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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
June 30, 2009
(unaudited)

Disclosures

Forward Looking Statements

Statements made or incorporated by reference in this Supplemental Financial Information include certain “forward-looking statements”. Forward-looking statements include, without limitation, statements containing the words “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import which express the Company’s beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company’s control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company’s market areas in particular; the financial viability of the Company’s tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and/or vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company’s properties if offered for sale; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.

Basis of Presentation

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2008 and Form 10-Q for the quarter ended June 30, 2009.

Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At June 30, 2009, the Company owned a 95.7% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis. With respect to its 13 consolidated operating joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property and 75% in one property. As the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined, pursuant to EITF 04-05, that such entities should be included in the consolidated financial statements. The Company’s three 60%-owned joint ventures for development projects in Limerick, Pottsgrove and Stroudsburg, Pennsylvania, are consolidated as they are deemed to be variable interest entities and the Company is the primary income or loss beneficiary in each case. In addition, the Company has a 76.3% interest in an unconsolidated joint venture which owns a single-tenant office property, in Philadelphia, Pennsylvania.

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

On April 23, 2009 and July 2, 2009, respectively, the Company sold its 6,000 sq. ft. McDonalds/Waffle House property, located in Medina, Ohio and its 10,000 sq. ft. CVS property located in Westfield, New York (with the latter property having met the “held for sale” criteria pursuant to SFAS 144 as of June 30, 2009). In accordance with SFAS 144, for all periods presented herein, the carrying values of the assets of these properties, principally the net book value of the real estate (there were no related “held for sale” liabilities associated with the properties), have been classified as “held for sale” on the balance sheets, and the properties’ results of operations have been classified as “discontinued operations” in the statements of income.

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

Funds From Operations (“FFO”) and Funds Available for Distribution (“FAD”) are widely-recognized non-GAAP financial measures for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, are useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO and FAD are useful to investors as they capture features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO and FAD because the Company considers them important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO/FAD or an adjusted FFO/FAD-based measure (1) as a criterion to determine performance-based bonuses for members of senior management, (2) in performance comparisons with other shopping center REITs, and (3) to measure compliance with certain financial covenants under the terms of the Company’s secured revolving credit facilities.

The Company computes FFO in accordance with the “White Paper” on FFO published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income attributable to the Company’s common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). The Company calculates FAD by further adjusting FFO to exclude the pro rata share of straight-line rents, amortization of intangible lease liabilities, non-real estate amortization, and stock-based compensation included in operations, and to include routine capital expenditures and scheduled debt amortization payments.

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

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data


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

Equity market capitalization (end of period):
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding		3,550,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	15.99		$	8.58		$	13.88		$	22.00		$	24.40

Common shares outstanding		45,062,172			45,062,472			44,468,287			44,488,703			44,487,817
OP Units outstanding		2,017,451			2,017,451			2,017,451			2,018,537			2,019,623
Closing market price	$	4.52		$	1.74		$	7.08		$	13.22		$	11.72

Equity market capitalization	$	269,564,000		$	112,378,000		$	378,393,000		$	692,926,000		$	631,687,000
Pro rata share of outstanding debt		997,177,000			978,716,000			925,353,000			869,182,000			840,488,000

Total market capitalization	$	1,266,741,000		$	1,091,094,000		$	1,303,746,000		$	1,562,108,000		$	1,472,175,000


Ratio of pro rata share of outstanding debt to total market capitalization		78.7	%		89.7	%		71.0	%		55.6	%		57.1	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	23,707,000		$	23,560,000		$	23,546,000		$	24,162,000		$	24,414,000
Cedar Shopping Centers, Inc. shareholders’ equity		527,616,000			524,349,000			524,027,000			537,738,000			544,735,000

		551,323,000			547,909,000			547,573,000			561,900,000			569,149,000
Pro rata share of total debt		997,177,000			978,716,000			925,353,000			869,182,000			840,488,000

Total financial statement capitalization	$	1,548,500,000		$	1,526,625,000		$	1,472,926,000		$	1,431,082,000		$	1,409,637,000


Ratio of pro rata share of outstanding debt to total financial statement capitalization		64.4	%		64.1	%		62.8	%		60.7	%		59.6	%


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

Total revenues	$	44,776,000		$	46,793,000		$	44,526,000		$	43,236,000		$	42,834,000
Net (loss) income attributable to Cedar Shopping Centers, Inc. common shareholders	$	(316,000	)	$	3,999,000		$	2,885,000		$	3,277,000		$	1,224,000
Per common share (basic and diluted):
Continuing operations	$	(0.01	)	$	0.09		$	0.06		$	0.07		$	0.03
Discontinued operations		—			—			—			—			—

	$	(0.01	)	$	0.09		$	0.06		$	0.07		$	0.03


Dividends to common shareholders	$	—		$	5,046,000		$	10,010,000		$	10,010,000		$	10,003,000
Per common share	$	—		$	0.1125		$	0.2250		$	0.2250		$	0.2250
FFO	$	10,752,000		$	15,484,000		$	14,285,000		$	14,440,000		$	14,417,000
Per common share/OP unit (basic and diluted)	$	0.23		$	0.33		$	0.31		$	0.31		$	0.31

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		45,062,000			44,880,000			44,489,000			44,488,000			44,464,000
Additional shares for conversion of OP Units (basic)		2,018,000			2,017,000			2,018,000			2,019,000			2,029,000

Shares used in determination of FFO per share (basic)		47,080,000			46,897,000			46,507,000			46,507,000			46,493,000


Shares used in determination of diluted earnings per share		45,062,000			44,880,000			44,489,000			44,490,000			44,466,000
Additional shares for conversion of OP Units (diluted)		2,018,000			2,017,000			2,018,000			2,020,000			2,029,000

Shares used in determination of FFO per share (diluted)		47,080,000			46,897,000			46,507,000			46,510,000			46,495,000

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


	Six months ended June 30,
	2009		2008

Total revenues	$	91,569,000	$	86,367,000
Net income attributable to common shareholders	$	3,683,000	$	4,336,000
Per common share (basic and diluted):
Continuing operations	$	0.08	$	0.10
Discontinued operations	$	—	$	0.00

	$	0.08	$	0.10


Dividends to common shareholders	$	5,046,000	$	20,007,000
Per common share	$	0.1125	$	0.4500
FFO	$	26,236,000	$	28,134,000
Per common share/OP unit (basic and diluted)	$	0.56	$	0.61

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,971,000		44,461,000
Additional shares for conversion of OP Units (basic)		2,018,000		2,030,000

Shares used in determination of FFO per share (basic)		46,989,000		46,491,000


Shares used in determination of diluted earnings per share		44,971,000		44,462,000
Additional shares for conversion of OP Units (diluted)		2,018,000		2,030,000

		46,989,000		46,492,000


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

Real estate, net	$	1,725,364,000		$	1,713,488,000		$	1,632,408,000		$	1,568,620,000		$	1,560,630,000
Real estate held for sale		3,847,000			4,916,000			4,920,000			5,367,000			5,366,000
Investment in unconsolidated joint venture		5,352,000			5,385,000			4,976,000			4,902,000			4,791,000
Other assets		93,119,000			94,028,000			84,824,000			91,248,000			83,832,000

Total assets	$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000


Total debt	$	1,113,536,000		$	1,095,304,000		$	1,013,473,000		$	957,551,000		$	934,648,000
Other liabilities		94,567,000			104,932,000			107,932,000			91,894,000			92,134,000
Limited partners’ interest in Operating Partnership		14,368,000			14,279,000			14,271,000			14,636,000			14,781,000
Equity		605,211,000			603,302,000			591,452,000			606,056,000			613,056,000

Total liabilities and equity	$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000


Fixed-rate mortgages	$	721,457,000		$	700,198,000		$	655,681,000		$	641,499,000		$	677,281,000
Variable-rate mortgages		71,154,000			58,181,000			53,302,000			41,362,000			2,977,000

Total mortgages		792,611,000			758,379,000			708,983,000			682,861,000			680,258,000
Secured revolving credit facilities		320,925,000			336,925,000			304,490,000			274,690,000			254,390,000

Total debt	$	1,113,536,000		$	1,095,304,000		$	1,013,473,000		$	957,551,000		$	934,648,000


Pro rata share of total debt	$	997,177,000		$	978,716,000		$	925,353,000		$	869,182,000		$	840,488,000


Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.7	%		5.8	%
Variable-rate mortgages		3.6	%		3.9	%		4.4	%		5.4	%		4.4	%
Total mortgages		5.6	%		5.6	%		5.7	%		5.7	%		5.8	%
Secured variable-rate revolving credit facilities		1.8	%		2.0	%		2.8	%		4.1	%		3.6	%
Total debt		4.5	%		4.5	%		4.8	%		5.2	%		5.2	%

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


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

Assets:
Real estate:
Land	$	394,229,000		$	393,133,000		$	378,704,000		$	366,757,000		$	367,097,000
Buildings and improvements		1,500,972,000			1,478,566,000			1,400,508,000			1,337,508,000			1,318,389,000

		1,895,201,000			1,871,699,000			1,779,212,000			1,704,265,000			1,685,486,000
Less accumulated depreciation		(169,837,000	)		(158,211,000	)		(146,804,000	)		(135,645,000	)		(124,856,000	)

Real estate, net		1,725,364,000			1,713,488,000			1,632,408,000			1,568,620,000			1,560,630,000

Real estate held for sale		3,847,000			4,916,000			4,920,000			5,367,000			5,366,000
Investment in unconsolidated joint venture		5,352,000			5,385,000			4,976,000			4,902,000			4,791,000

Cash and cash equivalents		15,711,000			14,327,000			8,231,000			9,950,000			10,451,000
Restricted cash		15,643,000			13,877,000			14,004,000			14,015,000			16,260,000
Receivables:
Rents and other receivables, net		7,176,000			8,125,000			5,818,000			7,861,000			6,920,000
Straight-line rents receivable		15,456,000			14,926,000			14,297,000			13,558,000			12,904,000
Other assets		5,892,000			9,851,000			9,403,000			12,660,000			6,282,000
Deferred charges, net:
Lease origination costs		19,275,000			20,021,000			19,408,000			19,440,000			20,036,000
Financing costs		12,133,000			10,629,000			11,168,000			11,078,000			8,982,000
Other		1,833,000			2,272,000			2,495,000			2,686,000			1,997,000

Total assets	$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000


Liabilities and equity:
Mortgage loans payable	$	792,611,000		$	758,379,000		$	708,983,000		$	682,861,000		$	680,258,000
Secured revolving credit facilities		320,925,000			336,925,000			304,490,000			274,690,000			254,390,000
Accounts payable and accrued expenses		21,232,000			23,358,000			25,478,000			14,338,000			11,897,000
Tenant prepayments and security deposits		8,888,000			10,718,000			10,480,000			9,500,000			9,810,000
Accrued interest rate swap liabilities		6,468,000			9,623,000			10,590,000			2,807,000			1,705,000
Unamortized intangible lease liabilities		57,979,000			61,233,000			61,384,000			65,249,000			68,722,000

Total liabilities		1,208,103,000			1,200,236,000			1,121,405,000			1,049,445,000			1,026,782,000


Limited partners’ interest in Operating Partnership		14,368,000			14,279,000			14,271,000			14,636,000			14,781,000

Equity:
Cedar Shopping Centers, Inc. shareholders’ equity		527,616,000			524,349,000			524,027,000			537,738,000			544,735,000
Noncontrolling interests		77,595,000			78,953,000			67,425,000			68,318,000			68,321,000

Total equity		605,211,000			603,302,000			591,452,000			606,056,000			613,056,000

Total liabilities and equity	$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000		$	1,654,619,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income


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

Revenues:
Rents:
Base rents	$	32,372,000		$	31,738,000		$	30,774,000		$	30,215,000		$	30,193,000
Percentage rents		319,000			216,000			745,000			609,000			127,000
Straight-line rents		537,000			629,000			739,000			654,000			769,000
Amortization of intangible lease liabilities		3,254,000			3,416,000			4,032,000			3,473,000			3,504,000

		36,482,000			35,999,000			36,290,000			34,951,000			34,593,000
Expense recoveries		8,253,000			10,532,000			7,916,000			7,774,000			8,066,000
Other		41,000			262,000			320,000			511,000			175,000

		44,776,000			46,793,000			44,526,000			43,236,000			42,834,000

Expenses:
Operating, maintenance and management		7,772,000			9,291,000			7,535,000			6,967,000			7,111,000
Real estate and other property- related taxes		5,419,000			5,348,000			5,200,000			4,972,000			4,737,000

		13,191,000			14,639,000			12,735,000			11,939,000			11,848,000


Net operating income		31,585,000			32,154,000			31,791,000			31,297,000			30,986,000

Other income (expense):
General and administrative		(2,853,000	)		(1,439,000	)		(1,425,000	)		(2,649,000	)		(2,323,000	)
Terminated projects and acquisition transaction costs		(2,423,000	)		(1,525,000	)		(848,000	)		(5,000	)		—
Depreciation and amortization		(12,650,000	)		(12,385,000	)		(12,257,000	)		(11,981,000	)		(13,994,000	)
Interest expense		(12,561,000	)		(12,090,000	)		(13,150,000	)		(12,480,000	)		(12,192,000	)
Amortization of deferred financing costs		(1,254,000	)		(1,023,000	)		(959,000	)		(801,000	)		(504,000	)
Capitalization of interest expense and financing costs		1,698,000			1,521,000			2,058,000			2,038,000			1,417,000
Interest income		4,000			14,000			14,000			35,000			77,000
Equity in income of unconsolidated joint venture		283,000			259,000			274,000			310,000			222,000
Gain on sale of land parcel		(3,000	)		239,000			—			—			—


Income before discontinued operations		1,826,000			5,725,000			5,498,000			5,764,000			3,689,000

(Loss) income from discontinued operations		(139,000	)		54,000			44,000			42,000			44,000
Gain on sale of discontinued operations		277,000			—			—			—			—

Total discontinued operations		138,000			54,000			44,000			42,000			44,000


Net income		1,964,000			5,779,000			5,542,000			5,806,000			3,733,000

Less, net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		(309,000	)		354,000			(557,000	)		(412,000	)		(482,000	)
Limited partners’ interest in consolidated OP		13,000			(180,000	)		(130,000	)		(148,000	)		(56,000	)

Total net (income) loss attributable to noncontrolling interests		(296,000	)		174,000			(687,000	)		(560,000	)		(538,000	)


Net income attributable to Cedar Shopping Centers, Inc.		1,668,000			5,953,000			4,855,000			5,246,000			3,195,000

Preferred distribution requirements		(1,984,000	)		(1,954,000	)		(1,970,000	)		(1,969,000	)		(1,971,000	)


Net (loss) income attributable to common shareholders	$	(316,000	)	$	3,999,000		$	2,885,000		$	3,277,000		$	1,224,000


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


(a)		The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $971,000, $582,000, $821,000, $412,000 and $535,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

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


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

Net (loss) income attributable to the Company’s common shareholders	$	(316,000	)	$	3,999,000		$	2,885,000		$	3,277,000		$	1,224,000
Add (deduct):
Real estate depreciation and amortization		12,593,000			12,391,000			12,200,000			11,921,000			13,939,000
Noncontrolling interests:
Limited partners’ interest		(13,000	)		180,000			130,000			148,000			56,000
Minority interests in consolidated joint ventures		309,000			(354,000	)		557,000			412,000			482,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,638,000	)		(832,000	)		(1,568,000	)		(1,368,000	)		(1,417,000	)
Gain on sale of discontinued operations		(277,000	)		—			—			—			—
Equity in income of unconsolidated joint venture		(283,000	)		(259,000	)		(274,000	)		(310,000	)		(222,000	)
FFO from unconsolidated joint venture		377,000			359,000			355,000			360,000			355,000

Funds From Operations (“FFO”)		10,752,000			15,484,000			14,285,000			14,440,000			14,417,000

Add (deduct) the pro rata share of:
Straight-line rents		(363,000	)		(452,000	)		(556,000	)		(501,000	)		(588,000	)
Amortization of intangible lease liabilities		(3,098,000	)		(3,285,000	)		(3,441,000	)		(3,349,000	)		(3,377,000	)
Non-real estate amortization		846,000			613,000			607,000			477,000			438,000
Stock-based compensation charged (credited) to operations		1,281,000			(936,000	)		(1,139,000	)		897,000			607,000
Capital expenditures, tenant improvements, and leasing commissions - second generation (a)		(1,576,000	)		(1,057,000	)		(1,484,000	)		(1,089,000	)		(1,247,000	)
Terminated projects and acquisition transaction costs (b)		2,423,000			761,000			848,000			5,000			—
Scheduled debt amortization payments — carrying value amounts		(1,820,000	)		(1,875,000	)		(1,921,000	)		(1,877,000	)		(1,956,000	)

Funds Available for Distribution (“FAD”)	$	8,445,000		$	9,253,000		$	7,199,000		$	9,003,000		$	8,294,000


FFO per common share, assuming OP Unit conversion:
Basic	$	0.23		$	0.33		$	0.31		$	0.31		$	0.31

Diluted	$	0.23		$	0.33		$	0.31		$	0.31		$	0.31


FAD per common share, assuming OP Unit conversion:
Basic	$	0.18		$	0.20		$	0.15		$	0.19		$	0.18

Diluted	$	0.18		$	0.20		$	0.15		$	0.19		$	0.18


Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		45,062,000			44,880,000			44,489,000			44,488,000			44,464,000
Additional shares assuming conversion of OP Units (basic)		2,018,000			2,017,000			2,018,000			2,019,000			2,029,000

Shares used in determination of FFO per share (basic)		47,080,000			46,897,000			46,507,000			46,507,000			46,493,000


Shares used in determination of diluted earnings per share		45,062,000			44,880,000			44,489,000			44,490,000			44,466,000
Additional shares assuming conversion of OP Units (diluted)		2,018,000			2,017,000			2,018,000			2,020,000			2,029,000

Shares used in determination of FFO per share (diluted)		47,080,000			46,897,000			46,507,000			46,510,000			46,495,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions - first generation (c)	$	16,685,000		$	16,040,000		$	37,877,000		$	20,360,000		$	28,858,000

Capitalized interest and financing costs	$	1,698,000		$	1,521,000		$	2,058,000		$	2,038,000		$	1,417,000

Scheduled debt amortization payments — stated contract amounts	$	1,670,000		$	1,726,000		$	1,787,000		$	1,678,000		$	1,728,000


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

Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(d)	$	220,290,000		$	199,010,000		$	185,837,000		$	147,797,000		$	134,496,000


(a)		Second generation refers to expenditures related to stabilized properties.

(b)		The March 31, 2009 amount reflects the adoption of SFAS 141R, effective January 1, 2009, with respect to expensing transaction costs applicable to property acquisitions of approximately $1,272,000 of which the minority interest partners share was approximately $763,000.

(c)		First generation refers to expenditures related to development/redevelopment and expansion properties.

(d)		Real estate out of service includes the applicable portions of development/redevelopment and expansion properties.

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


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

Cash flow from operating activities:
Net income	$	1,964,000		$	5,779,000		$	5,542,000		$	5,806,000		$	3,733,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash provisions:
Equity in income of unconsolidated joint venture		(282,000	)		(259,000	)		(274,000	)		(310,000	)		(222,000	)
Distributions from unconsolidated joint venture		315,000			200,000			200,000			200,000			302,000
Terminated projects and acquisition transaction costs		2,588,000			—			—			—			—
Gain on sales of real estate		(277,000	)		(236,000	)		—			—			—
Straight-line rents receivable		(536,000	)		(640,000	)		(740,000	)		(655,000	)		(770,000	)
Depreciation and amortization		12,651,000			12,400,000			12,270,000			11,996,000			14,007,000
Amortization of intangible lease liabilities		(3,254,000	)		(3,416,000	)		(4,032,000	)		(3,473,000	)		(3,504,000	)
Amortization/market price adjustments relating to stock-based compensation		1,282,000			(936,000	)		(1,139,000	)		897,000			607,000
Amortization of deferred financing costs		827,000			637,000			563,000			428,000			396,000
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		949,000			(2,307,000	)		2,043,000			(941,000	)		2,229,000
Other		2,451,000			(942,000	)		3,188,000			(3,302,000	)		539,000
Accounts payable and accrued expenses		(2,500,000	)		(1,446,000	)		2,288,000			938,000			(1,056,000	)

Net cash provided by operating activities		16,178,000			8,834,000			19,909,000			11,584,000			16,261,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(27,611,000	)		(35,725,000	)		(60,410,000	)		(20,562,000	)		(20,483,000	)
Net proceeds on the sales of real estate		1,175,000			305,000			—			—			—
Investment in unconsolidated joint venture		—			(350,000	)		—			(3,000	)		(1,094,000	)
Construction escrows and other		(587,000	)		(397,000	)		(210,000	)		544,000			(237,000	)

Net cash (used in) investing activities		(27,023,000	)		(36,167,000	)		(60,620,000	)		(20,021,000	)		(21,814,000	)


Cash flow from financing activities:
Net (repayments) advances from revolving lines of credit		(16,000,000	)		32,435,000			29,800,000			20,300,000			27,650,000
Proceeds from mortgage financings		36,231,000			8,000,000			25,791,000			53,385,000			62,000
Mortgage repayments		(1,999,000	)		(11,520,000	)		(2,477,000	)		(50,782,000	)		(14,911,000	)
Net payments of deferred financing costs		(2,328,000	)		(101,000	)		(650,000	)		(2,524,000	)		(2,088,000	)
Noncontrolling interests:
Contributions from consolidated joint venture minority interests, net		355,000			11,857,000			2,123,000			(9,000	)		276,000
Distributions to consolidated joint venture minority interests		(2,061,000	)		—			(3,161,000	)		—			—
Redemption of Operating Partnership Units		—			—			—			—			(122,000	)
Distributions to limited partners		—			(227,000	)		(454,000	)		(455,000	)		(456,000	)
Preferred stock distributions		(1,969,000	)		(1,969,000	)		(1,970,000	)		(1,969,000	)		(1,968,000	)
Distributions to common shareholders		—			(5,046,000	)		(10,010,000	)		(10,010,000	)		(10,003,000	)


Net cash provided by (used in) financing activities		12,229,000			33,429,000			38,992,000			7,936,000			(1,560,000	)


Net increase (decrease) in cash and cash equivalents		1,384,000			6,096,000			(1,719,000	)		(501,000	)		(7,113,000	)
Cash and cash equivalents at beginning of period		14,327,000			8,231,000			9,950,000			10,451,000			17,564,000

Cash and cash equivalents at end of period	$	15,711,000		$	14,327,000		$	8,231,000		$	9,950,000		$	10,451,000

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended June 30,						Six months ended June 30,
	2009			2008			2009			2008


The number of properties that were owned throughout each of the comparative periods		116			116			115			115


Revenues:
Rents:
Base rents	$	29,950,000		$	29,959,000		$	59,545,000		$	59,485,000
Percentage rents		313,000			127,000			520,000			499,000
Straight-line rents		387,000			745,000			921,000			1,439,000
Amortization of intangible lease liabilities		3,088,000			3,496,000			6,371,000			6,870,000

		33,738,000			34,327,000			67,357,000			68,293,000
Expense recoveries (a)		7,757,000			8,048,000			17,838,000			16,935,000
Other		32,000			175,000			258,000			383,000

Total revenues		41,527,000			42,550,000			85,453,000			85,611,000


Operating expenses (a):
Operating, maintenance and management		6,371,000			6,446,000			15,248,000			13,906,000
Real estate and other property-related taxes		5,136,000			4,612,000			10,076,000			9,127,000

Total expenses		11,507,000			11,058,000			25,324,000			23,033,000


Net operating income	$	30,020,000		$	31,492,000		$	60,129,000		$	62,578,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	(9,000	)		0.0	%	$	60,000			0.1	%
Percentage rents		186,000			146.5	%		21,000			4.2	%
Straight-line rents		(358,000	)		-48.1	%		(518,000	)		-36.0	%
Amortization of intangible lease liabilities		(408,000	)		-11.7	%		(499,000	)		-7.3	%

		(589,000	)		-1.7	%		(936,000	)		-1.4	%
Expense recoveries		(291,000	)		-3.6	%		903,000			5.3	%
Other		(143,000	)		-81.7	%		(125,000	)		-32.6	%

Total revenues		(1,023,000	)		-2.4	%		(158,000	)		-0.2	%


Expenses:
Operating, maintenance and management		(75,000	)		-1.2	%		1,342,000			9.7	%
Real estate and other property-related taxes		524,000			11.4	%		949,000			10.4	%

Total expenses		449,000			4.1	%		2,291,000			9.9	%


Net operating income	$	(1,472,000	)		-4.7	%	$	(2,449,000	)		-3.9	%


Percent occupied at end of period		92.0	%		92.1	%		92.0	%		92.1	%


Expense recovery percentage (a)		75.4	%		79.0	%		77.1	%		78.2	%


(a)		The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $931,000 and $521,000, respectively for the three months ended June 30, 2009 and 2008 and $1,487,000 and $644,000, respectively for the six months ended June 30, 2009 and 2008.

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


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


Renewals

Number of leases		42			38			61			27			29
Aggregate square feet		329,000			200,000			321,000			84,000			78,000
Average square feet		7,833			5,263			5,262			3,111			2,690
Average expiring base rent psf	$	7.33		$	10.67		$	11.87		$	15.63		$	12.80
Average new base rent psf	$	8.08		$	11.04		$	13.19		$	17.23		$	14.42
% increase in base rent		10.2	%		3.4	%		11.1	%		10.2	%		12.7	%

New leases

Number of leases		14			19			20			22			5
Aggregate square feet		76,000			95,000			67,000			94,000			16,000
Average square feet		5,429			5,000			3,350			4,273			3,200
Average new base rent psf	$	14.66		$	10.06		$	13.42		$	17.59		$	18.47

Terminated leases

Number of leases		18			19			18			16			15
Aggregate square feet		49,000			90,000			52,000			49,000			75,000
Average square feet		2,722			4,737			2,889			3,063			5,000
Average old base rent psf	$	14.59		$	12.12		$	13.34		$	14.25		$	10.26


	As of
	June 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
Occupancy statistics	2009			2009			2008			2008			2008


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

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


Development/redevelopment and other non-stabilized properties		67	%		65	%		65	%		66	%		68	%


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


(a)		New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents, as in premises in low-density population areas, as compared to premises in major urban or suburban areas.

(b)		With the high occupancy levels for the Company’s portfolio on an overall basis, leasing activity for the indicated square footage amounts represents a small percentage of the total portfolio.

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of June 30, 2009


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA			base rent		per sq ft		base rents

Top ten tenants (a):
Giant Foods (b)		19		1,137,000		9.0	%	$	17,114,000	$	15.05		13.1	%
Discount Drug Mart		18		454,000		3.6	%		4,278,000		9.42		3.3	%
Farm Fresh (b)		6		364,000		2.9	%		3,914,000		10.75		3.0	%
Stop & Shop (b)		5		325,000		2.6	%		3,494,000		10.75		2.7	%
CVS		11		126,000		1.0	%		2,774,000		22.02		2.1	%
Shaw’s (b)		4		241,000		1.9	%		2,716,000		11.27		2.1	%
LA Fitness		4		168,000		1.3	%		2,422,000		14.42		1.9	%
Staples		7		151,000		1.2	%		2,091,000		13.85		1.6	%
Food Lion (b)		7		243,000		1.9	%		1,921,000		7.91		1.5	%
Burlington Coat Factory		2		306,000		2.4	%		1,680,000		5.49		1.3	%

Sub-total top ten tenants		83		3,515,000		27.8	%		42,404,000		12.06		32.6	%

Remaining tenants		1,179		8,177,000		64.6	%		87,818,000		10.74		67.4	%

Sub-total all tenants		1,262		11,692,000		92.3	%		130,222,000	$	11.14		100.0	%

Vacant space (c)		n/a		974,000		7.7	%		n/a		n/a		n/a

Total (including vacant space)		1,262		12,666,000		100.0	%	$	130,222,000	$	10.28		n/a


(a)		Based on annualized base rent.

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

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

Total Revenues By State


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

Pennsylvania	$	19,944,000	$	20,881,000	$	20,990,000	$	20,703,000	$	20,309,000
Massachusetts		5,748,000		6,403,000		5,908,000		5,804,000		5,918,000
Connecticut		5,046,000		4,934,000		3,866,000		3,762,000		3,645,000
Ohio		3,292,000		3,386,000		3,198,000		3,182,000		3,263,000
Maryland		3,047,000		2,834,000		2,390,000		2,088,000		1,934,000
New Jersey		2,988,000		3,255,000		3,349,000		3,095,000		3,253,000
Virginia		2,731,000		2,996,000		2,821,000		2,598,000		2,607,000
New York		1,548,000		1,641,000		1,621,000		1,567,000		1,499,000
Michigan		432,000		463,000		383,000		437,000		406,000

	$	44,776,000	$	46,793,000	$	44,526,000	$	43,236,000	$	42,834,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of June 30, 2009


												Percentage
	Number				Percentage			Annualized		Annualized		of annualized
Year of lease	of leases		GLA		of GLA			expiring		expiring base		expiring
expiration	expiring		expiring		expiring			base rents		rents per sq ft		base rents


Month-To-Month		62		145,000		1.2	%	$	1,692,000	$	11.67		1.3	%
2009		84		337,000		2.9	%		4,349,000		12.91		3.3	%
2010		204		1,185,000		10.1	%		12,815,000		10.82		9.8	%
2011		175		1,051,000		9.0	%		11,576,000		11.01		8.9	%
2012		168		840,000		7.2	%		9,777,000		11.64		7.5	%
2013		137		766,000		6.6	%		9,381,000		12.25		7.2	%
2014		134		1,476,000		12.6	%		11,954,000		8.10		9.2	%
2015		68		764,000		6.5	%		8,041,000		10.52		6.2	%
2016		39		508,000		4.3	%		5,272,000		10.38		4.0	%
2017		34		483,000		4.1	%		6,110,000		12.65		4.7	%
2018		45		864,000		7.4	%		9,571,000		11.08		7.3	%
2019		29		535,000		4.6	%		5,799,000		10.84		4.5	%
Thereafter		85		2,738,000		23.4	%		33,885,000		12.38		26.0	%


		1,262		11,692,000		100.0	%		130,222,000		11.14		100.0	%

Vacant space (a)		n/a		974,000		n/a			n/a		n/a		n/a


Total portfolio (b)		1,262		12,666,000		n/a		$	130,222,000	$	10.28		n/a


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

(b)		At June 30, 2009, the Company had a portfolio of 121 operating properties totaling approximately 12.7 million square feet of GLA, including 108 wholly-owned properties comprising approximately 11.0 million square feet and 13 properties owned in joint venture comprising approximately 1.7 million square feet. The entire 121 property portfolio was approximately 92% leased at June 30, 2009.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of June 30, 2009


				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration

Wholly-Owned Stabilized Properties: ^(a)
Academy Plaza	PA	2001	100%		152,727	1965/1998	Acme Markets		50,918		9/30/2018
Annie Land Plaza	VA	2006	100%		42,500	1999	Food Lion		29,000		5/4/2019
Camp Hill	PA	2002	100%		472,458	1958/2005	Boscov’s		167,597		9/30/2020
							Giant Foods		92,939		10/31/2025
							LA Fitness		45,000		12/31/2021
							Orthopedic Inst of PA		40,904		5/31/2016
							Barnes & Noble		24,908		1/31/2011
							Staples		20,000		6/30/2015
Carbondale Plaza	PA	2004	100%		129,915	1972/2005	Weis Markets		52,720		2/29/2016
Carmans Plaza	NY	2007	100%		194,481	1954/2007	Pathmark		52,211		3/31/2017
							Best Fitness		27,598		5/31/2018
							AJ Wright		25,806		4/30/2013
Carll’s Corner	NJ	2007	100%		129,582	1960’s-1999/	Acme Markets		55,000		9/30/2016
						2004
Carrollton Discount Drug Mart Plaza	OH	2005	100%		40,480	2000	Discount Drug Mart		25,480		3/31/2016
Centerville Discount Drug Mart Plaza	OH	2005	100%		49,494	2000	Discount Drug Mart		24,012		3/31/2016
Circle Plaza	PA	2007	100%		92,171	1979/1991	K-Mart		92,171		11/30/2014
Clyde Discount Drug Mart Plaza	OH	2005	100%		34,592	2002	Discount Drug Mart		24,592		3/31/2019
Coliseum Marketplace	VA	2005	100%		98,359	1987/2005	Farm Fresh		57,662		1/31/2021
Columbus Crossing	PA	2003	100%		142,166	2001	Super Fresh		61,506		9/30/2020
							Old Navy		25,000		1/31/2014
							AC Moore		22,000		9/30/2011
CVS at Bradford	PA	2005	100%		10,722	1996	CVS		10,722		3/31/2017
CVS at Celina	OH	2005	100%		10,195	1998	CVS		10,195		1/31/2020
CVS at Erie	PA	2005	100%		10,125	1997	CVS		10,125		1/31/2019
CVS at Kinderhook	NY	2007	100%		13,225	2007	CVS		13,225		1/31/2033
CVS at Portage Trail	OH	2005	100%		10,722	1996	CVS		10,722		9/30/2017
Dover Discount Drug Mart Plaza	OH	2005	100%		38,409	2002	Discount Drug Mart		24,516		3/31/2013
East Chestnut	PA	2005	100%		21,180	1996
Elmhurst Square	VA	2006	100%		66,250	1961-1983	Food Lion		38,272		9/30/2011
Enon Discount Drug Mart Plaza	OH	2007	100%		42,876	2005-2006	Discount Drug Mart		24,596		3/31/2022

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of June 30, 2009


				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration

Fairfield Plaza	CT	2005	100%		72,279	2001/2005	TJ Maxx		25,257		8/31/2013
							Staples		20,388		10/31/2019
Fairview Plaza	PA	2003	100%		69,579	1992	Giant Foods		59,237		2/28/2017
Family Dollar at Zanesville	OH	2005	100%		6,900	2000	Family Dollar		6,900		12/31/2009
FirstMerit Bank at Akron	OH	2005	100%		3,200	1996	FirstMerit Bank		3,200		12/31/2011
FirstMerit Bank at Cuyahoga Falls	OH	2006	100%		18,300	1973/2003	FirstMerit Bank		18,300		3/31/2010
Franklin Village Plaza	MA	2004	100%		304,216	1987/2005	Stop & Shop		75,000		4/30/2026
							Marshalls		26,890		1/31/2014
Gabriel Brothers Plaza	OH	2005	100%		83,740	1970’s/2004	Gabriel Brothers		57,193		5/31/2014
Gahanna Discount Drug Mart Plaza	OH	2006	100%		48,992	2003	Discount Drug Mart		24,592		3/31/2020
General Booth Plaza	VA	2005	100%		73,320	1985	Farm Fresh		53,758		1/31/2014
Gold Star Plaza	PA	2006	100%		71,720	1988	Redner’s		47,329		3/16/2019
Golden Triangle	PA	2003	100%		202,943	1960/2005	LA Fitness		44,796		4/30/2020
							Marshalls		30,000		5/31/2010
							Staples		24,060		5/31/2012
Groton Shopping Center	CT	2007	100%		117,986	1969	TJ Maxx		30,000		5/31/2011
Grove City Discount Drug Mart Plaza	OH	2007	100%		40,848	2005	Discount Drug Mart		24,596		3/31/2020
Halifax Plaza	PA	2003	100%		51,510	1994	Giant Foods		32,000		10/31/2019
Hamburg Commons	PA	2004	100%		99,580	1988-1993	Redner’s		56,780		6/30/2025
Hannaford Plaza	MA	2006	100%		102,459	1965/2006	Hannaford		42,598		4/30/2015
Hilliard Discount Drug Mart Plaza	OH	2007	100%		40,988	2003	Discount Drug Mart		24,592		3/31/2020
Hills & Dales Discount Drug Mart Plaza	OH	2007	100%		33,553	1992-2007	Discount Drug Mart		23,608		3/31/2023
Hudson Discount Drug Mart Plaza	OH	2005	100%		32,259	2000	Discount Drug Mart		32,259		3/31/2017
Jordan Lane	CT	2005	100%		181,730	1969/1991	Stop & Shop		60,632		9/30/2010
							AJ Wright		39,280		3/31/2015
							Friendly Fitness		20,283		8/31/2014
Kempsville Crossing	VA	2005	100%		94,477	1985	Farm Fresh		73,878		1/31/2014
Kenley Village	MD	2005	100%		51,894	1988	Food Lion		29,000		2/11/2014
Kings Plaza	MA	2007	100%		168,243	1970/1994	Work Out World		42,997		12/31/2014
							AJ Wright		28,504		9/30/2013
							Ocean State Job Lot		20,300		5/31/2014
Kingston Plaza	NY	2006	100%		18,337	2006

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of June 30, 2009


				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration

LA Fitness Facility	PA	2002	100%		41,000	2003	LA Fitness		41,000		12/31/2018
Liberty Marketplace	PA	2005	100%		68,200	2003	Giant Foods		55,000		9/30/2023
Lodi Discount Drug Mart Plaza	OH	2005	100%		38,576	2003	Discount Drug Mart		24,596		3/31/2019
Long Reach Village	MD	2006	100%		104,932	1973/1998	Safeway		53,684		7/31/2018
Loyal Plaza ^(b)	PA	2002	100%		293,825	1969/2000	K-Mart		102,558		8/31/2011
							Giant Foods		66,935		10/31/2019
							Staples		20,555		11/30/2014
Mason Discount Drug Mart Plaza	OH	2008	100%		52,896	2005/2007	Discount Drug Mart		24,596		3/31/2021
McCormick Place	OH	2005	100%		46,000	1995	Sam Levin Furniture		46,000		11/30/2011
Mechanicsburg Giant	PA	2005	100%		51,500	2003	Giant Foods		51,500		8/31/2024
							Shoppers Food
Metro Square	MD	2008	100%		71,896	1999	Warehouse		58,200		1/31/2030
Newport Plaza	PA	2003	100%		66,789	1996	Giant Foods		43,400		5/31/2021
Oak Ridge	VA	2006	100%		38,700	2000	Food Lion		33,000		5/31/2019
Oakhurst Plaza	PA	2006	100%		111,869	1980/2001	Giant Foods		62,320		1/31/2019
Oakland Commons	CT	2007	100%		89,850	1962/1995	Shaw’s		54,661		2/29/2016
							Bristol Ten Pin		35,189		4/30/2043
Oakland Mills	MD	2005	100%		58,224	1960’s/2004	Food Lion		43,470		11/30/2018
Ontario Discount Drug Mart Plaza	OH	2005	100%		38,623	2002	Discount Drug Mart		25,475		3/31/2018
Palmyra Shopping Center	PA	2005	100%		112,108	1960/1995	Weis Markets		46,181		3/31/2010
Pickerington Discount Drug Mart Plaza	OH	2005	100%		47,810	2002	Discount Drug Mart		25,852		3/31/2018
Pine Grove Plaza	NJ	2003	100%		79,306	2001/2002	Peebles		24,963		1/31/2022
Polaris Discount Drug Mart Plaza	OH	2005	100%		50,283	2001	Discount Drug Mart		25,855		3/31/2017
Pondside Plaza	NY	2005	100%		19,500	2003
Port Richmond Village	PA	2001	100%		154,908	1988	Thriftway		40,000		10/31/2013
							Pep Boys		20,615		2/28/2014
Powell Discount Drug Mart Plaza	OH	2005	100%		49,772	2001	Discount Drug Mart		25,852		3/31/2018
Price Chopper Plaza	MA	2007	100%		101,824	1960’s-2004	Price Chopper		58,545		11/30/2015
Rite Aid at Massillon	OH	2005	100%		10,125	1999	Rite Aid		10,125		1/31/2020
River View Plaza I, II and III	PA	2003	100%		244,225	1991/1998	United Artists Theatre		77,700		12/31/2018
							Avalon Carpet		25,000		1/31/2012
							Pep Boys		22,000		9/30/2014

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of June 30, 2009


				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration

Shaw’s Plaza	MA	2006	100%		176,609	1968/1998	Shaw’s		60,748		2/28/2023
							Marshall’s		25,752		1/31/2013
Shore Mall	NJ	2006	100%		603,098	1960/1980	Boscov’s		172,200		9/19/2018
							Burlington Coat Factory		144,000		4/30/2014
							Burlington Coat Factory		85,000		11/30/2009
							K&G		25,000		2/28/2017
Smithfield Plaza	VA	2005-2008	100%		134,664	1987/1996	Farm Fresh		45,544		1/31/2014
							Maxway		21,600		9/30/2010
							Peebles		21,600		1/31/2010
South Philadelphia	PA	2003	100%		283,415	1950/2003	Shop Rite		54,388		9/30/2018
							Ross Dress For Less		31,349		1/31/2013
							Bally’s Total Fitness		31,000		5/31/2017
							Modell’s		20,000		1/31/2018
St. James Square	MD	2005	100%		39,903	2000	Food Lion		33,000		11/14/2020
Stadium Plaza	MI	2005	100%		77,688	1960’s/2003	A&P		54,650		8/31/2022
Staples at Oswego	NY	2005	100%		23,884	2000	Staples		23,884		2/28/2015
Stop & Shop Plaza	CT	2008	100%		54,510	2006	Stop & Shop		54,510		11/30/2026
Suffolk Plaza	VA	2005	100%		67,216	1984	Farm Fresh		67,216		1/31/2014
Sunset Crossing	PA	2003	100%		74,142	2002	Giant Foods		54,332		6/30/2022
Swede Square	PA	2003	100%		98,792	1980/2004	LA Fitness		37,200		6/30/2016
The Brickyard	CT	2004	100%		274,553	1990	Sam’s Club		109,755		1/31/2010
							Home Depot		103,003		1/31/2010
							Syms		38,000		3/31/2010
The Commons	PA	2004	100%		175,121	2003	Elder Beerman		54,500		1/31/2017
							Shop ’n Save		52,654		10/7/2015
The Point	PA	2000	100%		250,697	1972/2001	Burlington Coat Factory		76,665		1/31/2011
							Giant Foods		58,585		7/31/2021
							Staples		24,000		8/31/2013
							AC Moore		20,000		7/31/2013
The Point at Carlisle Plaza	PA	2005	100%		182,859	1965/2005	Bon-Ton		59,925		1/25/2010
							Office Max		22,645		10/22/2012
							Dunham Sports		21,300		1/31/2016
The Shops at Suffolk Downs	MA	2005	100%		85,829	2005	Stop & Shop		74,977		9/30/2025
Timpany Plaza	MA	2007	100%		183,775	1970’s-1989	Stop & Shop		59,947		12/31/2009
							Big Lots		28,027		1/31/2011
							Gardner Theater		27,576		5/31/2014

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of June 30, 2009


				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration

Trexler Mall	PA	2005	100%		339,363	1973/2004	Kohl’s		88,248		1/31/2024
							Bon-Ton		62,000		1/28/2012
							Giant Foods		56,753		1/31/2016
							Lehigh Wellness Partners		30,594		11/30/2013
							Trexlertown Fitness Club		28,870		2/28/2010
Ukrop’s at Fredericksburg	VA	2005	100%		63,000	1997	Ukrop’s Supermarket		63,000		8/4/2017
Ukrop’s at Glen Allen	VA	2005	100%		43,000	2000	Ukrop’s Supermarket		43,000		2/15/2010
Valley Plaza	MD	2003	100%		190,939	1975/1994	K-Mart		95,810		9/30/2014
							Ollie’s Bargain Outlet		41,888		3/31/2011
							Tractor Supply		32,095		5/31/2010
Virginia Center Commons	VA	2005	100%		9,763	2002
Virginia Little Creek	VA	2005	100%		69,620	1996/2001	Farm Fresh		66,120		1/31/2014
Wal-Mart Center	CT	2003	100%		155,842	1972/2000	Wal-Mart		95,482		1/31/2020
							NAMCO		20,000		1/31/2011
Washington Center Shoppes	NJ	2001	100%		157,290	1979/1995	Acme Markets		66,046		12/2/2020
							Planet Fitness		20,742		3/31/2024
West Bridgewater Plaza	MA	2007	100%		133,039	1970/2007	Shaw’s		57,315		2/28/2027
							Big Lots		25,000		1/31/2014
Westlake Discount Drug Mart Plaza	OH	2005	100%		55,775	2005	BG Storage		31,295		1/31/2016
							Discount Drug Mart		24,480		3/31/2021
Yorktowne Plaza	MD	2007	100%		158,982	1970/2000	Food Lion		37,692		12/31/2020

Total Wholly-Owned Stabilized Properties					9,997,791

Properties Owned in Joint Venture:
Homburg Joint Venture:
Aston Center	PA	2002	20%		55,000	2005	Giant Foods		55,000		11/30/2025
Ayr Town Center	PA	2002	20%		55,600	2005	Giant Foods		50,000		5/31/2025
Fieldstone Marketplace	MA	2005	20%		193,970	1988/2003	Shaw’s		68,000		2/29/2024
							Flagship Cinema		41,975		10/31/2023
Meadows Marketplace	PA	2004	20%		91,538	2005	Giant Foods		65,507		11/30/2025
Parkway Plaza	PA	2007	20%		106,628	1998-2002	Giant Foods		66,935		12/31/2018
Pennsboro Commons	PA	2005	20%		107,384	1999	Giant Foods		68,624		8/10/2019
Scott Town Center	PA	2007	20%		67,933	2004	Giant Foods		54,333		7/31/2023
Spring Meadow Shopping Center	PA	2007	20%		67,950	2004	Giant Foods		65,000		10/31/2024
Stonehedge Square	PA	2006	20%		88,677	1990/2006	Nell’s Market		51,687		5/31/2026

					834,680

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of June 30, 2009


				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration

PCP Joint Venture:
New London Mall	CT	2009	40%		257,814	1967/1997 -	Shoprite		64,017		2/29/2020
						2000	Marshalls		30,354		1/31/2014
							Homegoods		25,432		9/30/2010
							Petsmart		23,500		1/31/2015
							AC Moore		20,932		3/31/2015
San Souci Plaza	MD	2009	40%		264,134	1985 - 1997/	Shoppers Food Warehouse		61,466		5/31/2020
						2007	Marshalls		27,000		9/30/2017

					521,948
Joint Ventures (other):
CVS at Naugatuck	CT	2008	50%		13,225	2008	CVS		13,225		1/31/2034

Total Consolidated Joint Ventures					1,369,853

Total Stabilized Properties					11,367,644

Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall	PA	2005	75%		348,574	1988	Sears		64,264		10/24/2013
							Bon-Ton		45,000		10/31/2013
							JC Penney		34,076		10/31/2013
Dunmore Shopping Center	PA	2005	100%		101,000	1962/1997	Eynon Furniture Outlet		40,000		2/28/2014
							Big Lots		26,902		1/31/2012
Fairview Commons	PA	2007	100%		59,578	1976/2003
Huntingdon Plaza	PA	2004	100%		147,355	1972 - 2003	Peebles		22,060		1/31/2018
Lake Raystown Plaza	PA	2004	100%		145,727	1995	Giant Foods		61,435		10/31/2026
Shelby Discount Drug Mart Plaza	OH	2005	100%		36,596	2002	Discount Drug Mart		24,596		3/31/2019
Shoppes at Salem Run	VA	2005	100%		15,100	2005
Townfair Center	PA	2004	100%		203,531	2002	Lowe’s Home Centers		95,173		12/31/2015
Trexlertown Plaza	PA	2006	100%		241,381	1990/2005	Redner’s		47,900		10/31/2010
							Big Lots		33,824		1/31/2012
							Tractor Supply		22,670		10/31/2020
							Sears		22,500		10/31/2012

Total Non-Stabilized Properties					1,298,842

Total Portfolio ^(b)					12,666,486


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of June 30, 2009. Dunmore Shopping Center, Fairview Commons, Shelby Discount Drug Mart Plaza and Shoppes at Salem Run are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

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

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of June 30, 2009


															Gross
					Financial statement carrying values										leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		(“GLA”)		occupied			leased sq. ft.

Wholly-Owned Stabilized Properties: ^(a)
Academy Plaza	PA		100	%	$	2,406,000	$	11,140,000	$	13,546,000	$	2,150,000	$	11,396,000		152,727		82	%	$	12.95
Annie Land Plaza	VA		100	%		809,000		3,869,000		4,678,000		422,000		4,256,000		42,500		92	%		9.10
Camp Hill	PA		100	%		4,424,000		60,551,000		64,975,000		7,098,000		57,877,000		472,458		98	%		12.71
Carbondale Plaza	PA		100	%		1,586,000		12,125,000		13,711,000		1,683,000		12,028,000		129,915		86	%		6.87
Carll’s Corner	NJ		100	%		2,975,000		15,439,000		18,414,000		937,000		17,477,000		129,582		94	%		8.71
Carman’s Plaza	NY		100	%		8,441,000		34,251,000		42,692,000		2,113,000		40,579,000		194,481		94	%		16.34
Carrollton Discount Drug Mart Plaza	OH		100	%		713,000		3,339,000		4,052,000		515,000		3,537,000		40,480		100	%		8.04
Centerville Discount Drug Mart Plaza	OH		100	%		1,219,000		5,445,000		6,664,000		746,000		5,918,000		49,494		86	%		10.85
Circle Plaza	PA		100	%		561,000		2,884,000		3,445,000		154,000		3,291,000		92,171		100	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,230,000		3,903,000		453,000		3,450,000		34,592		100	%		9.69
Coliseum Marketplace	VA		100	%		3,586,000		17,164,000		20,750,000		2,453,000		18,297,000		98,359		100	%		15.94
Columbus Crossing	PA		100	%		4,579,000		19,251,000		23,830,000		3,128,000		20,702,000		142,166		97	%		16.01
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		229,000		1,544,000		10,722		100	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		257,000		2,128,000		10,195		100	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		222,000		1,960,000		10,125		100	%		16.50
CVS at Kinderhook	NY		100	%		2,502,000		1,106,000		3,608,000		55,000		3,553,000		13,225		100	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,603,000		1,944,000		218,000		1,726,000		10,722		100	%		13.00
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,803,000		3,366,000		616,000		2,750,000		38,409		100	%		8.68
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		662,000		3,840,000		21,180		100	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,229,000		7,600,000		694,000		6,906,000		66,250		95	%		8.66
Enon Discount Drug Mart Plaza	OH		100	%		1,135,000		4,356,000		5,491,000		285,000		5,206,000		42,876		100	%		11.01
Fairfield Plaza	CT		100	%		2,202,000		9,393,000		11,595,000		1,207,000		10,388,000		72,279		93	%		13.94
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,367,000		9,478,000		69,579		100	%		12.22
Family Dollar at Zanesville	OH		100	%		81,000		568,000		649,000		251,000		398,000		6,900		100	%		8.70
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		108,000		796,000		3,200		100	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,312,000		1,576,000		147,000		1,429,000		18,300		100	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,863,000		73,680,000		9,526,000		64,154,000		304,216		92	%		19.70
Gabriel Brothers Plaza	OH		100	%		947,000		3,964,000		4,911,000		624,000		4,287,000		83,740		100	%		5.77
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,765,000		8,503,000		746,000		7,757,000		48,992		91	%		14.75
General Booth Plaza	VA		100	%		1,935,000		9,558,000		11,493,000		1,607,000		9,886,000		73,320		95	%		12.48
Gold Star Plaza	PA		100	%		1,644,000		6,602,000		8,246,000		820,000		7,426,000		71,720		84	%		9.25
Golden Triangle	PA		100	%		2,320,000		19,323,000		21,643,000		3,204,000		18,439,000		202,943		98	%		12.08
Groton Shopping Center	CT		100	%		3,073,000		12,375,000		15,448,000		1,082,000		14,366,000		117,986		97	%		10.31
Grove City Discount Drug Mart Plaza	OH		100	%		1,241,000		5,041,000		6,282,000		319,000		5,963,000		40,848		100	%		13.09
Halifax Plaza	PA		100	%		1,347,000		5,933,000		7,280,000		862,000		6,418,000		51,510		100	%		11.05
Hamburg Commons	PA		100	%		1,153,000		9,799,000		10,952,000		1,158,000		9,794,000		99,580		95	%		6.06
Hannaford Plaza	MA		100	%		1,874,000		8,714,000		10,588,000		913,000		9,675,000		102,459		97	%		7.49
Hilliard Discount Drug Mart Plaza	OH		100	%		1,307,000		4,980,000		6,287,000		325,000		5,962,000		40,988		100	%		12.83
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		2,967,000		3,753,000		243,000		3,510,000		33,553		90	%		9.74
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,593,000		4,363,000		488,000		3,875,000		32,259		100	%		10.72
Jordan Lane	CT		100	%		4,291,000		21,416,000		25,707,000		2,758,000		22,949,000		181,730		98	%		9.72
Kempsville Crossing	VA		100	%		2,207,000		11,129,000		13,336,000		1,911,000		11,425,000		94,477		96	%		11.24
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		912,000		3,371,000		51,894		97	%		8.11
Kings Plaza	MA		100	%		2,408,000		11,837,000		14,245,000		918,000		13,327,000		168,243		99	%		6.48
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		156,000		5,079,000		18,337		100	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		763,000		6,875,000		41,000		100	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,844,000		15,539,000		1,566,000		13,973,000		68,200		89	%		17.45
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,460,000		4,164,000		578,000		3,586,000		38,576		88	%		8.63
Long Reach Village	MD		100	%		1,721,000		8,679,000		10,400,000		1,050,000		9,350,000		104,932		87	%		10.68
Loyal Plaza	PA		100	%		4,511,000		22,260,000		26,771,000		4,098,000		22,673,000		293,825		100	%		7.82

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of June 30, 2009


															Gross
					Financial statement carrying values										leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		(“GLA”)		occupied			leased sq. ft.

Mason Discount Drug Mart Plaza	OH		100	%		1,849,000		7,449,000		9,298,000		418,000		8,880,000		52,896		91	%		14.56
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		769,000		4,144,000		46,000		100	%		8.50
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,304,000		13,564,000		51,500		100	%		20.90
Metro Square	MD		100	%		3,121,000		12,351,000		15,472,000		311,000		15,161,000		71,896		100	%		18.71
Newport Plaza	PA		100	%		1,722,000		8,129,000		9,851,000		1,035,000		8,816,000		66,789		100	%		10.98
Oak Ridge	VA		100	%		960,000		4,272,000		5,232,000		370,000		4,862,000		38,700		100	%		10.39
Oakhurst Plaza	PA		100	%		4,539,000		18,189,000		22,728,000		1,841,000		20,887,000		111,869		89	%		15.61
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		1,139,000		17,042,000		89,850		100	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,319,000		7,930,000		1,070,000		6,860,000		58,224		100	%		12.82
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,664,000		4,473,000		529,000		3,944,000		38,623		85	%		8.64
Palmyra Shopping Center	PA		100	%		1,488,000		6,628,000		8,116,000		1,083,000		7,033,000		112,108		91	%		5.54
Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,961,000		7,266,000		867,000		6,399,000		47,810		96	%		12.12
Pine Grove Plaza	NJ		100	%		1,622,000		6,507,000		8,129,000		1,024,000		7,105,000		79,306		100	%		11.15
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,846,000		7,088,000		1,042,000		6,046,000		50,283		90	%		12.21
Pondside Plaza	NY		100	%		365,000		1,627,000		1,992,000		281,000		1,711,000		19,500		100	%		8.29
Port Richmond Village	PA		100	%		2,942,000		12,404,000		15,346,000		2,436,000		12,910,000		154,908		97	%		13.10
Powell Discount Drug Mart Plaza	OH		100	%		1,384,000		6,169,000		7,553,000		940,000		6,613,000		49,772		93	%		12.42
Price Chopper Plaza	MA		100	%		4,130,000		18,473,000		22,603,000		996,000		21,607,000		101,824		88	%		10.93
Rite Aid at Massillon	OH		100	%		442,000		2,014,000		2,456,000		249,000		2,207,000		10,125		100	%		17.91
River View Plaza I, II and III	PA		100	%		9,718,000		44,041,000		53,759,000		7,024,000		46,735,000		244,225		89	%		17.76
Shaw’s Plaza	MA		100	%		5,780,000		25,075,000		30,855,000		2,442,000		28,413,000		176,609		94	%		10.83
Shore Mall	NJ		100	%		7,179,000		39,561,000		46,740,000		4,334,000		42,406,000		603,098		95	%		7.55
Smithfield Plaza	VA		100	%		2,919,000		12,776,000		15,695,000		1,079,000		14,616,000		134,664		98	%		9.34
South Philadelphia	PA		100	%		8,222,000		38,438,000		46,660,000		7,185,000		39,475,000		283,415		83	%		14.23
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		732,000		4,317,000		39,903		100	%		11.43
Stadium Plaza	MI		100	%		2,443,000		9,789,000		12,232,000		1,138,000		11,094,000		77,688		100	%		15.28
Staples at Oswego	NY		100	%		635,000		3,000,000		3,635,000		457,000		3,178,000		23,884		100	%		11.99
Stop & Shop Plaza	CT		100	%		—		11,297,000		11,297,000		756,000		10,541,000		54,510		100	%		15.59
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,189,000		7,449,000		67,216		100	%		9.90
Sunset Crossing	PA		100	%		2,150,000		9,233,000		11,383,000		1,420,000		9,963,000		74,142		89	%		14.45
Swede Square	PA		100	%		2,272,000		10,513,000		12,785,000		2,132,000		10,653,000		98,792		100	%		14.22
The Brickyard	CT		100	%		6,465,000		28,766,000		35,231,000		5,182,000		30,049,000		274,553		100	%		8.99
The Commons	PA		100	%		3,098,000		14,601,000		17,699,000		2,761,000		14,938,000		175,121		84	%		9.83
The Point	PA		100	%		2,996,000		22,106,000		25,102,000		5,045,000		20,057,000		250,697		94	%		11.44
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,326,000		13,559,000		1,993,000		11,566,000		182,859		89	%		6.00
The Shops at Suffolk Downs	MA		100	%		3,564,000		11,429,000		14,993,000		1,313,000		13,680,000		85,829		100	%		11.76
Timpany Plaza	MA		100	%		3,388,000		16,350,000		19,738,000		1,262,000		18,476,000		183,775		95	%		6.70
Trexler Mall	PA		100	%		6,932,000		32,362,000		39,294,000		3,747,000		35,547,000		339,363		98	%		8.70
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,336,000		14,635,000		63,000		100	%		16.44
Ukrop’s at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		180,000		6,802,000		43,000		100	%		9.01
Valley Plaza	MD		100	%		1,950,000		8,250,000		10,200,000		1,240,000		8,960,000		190,939		97	%		4.52
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		500,000		4,355,000		9,763		100	%		34.13
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,262,000		8,727,000		69,620		100	%		11.00
Wal-Mart Center	CT		100	%		—		11,856,000		11,856,000		1,735,000		10,121,000		155,842		98	%		6.36
Washington Center Shoppes	NJ		100	%		1,999,000		10,782,000		12,781,000		2,107,000		10,674,000		157,290		99	%		9.31
West Bridgewater Plaza	MA		100	%		2,732,000		14,467,000		17,199,000		877,000		16,322,000		133,039		91	%		9.26
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,905,000		4,909,000		396,000		4,513,000		55,775		100	%		7.28
Yorktowne Plaza	MD		100	%		5,909,000		25,259,000		31,168,000		1,928,000		29,240,000		158,982		96	%		13.53


Total Wholly-Owned Stabilized Properties						237,088,000		1,106,488,000		1,343,576,000		145,253,000		1,198,323,000		9,997,791		95	%		11.02

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of June 30, 2009


																Gross
						Financial statement carrying values										leasable						Average
			Percent					Buildings and		Total		Accumulated		Net book		area			Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		(“GLA”)			occupied			leased sq. ft.

Properties Owned in Joint Venture:
Homburg Joint Venture:
Aston Center	PA			20	%		4,319,000		17,070,000		21,389,000		1,066,000		20,323,000		55,000			100	%	$	24.70
Ayr Town Center	PA			20	%		2,442,000		9,750,000		12,192,000		687,000		11,505,000		55,600			100	%		15.83
Fieldstone Marketplace	MA			20	%		5,229,000		21,800,000		27,029,000		2,738,000		24,291,000		193,970			96	%		11.47
Meadows Marketplace	PA			20	%		1,914,000		11,355,000		13,269,000		991,000		12,278,000		91,538			96	%		15.02
Parkway Plaza	PA			20	%		4,647,000		19,435,000		24,082,000		1,501,000		22,581,000		106,628			98	%		15.11
Pennsboro Commons	PA			20	%		3,608,000		14,297,000		17,905,000		1,921,000		15,984,000		107,384			94	%		14.26
Scott Town Center	PA			20	%		2,959,000		11,800,000		14,759,000		893,000		13,866,000		67,933			100	%		17.74
Spring Meadow Shopping Center	PA			20	%		4,112,000		16,429,000		20,541,000		1,078,000		19,463,000		67,950			100	%		19.87
Stonehedge Square	PA			20	%		2,698,000		11,705,000		14,403,000		1,258,000		13,145,000		88,677			94	%		11.34

							31,928,000		133,641,000		165,569,000		12,133,000		153,436,000		834,680			97	%		15.10

PCP Joint Venture:
New London Mall	CT			40	%		7,810,000		32,050,000		39,860,000		503,000		39,357,000		257,814			99	%		13.26
San Souci Plaza	MD			40	%		6,360,000		26,952,000		33,312,000		527,000		32,785,000		264,134			94	%		9.88

							14,170,000		59,002,000		73,172,000		1,030,000		72,142,000		521,948			96	%		11.59

Joint Ventures (other):
CVS at Naugatuck	CT			50	%		—		2,824,000		2,824,000		47,000		2,777,000		13,225			100	%		35.01

Total Consolidated Joint Ventures							46,098,000		195,467,000		241,565,000		13,210,000		228,355,000		1,369,853			97	%		13.96

Total Stabilized Properties							283,186,000		1,301,955,000		1,585,141,000		158,463,000		1,426,678,000		11,367,644			95	%		11.38


Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall ^(b)	PA			75	%		2,855,000		16,945,000		19,800,000		2,094,000		17,706,000		348,574			66	%		5.54
Dunmore Shopping Center	PA			100	%		565,000		2,245,000		2,810,000		380,000		2,430,000		101,000			66	%		3.61
Fairview Commons	PA			100	%		858,000		3,568,000		4,426,000		430,000		3,996,000		59,578			77	%		6.31
Huntingdon Plaza	PA			100	%		933,000		5,861,000		6,794,000		650,000		6,144,000		147,355			54	%		6.69
Lake Raystown Plaza	PA			100	%		2,231,000		15,008,000		17,239,000		1,852,000		15,387,000		145,727			72	%		14.27
Shelby Discount Drug Mart Plaza	OH			100	%		671,000		3,276,000		3,947,000		557,000		3,390,000		36,596			78	%		9.35
Shoppes at Salem Run	VA			100	%		1,076,000		4,265,000		5,341,000		436,000		4,905,000		15,100			66	%		23.64
Townfair Center	PA			100	%		3,022,000		14,905,000		17,927,000		2,663,000		15,264,000		203,531			59	%		6.44
Trexlertown Plaza	PA			100	%		5,262,000		26,107,000		31,369,000		2,286,000		29,083,000		241,381			75	%		10.59

Total Non-Stabilized Properties							17,473,000		92,180,000		109,653,000		11,348,000		98,305,000		1,298,842			67	%		8.11


Total Operating Portfolio							300,659,000		1,394,135,000		1,694,794,000		169,811,000		1,524,983,000		12,666,486			92	%	$	11.14


Projects Under Development and Land Held For Future Expansion and Development:
Blue Mountain Commons	PA			100	%		15,111,000		21,889,000		37,000,000		—		37,000,000	34.00		acres
Columbia Mall ^(c)	PA			75	%		1,465,000		392,000		1,857,000		—		1,857,000	46.21		acres
Crossroads II ^(c)	PA			60	%		17,671,000		8,713,000		26,384,000		—		26,384,000	18.23		acres
Halifax Commons	PA			100	%		872,000		227,000		1,099,000		—		1,099,000	4.37		acres
Halifax Plaza	PA			100	%		1,503,000		1,180,000		2,683,000		—		2,683,000	12.83		acres
Heritage Crossing ^(d)	PA			60	%		5,066,000		5,035,000		10,101,000		26,000		10,075,000	14.23		acres
Liberty Marketplace	PA			100	%		1,564,000		20,000		1,584,000		—		1,584,000	15.51		acres
Northside Commons	PA			100	%		3,379,000		7,491,000		10,870,000		—		10,870,000	15.92		acres
Oregon Pike	PA			100	%		2,283,000		56,000		2,339,000		—		2,339,000	11.20		acres
Pine Grove Plaza	NJ			100	%		388,000		51,000		439,000		—		439,000	2.66		acres
Shore Mall	NJ			100	%		2,018,000		101,000		2,119,000		—		2,119,000	50.00		acres
The Brickyard	CT			100	%		1,183,000		154,000		1,337,000		—		1,337,000	1.95		acres
The Shops at Suffolk Downs	MA			100	%		4,016,000		7,556,000		11,572,000		—		11,572,000	6.51		acres
Trexlertown Plaza	PA			100	%		8,089,000		2,331,000		10,420,000		—		10,420,000	37.28		acres
Trindle Spring	NY			100	%		1,148,000		247,000		1,395,000		—		1,395,000	2.10		acres
Upland Square ^(e)	PA			60	%		27,454,000		51,040,000		78,494,000		—		78,494,000	112.85		acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000	12.32		acres
Various projects in progress		N/A		100	%		—		354,000		354,000		—		354,000	—		acres

Total Projects Under Development and Land Held For Future Expansion and Development:							93,570,000		106,837,000		200,407,000		26,000		200,381,000	398.15		acres


Total Carrying Value						$	394,229,000	$	1,500,972,000	$	1,895,201,000	$	169,837,000	$	1,725,364,000


Real estate held for sale														$	3,847,000

Unconsolidated Joint Venture ^(f)														$	5,352,000

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of June 30, 2009

Notes:


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of June 30, 2009. Dunmore Shopping Center, Fairview Commons, Shelby Discount Drug Mart Plaza and Shoppes at Salem Run are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

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

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

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

(e)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 600,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment, if earned.

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

CEDAR SHOPPING CENTERS, INC.
Development Pipeline Status (a)
As of June 30, 2009
(Dollars in millions)


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

Operating Properties Under Redevelopment:
Carbondale Plaza	Carbondale, PA		100	%	$	9.9	$	9.3	$	0.6	1st half ‘09	1st half ‘09		14.8		131,000		93	%		3	%	Weis Markets		53,000	$	0.7		7.2	%	-	7.7	%	Construction of new CVS store (formerly in-line); development of outparcel
																							CVS		13,200
Huntingdon Plaza	Huntingdon, PA		100	%		8.1		6.8		1.3	2nd half ‘09	1st half ‘10		16.7		147,000		55	%		0	%	Peebles		22,000		0.5		5.9	%	-	6.4	%	Backfilling former Ames and Bi-Lo stores; new outparcel
																							VixMax Holdings		8,000
																							dba Sears Dealer
Lake Raystown Plaza	Huntingdon, PA		100	%		20.9		16.1		4.8	2nd half ‘09	1st half ‘10		15.5		146,000		94	%		6	%	Giant Food Stores		62,000		1.8		8.4	%	-	8.9	%	Represents total of land acquisition for ground-up development of new supermarket (completed in 2nd half ‘06); purchase cost of original center; backfilling former store and construction of additional retail; and potential lodging development/sale and outparcels
																							Tractor Supply		37,900
The Shops at Suffolk Downs	Revere, MA		100	%		12.7		11.9		0.8	1st half ‘09	2nd half ‘09		6.5		36,000		50	%		30	%	Dollar Tree		9,500		0.8		6.2	%	-	6.7	%	Represents costs only for completing construction of in-line store next to new Stop & Shop (owned) and Target (non-owned) and ground-.
																							Famous Footwear		6,500									up development of new separate multi-tenant 36,000 sq.ft. retail building. Does not include purchase price for the Stop & Shop premises.
																							Verizon		2,000
Trexlertown Plaza	Trexlertown, PA		100	%		41.0		28.0		13.0	2nd half ‘10	2nd half ‘10		32.2		251,000		63	%		30	%	Giant		73,850		3.5		8.2	%	-	8.7	%	Phase I represents a scaled-back version of original project.
(Phase I)																							Sears		22,500
																							Tractor Supply		22,700

Total Operating Properties — Redevelopment						92.6		72.1		20.5				85.6		711,000		73	%(c)		14	%(c)			331,150		8.1		7.8	%(c)		8.3	%(c)

Ground-Up Development Properties:
Blue Mountain Commons	Harrisburg, PA		100	%		41.6		37.0		4.6	2nd half ‘09	1st half ‘10		34.0		130,000		90	%		3	%	Giant Food Stores		97,700		3.1		7.0	%	-	7.5	%	Ground-up development of new large prototype supermarket, bank and food service outparcels and fuel service facility;
																							PNC Bank		3,700									development/sale/ground lease of back 12 acres.
Northside Commons	Cambelltown, PA		100	%		12.9		10.9		2.0	2nd half ‘09	1st half ‘10		15.9		82,000		75	%		13	%	Redner’s		48,000		0.9		7.1	%	-	7.6	%	Ground-up development of new supermarket, ancillary in-line retail and outparcel(s).
																							Jonestown Bank		3,400
																							Subway		1,600
Halifax Commons	Halifax, PA		100	%		4.8		1.1		3.7	1st half ‘10	1st half ‘10		4.4		23,000		63	%		14	%	Rite-Aid		15,000		0.4		8.6	%	-	9.1	%	Development of new small multi-tenant property anchored by drug store moved from Halifax Plaza.
Crossroads II	Stroudsburg, PA		60	%		36.9		24.1		12.8	2nd half ‘09	2nd half ‘10		18.2		133,000		67	%		17	%	Giant Food Stores		76,000		3.1		8.1	%	-	8.6	%	Ground-up joint venture development of new supermarket, in-line retail and outparcel(s).
																							Red Lobster		7,000
																							AT&T		3,000
Heritage Crossing	Limerick, PA		60	%		15.0		10.1		4.9	1st half ‘09	2nd half ‘09		14.2		54,000		48	%		26	%	Walgreens		14,820		1.4		9.1	%		9.6	%	Ground-up joint venture development.
																							Kinderworks		10,800
Upland Square	Pottstown, PA		60	%		98.1		78.5		20.0	2nd half ‘09	1st half ‘11		112.9		592,000		70	%		20	%	Target		135,000		8.7		8.5	%	-	9.0	%	Ground-up joint venture development of “big box” center.
																							Giant Food Stores		76,000									Target store owned by Target.
																							LA Fitness		45,000
																							Best Buy		30,000
																							Bed Bath & Beyond		25,000
																							TJ Maxx		25,000
																							Staples		18,000
																							PetCo		14,000

Total Ground-Up Development Properties						209.3		161.7		48.0				199.6		1,014,000		71	%(c)		17	%(c)			649,020		17.6		8.2	%(c)		8.7	%(c)

Total Redevelopment & Ground-Up					$	301.9		$233.8		$68.5				285.2		1,725,000		72	%(c)		16	%(c)			982,170	$	24.9


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

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

(c)		Weighted average.

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of June 30, 2009


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Jun 30,		Dec 31		Int.			Jun 30,		Dec 31
Property	Owned			Date	rate			2009		2008		rate			2009		2008

Fixed-rate mortgages:
Academy Plaza		100.0	%	Mar 2013		7.3	%	$	9,472,000	$	9,576,000		7.3	%	$	9,472,000	$	9,576,000
Aston Center		20.0	%	Nov 2015		5.5	%		12,918,000		13,033,000		5.9	%		12,649,000		12,742,000
Ayr Town Center		20.0	%	Jun 2015		5.5	%		7,287,000		7,350,000		5.6	%		7,236,000		7,294,000
Camp Hill Shopping Center		100.0	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carll’s Corner		100.0	%	Nov 2012		5.6	%		5,966,000		6,023,000		5.6	%		5,966,000		6,023,000
Carman’s Plaza		100.0	%	Oct 2016		6.3	%		33,333,000		33,322,000		6.2	%		33,500,000		33,500,000
Carrollton Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		2,361,000		2,378,000		5.6	%		2,361,000		2,378,000
Centerville Discount Drug Mart		100.0	%	May 2015		5.2	%		2,820,000		2,844,000		5.2	%		2,820,000		2,844,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		1,956,000		1,973,000		5.2	%		1,956,000		1,973,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,354,000		12,478,000		6.1	%		11,879,000		11,955,000
Columbus Crossing		100.0	%	Jun 2014		6.8	%		17,000,000		—		6.8	%		17,000,000		—
Crossroads II		60.0	%	Jan 2009		7.1	%		—		4,316,000		7.1	%		—		4,316,000
Crossroads II		60.0	%	Jan 2010		8.5	%		878,000		1,000,000		8.5	%		878,000		1,000,000
Crossroads II		60.0	%	Jan 2010		5.0	%		425,000		425,000		5.0	%		425,000		425,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		819,000		862,000		7.1	%		767,000		803,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,480,000		1,528,000		7.5	%		1,335,000		1,370,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,164,000		1,211,000		7.1	%		1,077,000		1,117,000
CVS at Kinderhook		100.0	%	Jul 2019		5.3	%		2,500,000		—		5.3	%		2,500,000		—
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		888,000		932,000		7.8	%		807,000		842,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,139,000		2,158,000		5.2	%		2,139,000		2,158,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,039,000		2,089,000		7.4	%		1,812,000		1,846,000
Elmhurst Square Shopping Center		100.0	%	Dec 2014		5.4	%		4,080,000		4,115,000		5.4	%		4,080,000		4,115,000
Fairfield Plaza		100.0	%	July 2015		5.0	%		5,151,000		5,197,000		5.0	%		5,151,000		5,197,000
Fairview Plaza		100.0	%	Feb 2013		5.7	%		5,531,000		5,583,000		5.7	%		5,531,000		5,583,000
Fieldstone Marketplace		20.0	%	Jul 2014		5.4	%		18,823,000		18,998,000		6.0	%		18,336,000		18,461,000
Franklin Village Plaza		100.0	%	Nov 2011		4.8	%		43,500,000		43,500,000		4.8	%		43,500,000		43,500,000
Gabriel Brothers Plaza		100.0	%	Dec 2016		5.6	%		3,097,000		3,119,000		5.6	%		3,097,000		3,119,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,033,000		5,068,000		5.8	%		5,033,000		5,068,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,474,000		5,539,000		6.1	%		5,299,000		5,342,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,513,000		2,605,000		7.3	%		2,384,000		2,464,000
Golden Triangle		100.0	%	Feb 2018		6.0	%		21,141,000		21,279,000		6.0	%		21,141,000		21,279,000
Groton Shopping Center		100.0	%	Oct 2015		6.2	%		11,667,000		11,711,000		5.3	%		12,094,000		12,174,000
Halifax Plaza		100.0	%	Feb 2010		6.8	%		3,369,000		3,740,000		6.8	%		3,369,000		3,740,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,217,000		5,254,000		6.1	%		5,217,000		5,254,000
Hudson Discount Drug Mart Plaza		100.0	%	Dec 2016		5.7	%		2,494,000		2,511,000		5.7	%		2,494,000		2,511,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,185,000		13,288,000		5.5	%		13,185,000		13,288,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,199,000		6,276,000		6.1	%		6,001,000		6,052,000
King’s Plaza		100.0	%	Jul 2014		6.0	%		7,873,000		7,935,000		6.0	%		7,873,000		7,935,000
Kingston Plaza		100.0	%	Jul 2019		5.3	%		3,220,000		—		5.3	%		3,220,000		—
Kingston Plaza		100.0	%	Jul 2019		5.3	%		538,000		—		5.3	%		538,000		—
LA Fitness Facility		100.0	%	Jan 2013		5.4	%		5,849,000		5,907,000		5.4	%		5,849,000		5,907,000
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		9,499,000		9,624,000		6.1	%		9,140,000		9,227,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,384,000		2,404,000		5.2	%		2,384,000		2,404,000
Long Reach Village		100.0	%	Jun 2011		5.7	%		4,731,000		4,772,000		5.7	%		4,731,000		4,772,000
Loyal Plaza		100.0	%	Jun 2011		7.2	%		12,722,000		12,827,000		7.2	%		12,722,000		12,827,000
McCormick Place		100.0	%	Aug 2017		6.1	%		2,637,000		2,653,000		6.1	%		2,637,000		2,653,000
Meadows Marketplace		20.0	%	Nov 2016		5.6	%		10,409,000		10,485,000		5.6	%		10,409,000		10,485,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		9,806,000		9,943,000		5.5	%		9,657,000		9,779,000
Metro Square		100.0	%	Nov 2029		7.5	%		9,256,000		9,346,000		7.5	%		9,256,000		9,346,000
New London Mall		40.0	%	Apr 2015		6.1	%		25,828,000		—		4.9	%		27,365,000		—
Newport Plaza		100.0	%	Feb 2010		6.8	%		4,745,000		4,800,000		6.8	%		4,745,000		4,800,000
Oak Ridge Shopping Center		100.0	%	May 2015		5.5	%		3,484,000		3,508,000		5.5	%		3,484,000		3,508,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		4,957,000		4,996,000		5.5	%		4,957,000		4,996,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,201,000		2,219,000		5.2	%		2,201,000		2,219,000
Parkway Plaza		20.0	%	May 2017		5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20.0	%	Mar 2016		5.5	%		11,035,000		11,120,000		5.5	%		11,035,000		11,120,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,187,000		4,224,000		5.0	%		4,187,000		4,224,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of June 30, 2009


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Jun 30,		Dec 31		Int.			Jun 30,		Dec 31
Property	Owned			Date	rate			2009		2008		rate			2009		2008

Pine Grove Plaza		100.0	%	Sep 2015		5.0	%	$	5,848,000	$	5,900,000		5.0	%	$	5,848,000	$	5,900,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,490,000		4,529,000		5.2	%		4,490,000		4,529,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,166,000		1,176,000		5.6	%		1,166,000		1,176,000
Port Richmond Village		100.0	%	Aug 2013		6.5	%		14,805,000		14,922,000		6.5	%		14,805,000		14,922,000
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,302,000		4,339,000		5.2	%		4,302,000		4,339,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,487,000		1,533,000		7.7	%		1,319,000		1,352,000
San Souci Plaza		40.0	%	Dec 2016		6.2	%		27,200,000		—		6.2	%		27,200,000		—
Scott Town Center		20.0	%	Aug 2015		5.5	%		8,730,000		8,791,000		4.9	%		8,945,000		9,024,000
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		14,001,000		13,980,000		5.6	%		14,200,000		14,200,000
Shelby Discount Drug Mart Plaza		100.0	%	May 2015		5.2	%		2,200,000		2,219,000		5.2	%		2,200,000		2,219,000
Shore Mall		100.0	%	Jan 2009		5.7	%		—		1,543,000		0.0	%		—		1,543,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,505,000		3,543,000		6.1	%		3,393,000		3,417,000
Smithfield Plaza		100.0	%	May 2016		6.6	%		6,966,000		6,961,000		6.2	%		7,094,000		7,100,000
Spring Meadow Shoppping Center		20.0	%	Nov 2014		5.5	%		12,821,000		12,944,000		5.9	%		12,593,000		12,693,000
Staples at Oswego		100.0	%	May 2015		5.3	%		2,264,000		2,283,000		5.3	%		2,264,000		2,283,000
Stonehedge Square		20.0	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000
Stop & Shop Plaza		100.0	%	Apr 2017		6.2	%		7,000,000		7,000,000		6.2	%		7,000,000		7,000,000
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,680,000		4,742,000		6.1	%		4,531,000		4,574,000
The Point		100.0	%	Sep 2013		7.6	%		17,530,000		17,753,000		7.6	%		17,530,000		17,753,000
Timpany Plaza		100.0	%	Jan 2014		5.6	%		8,466,000		8,555,000		6.1	%		8,279,000		8,346,000
Trexler Mall		100.0	%	May 2014		5.4	%		21,734,000		21,939,000		5.5	%		21,586,000		21,775,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		4,965,000		5,025,000		6.1	%		4,806,000		4,846,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		458,000		471,000		8.0	%		396,000		405,000
Wal-Mart Center		100.0	%	Nov 2014		5.1	%		5,846,000		5,896,000		5.1	%		5,846,000		5,896,000
Washington Center Shoppes		100.0	%	Dec 2012		5.9	%		8,634,000		8,691,000		5.9	%		8,634,000		8,691,000
West Bridgewater		100.0	%	Sep 2016		6.5	%		10,908,000		10,901,000		6.2	%		11,000,000		11,000,000
Westlake Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		3,238,000		3,261,000		5.6	%		3,238,000		3,261,000
Yorktowne Plaza		100.0	%	Jul 2014		6.1	%		20,579,000		20,740,000		6.0	%		20,607,000		20,770,000


Total fixed-rate mortgages				5.9 years		5.8	%		721,457,000		655,681,000		5.8	%		720,153,000		652,525,000

				[weighted average]								[weighted average]

Variable-rate mortgages:
Crossroads II		60.0	%	Jan 2009					—		371,000
Crossroads II		60.0	%	Jan 2009					—		2,750,000
Shore Mall		100.0	%	Sep 2011		5.9	%		21,000,000		21,000,000
Upland Square		60.0	%	Sep 2011		2.6	%		50,154,000		29,181,000


Total variable-rate mortgages				2.2 years		3.6	%		71,154,000		53,302,000

				[weighted average]


Total mortgages				5.6 years		5.6	%		792,611,000		708,983,000

				[weighted average]
Secured revolving credit facilties:
Stabilized property facility		100.0	%	Jan 2010		1.6	%		249,235,000		250,190,000
Development property facility ^(a)		100.0	%	Jun 2011		2.6	%		71,690,000		54,300,000


				0.9 years		1.8	%		320,925,000		304,490,000

				[weighted average]

Total debt				4.2 years		4.5	%	$	1,113,536,000	$	1,013,473,000

				[weighted average]
Pro rata share of total debt								$	977,119,000	$	925,353,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Balance Sheet Information


				As of June 30, 2009
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


Homburg		80	%	$	153,437,582	$	(105,024,210	)	$	4,254,870		$	51,775,457		$	892,784	$	52,668,242
PCP (c)		60	%		72,142,651		(53,027,731	)		(283,546	)		11,099,788			7,731,587		18,831,375
WP Realty (d)		25	%		19,563,283		—			(1,094,097	)		4,075,915			14,393,272		18,469,186
Fameco I (e)		40	%		78,494,234		(50,154,288	)		(2,813,792	)		1,048,000			24,478,154		25,526,154
Fameco II (f)		40	%		26,384,387		(1,302,676	)		(9,353,149	)		—			15,728,562		15,728,562
Hirshland (g)		40	%		10,074,353		—			1,653,903			(81,472	)		11,809,728		11,728,256
Other		50	%		2,777,668		—			(1,420,969	)		338,145			1,018,553		1,356,698


				$	362,874,158	$	(209,508,905	)	$	(9,056,779	)	$	68,255,834		$	76,052,640	$	144,308,473


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


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


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


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


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


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


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


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


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


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


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


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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Income Statement Information


				Three months ended June 30, 2009
				Property-level operations																Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (h)		Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	3,924,555	$	792,631	$	113,652	$	1,097,116	$	1,921,155		$	1,496,569	$	424,587		$	339,669		$	—	$	84,917
PCP (c)		60	%		2,069,183		564,656		50,971		664,157		789,400			846,851		(57,451	)		(34,470	)		—		(22,981	)
WP Realty (d )		25	%		448,790		366,069		—		150,016		(67,295	)		—		(67,295	)		(16,831	)		—		(50,464	)
Fameco I (e)		40	%		—		—		—		—		—			—		—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—		—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—			—		—			—			—		—
Other		50	%		115,760		53,569		3,209		17,651		41,331			—		41,331			20,665			—		20,665


				$	6,558,289	$	1,776,925	$	167,832	$	1,928,941	$	2,684,590		$	2,343,419	$	341,171		$	309,034		$	—	$	32,137


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


Homburg		80	%	$	4,040,567	$	859,937	$	138,851	$	1,090,521	$	1,951,258		$	1,484,923	$	466,335		$	373,068		$	—	$	93,267
PCP (c)		60	%		1,263,262		1,515,897		31,367		442,455		(726,457	)		516,446		(1,242,903	)		(745,742	)		—		(497,161	)
WP Realty (d )		25	%		573,223		453,149		—		133,039		(12,965	)		—		(12,965	)		(3,241	)		—		(9,724	)
Fameco I (e)		40	%		—		—		—		—		—			—		—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—		—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—			—		—			—			—		—
Other		50	%		115,760		50,370		3,910		22,640		38,840			—		38,840			21,897			—		16,943


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


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


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


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


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


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


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


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


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


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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

FFO Allocation


				Three months ended June 30, 2009
	Partners’			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total


Homburg		80	%	$	1,217,362	$	304,341	$	1,521,703
PCP (c)		60	%		364,023		242,682		606,706
WP Realty (d)		25	%		20,680		62,041		82,721
Fameco I (e)		40	%		—		—		—
Fameco II (f)		40	%		—		—		—
Hirshland (g)		40	%		—		—		—
Other		50	%		35,491		23,491		58,982


				$	1,637,557	$	632,555	$	2,270,112


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


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


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


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


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


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


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


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


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


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


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


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

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties


Notes:

(a)		The Partners’ and Cedar’s respective shares of equity, net income and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners. Equity also includes net receivable/payable balances on open account between joint venture and wholly-owned entities.

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

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

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

(e)		Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 600,000 sq. ft. shopping center (Upland Square) in Pottsgrove, PA, and is to receive a preferred rate of return on its investment, if earned.

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

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

(h)		Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.


Maturity					Secured
schedule	Scheduled		Balloon		revolving
by year	amortization		payments		credit facilities			Total


2009	$	4,367,000	$	—	$	—		$	4,367,000
2010		9,141,000		9,300,000		249,235,000			267,676,000
2011		9,545,000		126,940,000		71,690,000	^(a)		208,175,000
2012		10,596,000		29,638,000		—			40,234,000
2013		9,904,000		54,945,000		—			64,849,000
2014		8,010,000		145,992,000		—			154,002,000
2015		5,886,000		119,696,000		—			125,582,000
2016		4,303,000		118,839,000		—			123,142,000
2017		2,237,000		90,612,000		—			92,849,000
2018		1,469,000		18,972,000		—			20,441,000

Thereafter		6,992,000		5,227,000		—			12,219,000


	$	72,450,000	$	720,161,000	$	320,925,000		$	1,113,536,000


Disclosures			3-4
Summary Financial Data			5-6
Consolidated Balance Sheets			7
Consolidated Net Operating Income			8
Funds From Operations (“FFO”), Funds Available For Distribution (“FAD”) and Other Financial Information			9
Consolidated Statements of Cash Flows			10
Same Property Analysis			11
Leasing Activity and Occupancy Statistics			12
Tenant and State Concentration			13
Lease Expirations			14
Properties:
Description			15-20
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft			21-24
Status of Development Projects			25
Debt Summary			26-28
Consolidated Joint Venture Properties			29-32


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