 
Construction / improvement and other escrows
    
10,408,000
   
628,000
   
9,780,000
   
9,030,000
   
1,610,000
   
7,420,000
 
Receivables:
                                      
Rents and other, net
    
6,208,000
   
163,000
   
6,045,000
   
4,220,000
   
180,000
   
4,040,000
 
Straight-line rents
    
5,609,000
   
713,000
   
4,896,000
   
4,873,000
   
841,000
   
4,032,000
 
Other assets
    
9,060,000
   
435,000
   
8,625,000
   
4,051,000
   
423,000
   
3,628,000
 
Deferred charges, net:
                                      
Leasing costs
    
13,548,000
   
298,000
   
13,250,000
   
11,433,000
   
329,000
   
11,104,000
 
Financing costs
    
5,041,000
   
187,000
   
4,854,000
   
5,521,000
   
547,000
   
4,974,000
 
Other
    
784,000
   
—
    
784,000
   
685,000
   
—
    
685,000
 
   
 
 
 
 
 
 
Total assets
  
$
1,058,960,000
  
$
48,294,000
  
$
1,010,666,000
  
$
996,256,000
  
$
69,218,000
  
$
927,038,000
  
   
 
 
 
 
 
 
                                       
Liabilities and shareholders’ equity:
                                      
Mortgage loans payable
  
$
410,319,000
  
$
33,123,000
  
$
377,196,000
  
$
380,311,000
  
$
49,558,000
  
$
330,753,000
  
Secured revolving credit facility
    
159,480,000
   
—
    
159,480,000
   
147,480,000
   
—
    
147,480,000
 
Accounts payable and accrued expenses
    
10,476,000
   
260,000
   
10,216,000
   
12,073,000
   
362,000
   
11,711,000
 
Tenant advance payments and security deposits
    
5,251,000
   
244,000
   
5,007,000
   
4,389,000
   
342,000
   
4,047,000
 
Unamortized intangible lease liabilities
    
48,355,000
   
997,000
   
47,358,000
   
27,943,000
   
1,042,000
   
26,901,000
 
   
 
 
 
 
 
 
Total liabilities
    
633,881,000
   
34,624,000
   
599,257,000
   
572,196,000
   
51,304,000
   
520,892,000
 
   
 
 
 
 
 
 
                                       
Minority interests
    
9,930,000
   
9,930,000
   
—
    
12,339,000
   
12,339,000
   
—
 
Limited partners’ interest in consolidated Operating
                                      
Partnership
    
20,342,000
   
183,000
   
20,159,000
   
20,586,000
   
279,000
   
20,307,000
 
Equity (a)
    
394,807,000
   
3,557,000
   
391,250,000
   
391,135,000
   
5,296,000
   
385,839,000
 
   
 
 
 
 
 
 
Total liabilities and equity
  
$
1,058,960,000
  
$
48,294,000
  
$
1,010,666,000
  
$
996,256,000
  
$
69,218,000
  
$
927,038,000
  
   
 
 
 
 
 
 
 
(a) Equity includes net receivable/payable balances on open account between joint venture properties and wholly-owned properties.

7

 
CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Income Information
(unaudited)

   
Three months ended March 31, 2006
 
Three months ended March 31, 2005
 
 
 
 
 
 
 
Total
 
Consolidated
joint ventures
 
Wholly-owned
properties
 
Total
 
Consolidated
joint ventures
 
Wholly-owned
properties
  
   
 
 
Revenues:
                                      
Rents:
                                      
Base rents
  
$
20,332,000
  
$
1,258,000
  
$
19,074,000
  
$
11,249,000
  
$
1,841,000
  
$
9,408,000
  
Percentage rents
    
312,000
   
—
    
312,000
   
201,000
   
4,000
   
197,000
 
Straight-line rents
    
900,000
   
37,000
   
863,000
   
492,000
   
47,000
   
445,000
 
Amortization of intangible lease liabilities
    
2,628,000
   
25,000
   
2,603,000
   
907,000
   
36,000
   
871,000
 
   
 
 
 
 
 
 
     
24,172,000
   
1,320,000
   
22,852,000
   
12,849,000
   
1,928,000
   
10,921,000
 
Expense recoveries
    
5,614,000
   
285,000
   
5,329,000
   
3,673,000
   
457,000
   
3,216,000
 
Other
    
206,000
   
—
    
206,000
   
—
    
—
    
—
  
   
 
 
 
 
 
 
Total revenues
    
29,992,000
   
1,605,000
   
28,387,000
   
16,522,000
   
2,385,000
   
14,137,000
 
   
 
 
 
 
 
 
Expenses:
                                      
Operating, maintenance and management
    
6,168,000
   
221,000
   
5,947,000
   
4,027,000
   
419,000
   
3,608,000
 
Real estate and other property-related taxes
    
2,936,000
   
132,000
   
2,804,000
   
1,475,000
   
220,000
   
1,255,000
 
General and administrative
    
1,379,000
   
—
    
1,379,000
   
969,000
   
—
    
969,000
 
Depreciation and amortization
    
8,597,000
   
292,000
   
8,305,000
   
3,743,000
   
381,000
   
3,362,000
 
   
 
 
 
 
 
 
Total expenses
    
19,080,000
   
645,000
   
18,435,000
   
10,214,000
   
1,020,000
   
9,194,000
 
   
 
 
 
 
 
 
                                       
Operating income
    
10,912,000
   
960,000
   
9,952,000
   
6,308,000
   
1,365,000
   
4,943,000
 
                                       
Non-operating income and expense:
                                      
Interest expense
    
(7,357,000
)
  
(570,000
)
  
(6,787,000
)
  
(3,137,000
)
  
(982,000
)
  
(2,155,000
)
Amortization of deferred financing costs
    
(329,000
)
  
(11,000
)
  
(318,000
)
  
(206,000
)
  
(36,000
)
  
(170,000
)
Interest income
    
116,000
   
1,000
   
115,000
   
5,000
   
3,000
   
2,000
 
Equity in loss of unconsolidated joint venture
    
(25,000
)
  
—
          
—
    
—
    
—
  
   
 
 
 
 
 
 
Total non-operating income and expense
    
(7,595,000
)
  
(580,000
)
  
(6,990,000
)
  
(3,338,000
)
  
(1,015,000
)
  
(2,323,000
)
   
 
 
 
 
 
 
Income before minority and limited partners’ interests
    
3,317,000
   
380,000
   
2,962,000
   
2,970,000
   
350,000
   
2,620,000
 
Minority interests
    
(310,000
)
  
(310,000
)
  
—
    
(290,000
)
  
(290,000
)
  
—
  
Limited partners’ interest
    
(53,000
)
  
(3,000
)
  
(50,000
)
  
(32,000
)
  
(1,000
)
  
(31,000
)
   
 
 
 
 
 
 
Net income
    
2,954,000
   
67,000
   
2,912,000
   
2,648,000
   
59,000
   
2,589,000
 
Preferred distribution requirements
    
(1,954,000
)
  
—
    
(1,954,000
)
  
(1,294,000
)
  
—
    
(1,294,000
)
   
 
 
 
 
 
 
Net income applicable to common shareholders
  
$
1,000,000
  
$
67,000
  
$
958,000
  
$
1,354,000
  
$
59,000
  
$
1,295,000
  
   
 
 
 
 
 
 
Per common share
  
$
0.03
  
$
—
  
$
0.03
  
$
0.07
  
$
—
  
$
0.07
  
   
 
 
 
 
 
 
Weighted average number of common shares outstanding
    
29,878,000
   
29,878,000
   
29,878,000
   
19,351,000
   
19,351,000
   
19,351,000
 
   
 
 
 
 
 
 

8

 
CEDAR SHOPPING CENTERS, INC.
Reconciliation of Net Income to FFO
(unaudited)

   
Three months ended March 31,
 
 
 
 
 
 
2006
 
2005
  
   
 
 
           
Net income applicable to common shareholders
  
$
1,000,000
  
$
1,354,000
  
Add (deduct):
              
Depreciation and amortization
    
8,571,000
   
3,730,000
 
Limited partners’ interest
    
53,000
   
32,000
 
Minority interests in consolidated joint ventures
    
310,000
   
290,000
 
Equity in loss of unconsolidated joint venture
    
25,000
   
—
  
Minority interests’ share of FFO applicable to consolidated joint ventures
    
(466,000
)
  
(536,000
)
FFO from unconsolidated joint venture
    
(3,000
)
  
—
  
   
 
 
Funds From Operations
  
$
9,490,000
  
$
4,870,000
  
   
 
 
FFO per common share (assuming conversion of OP Units)
  
$
0.30
  
$
0.25
  
   
 
 
               
Weighted average number of common shares:
              
Shares used in determination of earnings per share
    
29,878,000
   
19,351,000
 
Additional shares assuming conversion of OP Units
    
1,556,000
   
454,000
 
   
 
 
Shares used in determination of FFO per share
    
31,434,000
   
19,805,000
 
   
 
 

9

 
CEDAR SHOPPING CENTERS, INC.
Property Summary
As of March 31, 2006
 
                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
STABILIZED PROPERTIES (1):
                                            
Academy Plaza
  
PA
  
2001
  
100%
  
152,878
  
1965/1998
  
33
  
99%
  
$11.46
  
Acme Markets
  
50,918
  
9/30/2018
                                   
Raising Horizons School
  
20,092
  
8/31/2006
                                             
Carbondale Plaza
  
PA
  
2004
  
100%
  
129,915
  
1972/2005
  
10
  
83%
  
5.50
  
Weis Markets
  
52,720
  
2/29/2016
                                             
Carrolton Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  40,480
  
2000
  
4
  
100%
  
7.92
  
Discount Drug Mart
  
25,480
  
3/31/2016
                                             
Clyde Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  34,592
  
2002
  
2
  
83%
  
8.85
  
Discount Drug Mart
  
24,592
  
3/31/2019
                                             
Coliseum Marketplace
  
VA
  
2005
  
100%
  
105,181
  
1987/2005
  
8
  
89%
  
13.56
  
Farm Fresh
  
57,662
  
1/31/2021
                                             
Columbus Crossing
  
PA
  
2003
  
100%
  
142,166
  
2001
  
9
  
100%
  
15.63
  
Super Fresh
  
61,506
  
9/30/2020
                                   
Old Navy
  
25,000
  
9/30/2008
                                   
AC Moore
  
22,000
  
9/30/2011
                                             
CVS at Bradford
  
PA
  
2005
  
100%
  
  10,722
  
1996
  
1
  
100%
  
12.80
  
CVS
  
10,722
  
3/31/2017
                                             
CVS at Celina
  
OH
  
2005
  
100%
  
  10,195
  
1998
  
1
  
100%
  
17.49
  
CVS
  
10,195
  
1/31/2020
                                             
CVS at Erie
  
PA
  
2005
  
100%
  
  10,125
  
1997
  
1
  
100%
  
16.50
  
CVS
  
10,125
  
1/31/2019
                                             
CVS at Portage Trail
  
OH
  
2005
  
100%
  
  10,722
  
1996
  
1
  
100%
  
13.00
  
CVS
  
10,722
  
9/30/2017
                                             
CVS at Westfield
  
NY
  
2005
  
100%
  
  10,125
  
2000
  
1
  
100%
  
15.74
  
CVS
  
10,125
  
1/31/2023
                                             
Dover Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  38,409
  
2002
  
7
  
100%
  
8.02
  
Discount Drug Mart
  
24,516
  
3/31/2013
                                             
East Chestnut
  
PA
  
2005
  
100%
  
  21,180
  
1996
  
4
  
100%
  
16.26
            
                                             
Fairfield Plaza
  
CT
  
2005
  
100%
  
  72,279
  
2001/2005
  
7
  
88%
  
13.24
  
TJ Maxx
  
25,257
  
8/31/2013
                                   
Staples
  
20,388
  
10/31/2019

10

 
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
 

                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
Family Dollar at Zanesville
  
OH
  
2005
  
100%
  
    6,900
  
2000
  
1
  
100%
  
8.70
  
Family Dollar
  
6,900
  
12/31/2009
                                             
Fieldstone Marketplace
  
MA
  
2005
  
100%
  
193,970
  
1988/2003
  
18
  
93%
  
10.37
  
Shaw’s Supermarket
  
68,000
  
2/29/2024
                                   
Flagship Cinema
  
41,975
  
10/31/2023
                                             
FirstMerit Bank at Akron
  
OH
  
2005
  
100%
  
    3,200
  
1996
  
1
  
100%
  
23.51
  
FirstMerit Bank
  
3,200
  
12/31/2011
                                             
Franklin Village Plaza
  
MA
  
2004
  
100%
  
303,478
  
1987/2005
  
64
  
90%
  
19.46
  
Stop & Shop
  
75,000
  
4/30/2026
                                   
Marshalls
  
26,890
  
1/31/2009
                                             
Gabriel Brothers Plaza
  
OH
  
2005
  
100%
  
   81,891
  
1970’s/2004
  
4
  
100%
  
4.97
  
Gabriel Brothers
  
57,193
  
5/31/2014
                                             
General Booth Plaza
  
VA
  
2005
  
100%
  
  73,320
  
1985
  
12
  
98%
  
11.67
  
Farm Fresh
  
53,758
  
1/31/2014
                                             
Golden Triangle
  
PA
  
2003
  
100%
  
 191,581
  
1960/2005
  
15
  
85%
  
10.50
  
LA Fitness
  
44,796
  
4/30/2020
                                   
Marshalls
  
30,000
  
5/31/2010
                                   
Staples
  
24,060
  
5/31/2012
                                   
Artesian Outlet
  
22,000
  
4/30/2009
                                             
Hudson Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  32,259
  
2000
  
1
  
100%
  
10.21
  
Discount Drug Mart
  
32,259
  
3/31/2017
                                             
Jordan Lane
  
CT
  
2005
  
100%
  
181,735
  
1969/1991
  
18
  
96%
  
9.22
  
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%
  
  97,477
  
1985
  
15
  
100%
  
10.44
  
Farm Fresh
  
73,878
  
1/31/2014
                                             
Kenley Village
  
MD
  
2005
  
100%
  
  51,894
  
1988
  
10
  
98%
  
7.54
  
Food Lion
  
29,000
  
2/11/2009
                                             
Lake Raystown Plaza
  
PA
  
2004
  
100%
  
  84,292
  
1995
  
9
  
100%
  
8.75
  
Giant Foods
  
39,244
  
7/31/2015

11

 
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
 
                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
Liberty Marketplace
  
PA
  
2005
  
100%
  
  68,200
  
2003
  
6
  
96%
  
16.97
  
Martin’s
  
55,000
  
9/30/2023
                                             
Lodi Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  38,576
  
2003
  
5
  
100%
  
9.27
  
Discount Drug Mart
  
24,596
  
3/31/2019
                                             
Majestic Plaza
  
MI
  
2005
  
100%
  
  79,180
  
1960’s/2003
  
3
  
85%
  
15.75
  
A&P
  
54,650
  
8/31/2022
                                             
McCormick Place
  
OH
  
2005
  
100%
  
  46,000
  
1995
  
2
  
100%
  
8.48
  
Sam Levin Furniture
  
40,000
  
11/30/2011
                                             
McDonalds / Waffle House at Medina
  
OH
  
2005
  
100%
  
    6,000
  
2003
  
2
  
100%
  
11.70
            
                                             
Mechanicsburg Giant
  
PA
  
2005
  
100%
  
  51,500
  
2003
  
1
  
100%
  
20.90
  
Giant Foods
  
51,500
  
8/31/2024
                                             
Oakland Mills
  
MD
  
2005
  
100%
  
  58,224
  
1960’s/2004
  
8
  
100%
  
12.01
  
Food Lion
  
43,470
  
11/30/2018
                                             
Ontario Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  38,423
  
2002
  
4
  
100%
  
8.79
  
Discount Drug Mart
  
25,525
  
3/31/2018
                                             
Palmyra Shopping Center
  
PA
  
2005
  
100%
  
112,328
  
1960/1995
  
18
  
95%
  
5.26
  
Weis Markets
  
46,181
  
3/31/2010
                                             
Pennsboro Commons
  
PA
  
2005
  
100%
  
108,524
  
1999
  
22
  
99%
  
13.03
  
Giant Foods
  
68,624
  
8/10/2019
                                             
Pickerington Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  47,810
  
2002
  
9
  
93%
  
11.94
  
Discount Drug Mart
  
25,852
  
3/31/2018
                                             
Pine Grove Plaza
  
NJ
  
2003
  
100%
  
  79,306
  
2001/2002
  
16
  
100%
  
10.62
  
Peebles
  
24,963
  
1/31/2022
                                             
Polaris Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  50,283
  
2001
  
13
  
100%
  
12.04
  
Discount Drug Mart
  
25,855
  
3/31/2017
                                             
Pondside Plaza
  
NY
  
2005
  
100%
  
  19,340
  
2003
  
4
  
100%
  
8.20
            
                                             
Port Richmond Village
  
PA
  
2001
  
100%
  
154,908
  
1988
  
28
  
93%
  
11.74
  
Thriftway
  
40,000
  
10/31/2008
                                   
Pep Boys
  
20,615
  
2/28/2009
                                             
Powell Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  49,772
  
2001
  
11
  
100%
  
12.07
  
Discount Drug Mart
  
25,852
  
3/31/2018

12

 
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
 
                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
Rite Aid at Massillon
  
OH
  
2005
  
100%
  
  10,125
  
1999
  
1
  
100%
  
17.91
  
Rite Aid
  
10,125
  
1/31/2020
                                             
River View Plaza I, II and III
  
PA
  
2003
  
100%
  
244,225
  
1991/1998
  
22
  
82%
  
18.84
  
United Artists Theatre
  
77,700
  
12/31/2018
                                   
Pep Boys
  
22,000
  
9/30/2014
                                             
Shelby Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
  36,596
  
2002
  
5
  
100%
  
9.37
  
Discount Drug Mart
  
24,596
  
3/31/2019
                                             
Shoppes at Salem Run (2)
  
VA
  
2005
  
100%
  
  15,100
  
2005
  
5
  
77%
  
22.38
            
                                             
Shore Mall
  
NJ
  
2006
  
100%
  
618,118
  
1960/1980
  
55
  
88%
  
7.46
  
Boscov’s
  
172,200
  
9/19/2018
                                   
Burlington Coat Factory
  
85,000
  
11/30/2009
                                   
Value City
  
144,000
  
4/30/2009
                                             
Smithfield Plaza
  
VA
  
2005
  
100%
  
  45,544
  
1988
  
1
  
100%
  
10.04
  
Farm Fresh
  
45,544
  
1/31/2014
                                             
South Philadelphia
  
PA
  
2003
  
100%
  
283,415
  
1950/2003
  
27
  
94%
  
12.87
  
Shop Rite
  
54,388
  
9/30/2018
                                   
Ross Dress For Less
  
31,349
  
1/31/2013
                                   
Bally’s Total Fitness
  
31,000
  
5/31/2017
                                   
Nat’l Wholesale Liquidators
  
30,000
  
1/31/2016
                                   
Modell’s
  
20,000
  
1/31/2018
                                             
St James Square
  
MD
  
2005
  
100%
  
  39,903
  
2000
  
6
  
100%
  
10.99
  
Food Lion
  
33,000
  
11/14/2020
                                             
Staples at Oswego
  
NY
  
2005
  
100%
  
  23,884
  
2000
  
1
  
100%
  
11.99
  
Staples
  
23,884
  
2/28/2015
                                             
Suffolk Plaza
  
VA
  
2005
  
100%
  
  67,216
  
1984
  
1
  
100%
  
9.40
  
Farm Fresh
  
67,216
  
1/31/2014
                                             
Sunset Crossing
  
PA
  
2003
  
100%
  
  74,142
  
2002
  
6
  
96%
  
14.47
  
Giant Foods
  
54,332
  
6/30/2022
                                             
Swede Square
  
PA
  
2003
  
100%
  
  98,792
  
1980/2004
  
17
  
100%
  
13.03
  
LA Fitness
  
37,200
  
6/30/2016
                                             
The Brickyard
  
CT
  
2004
  
100%
  
274,553
  
1990
  
6
  
100%
  
8.95
  
Sam’s Club
  
109,755
  
1/31/2010
                                   
Home Depot
  
103,003
  
1/31/2010
                                   
Syms
  
38,000
  
3/31/2010

13

 
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
 
                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
The Commons
  
PA
  
2004
  
100%
  
175,121
  
2003
  
20
  
95%
  
10.14
  
Elder Beerman
  
54,500
  
1/31/2017
                                   
Shop ‘n Save
  
52,654
  
10/7/2015
                                             
The Point
  
PA
  
2000
  
100%
  
255,447
  
1972/2001
  
19
  
95%
  
$10.64
  
Burlington Coat Factory
  
76,665
  
1/31/2011
                                   
Giant Foods
  
55,000
  
7/31/2021
                                   
Staples
  
24,000
  
8/31/2013
                                   
AC Moore
  
20,000
  
7/31/2008
                                             
The Point at Carlisle Plaza
  
PA
  
2005
  
100%
  
182,859
  
1965/1984
  
27
  
93%
  
7.05
  
Bon-Ton
  
59,925
  
1/25/2010
                                   
Office Max
  
22,645
  
10/1/2012
                                   
Dunham Sports
  
21,300
  
1/31/2016
                                             
The Shops at Suffolk Downs
  
MA
  
2005
  
100%
  
 85,777
  
2005
  
2
  
91%
  
10.58
  
Stop & Shop
  
74,977
  
9/30/2025
                                             
Townfair Center
  
PA
  
2004
  
100%
  
203,531
  
2002
  
12
  
98%
  
7.75
  
Lowe’s Home Centers
  
95,173
  
12/31/2015
                                   
Shop ‘n Save
  
50,000
  
2/28/2012
                                             
Trexler Mall
  
PA
  
2005
  
100%
  
338,692
  
1973/2004
  
21
  
97%
  
8.25
  
Kohl’s
  
88,248
  
1/31/2024
                                   
Bon-Ton
  
62,000
  
1/28/2012
                                   
Giant Foods
  
56,753
  
1/31/2016
                                   
Lehigh Wellness Partners
  
29,421
  
11/30/2008
                                   
Trexlertown Fitness Club
  
28,870
  
2/28/2010
                                             
Ukrop’s at Fredericksburg (2)
  
VA
  
2005
  
100%
  
 63,000
  
1997
  
1
  
100%
  
15.51
  
Ukrop’s Supermarket
  
63,000
  
8/4/2017
                                             
Ukrop’s at Glen Allen
  
VA
  
2005
  
100%
  
 43,000
  
2000
  
1
  
100%
  
9.01
  
Ukrop’s Supermarket
  
43,000
  
2/15/2010
                                             
Valley Plaza
  
MD
  
2003
  
100%
  
191,189
  
1975/1994
  
7
  
100%
  
4.62
  
K-Mart
  
95,810
  
9/30/2009
                                   
Ollie’s Bargain Outlet
  
41,888
  
3/31/2011
                                   
Tractor Supply
  
32,095
  
5/31/2010
                                             
Virginia Center Commons
  
VA
  
2005
  
100%
  
   9,763
  
2002
  
6
  
100%
  
31.30
            
                                             
Virginia Little Creek
  
VA
  
2005
  
100%
  
 69,620
  
1996/2001
  
2
  
100%
  
10.52
  
Farm Fresh
  
66,120
  
1/31/2014

14

 
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
 
                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
Wal-Mart Center
  
CT
  
2003
  
100%
  
  155,842
  
1972/2000
  
9
  
96%
  
5.70
  
Wal-Mart
  
95,482
  
1/31/2020
                                   
NAMCO
  
20,000
  
1/31/2011
                                             
Washington Center Shoppes
  
NJ
  
2001
  
100%
  
  153,260
  
1979/1995
  
28
  
99%
  
7.59
  
Acme Markets
  
66,046
  
12/2/2020
                                   
Powerhouse Gym
  
20,742
  
12/31/2012
                                             
Westlake Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
    55,775
  
2005
  
2
  
100%
  
7.28
  
Discount Drug Mart
  
24,480
  
3/31/2021
                                             
               
     
 
 
           
Total Stabilized Properties
              
6,913,829
      
719
  
95%
  
10.61
            
               
     
 
 
           
                                             
DEVELOPMENT / REDEVELOPMENT AND OTHER NON-STABILIZED PROPERTIES (1):
                                            
                                             
Camp Hill
  
PA
  
2002
  
100%
  
  420,331
  
1958/2005
  
23
  
88%
  
11.09
  
Boscov’s
  
167,597
  
9/30/2010
                                   
Giant Foods
  
92,939
  
10/11/2025
                                   
Barnes & Noble
  
24,908
  
1/31/2011
                                   
Staples
  
20,000
  
6/30/2035
                                             
Centerville Discount Drug Mart Plaza
  
OH
  
2005
  
100%
  
    49,494
  
2000
  
7
  
72%
  
10.98
  
Discount Drug Mart
  
24,012
  
3/31/2016
                                             
Columbia Mall
  
PA
  
2005
  
100%
  
  351,866
  
1988
  
51
  
70%
  
7.93
  
Sears
  
64,264
  
10/24/2013
                                   
Bon-Ton
  
45,000
  
10/31/2008
                                   
JC Penney
  
34,076
  
10/31/2008
                                             
Dunmore Shopping Center
  
PA
  
2005
  
100%
  
  101,000
  
1962/1997
  
2
  
66%
  
3.35
  
Eynon Furniture Outlet
  
40,000
  
2/28/2014
                                   
Big Lots
  
26,902
  
1/31/2007
                                             
Hamburg Commons
  
PA
  
2004
  
100%
  
    99,488
  
1988 - 1993
  
7
  
71%
  
6.33
  
Redner’s
  
56,780
  
6/30/2025
                                             
Huntingdon Plaza
  
PA
  
2004
  
100%
  
  151,697
  
1972 - 2003
  
13
  
50%
  
6.50
  
Peebles
  
22,060
  
1/31/2018
                                             
Meadows Marketplace
  
PA
  
2004
  
100%
  
    89,079
  
2005
  
1
  
73%
  
13.00
  
Giant Foods
  
65,000
  
10/31/2025

15

 
CEDAR SHOPPING CENTERS, INC.
Property Summary (Continued)
As of March 31, 2006
 
                                   
Major tenants [20,000 or more sq. ft. of GLA]
and tenants at single-tenant properties
                                   
Property Description
  
State
  
Year
acquired
  
Percent
owned
  
Gross
leasable
area
(“GLA”)
  
Year built/
year last
renovated
  
Number of
tenants
  
Percent
occupied
  
Average
base rent per
leased sq. ft.
  
Name
  
Sq. ft.
  
Lease expiration
 
 
 
 
 
 
 
 
 
 
 
Value City Shopping Center
  
MI
  
2005
  
100%
  
  117,000
  
1950’s/2003
  
2
  
73%
  
1.98
  
Value City
  
85,000
  
1/31/2008
                                             
               
     
 
 
           
Total Development/Redevelopment and Other Non-Stabilized Properties
              
1,379,955
      
106
  
74%
  
8.50
            
               
     
 
 
           
                                             
JOINT VENTURES (3)
                                            
Fairview Plaza
  
PA
  
2003
  
30%
  
    69,579
  
1992
  
6
  
100%
  
11.36
  
Giant Foods
  
59,237
  
2/28/2017
                                             
Halifax Plaza
  
PA
  
2003
  
30%
  
    54,150
  
1994
  
9
  
100%
  
10.99
  
Giant Foods
  
32,000
  
10/31/2019
                                             
LA Fitness Facility
  
PA
  
2002
  
50%
  
    41,000
  
2003
  
1
  
100%
  
18.09
  
LA Fitness
  
41,000
  
12/31/2018
                                             
Loyal Plaza
  
PA
  
2002
  
25%
  
  293,825
  
1969/2000
  
26
  
100%
  
7.54
  
K-Mart
  
102,558
  
8/31/2019
                                   
Giant Foods
  
66,935
  
10/31/20019
                                   
Staples
  
20,555
  
11/30/2014
                                             
Newport Plaza
  
PA
  
2003
  
30%
  
    66,789
  
1996
  
9
  
100%
  
10.21
  
Giant Foods
  
43,400
  
5/31/2021
                                             
               
     
 
 
           
Total Consolidated Joint Ventures
              
  525,343
      
51
  
100%
  
9.56
            
                                             
Red Lion (unconsolidated)
  
PA
  
2002
  
20%
  
  224,269
  
1970/2000
  
15
  
67%
  
12.66
  
Best Buy
  
46,000
  
1/31/2014
                                   
Staples
  
23,942
  
7/31/2015
               
     
 
 
           
Total Joint Ventures
              
  749,612
      
66
  
90%
  
10.25
            
               
     
 
 
           
TOTAL PORTFOLIO
              
9,043,396
      
891
  
91%
  
$10.32
            
               
     
 
 
           
 
(1)        
“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties. One of the Company’s properties is being re-tenanted, is non-stabilized, and is not designated as a development/redevelopment property.
(2)         
For Stabilized Property occupancy percentage purposes, Shoppes at Salem Run and Ukrop’s at Fredericksburg are considered one and the same property, with an overall occupancy percentage of 96% at March 31, 2006.
(3)        
Other than the partnership owning the Red Lion property, the terms of the several joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company.

16

 
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2006
(unaudited)

 
 
 
 
 
 
 
 
Balances
 
Pro rata share
 
 
 
 
 
 
 
 
 
 
 
Property
 
Percent
Owned
 
Maturity
Date
 
Int. rate
Mar 31
2006
 
Mar 31
2006
 
Mar 31
2005
 
Mar 31
2006
 
Mar 31
2005
  
 
 
 
 
 
 
 
 
                               
Fixed-rate mortgages:
                                            
The Point
    
100.0
%
  
Sep 2012
    
7.6
%
$
18,840,000
  
$
18,928,000
  
$
18,840,000
  
$
18,928,000
  
Academy Plaza
    
100.0
%
  
Mar 2013
    
7.3
%
  
10,078,000
   
10,121,000
   
10,078,000
   
10,121,000
 
Port Richmond Village
    
100.0
%
  
Apr 2008
    
7.2
%
  
10,913,000
   
10,965,000
   
10,913,000
   
10,965,000
 
Washington Center Shoppes
    
100.0
%
  
Nov 2007
 
  
7.5
%
  
5,639,000
   
5,663,000
   
5,639,000
   
5,663,000
 
Red Lion (a)
    
20.0
%
  
Feb 2010
    
8.9
%
  
—
    
16,310,000
   
—
    
3,262,000
 
Loyal Plaza
    
25.0
%
  
Jun 2011
    
7.2
%
  
13,329,000
   
13,374,000
   
3,332,000
   
3,343,000
 
Fairview Plaza
    
30.0
%
  
Feb 2013
 
  
5.7
%
  
5,836,000
   
5,859,000
   
1,751,000
   
1,758,000
 
Halifax Plaza
    
30.0
%
  
Feb 2010
    
6.8
%
  
3,988,000
   
4,010,000
   
1,196,000
   
1,203,000
 
Newport Plaza
    
30.0
%
  
Feb 2010
    
6.8
%
  
5,100,000
   
5,127,000
   
1,530,000
   
1,538,000
 
Pine Grove Plaza
    
100.0
%
  
Mar 2006
    
8.5
%
  
—
    
388,000
   
—
    
388,000
 
Pine Grove Plaza
    
100.0
%
  
Sep 2015
    
5.0
%
  
6,156,000
   
6,178,000
   
6,156,000
   
6,178,000
 
Golden Triangle
    
100.0
%
  
Apr 2008
    
6.0
%
  
9,540,000
   
9,633,000
   
9,540,000
   
9,633,000
 
Townfair Center
    
100.0
%
  
Mar 2008
    
6.0
%
  
9,850,000
   
9,916,000
   
9,850,000
   
9,916,000
 
Franklin Village Plaza
    
100.0
%
  
Nov 2011
    
4.8
%
  
43,500,000
   
43,500,000
   
43,500,000
   
43,500,000
 
Centerville Discount Drug Mart
    
100.0
%
  
May 2015
    
5.2
%
  
2,966,000
   
2,977,000
   
2,966,000
   
2,977,000
 
Clyde Discount Drug Mart
    
100.0
%
  
May 2015
    
5.2
%
  
2,057,000
   
2,064,000
   
2,057,000
   
2,064,000
 
CVS at Bradford
    
100.0
%
  
Mar 2017
    
5.2
%
  
1,080,000
   
1,099,000
   
1,080,000
   
1,099,000
 
CVS at Celina
    
100.0
%
  
Jan 2020
    
5.2
%
  
1,763,000
   
1,783,000
   
1,763,000
   
1,783,000
 
CVS at Erie
    
100.0
%
  
Nov 2018
    
5.2
%
  
1,457,000
   
1,478,000
   
1,457,000
   
1,478,000
 
CVS at Portage Trail
    
100.0
%
  
Aug 2017
    
5.0
%
  
1,154,000
   
1,174,000
   
1,154,000
   
1,174,000
 
Dover Discount Drug Mart
    
100.0
%
  
May 2015
    
5.2
%
  
2,249,000
   
2,258,000
   
2,249,000
   
2,258,000
 
East Chestnut
    
100.0
%
  
Apr 2018
    
5.2
%
  
2,348,000
   
2,371,000
   
2,348,000
   
2,371,000
 
Fairfield Plaza
    
100.0
%
  
Jul 2015
    
5.0
%
  
5,424,000
   
5,444,000
   
5,424,000
   
5,444,000
 
Lodi Discount Drug Mart
    
100.0
%
  
May 2015
    
5.2
%
  
2,507,000
   
2,516,000
   
2,507,000
   
2,516,000
 
McCormick Place
    
100.0
%
  
Jul 2008
    
5.2
%
  
2,379,000
   
2,414,000
   
2,379,000
   
2,414,000
 
Ontario Discount Drug Mart
    
100.0
%
  
May 2015
 
  
5.2
%
  
2,314,000
   
2,322,000
   
2,314,000
   
2,322,000
 
Pickerington Discount Drug Mart
    
100.0
%
  
Jul 2015
 
  
5.0
%
  
4,409,000
   
4,425,000
   
4,409,000
   
4,425,000
 
Polaris Discount Drug Mart
    
100.0
%
  
May 2015
    
5.2
%
  
4,721,000
   
4,739,000
   
4,721,000
   
4,739,000
 
Pondside Plaza
    
100.0
%
  
May 2015
    
5.6
%
  
1,222,000
   
1,226,000
   
1,222,000
   
1,226,000
 
Powell Discount Drug Mart
    
100.0
%
  
May 2015
    
5.2
%
  
4,524,000
   
4,540,000
   
4,524,000
   
4,540,000
 
Rite Aid at Massillon
    
100.0
%
  
Jan 2020
    
5.0
%
  
1,774,000
   
1,795,000
   
1,774,000
   
1,795,000
 
Shelby Discount Drug Mart
    
100.0
%
  
May 2015
 
  
5.2
%
  
2,314,000
   
2,322,000
   
2,314,000
   
2,322,000
 
Staples at Oswego
    
100.0
%
  
May 2015
 
  
5.3
%
  
2,379,000
   
2,387,000
   
2,379,000
   
2,387,000
 
Coliseum Marketplace
    
100.0
%
  
Jul 2014
    
5.2
%
  
13,121,000
   
13,180,000
   
13,121,000
   
13,180,000
 
General Booth Plaza
    
100.0
%
  
Aug 2013
    
5.2
%
  
5,872,000
   
5,902,000
   
5,872,000
   
5,902,000
 
Kempsville Crossing
    
100.0
%
  
Aug 2013
    
5.2
%
  
6,668,000
   
6,703,000
   
6,668,000
   
6,703,000
 
Liberty Marketplace
    
100.0
%
  
Jul 2014
    
5.2
%
  
10,267,000
   
10,324,000
   
10,267,000
   
10,324,000
 
Mechanicsburg Giant
    
100.0
%
  
Nov 2014
    
5.2
%
  
10,636,000
   
10,697,000
   
10,636,000
   
10,697,000
 
Virginia Little Creek
    
100.0
%
  
Aug 2013
    
5.2
%
  
5,335,000
   
5,363,000
   
5,335,000
   
5,363,000
 
Virginia Little Creek
    
100.0
%
  
Sep 2021
    
5.2
%
  
540,000
   
546,000
   
540,000
   
546,000
 
Smithfield Plaza
    
100.0
%
  
Aug 2013
    
5.2
%
  
3,741,000
   
3,758,000
   
3,741,000
   
3,758,000
 
Suffolk Plaza
    
100.0
%
  
Aug 2013
    
5.2
%
  
5,062,000
   
5,090,000
   
5,062,000
   
5,090,000
 
Wal-Mart Center
    
100.0
%
  
Nov 2015
    
5.1
%
  
6,145,000
   
6,168,000
   
6,145,000
   
6,168,000
 
Jordan Lane
    
100.0
%
  
Dec 2015
    
5.5
%
  
13,799,000
   
13,845,000
   
13,799,000
   
13,845,000
 
Oakland Mills
    
100.0
%
  
Jan 2016
    
5.5
%
  
5,188,000
   
5,200,000
   
5,188,000
   
5,200,000
 
Trexler Mall
    
100.0
%
  
May 2014
 
  
5.4
%
  
22,965,000
   
23,057,000
   
22,965,000
   
23,057,000
 
Fieldstone Marketplace
    
100.0
%
  
Jul 2014
    
5.4
%
  
19,823,000
   
19,849,000
   
19,823,000
   
19,849,000
 
Pennsboro Commons
    
100.0
%
  
Mar 2016
    
5.5
%
  
11,540,000
   
—
    
11,540,000
   
—
  
Shore Mall
    
100.0
%
  
Aug 2008
    
5.8
%
  
31,687,000
   
—
    
31,687,000
   
—
  
Shore Mall
    
100.0
%
  
Jan 2009
    
5.7
%
  
2,708,000
   
—
    
2,708,000
   
—
  
           
 
                                
         
 
 
 
 
 
 
Total fixed-rate mortgages
          
6.7 years
    
5.7
%
  
366,907,000
   
338,988,000
   
346,463,000
   
305,412,000
 
                     
 
 
 
 
         
[wtd-avg maturity]
    
[wtd-avg rate]
 
                        

17

 
CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2006
(unaudited)
(continued)

                               
 
 
 
 
 
 
 
 
Balances
 
Pro rata share
 
 
 
 
 
 
 
 
 
 
 
Property
 
Percent
Owned
 
Maturity
Date
 
Int. rate
Mar 31
2006
 
Mar 31
2006
 
Dec 31
2005
 
Mar 31
2006
 
Dec 31
2005
  
 
 
 
 
 
 
 
 
Variable-rate mortgages:
                              
LA Fitness Facility
    
50.0
%
  
Dec 2007
    
7.6
%
  
4,870,000
   
4,878,000
   
2,435,000
   
2,439,000
 
Camp Hill
    
100.0
%
  
Apr 2008
    
6.7
%
  
38,542,000
   
36,445,000
   
38,542,000
   
36,445,000
 
                                             
         
 
 
 
 
 
 
Total variable-rate mortgages
          
2.0 years
    
6.8
%
  
43,412,000
   
41,323,000
   
40,977,000
   
38,884,000
 
                     
 
 
 
 
         
[wtd-avg aturity]
    
[wtd-avg rate]
 
                        
                                             
         
 
 
 
 
 
 
Total mortgages
          
6.2 years
    
5.8
%
  
410,319,000
   
380,311,000
   
387,440,000
   
344,296,000
 
                     
 
 
 
 
         
[wtd-avg maturity]
    
[wtd-avg rate]
                        
                                             
Jan 2008
                                            
Secured revolving credit facility (b)
    
100.0
%
  
1.8 years
    
6.1
%
  
159,480,000
   
147,480,000
   
159,480,000
   
147,480,000
 
                   
 
 
 
 
           
[wtd-avg maturity]
    
[wtd-avg rate]
 
                        
                                             
         
 
                         
Total debt
          
4.9 years
    
5.9
%
$
569,799,000
  
$
527,791,000
  
$
546,920,000
  
$
491,776,000
  
                   
 
 
 
 
         
[wtd-avg maturity]
    
[wtd-avg rate]
 
                        
 
Maturity
schedule
by year
  
Scheduled
amortization
  
Balloon
payments
  


Secured
revolving
credit facility (b)
  
Total
  
 
 
 
 
 
                   
2006
  
$
5,067,000
  
$
—
        
$
5,067,000
  
2007
    
7,194,000
   
10,291,000
         
17,485,000
 
2008
    
6,229,000
   
98,736,000
 
$
159,480,000
    
264,445,000
 
2009
    
5,201,000
   
1,542,000
         
6,743,000
 
2010
    
5,284,000
   
8,331,000
         
13,615,000
 
2011
    
5,409,000
   
55,786,000
         
61,195,000
 
2012
    
5,360,000
   
15,901,000
         
21,261,000
 
2013
    
4,609,000
   
35,871,000
         
40,480,000
 
2014
    
3,425,000
   
63,599,000
         
67,024,000
 
2015
    
1,969,000
   
52,836,000
         
54,805,000
 
2016
    
912,000
   
13,930,000
         
14,842,000
 
2017
    
775,000
   
—
          
775,000
 
2018
    
565,000
   
964,000
         
1,529,000
 
2019
    
409,000
   
—
          
409,000
 
2020
    
73,000
   
—
          
73,000
 
2021
    
35,000
   
16,000
         
51,000
 
                           
   
 
 
 
 
   
$
52,516,000
  
$
357,803,000
  
$
159,480,000
  
$
569,799,000
  
   
 
 
 
 
 
(a) As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. The outstanding balance of the Red Lion mortgage at March 31, 2006 was $16,266,000.
 
(b) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2008.

18

 
CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)

 
         
As of March 31, 2006
  
       
 
     
 
  
 
    
Equity (a)
  
                   
 
Property
 
Partners’
percent
 
Real estate,
net
 
Mortgage
loans
payable
 
Other assets/
liabilities,
net
 
Partners
 
Cedar (b)(c)
 
Total
  
 
 
 
 
 
 
 
 
                               
Loyal Plaza
    
75
%
$
19,137,754
  
$
(13,329,083
)
$
1,011,858
  
$
5,212,817
  
$
1,607,712
  
$
6,820,529
  
Fairview Plaza (d)
    
70
%
  
8,634,920
   
(5,836,340
)
  
(179,189
)
  
1,592,714
   
1,026,677
   
2,619,391
 
Halifax Plaza (d)
    
70
%
  
5,426,527
   
(3,987,500
)
  
103,011
   
1,197,702
   
344,336
   
1,542,038
 
Newport Plaza (d)
    
70
%
  
6,332,453
   
(5,100,084
)
  
347,933
   
1,119,893
   
460,409
   
1,580,302
 
LA Fitness Facility
    
50
%
  
5,723,513
   
(4,870,230
)
  
253,503
   
806,444
   
300,342
   
1,106,786
 
         
 
 
 
 
 
 
         
$
45,255,167
  
$
(33,123,237
)
$
1,537,116
  
$
9,929,570
  
$
3,739,476
  
$
13,669,046
  
         
 
 
 
 
 
 
 

       
 For the three months ended March 31, 2006
  
       
 
       
 Property-level operations
  
Share of property net income
  
          
 
  
 
  
 
  
 
      
<<< Partners >>>
  
                                
 
 
 
Property
 
Partners’
percent
 
 Revenues
 
Operating
expenses
 
Depreciation/
amortization
 
Operating
income
 
Non-op
inc/exp (e)
 
Net income
 
Regular
 
Preference
 
Cedar (b)
 
Loyal Plaza
    
75
%
$
726,566
  
$
209,151
  
$
145,376
  
$
372,039
  
$
250,222
  
$
121,817
  
$
91,363
  
$
30,454
  
$
—
  
Fairview Plaza (d)
    
70
%
  
273,667
   
37,659
   
52,383
   
183,625
   
83,806
   
99,819
                   
Halifax Plaza (d)
    
70
%
  
187,480
   
41,606
   
29,348
   
116,526
   
69,852
   
46,674
   
139,893
   
11,992
   
47,962
 
Newport Plaza (d)
    
70
%
  
232,705
   
58,047
   
35,647
   
139,011
   
85,657
   
53,354
                   
LA Fitness Facility
    
50
%
  
185,400
   
6,460
   
29,059
   
149,881
   
90,845
   
59,036
   
29,518
   
6,789
   
22,729
 
         
 
 
 
 
 
 
 
 
 
         
$
1,605,818
  
$
352,923
  
$
291,813
  
$
961,082
  
$
580,382
  
$
380,700
  
$
260,774
  
$
49,235
  
$
70,691
  
         
 
 
 
 
 
 
 
 
 

19

 
CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
(continued)

           
Share of FFO (a)
  
           
 
Property
  
Partners’
percent
  
Cedar
  
Partners
  
Cedar (b)
  
Total
  
 
 
 
 
 
 
                       
Loyal Plaza
    
75
%
  
25
%
$
198,535
  
$
68,658
  
$
267,193
  
Fairview Plaza (d)
    
70
%
  
30
%
                  
Halifax Plaza (d)
    
70
%
  
30
%
  
212,128
   
105,098
   
317,226
 
Newport Plaza (d)
    
70
%
  
30
%
                  
LA Fitness Facility
    
50
%
  
50
%
  
54,848
   
33,247
   
88,095
 
               
 
 
 
               
$
465,511
  
$
207,003
  
$
672,514
  
               
 
 
 
 
(a) The Partners and Cedar respective shares of equity and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners.
 
(b) Includes limited partners’ share.
 
(c) Equity includes net receivable/payable balances on open account between joint venture and wholly-owned entities.
 
(d) As each of these three properties is under an umbrella partnership, any shortfall in required preference returns by any one of the properties will be offset by excess cash flow from any of the other properties.
 
(e) Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.
 
(f) As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture.

20

 
CEDAR SHOPPING CENTERS, INC.
Tenant Concentration Schedule
As of March 31, 2006
(unaudited)

Tenant
  
Number
of
stores
  
GLA
  
Percentage
of GLA
  
Annualized
base rent
  
Annualized
base rent
per sq ft
  
Percentage
annualized
base rents
  
 
 
 
 
 
 
 
Top ten tenants (a):
                                      
Giant Foods/Stop & Shop
    
16
   
951,000
   
10.5
%
$
11,862,000
  
$
12.47
    
14.0
%
SuperValu/Farm Fresh/Shop ’n Save
    
8
   
467,000
   
5.2
%
  
4,648,000
   
9.95
   
5.5
%
Discount Drug Mart
    
12
   
308,000
   
3.4
%
  
2,808,000
   
9.12
   
3.3
%
Staples
    
8
   
175,000
   
1.9
%
  
2,315,000
   
13.23
   
2.7
%
LA Fitness
    
3
   
123,000
   
1.4
%
  
1,743,000
   
14.17
   
2.0
%
A&P/Super Fresh
    
2
   
116,000
   
1.3
%
  
1,540,000
   
13.28
   
1.8
%
CVS/Eckerd
    
12
   
127,000
   
1.4
%
  
1,505,000
   
11.85
   
1.8
%
Boscov’s
    
2
   
347,000
   
3.8
%
  
1,471,000
   
4.24
   
1.7
%
Wal-Mart/Sam’s Club
    
2
   
205,000
   
2.3
%
  
1,368,000
   
6.67
   
1.6
%
Ukrop’s Super Markets
    
2
   
106,000
   
1.2
%
  
1,364,000
   
12.87
   
1.6
%
   
 
 
 
 
 
 
Sub-total top ten tenants
    
67
   
2,925,000
   
32.3
%
  
30,624,000
   
10.47
   
36.0
%
                                       
Remaining tenants
    
824
   
5,313,000
   
58.8
%
  
54,402,000
   
10.24
   
64.0
%
   
 
 
 
 
 
 
Sub-total all tenants
    
891
   
8,238,000
   
91.1
%
  
85,026,000
   
10.32
   
100.0
%
                                       
Vacant space (b)
    
n/a
    
805,000
   
8.9
%
  
n/a
    
n/a
    
n/a
  
   
   
 
 
 
 
 
Total (including vacant space)
    
891
   
9,043,000
   
100.0
%
$
85,026,000
  
$
9.40
    
n/a
  
   
 
 
 
 
 
 
 
(a) Based on annualized base rent.
 
(b) Includes vacant space at properties presently undergoing development and/or redevelopment activities.

21

 
CEDAR SHOPPING CENTERS, INC.
Lease Expiration Schedule
As of March 31, 2006
(unaudited)

Year of lease
expiration
  
Number
of leases
expiring
  
GLA
expiring
  
Percentage
of GLA
expiring
  
Annualized
expiring
base rents
  
Annualized
expiring base
rents per sq ft
  
Percentage
of annualized
expiring
base rents
  
 
 
 
 
 
 
 
                           
Month-To-Month
    
46
   
95,000
   
1.2
%
$
1,119,000
  
$
11.78
    
1.3
%
2006
    
87
   
242,000
   
2.9
%
  
3,308,000
   
13.67
   
3.9
%
2007
    
130
   
439,000
   
5.3
%
  
5,613,000
   
12.79
   
6.6
%
2008
    
140
   
706,000
   
8.6
%
  
8,258,000
   
11.70
   
9.7
%
2009
    
129
   
803,000
   
9.7
%
  
7,602,000
   
9.47
   
8.9
%
2010
    
95
   
1,017,000
   
12.3
%
  
9,170,000
   
9.02
   
10.8
%
2011
    
52
   
532,000
   
6.5
%
  
5,254,000
   
9.88
   
6.2
%
2012
    
34
   
319,000
   
3.9
%
  
3,042,000
   
9.54
   
3.6
%
2013
    
29
   
266,000
   
3.2
%
  
2,529,000
   
9.51
   
3.0
%
2014
    
29
   
601,000
   
7.3
%
  
5,738,000
   
9.55
   
6.7
%
2015
    
26
   
345,000
   
4.2
%
  
3,320,000
   
9.62
   
3.9
%
Thereafter
    
94
   
2,873,000
   
34.9
%
  
30,073,000
   
10.47
   
35.4
%
   
 
 
 
 
 
 
     
891
   
8,238,000
   
100.0
%
  
85,026,000
   
10.32
   
100.0
%
                                       
Vacant space (a)
    
n/a
    
805,000
   
n/a
    
n/a
    
n/a
    
n/a
  
   
 
 
 
 
 
 
Total
                                      
portfolio
    
891
    
9,043,000
   
n/a
  
$
85,026,000
  
$
9.40
    
n/a
  
   
 
 
 
 
 
 
 

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

22