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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
June 30, 2010
(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; the ability of the Company’s joint venture partners to fund their respective shares of property acquisitions, tenant improvements and capital expenditures; 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 of the Company and its joint venture partners 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, 2009 and Form 10-Q for the quarter ended June 30, 2010.

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, 2010, the Company owned a 97.1% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis.

As of June 30, 2010, the Company has treated as “held for sale” its 104,000 sq. ft. Long Reach Village Shopping Center, located in Columbia, Maryland. For all periods presented, the carrying values of the property’s assets and liabilities, principally the net book value of its real estate and mortgage loan payable, have been classified as “held for sale” on the balance sheets, and the property’s results of operations have been classified as “discontinued operations”.

Use of Non-GAAP Financial Measures — Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available for Distribution (“FAD”), and Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”)

FFO, AFFO and 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, AFFO 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, AFFO and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO, AFFO 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 or an adjusted FFO-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 (a) AFFO 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 (b) FAD by further adjusting AFFO to exclude routine capital expenditures and scheduled debt amortization payments.

FFO, AFFO 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, AFFO and FAD are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO, AFFO 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, AFFO and FAD may vary from one company to another.

EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REIT’s. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by adjusting income from continuing operations (determined in accordance with GAAP), excluding interest expense and amortization of deferred financing costs, depreciation and amortization, terminated projects and acquisition transaction costs, impairment charges, gains on incidental sales of real estate, and mark-to-market adjustments relating to stock-based compensation. The ratios of EBITDA to fixed charges and pro rata debt to EBITDA are additional related measures of financial performance. Because EBITDA excludes some, but not all, items that affect net income attributable to the Company’s common shareholders, the computations of EBITDA may vary from one company to another.

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2010			2010			2009			2009			2009
Assets:
Real estate:
Land	$	349,710,000		$	353,121,000		$	356,366,000		$	340,931,000		$	341,101,000
Buildings and improvements		1,336,366,000			1,325,158,000			1,316,315,000			1,327,675,000			1,306,791,000

		1,686,076,000			1,678,279,000			1,672,681,000			1,668,606,000			1,647,892,000
Less accumulated depreciation		(184,939,000	)		(174,267,000	)		(163,879,000	)		(154,117,000	)		(143,877,000	)

Real estate, net		1,501,137,000			1,504,012,000			1,508,802,000			1,514,489,000			1,504,015,000

Real estate to be transferred to a joint venture		—			60,203,000			139,743,000			199,715,000			197,535,000
Real estate held for sale — discontinued operations		8,325,000			11,205,000			21,380,000			35,443,000			40,481,000
Investment in unconsolidated joint ventures		27,066,000			23,655,000			14,113,000			5,412,000			5,352,000

Cash and cash equivalents		13,794,000			15,783,000			17,164,000			9,526,000			15,711,000
Restricted cash		12,828,000			13,061,000			14,075,000			14,104,000			15,643,000
Receivables:
Rents and other tenant receivables, net		8,814,000			10,663,000			7,423,000			8,156,000			7,176,000
Straight-line rents		15,807,000			15,316,000			14,545,000			14,050,000			13,256,000
Joint venture settlements		6,146,000			7,330,000			2,322,000			—			—
Other assets		7,271,000			7,710,000			9,315,000			11,801,000			6,433,000
Deferred charges, net:
Lease origination costs		17,660,000			17,759,000			17,696,000			18,999,000			18,767,000
Financing costs		15,339,000			15,871,000			16,833,000			9,804,000			9,815,000
Other		1,565,000			1,392,000			1,707,000			1,391,000			1,292,000

Total assets	$	1,635,752,000		$	1,703,960,000		$	1,785,118,000		$	1,842,890,000		$	1,835,476,000


Liabilities and equity:
Mortgage loans payable	$	688,265,000		$	684,212,000		$	688,289,000		$	681,136,000		$	675,833,000
Mortgage loans payable — real estate to be transferred to a joint venture		—			33,590,000			94,018,000			94,129,000			94,223,000
Mortgage loans payable — real estate held for sale — discontinued operations		4,647,000			4,668,000			12,455,000			20,211,000			22,555,000
Secured revolving credit facilities		167,841,000			207,091,000			257,685,000			323,479,000			320,925,000
Accounts payable and accrued expenses		20,654,000			18,531,000			21,609,000			23,201,000			21,232,000
Dividends payable		—			—			4,696,000			—			—
Standby equity advance not settled		—			—			5,000,000			—			—
Tenant prepayments and security deposits		6,986,000			7,679,000			9,645,000			10,291,000			8,888,000
Accrued interest rate swap liabilities		1,789,000			1,587,000			5,952,000			7,526,000			6,468,000
Unamortized intangible lease liabilities		51,605,000			53,518,000			53,733,000			56,541,000			60,220,000
Liabilities — real estate held for sale and real estate to be transferred to a joint venture		1,275,000			5,217,000			5,634,000			5,917,000			6,188,000

Total liabilities		943,062,000			1,016,093,000			1,158,716,000			1,222,431,000			1,216,532,000


Limited partners’ interest in Operating Partnership		10,888,000			11,610,000			12,638,000			14,441,000			14,352,000

Equity:
Cedar Shopping Centers, Inc. shareholders’ equity		607,739,000			601,245,000			538,456,000			528,184,000			527,005,000
Noncontrolling interests		74,063,000			75,012,000			75,308,000			77,834,000			77,587,000

Total equity		681,802,000			676,257,000			613,764,000			606,018,000			604,592,000

Total liabilities and equity	$	1,635,752,000		$	1,703,960,000		$	1,785,118,000		$	1,842,890,000		$	1,835,476,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations


	Three months ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2010			2010			2009			2009			2009
Revenues:
Rents:
Base rents	$	29,510,000		$	31,052,000		$	32,635,000		$	31,689,000		$	31,486,000
Percentage rents		254,000			275,000			494,000			435,000			313,000
Straight-line rents		627,000			785,000			834,000			870,000			549,000
Amortization of intangible lease liabilities		2,698,000			2,296,000			2,810,000			3,884,000			3,190,000

		33,089,000			34,408,000			36,773,000			36,878,000			35,538,000
Expense recoveries		7,312,000			10,010,000			8,648,000			7,688,000			7,972,000
Other		302,000			126,000			971,000			146,000			40,000

		40,703,000			44,544,000			46,392,000			44,712,000			43,550,000

Expenses:
Operating, maintenance and management		7,671,000			10,574,000			9,080,000			8,231,000			7,583,000
Real estate and other property- related taxes		5,353,000			5,403,000			5,328,000			5,171,000			5,233,000

		13,024,000			15,977,000			14,408,000			13,402,000			12,816,000


Net operating income		27,679,000			28,567,000			31,984,000			31,310,000			30,734,000

Other income (expense):
General and administrative		(2,106,000	)		(2,211,000	)		(3,353,000	)		(2,521,000	)		(2,853,000	)
Terminated projects and acquisition transaction costs, net		(2,000	)		(1,320,000	)		(419,000	)		—			(2,423,000	)
Impairment charges		(562,000	)		(1,555,000	)		(23,636,000	)		—			—
Depreciation and amortization		(12,326,000	)		(11,305,000	)		(17,126,000	)		(12,473,000	)		(12,356,000	)
Interest expense		(12,017,000	)		(13,165,000	)		(13,843,000	)		(12,842,000	)		(12,248,000	)
Amortization of deferred financing costs		(1,490,000	)		(1,498,000	)		(1,445,000	)		(1,369,000	)		(1,245,000	)
Capitalization of interest expense and financing costs		723,000			890,000			1,290,000			1,775,000			1,698,000
Interest income		5,000			14,000			35,000			10,000			4,000
Equity in income of unconsolidated joint ventures		479,000			356,000			296,000			260,000			283,000
Gain on sales of land parcels		—			—			285,000			—			(3,000	)

Income (loss) before discontinued operations		383,000			(1,227,000	)		(25,932,000	)		4,150,000			1,591,000

(Loss) income from discontinued operations		(2,925,000	)		(108,000	)		(2,757,000	)		(389,000	)		43,000
Gain on sale of discontinued operations		(5,000	)		175,000			280,000			—			277,000

Total discontinued operations		(2,930,000	)		67,000			(2,477,000	)		(389,000	)		320,000


Net (loss) income		(2,547,000	)		(1,160,000	)		(28,409,000	)		3,761,000			1,911,000

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		87,000			(475,000	)		(484,000	)		(332,000	)		(309,000	)
Limited partners’ interest in consolidated OP		178,000			114,000			1,138,000			(64,000	)		15,000

Total net loss (income) attributable to noncontrolling interests		265,000			(361,000	)		654,000			(396,000	)		(294,000	)


Net (loss) income attributable to Cedar Shopping Centers, Inc.		(2,282,000	)		(1,521,000	)		(27,755,000	)		3,365,000			1,617,000

Preferred distribution requirements		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,984,000	)


Net (loss) income attributable to common shareholders	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(367,000	)


Per common share (basic and diluted):
Continuing operations	$	(0.02	)	$	(0.06	)	$	(0.54	)	$	0.04		$	(0.01	)
Discontinued operations		(0.05	)		—			(0.06	)		(0.01	)		—

	$	(0.07	)	$	(0.06	)	$	(0.60	)	$	0.03		$	(0.01	)


Weighted average number of common shares outstanding		64,434,000			58,728,000			49,930,000			45,066,000			45,062,000


Net operating income/Revenues		68	%		64	%		69	%		70	%		71	%
Expense recovery percentage (a)		70	%		72	%		71	%		73	%		75	%


(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 $860,000, $658,000, $1,162,000, $1,160,000 and $954,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


	Three months ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2010			2010			2009			2009			2009
Cash flow from operating activities:
Net (loss) income	$	(2,547,000	)	$	(1,160,000	)	$	(28,409,000	)	$	3,761,000		$	1,911,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash provisions:
Equity in income of unconsolidated joint ventures		(479,000	)		(356,000	)		(296,000	)		(260,000	)		(283,000	)
Distributions from unconsolidated joint ventures		428,000			120,000			205,000			200,000			316,000
Impairments		562,000			1,555,000			23,636,000			—			—
Terminated projects and acquisition transaction costs		2,000			1,271,000			419,000			—			2,423,000
Impairment charges — discontinued operations		2,990,000			248,000			2,837,000			552,000			170,000
Gain on sales of real estate		5,000			(175,000	)		(565,000	)		—			(274,000	)
Straight-line rents receivable		(637,000	)		(787,000	)		(826,000	)		(872,000	)		(536,000	)
Provision for doubtful accounts		860,000			658,000			1,162,000			1,160,000			954,000
Depreciation and amortization		12,373,000			11,380,000			17,437,000			12,797,000			12,704,000
Amortization of intangible lease liabilities		(3,092,000	)		(2,335,000	)		(2,902,000	)		(3,950,000	)		(3,254,000	)
Amortization/market price adjustments relating to stock-based compensation		21,000			1,215,000			720,000			1,367,000			1,282,000
Amortization of deferred financing costs		1,286,000			1,207,000			1,238,000			946,000			827,000
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		1,023,000			(3,898,000	)		(1,379,000	)		(2,140,000	)		(5,000	)
Joint venture settlements		(953,000	)		(1,473,000	)		—			—			—
Prepaid expenses and other		2,369,000			(1,029,000	)		(450,000	)		(6,227,000	)		2,451,000
Accounts payable and accrued expenses		(1,140,000	)		(2,754,000	)		4,664,000			1,848,000			(2,500,000	)

Net cash provided by operating activities		13,071,000			3,687,000			17,491,000			9,182,000			16,186,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(7,483,000	)		(8,029,000	)		(21,994,000	)		(22,713,000	)		(27,619,000	)
Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer		20,134,000			11,379,000			32,089,000			—			—
Net proceeds from sales of real estate		—			2,056,000			3,270,000			2,002,000			1,175,000
Investment in unconsolidated joint ventures		—			(4,302,000	)		—			—			—
Distribution of capital from unconsolidated joint venture		1,559,000			—			—			—			—
Construction escrows and other		116,000			1,040,000			684,000			83,000			(587,000	)

Net cash provided by (used in) investing activities		14,326,000			2,144,000			14,049,000			(20,628,000	)		(27,031,000	)


Cash flow from financing activities:
Net (repayments)/advances (to)/from revolving credit facilities		(39,250,000	)		(50,594,000	)		(65,794,000	)		2,554,000			(16,000,000	)
Proceeds from mortgage financings		9,543,000			6,699,000			9,362,000			7,357,000			36,231,000
Mortgage repayments		(5,544,000	)		(10,913,000	)		(2,449,000	)		(2,234,000	)		(1,999,000	)
Termination payments related to interest rate swaps		—			(5,476,000	)		—			—			—
Payments of debt financing costs		(755,000	)		(243,000	)		(7,150,000	)		(394,000	)		(2,328,000	)
Noncontrolling interests:
Contributions from consolidated joint venture minority interests, net		—			—			—			—			355,000
Distributions to consolidated joint venture minority interests		(660,000	)		—			(1,793,000	)		(52,000	)		(2,061,000	)
Distributions to limited partners		(173,000	)		(180,000	)		—			—			—
Redemption of OP units		(418,000	)		(67,000	)		—			—			—
Net proceeds from sales of common stock		15,686,000			60,227,000			40,890,000			—			—
Proceeds from standby equity advance not settled		—			—			5,000,000			—			—
Preferred stock distributions		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)
Distributions to common shareholders		(5,846,000	)		(4,696,000	)		—			—			—

Net cash (used in) provided by financing activities		(29,386,000	)		(7,212,000	)		(23,903,000	)		5,262,000			12,229,000


Net (decrease) increase in cash and cash equivalents		(1,989,000	)		(1,381,000	)		7,637,000			(6,184,000	)		1,384,000
Cash and cash equivalents at beginning of period		15,783,000			17,164,000			9,527,000			15,711,000			14,327,000

Cash and cash equivalents at end of period	$	13,794,000		$	15,783,000		$	17,164,000		$	9,527,000		$	15,711,000

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


	At of for the three months ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2010			2010			2009			2009			2009
Net (loss) income attributable to the Company’s common shareholders	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(367,000	)
Add (deduct):
Real estate depreciation and amortization		12,327,000			11,328,000			17,577,000			12,724,000			12,646,000
Noncontrolling interests:
Limited partners’ interest		(178,000	)		(114,000	)		(1,138,000	)		64,000			(15,000	)
Minority interests in consolidated joint ventures		(87,000	)		475,000			484,000			332,000			309,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,686,000	)		(1,691,000	)		(1,656,000	)		(1,661,000	)		(1,638,000	)
Gain on sales of discontinued operations (a)		5,000			(175,000	)		(280,000	)		—			(277,000	)
Equity in income of unconsolidated joint ventures		(479,000	)		(356,000	)		(296,000	)		(260,000	)		(283,000	)
FFO from unconsolidated joint ventures		834,000			586,000			406,000			377,000			377,000

Funds (Used In) From Operations (“FFO”)		6,485,000			6,563,000			(14,627,000	)		12,972,000			10,752,000

Add (deduct) the pro rata share of:
Straight-line rents		(531,000	)		(654,000	)		(712,000	)		(697,000	)		(363,000	)
Amortization of intangible lease liabilities		(2,484,000	)		(2,156,000	)		(2,649,000	)		(3,797,000	)		(3,098,000	)
Non-real estate amortization		1,293,000			1,230,000			1,226,000			970,000			846,000
Stock-based compensation charged (credited) to operations		—			1,215,000			721,000			1,368,000			1,281,000
Impairment charges - - discontinued operations (a)		2,989,000			248,000			2,837,000			552,000			170,000
Impairment charge - - RioCan, net (b)		562,000			1,555,000			23,636,000			—			—
Acquisition transaction costs - - unconsolidated joint venture		18,000			147,000			—			—			—
Terminated projects and acquisition transaction costs (c)		2,000			1,320,000			419,000			—			2,423,000

Adjusted Funds From Operations (“AFFO”)		8,334,000			9,468,000			10,851,000			11,368,000			12,011,000

Capital expenditures, tenant improvements, and leasing commissions - second generation(d)		(954,000	)		(631,000	)		(1,526,000	)		(2,320,000	)		(1,576,000	)
Scheduled debt amortization payments - carrying value amounts		(1,836,000	)		(1,926,000	)		(2,091,000	)		(1,934,000	)		(1,820,000	)

Funds Available for Distribution (“FAD”)	$	5,544,000		$	6,804,000		$	7,234,000		$	7,114,000		$	8,615,000


FFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.10		$	0.11		$	(0.28	)	$	0.28		$	0.23


AFFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.13		$	0.15		$	0.21		$	0.24		$	0.26


FAD per common share, assuming OP Unit conversion (basic and diluted):	$	0.08		$	0.11		$	0.14		$	0.15		$	0.18


Weighted average number of common shares outstanding (basic):
Common shares		64,434,000			58,728,000			49,930,000			45,066,000			45,062,000
OP Units		1,945,000			1,986,000			2,006,000			2,014,000			2,018,000

		66,379,000			60,714,000			51,936,000			47,080,000			47,080,000

Weighted average number of common shares outstanding (diluted):
Common shares		64,486,000			58,752,000			49,930,000			45,066,000			45,062,000
OP Units		1,945,000			1,986,000			2,006,000			2,014,000			2,018,000

		66,431,000			60,738,000			51,936,000			47,080,000			47,080,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions - first generation(e)	$	7,005,000		$	3,225,000		$	3,079,000		$	15,647,000		$	16,685,000

Capitalized interest and financing costs	$	723,000		$	890,000		$	1,290,000		$	1,775,000		$	1,698,000

Scheduled debt amortization payments — stated contract amounts	$	2,237,000		$	2,219,000		$	2,197,000		$	1,706,000		$	1,670,000

NOI attributable to RioCan properties prior to contributed	$	558,000		$	1,905,000		$	3,552,000		$	3,145,000		$	3,071,000


Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	105,964,000		$	106,935,000		$	165,864,000		$	183,434,000		$	220,290,000


(a)		Gain on sales/impairment charges related to properties (located in Ohio, Maryland and New York) sold or treated as “held for sale”.

(b)		Impairment charge, net, related to the seven properties transferred to the Cedar/RioCan joint venture.

(c)		The June 2009 amount includes the write-off of costs incurred for a potential development opportunity that the Company determined would not go forward.

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

(e)		First generation refers to expenditures related to development/redevelopment activities.

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

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Operating Results


	Three months ended															Six Months ended Jun 30,
	Jun 30, 2010			Mar 31, 2010			Dec 31, 2009			Sep 30, 2009			Jun 30, 2009			2010			2009
Revenues:
Revenues of managed properties excluding non-cash revenues (a)	$	42,188,000		$	44,431,000		$	43,035,000		$	39,891,000		$	39,758,000		$	86,619,000		$	81,163,000
Less consolidated joint ventures		(4,243,000	)		(4,496,000	)		(4,409,000	)		(4,220,000	)		(4,220,000	)		(8,739,000	)		(8,094,000	)
Less unconsolidated Cedar/RioCan joint venture		(3,849,000	)		(2,373,000	)		(212,000	)		—			—			(6,222,000	)		—

Cedar share of revenues excluding non-cash items		34,096,000			37,562,000			38,414,000			35,671,000			35,538,000			71,658,000			73,069,000
Pro-rata share straight-line rents		531,000			654,000			712,000			697,000			363,000			1,185,000			815,000
Pro-rata share amortization of intangible lease liabilities		2,484,000			2,156,000			2,649,000			3,797,000			3,098,000			4,640,000			6,383,000

Cedar share of total revenues		37,111,000			40,372,000			41,775,000			40,165,000			38,999,000			77,483,000			80,267,000
Revenues attributable to consolidated joint ventures (b)		4,624,000			4,789,000			4,673,000			4,547,000			4,551,000			9,413,000			8,743,000
Less revenues attributable to unconsolidated Cedar/RioCan joint venture (c)		(1,032,000	)		(617,000	)		(56,000	)		—			—			(1,649,000	)		—

Total — As reported	$	40,703,000		$	44,544,000		$	46,392,000		$	44,712,000		$	43,550,000		$	85,247,000		$	89,010,000

Net Operating Income (“NOI”)
NOI of managed properties excluding non-cash revenues	$	27,438,000		$	27,815,000		$	28,573,000		$	26,636,000		$	27,101,000		$	55,253,000		$	53,778,000
Less consolidated joint ventures		(3,036,000	)		(3,068,000	)		(3,112,000	)		(3,048,000	)		(3,006,000	)		(6,104,000	)		(5,775,000	)
Less unconsolidated Cedar/RioCan joint venture		(2,695,000	)		(1,685,000	)		(152,000	)		—			—			(4,380,000	)		—

Cedar share of NOI excluding non-cash items		21,707,000			23,062,000			25,309,000			23,588,000			24,095,000			44,769,000			48,003,000
Pro-rata share straight-line rents		531,000			654,000			712,000			697,000			363,000			1,185,000			815,000
Pro-rata share amortization of intangible lease liabilities		2,484,000			2,156,000			2,649,000			3,797,000			3,098,000			4,640,000			6,383,000
Stock-based compensation mark-to-market adjustments		284,000			(221,000	)		(20,000	)		(147,000	)		(159,000	)		63,000			379,000

Cedar share of total NOI		25,006,000			25,651,000			28,650,000			27,935,000			27,397,000			50,657,000			55,580,000
NOI attributable to consolidated joint ventures (b)		3,417,000			3,361,000			3,376,000			3,375,000			3,337,000			6,778,000			6,424,000
Less NOI attributable to unconsolidated Cedar/RioCan joint venture (c)		(744,000	)		(445,000	)		(42,000	)		—			—			(1,189,000	)		—

Total — As reported	$	27,679,000		$	28,567,000		$	31,984,000		$	31,310,000		$	30,734,000		$	56,246,000		$	62,004,000

Net (loss) income - common shareholders
Net income excluding impairments and certain non-cash charges	$	(1,643,000	)	$	165,000		$	2,036,000		$	2,419,000		$	2,651,000		$	(1,478,000	)	$	5,764,000

Impairments and transaction costs		(3,571,000	)		(3,270,000	)		(26,892,000	)		(552,000	)		(2,593,000	)		(6,841,000	)		(3,354,000	)
Depreciation from demolition for retenanting		—			—			(6,074,000	)		—			—			—			—
Stock-based compensation mark-to-market adjustments		884,000			(509,000	)		(70,000	)		(517,000	)		(560,000	)		375,000			1,075,000
Limited partners’ interest in above items		79,000			124,000			1,276,000			46,000			135,000			203,000			97,000

		(2,608,000	)		(3,655,000	)		(31,760,000	)		(1,023,000	)		(3,018,000	)		(6,263,000	)		(2,182,000	)


Total — As reported	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(367,000	)	$	(7,741,000	)	$	3,582,000

Per common share/OP unit (basic and diluted):
Net income excluding impairment and certain non-cash charges	$	(0.03	)	$	—		$	0.04		$	0.05		$	0.06		$	(0.03	)	$	0.13
Impairments and certain non-cash charges		(0.04	)		(0.06	)		(0.63	)		(0.02	)		(0.07	)		(0.09	)		(0.05	)

Total — As reported per share	$	(0.07	)	$	(0.06	)	$	(0.59	)	$	0.03		$	(0.01	)	$	(0.13	)	$	0.08

FFO
FFO before non-cash revenues:
Consolidated properties	$	6,004,000		$	5,962,000		$	6,679,000		$	7,529,000		$	8,224,000		$	11,966,000		$	16,741,000
Cedar/RioCan properties prior to transfer		153,000			1,570,000			2,295,000			2,018,000			2,220,000			1,723,000			4,576,000

		6,157,000			7,532,000			8,974,000			9,547,000			10,444,000			13,689,000			21,317,000
Straight-line rents		531,000			654,000			712,000			697,000			363,000			1,185,000			815,000
Amortization of intangible lease liabilities		2,484,000			2,156,000			2,649,000			3,797,000			3,098,000			4,640,000			6,383,000

FFO excluding impairments and stock-based compensation mark-to-market adjustments		9,172,000			10,342,000			12,335,000			14,041,000			13,905,000			19,514,000			28,515,000

Stock-based compensation mark-to-market adjustments		884,000			(509,000	)		(70,000	)		(517,000	)		(560,000	)		375,000			1,075,000
Impairments and transaction costs		(3,571,000	)		(3,270,000	)		(26,892,000	)		(552,000	)		(2,593,000	)		(6,841,000	)		(3,354,000	)

		(2,687,000	)		(3,779,000	)		(26,962,000	)		(1,069,000	)		(3,153,000	)		(6,466,000	)		(2,279,000	)

Total — As reported	$	6,485,000		$	6,563,000		$	(14,627,000	)	$	12,972,000		$	10,752,000		$	13,048,000		$	26,236,000

Per common share/OP unit (basic and diluted):
FFO excluding impairments and stock-based compensation mark-to-market adjustments	$	0.14		$	0.17		$	0.24		$	0.30		$	0.30		$	0.31		$	0.61
Impairments and stock-based compensation mark-to-market adjustments		(0.04	)		(0.06	)		(0.52	)		(0.02	)		(0.07	)		(0.10	)		(0.05	)

Total — As reported	$	0.10		$	0.11		$	(0.28	)	$	0.28		$	0.23		$	0.21		$	0.56


Dividends to common shareholders	$	5,846,000		$	—		$	4,696,000		$	—		$	—		$	5,846,000		$	5,046,000
Per common share	$	0.09		$	—		$	0.09		$	—		$	—		$	0.0907		$	0.1125


Weighted average number of common shares outstanding (basic):
Common shares		64,434,000			58,728,000			49,930,000			45,066,000			45,062,000			61,581,000			44,971,000
OP Units		1,945,000			1,986,000			2,006,000			2,014,000			2,018,000			1,965,000			2,018,000

		66,379,000			60,714,000			51,936,000			47,080,000			47,080,000			63,546,000			46,989,000

Weighted average number of common shares outstanding (diluted):
Common shares		64,486,000			58,752,000			49,930,000			45,066,000			45,062,000			61,620,000			44,971,000
OP Units		1,945,000			1,986,000			2,006,000			2,014,000			2,018,000			1,965,000			2,018,000

		66,431,000			60,738,000			51,936,000			47,080,000			47,080,000			63,585,000			46,989,000

End of period number of common shares outstanding:
Common shares		65,104,000			62,911,000			52,139,000			45,084,000			45,062,000			65,104,000			45,062,000
OP Units		1,928,000			1,980,000			2,006,000			2,010,000			2,018,000			1,928,000			2,018,000

		67,032,000			64,891,000			54,145,000			47,094,000			47,080,000			67,032,000			47,080,000

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization


	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2010			2010			2009			2009			2009
Market Capitalization (end of period)
Equity
Preferred Stock
Shares		3,550,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	24.90		$	24.39		$	23.96		$	20.40		$	15.99

	$	88,395,000		$	86,585,000		$	85,058,000		$	72,420,000		$	56,765,000
Common Stock
Common shares		65,104,000			62,911,000			52,139,000			45,084,000			45,062,000
OP Units		1,928,000			1,980,000			2,006,000			2,010,000			2,018,000

		67,032,000			64,891,000			54,145,000			47,094,000			47,080,000
Closing market price	$	6.02		$	7.91		$	6.80		$	6.45		$	4.52

	$	403,533,000		$	513,287,000		$	368,186,000		$	303,756,000		$	212,802,000


Sub-total equity	$	491,928,000		$	599,872,000		$	453,244,000		$	376,176,000		$	269,567,000

Debt:
Fixed-rate mortgages		604,718,000			600,942,000			606,108,000			602,624,000			604,679,000
Variable-rate mortgages		83,547,000			83,270,000			82,181,000			78,512,000			71,154,000

		688,265,000			684,212,000			688,289,000			681,136,000			675,833,000
Secured revolving credit facilities		167,841,000			207,091,000			257,685,000			323,479,000			320,925,000

Total outstanding debt — consolidated		856,106,000			891,303,000			945,974,000			1,004,615,000			996,758,000
Plus debt attributable to unconsolidated Cedar/RioCan joint venture properties		18,668,000			45,652,000			94,018,000			94,129,000			94,223,000
Less debt attributable to consolidated minority interests		(115,968,000	)		(116,315,000	)		(116,581,000	)		(116,077,000	)		(116,357,000	)

Pro rata share of outstanding debt		758,806,000			825,308,000			923,411,000			982,667,000			974,624,000

Total	$	1,250,734,000		$	1,425,180,000		$	1,376,655,000		$	1,358,843,000		$	1,244,191,000

Ratio of pro rata share of outstanding debt to total market capitalization		60.7	%		57.9	%		67.1	%		72.3	%		78.3	%

Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	17,994,000		$	18,918,000		$	20,717,000		$	23,739,000		$	23,683,000
Cedar Shopping Centers, Inc. shareholders’ equity		607,739,000			601,245,000			538,456,000			528,184,000			527,005,000

		625,733,000			620,163,000			559,173,000			551,923,000			550,688,000
Pro rata share of total debt, per above		758,806,000			825,308,000			852,357,000			982,667,000			974,624,000

Total financial statement capitalization	$	1,384,539,000		$	1,445,471,000		$	1,411,530,000		$	1,534,590,000		$	1,525,312,000

Ratio of pro rata share of outstanding debt to total financial statement capitalization		54.8	%		57.1	%		60.4	%		64.0	%		63.9	%

Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		3.4	%		3.3	%		3.4	%		3.4	%		3.6	%
Total mortgages		5.5	%		5.5	%		5.6	%		5.6	%		5.6	%
Secured variable-rate revolving credit facilities		4.0	%		4.2	%		4.6	%		1.8	%		1.8	%
Total debt		5.2	%		5.2	%		5.3	%		4.5	%		4.5	%
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
Income (loss) from continuing operations	$	383,000		$	(1,227,000	)	$	(25,932,000	)	$	4,150,000		$	1,591,000
Add back:
Interest expense and amortization of financing costs, net		12,784,000			13,773,000			13,998,000			12,436,000			11,795,000
Depreciation and amortization		12,326,000			11,305,000			17,126,000			12,473,000			12,356,000
Stock-based compensation mark-to-market adjustments		(884,000	)		509,000			70,000			517,000			560,000
Terminated projects and transaction costs, net		2,000			1,320,000			419,000			—			2,423,000
Impairment charges		562,000			1,555,000			23,636,000			—			—
Gain on sales of land parcels		—			—			(285,000	)		—			3,000

EDITDA	$	25,173,000		$	27,393,000		$	29,251,831		$	29,576,000		$	28,728,000

Fixed charges:
Interest expense	$	12,017,000		$	13,165,000		$	13,843,000		$	12,842,000		$	12,248,000
Preferred dividend requirements		1,969,000			1,969,000			1,969,000			1,969,000			1,984,000

Fixed charges	$	13,986,000		$	15,201,000		$	15,812,000		$	14,811,000		$	14,232,000

Ratio of EBITDA to fixed charges		1.8	x		1.8	x		1.8	x		2.0	x		2.0	x
Debt to EBITDA
Total debt	$	856,106,000		$	891,303,000		$	945,974,000		$	1,004,615,000		$	996,758,000

EBITDA annualized	$	100,692,000		$	109,572,000		$	117,007,324		$	118,304,000		$	114,912,000
Less: NOI from unconsolidated Cedar/RioCan joint venture properties - annualized		(2,232,000	)		(7,620,000	)		(14,208,000	)		(12,580,000	)		(12,284,000	)

EBITDA annualized	$	98,460,000		$	101,952,000		$	102,799,324		$	105,724,000		$	102,628,000

Ratio of debt to EBITDA		8.7	x		8.8	x		9.2	x		9.5	x		9.7	x

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis (a)


	Three months ended Jun 30,						Six nonths ended Jun 30,
	2010			2009			2010			2009
The number of properties that were owned throughout each of the comparative periods		101			101			99			99

Revenues:
Rents:
Base rents	$	24,893,000		$	25,613,000		$	47,021,000		$	48,261,000
Percentage rents		181,000			286,000			416,000			538,000
Straight-line rents		442,000			402,000			693,000			782,000
Amortization of intangible lease liabilities		2,099,000			2,654,000			3,686,000			5,119,000

		27,615,000			28,955,000			51,816,000			54,700,000
Expense recoveries (b)		6,093,000			6,541,000			13,381,000			13,990,000
Other		58,000			22,000			123,000			225,000

Total revenues		33,766,000			35,518,000			65,320,000			68,915,000


Operating expenses (b):
Operating, maintenance and management		5,271,000			5,365,000			12,149,000			11,830,000
Real estate and other property-related taxes		4,159,000			4,206,000			7,894,000			7,875,000

Total expenses		9,430,000			9,571,000			20,043,000			19,705,000


Net operating income (“NOI”)	$	24,336,000		$	25,947,000		$	45,277,000		$	49,210,000

Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		21,795,000			22,891,000			40,898,000			43,309,000
Straight-line rents and amortization of intangible lease liabilities		2,541,000			3,056,000			4,379,000			5,901,000

NOI	$	24,336,000		$	25,947,000		$	45,277,000		$	49,210,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	(720,000	)		-2.8	%	$	(1,240,000	)		-2.6	%
Percentage rents		(105,000	)		-36.7	%		(122,000	)		-22.7	%
Straight-line rents		40,000			10.0	%		(89,000	)		-11.4	%
Amortization of intangible lease liabilities		(555,000	)		-20.9	%		(1,433,000	)		-28.0	%

		(1,340,000	)		-4.6	%		(2,884,000	)		-5.3	%
Expense recoveries		(448,000	)		-6.8	%		(609,000	)		-4.4	%
Other		36,000			163.6	%		(102,000	)		-45.3	%

Total revenues		(1,752,000	)		-4.9	%		(3,595,000	)		-5.2	%


Expenses:
Operating, maintenance and management		(94,000	)		-1.8	%		319,000			2.7	%
Real estate and other property-related taxes		(47,000	)		-1.1	%		19,000			0.2	%

Total expenses		(141,000	)		-1.5	%		338,000			1.7	%


Net operating income	$	(1,611,000	)		-6.2	%	$	(3,933,000	)		-8.0	%


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		(1,096,000	)		-4.8	%		(2,411,000	)		-5.6	%
Straight-line rents and amortization of intangible lease liabilities		(515,000	)		-16.9	%		(1,522,000	)		-25.8	%

NOI	$	(1,611,000	)		-6.2	%	$	(3,933,000	)		-8.0	%


Percent occupied at end of period		92.3	%		93.1	%		92.2	%		92.9	%


Expense recovery percentage (a)		72.7	%		77.6	%		73.4	%		78.5	%


(a)		Excludes results of unconsolidated Cedar/RioCan joint venture properties subsquent to transfer to the joint venture.

(b)		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 $787,000 and $847,000, respectively, for the three months ended June 30, 2010 and 2009, and $1,261,000 and $1,383,000, respectively, for the six months ended June 30, 2010 and 2009.

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


	At or for the three months ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2010			2010			2009			2009			2009
Renewals (d)

Number of leases		51			54			41			41			42
Aggregate square feet		258,000			509,000			339,000			202,000			329,000
Average square feet		5,059			9,426			8,268			4,927			7,833
Average expiring base rent psf	$	8.38		$	8.71		$	8.30		$	8.14		$	7.33
Average new base rent psf	$	8.99		$	9.20		$	8.13		$	8.71		$	8.08
% (decrease) increase in base rent		7.3	%		5.6	%		-2.1	%		7.0	%		10.2	%

New leases

Number of leases		19			18			15			26			14
Aggregate square feet		58,000			69,000			188,000			409,000			76,000
Average square feet		3,053			3,833			12,533			15,731			5,429
Average new base rent psf	$	18.19		$	13.13		$	16.66		$	17.24		$	14.66

Terminated leases (e)

Number of leases		19			17			21			13			18
Aggregate square feet		49,000			175,000			150,000			198,000			49,000
Average square feet		2,579			10,294			7,143			15,231			2,722
Average old base rent psf	$	15.32		$	11.42		$	11.44		$	4.02		$	14.59

Occupancy statistics

Operating Properties:
Wholly-owned		91.4	%		91.5	%		92.5	%		92.9	%		93.9	%
Consolidated joint ventures		96.2	%		96.7	%		97.2	%		97.3	%		96.7	%
Real estate to be transferred to joint venture		n/a			97.9	%		95.6	%		n/a			n/a
Managed unconsolidated joint venture		95.5	%		92.6	%		89.7	%		n/a			n/a

Total operating properties		92.5	%		92.6	%		93.3	%		93.4	%		94.3	%


Redevelopment and major retenanting properties		72.9	%		72.8	%		75.0	%		79.0	%		67.7	%


Total operating portfolio (f)		90.0	%		90.1	%		91.4	%		91.9	%		92.3	%


(a)		Incudes results of unconsolidated Cedar/RioCan joint venture properties.

(b)		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.

(c)		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.

(d)		Renewal leases for the December 31, 2009 quarter include the 85,000 sq. ft. Burlington Coat Factory lease renewed in connection with the redevelopment of the center. Excluding this lease, there were 40 renewed leases, with an aggregate of 254,000 sq. ft. (an average 8,500 sq. ft.), and an average increase of approximately 4.8%.

(e)		Terminated leases for the September 30, 2009 quarter include the 144,000 sq. ft. Value City lease purchased by the Company. Excluding this lease, there were 12 terminated leases, with an aggregate of 54,000 sq. ft. (an average 4,500 sq. ft.), and an average old base rent psf $7.15.

(f)		Excludes ground-up development properties.

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of Jun 30, 2010


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant Concentrations(a)	stores		GLA		% of GLA			base rent		per sq ft		base rents
Top ten tenants (b):
Giant Foods (c)		23		1,447,000		11.2	%	$	22,655,000	$	15.66		16.7	%
Farm Fresh (c)		6		364,000		2.8	%		3,880,000		10.66		2.9	%
Stop & Shop (c)		5		325,000		2.5	%		3,504,000		10.78		2.6	%
LA Fitness		5		210,000		1.6	%		3,283,000		15.63		2.4	%
Discount Drug Mart		14		346,000		2.7	%		3,280,000		9.48		2.4	%
Shaw’s (c)		4		241,000		1.9	%		2,716,000		11.27		2.0	%
CVS		10		113,000		0.9	%		2,335,000		20.66		1.7	%
Staples		7		145,000		1.1	%		2,137,000		14.74		1.6	%
Food Lion (d)		7		243,000		1.9	%		1,921,000		7.91		1.4	%
Shop Rite		2		118,000		0.9	%		1,663,000		14.09		1.2	%

Sub-total top ten tenants		83		3,552,000		27.4	%		47,374,000		13.34		35.0	%

Remaining tenants		1,150		8,033,000		61.9	%		88,134,000		10.97		65.0	%

Sub-total all tenants (d)		1,233		11,585,000		89.3	%	$	135,508,000	$	11.70		100.0	%


Vacant space (e)		n/a		1,390,000		10.7	%

Total (including vacant space)		1,233		12,975,000		100.0	%


(a)		Incudes unconsolidated Cedar/RioCan joint venture properties.

(b)		Based on annualized base rent.

(c)		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 $495,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of $1,237,000) and Acme (GLA of 172,000; annualized base rent of $756,000) and (3) Food Lion and Hannaford (GLA of 43,000; annualized base rent of $447,000).

(d)		Includes tenants at ground-up development properties.

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

Total Revenues By State (a)


	Three months ended
	Jun 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
State	2010		2010		2009		2009		2009
Pennsylvania	$	20,388,000	$	22,592,000	$	23,098,000	$	20,689,000	$	19,944,000
Massachusetts		3,710,000		4,867,000		6,106,000		5,668,000		5,748,000
Connecticut		4,258,000		4,615,000		4,995,000		5,852,000		5,046,000
Ohio		2,112,000		2,156,000		2,460,000		2,354,000		2,543,000
Maryland		2,630,000		2,469,000		2,174,000		2,697,000		2,691,000
New Jersey		2,649,000		2,706,000		2,664,000		2,798,000		2,988,000
Virginia		2,873,000		3,315,000		3,245,000		2,797,000		2,731,000
New York		1,644,000		1,412,000		1,247,000		1,408,000		1,428,000
Michigan		439,000		412,000		403,000		449,000		431,000

	$	40,703,000	$	44,544,000	$	46,392,000	$	44,712,000	$	43,550,000


(a)		Excludes revenues of unconsolidated Cedar/RioCan joint venture properties subsquent to their transfer to the joint venture.

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of Jun 30, 2010


												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		73		187,000		1.6	%	$	2,243,000	$	11.99		1.7	%
2010		70		256,000		2.2	%		2,802,000		10.95		2.1	%
2011		194		994,000		8.6	%		11,490,000		11.56		8.5	%
2012		172		870,000		7.5	%		9,879,000		11.36		7.3	%
2013		148		735,000		6.3	%		9,105,000		12.39		6.7	%
2014		149		1,361,000		11.7	%		13,243,000		9.73		9.8	%
2015		142		1,296,000		11.2	%		13,440,000		10.37		9.9	%
2016		46		671,000		5.8	%		6,405,000		9.55		4.7	%
2017		38		494,000		4.3	%		6,366,000		12.89		4.7	%
2018		40		742,000		6.4	%		8,902,000		12.00		6.6	%
2019		39		589,000		5.1	%		6,857,000		11.64		5.1	%
2020		37		994,000		8.6	%		8,954,000		9.01		6.6	%
Thereafter		88		2,396,000		20.7	%		35,822,000		14.95		26.4	%


All tenants (b)		1,232		11,585,000		100.0	%	$	135,508,000	$	11.70		100.0	%


Vacant space (c)		n/a		1,390,000		n/a


Total portfolio (d)		1,232		12,975,000		n/a


(a)		Includes unconsolidated Cedar/RioCan joint venture properties.

(b)		Includes tenants at ground-up development properties.

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

(d)		At June 30, 2010, the Company had a portfolio of 118 operating properties totaling approximately 13.0 million sq. ft. of GLA, including 93 wholly-owned properties comprising approximately 9.4 million square feet, 13 properties owned in joint venture comprising approximately 1.7 million sq. ft., eight properties partially-owned in the Cedar/RioCan unconsolidated joint venture comprising approximately 1.3 million sq. ft., and four ground-up developments comprising approximately 0.6 million sq. ft; the portfolio excluding the ground-up developments was approximately 90% leased as of June 30, 2010.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of Jun 30, 2010


							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 Properties:

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	%		472,432		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		1/31/2016
											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-1999/2004	Acme Markets		55,000		9/30/2016

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

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

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

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

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

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

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		12/31/2015

Gahanna Discount Drug Mart Plaza	OH		2006		100	%		48,992		2003	Discount Drug Mart		24,592		3/31/2020

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Jun 30, 2010


							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
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		1/31/2016
											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

Huntingdon Plaza	PA		2004		100	%		147,355		1972 - 2003	Peebles		22,060		1/31/2018

Jordan Lane	CT		2005		100	%		181,730		1969/1991	Stop & Shop		60,632		9/30/2015
											AJ Wright		39,280		3/31/2015

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

LA Fitness Facility	PA		2002		100	%		41,000		2003	LA Fitness		41,000		12/31/2018

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

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

Martin’s at Glen Allen	VA		2005		100	%		43,000		2000	Giant Foods		43,000		2/15/2015

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

Metro Square	MD		2008		100	%		71,896		1999	Shoppers Food Warehouse		58,200		1/31/2030

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Jun 30, 2010


							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
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

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		3/31/2015

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	%		86,089		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

Port Richmond Village	PA		2001		100	%		154,908		1988	Thriftway		40,000		10/31/2013
											Pep Boys		20,615		2/28/2014

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

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

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		1/31/2015

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

Suffolk Plaza	VA		2005		100	%		67,216		1984	Farm Fresh		67,216		1/31/2014

Swede Square	PA		2003		100	%		98,792		1980/2004	LA Fitness		37,200		6/30/2016

The Commons	PA		2004		100	%		175,121		2003	Elder Beerman		54,500		1/31/2017
											Shop’n Save		52,654		10/7/2015

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Jun 30, 2010


							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
The Point	PA		2000		100	%		250,697		1972/2001	Burlington Coat Factory		76,665		1/31/2016
											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		1/25/2015
											Office Max		22,645		10/22/2012
											Dunham Sports		21,300		1/31/2016

The Shops at Suffolk Downs	MA		2005		100	%		121,829		2005	Stop & Shop		74,977		9/30/2025

Timpany Plaza	MA		2007		100	%		183,775		1970's-1989	Stop & Shop		59,947		12/31/2014
											Big Lots		28,027		1/31/2011
											Gardner Theater		27,576		5/31/2014

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		2/28/2015

Ukrop’s at Fredericksburg	VA		2005		100	%		63,000		1997	Ukrop's Supermarket		63,000		8/4/2017

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		5/31/2015

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 Properties								8,111,040


Properties Owned in Joint Venture:

Homburg Joint Venture:

Aston Center	PA		2007		20	%		55,000		2005	Giant Foods		55,000		11/30/2025

Ayr Town Center	PA		2007		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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Jun 30, 2010


							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
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

PCP Joint Venture:
New London Mall	CT		2009		40	%		257,814		1967/1997 - 2000	Shoprite		64,017		2/29/2020
											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 - 1997/2007	Shoppers Food Warehouse		61,466		5/31/2020
											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


Cedar/RioCan Joint Venture:

Blue Mountain Commons	PA		2008		20	%		121,146		2009	Giant Foods		97,707		10/31/2026

Columbus Crossing	PA		2003		20	%		142,166		2001	Super Fresh		61,506		9/30/2020
											Old Navy		25,000		1/31/2014
											AC Moore		22,000		9/30/2011

Franklin Village Plaza	MA		2004		20	%		304,277		1987/2005	Stop & Shop		75,000		4/30/2026
											Marshalls		26,890		1/31/2014

Loyal Plaza	0		2002		0	%		293,825		1969/2000	K-Mart		102,558		8/31/2011
											Giant Foods		66,935		10/31/2019
											Staples		20,555		11/30/2014

Shaw’s Plaza	0		2006		0	%		176,609		1968/1998	Shaw’s		60,748		2/28/2023
											Marshall’s		25,752		1/31/2013

Stop & Shop Plaza	0		2008		0	%		54,510		2006	Stop & Shop		54,510		11/30/2026

Sunset Crossing	PA		2003		20	%		74,142		2002	Giant Foods		54,332		6/30/2022

Town Square Plaza	PA		2010		20	%		127,636		2009	Giant Foods		73,327		9/30/2028
											A.C. Moore		21,600		11/15/2018


Total Cedar/RioCan Joint Venture								1,294,311

Total Operating Portfiolio								10,775,204

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Jun 30, 2010


							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
Redevelopment and Major Retenanting Properties:

Columbia Mall	PA		2005		75	%		348,574		1988	Sears		64,264		10/24/2013
											Bon-Ton		45,000		10/31/2013

Oakhurst Plaza	VA		2006		100	%		107,869		1980/2001

Shore Mall	NJ		2006		100	%		459,098		1960/1980	Boscov’s		172,200		9/19/2018
											Burlington Coat Factory		85,000		11/30/2014
											K&G		25,000		2/28/2017

The Brickyard	CT		2004		100	%		274,553		1990	Home Depot		103,003		1/31/2015
											Syms		38,000		3/31/2012

Townfair Center	PA		2004		100	%		138,041		2002	Lowe’s Home Centers		95,173		12/31/2015

Trexlertown Plaza	PA		2006		100	%		241,381		1990/2005	Redner’s		47,900		10/31/2015
											Big Lots		33,824		1/31/2012
											Tractor Supply		22,670		10/31/2020
											Sears		22,500		10/31/2012


Total Redevelopment and Major Retenanting Properties								1,569,516

Total Operating Portfolio								12,344,720


Ground-Up Developments:

Crossroads II	PA		2008		60	%		133,618		2009	Giant Foods		76,415		11/30/2029

Heritage Crossing	PA		2008		60	%		59,396		2009

Northside Commons	PA		2008		100	%		85,300		2009	Redner’s Market		48,519		8/31/2029

Upland Square	PA		2007		60	%		352,456		2009	Giant Foods		78,900		7/31/2029
											Best Buy		30,000		12/31/2019
											Bed, Bath & Beyond		25,000		1/31/2020
											TJ Maxx		25,000		8/31/2019


Total Ground-Up Developments								630,770

Total Portfolio								12,975,490

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of Jun 30, 2010


					Financial statement carrying values											Gross
															Managed	leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		unconsolidated	area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		joint venture	(“GLA”)		occupied			leased sq. ft.
Operating Portfolio:
Academy Plaza	PA		100	%	$	2,406,000	$	11,293,000	$	13,699,000	$	2,488,000	$	11,211,000			152,727		79.8	%	$	13.06
Annie Land Plaza	VA		100	%		809,000		4,027,000		4,836,000		579,000		4,257,000			42,500		91.5	%		9.14
Camp Hill	PA		100	%		4,424,000		60,851,000		65,275,000		8,803,000		56,472,000			472,432		98.0	%		12.93
Carbondale Plaza	PA		100	%		1,586,000		12,169,000		13,755,000		2,099,000		11,656,000			129,915		85.6	%		6.91
Carll’s Corner	NJ		100	%		2,950,000		15,348,000		18,298,000		1,522,000		16,776,000			129,582		94.5	%		8.74
Carman’s Plaza	NY		100	%		8,421,000		35,243,000		43,664,000		3,503,000		40,161,000			194,481		90.7	%		16.12
Centerville Discount Drug Mart Plaza	OH		100	%		1,219,000		5,445,000		6,664,000		905,000		5,759,000			49,494		69.1	%		10.58
Circle Plaza	PA		100	%		546,000		2,930,000		3,476,000		232,000		3,244,000			92,171		100.0	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,232,000		3,905,000		562,000		3,343,000			34,592		88.4	%		9.48
Coliseum Marketplace	VA		100	%		3,586,000		17,164,000		20,750,000		3,007,000		17,743,000			98,359		86.4	%		15.66
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		285,000		1,488,000			10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		319,000		2,066,000			10,195		100.0	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		275,000		1,907,000			10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		2,502,000		1,106,000		3,608,000		83,000		3,525,000			13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		272,000		1,680,000			10,722		100.0	%		13.00
Dunmore Shopping Center	PA		100	%		565,000		2,245,000		2,810,000		469,000		2,341,000			101,000		66.2	%		5.35
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		764,000		3,738,000			21,180		100.0	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,229,000		7,600,000		933,000		6,667,000			66,250		86.1	%		8.68
Enon Discount Drug Mart Plaza	OH		100	%		1,135,000		4,356,000		5,491,000		623,000		4,868,000			42,876		79.4	%		10.41
Fairfield Plaza	CT		100	%		2,202,000		9,394,000		11,596,000		1,496,000		10,100,000			72,279		93.5	%		14.00
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,663,000		9,182,000			69,579		100.0	%		12.26
Fairview Commons	PA		100	%		858,000		3,568,000		4,426,000		548,000		3,878,000			59,578		66.9	%		6.56
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		133,000		771,000			3,200		100.0	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,312,000		1,576,000		199,000		1,377,000			18,300		100.0	%		6.03
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,765,000		8,503,000		979,000		7,524,000			48,992		76.5	%		13.48
General Booth Plaza	VA		100	%		1,935,000		9,580,000		11,515,000		1,941,000		9,574,000			73,320		95.3	%		12.64
Gold Star Plaza	PA		100	%		1,644,000		6,684,000		8,328,000		1,056,000		7,272,000			71,720		84.4	%		9.08
Golden Triangle	PA		100	%		2,320,000		19,353,000		21,673,000		3,913,000		17,760,000			202,943		96.6	%		11.55
Groton Shopping Center	CT		100	%		3,073,000		12,377,000		15,450,000		1,581,000		13,869,000			117,986		97.1	%		10.56
Grove City Discount Drug Mart Plaza	OH		100	%		1,241,000		5,041,000		6,282,000		700,000		5,582,000			40,848		68.2	%		11.20
Halifax Plaza	PA		100	%		1,347,000		6,093,000		7,440,000		1,053,000		6,387,000			51,510		100.0	%		11.93
Hamburg Commons	PA		100	%		1,153,000		9,888,000		11,041,000		1,399,000		9,642,000			99,580		93.5	%		6.39
Hannaford Plaza	MA		100	%		1,874,000		8,843,000		10,717,000		1,246,000		9,471,000			102,459		98.2	%		8.01
Hilliard Discount Drug Mart Plaza	OH		100	%		1,307,000		4,980,000		6,287,000		620,000		5,667,000			40,988		80.3	%		10.52
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		3,095,000		3,881,000		360,000		3,521,000			33,553		89.8	%		9.74
Huntingdon Plaza	PA		100	%		933,000		6,054,000		6,987,000		806,000		6,181,000			147,355		52.8	%		7.10
Jordan Lane	CT		100	%		4,291,000		22,009,000		26,300,000		3,689,000		22,611,000			181,730		97.7	%		10.28
Kempsville Crossing	VA		100	%		2,207,000		11,129,000		13,336,000		2,335,000		11,001,000			94,477		95.9	%		11.06
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		992,000		3,291,000			51,894		95.0	%		8.01
Kings Plaza	MA		100	%		2,408,000		12,683,000		15,091,000		1,466,000		13,625,000			168,243		95.2	%		6.01
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		215,000		5,020,000			18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		935,000		6,703,000			41,000		100.0	%		19.90
Lake Raystown Plaza	PA		100	%		2,231,000		13,117,000		15,348,000		2,239,000		13,109,000			145,727		96.2	%		11.96
Liberty Marketplace	PA		100	%		2,695,000		12,863,000		15,558,000		1,924,000		13,634,000			68,200		89.4	%		17.50
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,461,000		4,165,000		686,000		3,479,000			38,576		87.7	%		8.68
Martin’s at Glen Allen	VA		100	%		6,769,000		686,000		7,455,000		272,000		7,183,000			43,000		100.0	%		9.73
Mason Discount Drug Mart Plaza	OH		100	%		1,849,000		7,449,000		9,298,000		913,000		8,385,000			52,896		75.7	%		13.74
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		947,000		3,966,000			46,000		100.0	%		8.50
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,637,000		13,231,000			51,500		100.0	%		21.78
Metro Square	MD		100	%		3,121,000		12,351,000		15,472,000		717,000		14,755,000			71,896		100.0	%		18.88
Newport Plaza	PA		100	%		1,672,000		8,156,000		9,828,000		1,295,000		8,533,000			66,789		100.0	%		10.56
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		501,000		4,740,000			38,700		100.0	%		10.45
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		1,611,000		16,570,000			89,850		100.0	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,321,000		7,932,000		1,248,000		6,684,000			58,224		100.0	%		13.25
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,670,000		4,479,000		646,000		3,833,000			38,623		78.9	%		8.32
Palmyra Shopping Center	PA		100	%		1,488,000		6,939,000		8,427,000		1,365,000		7,062,000			112,108		83.1	%		5.25
Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,966,000		7,271,000		1,060,000		6,211,000			47,810		89.0	%		12.14
Pine Grove Plaza	NJ		100	%		2,010,000		6,591,000		8,601,000		1,192,000		7,409,000			86,089		100.0	%		10.77
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,846,000		7,088,000		1,218,000		5,870,000			50,283		89.6	%		12.35
Port Richmond Village	PA		100	%		2,843,000		12,491,000		15,334,000		2,779,000		12,555,000			154,908		97.1	%		12.66
Price Chopper Plaza	MA		100	%		4,095,000		18,416,000		22,511,000		1,613,000		20,898,000			101,824		88.4	%		11.29
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		311,000		2,151,000			10,125		100.0	%		18.99
River View Plaza I, II and III	PA		100	%		9,718,000		44,241,000		53,959,000		8,177,000		45,782,000			244,225		89.3	%		18.17
Shelby Discount Drug Mart Plaza	OH		100	%		671,000		3,338,000		4,009,000		661,000		3,348,000			36,596		67.2	%		9.00
Shoppes at Salem Run	VA		100	%		1,076,000		4,265,000		5,341,000		559,000		4,782,000			15,100		39.7	%		25.36
Smithfield Plaza	VA		100	%		2,919,000		12,986,000		15,905,000		1,613,000		14,292,000			134,664		97.1	%		9.39

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Jun 30, 2010


					Financial statement carrying values												Gross
															Managed		leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		unconsolidated		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		joint venture		(“GLA”)		occupied			leased sq. ft.
South Philadelphia	PA		100	%		8,222,000		38,847,000		47,069,000		8,468,000		38,601,000				283,415		82.3	%		13.70
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		898,000		4,151,000				39,903		96.2	%		11.35
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,452,000		10,804,000				77,688		100.0	%		15.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,493,000		7,145,000				67,216		100.0	%		9.40
Swede Square	PA		100	%		2,272,000		10,686,000		12,958,000		2,507,000		10,451,000				98,792		96.4	%		14.24
The Commons	PA		100	%		3,098,000		15,178,000		18,276,000		3,206,000		15,070,000				175,121		90.3	%		10.07
The Point	PA		100	%		2,996,000		23,723,000		26,719,000		4,917,000		21,802,000				250,697		92.6	%		11.42
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,421,000		13,654,000		2,404,000		11,250,000				182,859		87.9	%		6.74
The Shops at Suffolk Downs	MA		100	%		7,580,000		19,608,000		27,188,000		1,717,000		25,471,000				121,829		92.4	%		12.09
Timpany Plaza	MA		100	%		3,373,000		19,583,000		22,956,000		2,121,000		20,835,000				183,775		92.9	%		6.39
Trexler Mall	PA		100	%		6,932,000		33,151,000		40,083,000		4,787,000		35,296,000				339,363		98.5	%		8.70
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,708,000		14,263,000				63,000		100.0	%		17.42
Valley Plaza	MD		100	%		1,950,000		8,446,000		10,396,000		1,470,000		8,926,000				190,939		100.0	%		4.83
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		618,000		4,237,000				9,763		100.0	%		34.41
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,585,000		8,404,000				69,620		100.0	%		11.00
Wal-Mart Center	CT		100	%		—		11,862,000		11,862,000		2,033,000		9,829,000				155,842		98.0	%		6.47
Washington Center Shoppes	NJ		100	%		2,000,000		11,091,000		13,091,000		2,468,000		10,623,000				157,290		94.3	%		9.04
West Bridgewater Plaza	MA		100	%		2,686,000		14,304,000		16,990,000		1,323,000		15,667,000				133,039		90.8	%		9.28
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		4,011,000		5,015,000		508,000		4,507,000				55,775		43.9	%		9.85
Yorktowne Plaza	MD		100	%		5,884,000		25,382,000		31,266,000		2,898,000		28,368,000				158,982		94.5	%		13.66


Total Wholly-Owned Properties						191,298,000		892,588,000		1,083,886,000		140,813,000		943,073,000				8,111,040		91.4	%		10.98


Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		1,539,000		19,850,000				55,000		100.0	%		24.70
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		992,000		11,200,000				55,600		94.2	%		16.06
Fieldstone Marketplace	MA		20	%		5,167,000		22,034,000		27,201,000		3,445,000		23,756,000				193,970		100.0	%		11.29
Meadows Marketplace	PA		20	%		1,914,000		11,390,000		13,304,000		1,241,000		12,063,000				91,538		95.8	%		15.03
Parkway Plaza	PA		20	%		4,647,000		19,435,000		24,082,000		2,099,000		21,983,000				106,628		98.0	%		15.22
Pennsboro Commons	PA		20	%		3,608,000		14,297,000		17,905,000		2,361,000		15,544,000				107,384		92.1	%		14.15
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,245,000		13,515,000				67,933		94.1	%		18.12
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,559,000		18,982,000				67,950		100.0	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,757,000		14,455,000		1,668,000		12,787,000				88,677		95.4	%		11.48

						31,866,000		133,963,000		165,829,000		16,149,000		149,680,000				834,680		96.9	%		15.14


PCP Joint Venture:
New London Mall	CT		40	%		9,786,000		31,286,000		41,072,000		2,062,000		39,010,000				257,814		96.6	%		13.53
San Souci Plaza	MD		40	%		13,383,000		21,247,000		34,630,000		2,009,000		32,621,000				264,134		93.4	%		10.22

						23,169,000		52,533,000		75,702,000		4,071,000		71,631,000				521,948		95.0	%		11.88


Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		117,000		2,708,000				13,225		100.0	%		35.01

Total Consolidated Joint Ventures						55,035,000		189,321,000		244,356,000		20,337,000		224,019,000				1,369,853		96.2	%		14.12


Cedar/RioCan Joint Venture:
Blue Mountain Commons	PA		20	%		—		—		—		—		—	$	31,188,000		121,146		90.3	%		26.15
Columbus Crossing	PA		20	%		—		—		—		—		—		25,421,000		142,166		100.0	%		16.18
Franklin Village Plaza	Ma		20	%		—		—		—		—		—		54,890,000		304,277		90.5	%		19.27
Loyal Plaza	PA		20	%		—		—		—		—		—		26,905,000		293,825		100.0	%		8.15
Shaw’s Plaza	MA		20	%		—		—		—		—		—		20,483,000		176,609		93.7	%		11.16
Stop & Shop Plaza	CT		20	%		—		—		—		—		—		8,944,000		54,510		100.0	%		15.59
Sunset Crossing	PA		20	%		—		—		—		—		—		9,603,000		74,142		91.9	%		14.27
Town Square Plaza	PA		20	%		—		—		—		—		—		17,745,000		127,636		100.0	%		26.15

Total Cedar/RioCan Joint Venture						—		—		—		—		—		195,179,000		1,294,311		95.5	%		16.07

Total Operating Properties						246,333,000		1,081,909,000		1,328,242,000		161,150,000		1,167,092,000		195,179,000		10,775,204		92.5	%		12.02

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Jun 30, 2010


						Financial statement carrying values												Gross
																Managed		leasable					Average
			Percent					Buildings and		Total		Accumulated		Net book		unconsolidated		area		Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		joint venture		(“GLA”)		occupied			leased sq. ft.
Redevelopment and Major Retenanting Properties:
Columbia Mall	PA			75	%		2,855,000		16,965,000		19,820,000		2,566,000		17,254,000				348,574		63.9	%		4.75
Oakhurst Plaza	PA			100	%		4,539,000		18,190,000		22,729,000		2,338,000		20,391,000				107,869		34.8	%		23.33
Shore Mall	NJ			100	%		7,179,000		42,277,000		49,456,000		5,535,000		43,921,000		—		459,098		92.9	%		8.41
The Brickyard	CT			100	%		6,465,000		29,851,000		36,316,000		6,315,000		30,001,000				274,553		60.0	%		8.50
Townfair Center	PA			100	%		3,022,000		16,844,000		19,866,000		2,393,000		17,473,000		—		138,041		87.5	%		6.50
Trexlertown Plaza	PA			100	%		5,262,000		27,297,000		32,559,000		2,892,000		29,667,000		—		241,381		70.9	%		10.65

Total Redevelopment and Major Retenanting Properties							29,322,000		151,424,000		180,746,000		22,039,000		158,707,000		—		1,569,516		72.9	%		8.33


Total Operating Portfolio							275,655,000		1,233,333,000		1,508,988,000		183,189,000		1,325,799,000		195,179,000		12,344,720		90.0	%	$	11.64


Ground-Up Developments:
Crossroads II	PA			60	%		17,671,000		24,583,000		42,254,000		405,000		41,849,000		—		133,618		79.0	%	$	19.96
Heritage Crossing	PA			60	%		5,066,000		5,931,000		10,997,000		161,000		10,836,000		—		59,396		45.3	%		21.38
Northside Commons	PA			100	%		3,379,000		9,938,000		13,317,000		170,000		13,147,000		—		85,300		72.9	%		9.87
Upland Square	PA			60	%		27,454,000		56,774,000		84,228,000		1,014,000		83,214,000		—		352,456		78.7	%		16.26

Total Ground-Up Developments							53,570,000		97,226,000		150,796,000		1,750,000		149,046,000		—		630,770


Total Portfolio							329,225,000		1,330,559,000		1,659,784,000		184,939,000		1,474,845,000		195,179,000		12,975,490


Projects Under Development and Land Held For Future Expansion and Development:
Columbia Mall	PA			75	%		1,465,000		416,000		1,881,000		—		1,881,000		—		46.21	acres
Halifax Commons	PA			100	%		872,000		333,000		1,205,000		—		1,205,000		—		4.37	acres
Halifax Plaza	PA			100	%		1,503,000		1,216,000		2,719,000		—		2,719,000		—		12.83	acres
Liberty Marketplace	PA			100	%		1,564,000		30,000		1,594,000		—		1,594,000		—		15.51	acres
Oregon Pike	PA			100	%		2,283,000		67,000		2,350,000		—		2,350,000		—		11.20	acres
Shore Mall	NJ			100	%		2,018,000		212,000		2,230,000		—		2,230,000		—		50.00	acres
The Brickyard	CT			100	%		1,183,000		170,000		1,353,000		—		1,353,000		—		1.95	acres
Trexlertown Plaza	PA			100	%		8,089,000		2,277,000		10,366,000		—		10,366,000		—		37.28	acres
Trindle Spring	NY			100	%		1,148,000		266,000		1,414,000		—		1,414,000		—		2.10	acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000		—		12.32	acres
Various projects in progress		N/A		100	%		—		820,000		820,000		—		820,000		—		—	acres

Total Projects Under Development and Land Held For Future Expansion and Development:							20,485,000		5,807,000		26,292,000		—		26,292,000		—		193.76	acres


Total Carrying Value Real estate held for sale — land parcel						$	349,710,000	$	1,336,366,000	$	1,686,076,000	$	184,939,000	$	1,501,137,000	$	195,179,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of Jun 30, 2010


					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			2010		2009		rate			2010		2009
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013		7.3	%	$	9,253,000	$	9,365,000		7.3	%	$	9,253,000	$	9,365,000
Camp Hill Shopping Center		100	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carbondale Plaza		100	%	May 2015		6.4	%		4,993,000		—		6.4	%		4,993,000		—
Carll’s Corner		100	%	Nov 2012		5.6	%		5,847,000		5,908,000		5.6	%		5,847,000		5,908,000
Carman’s Plaza		100	%	Oct 2016		6.3	%		33,356,000		33,345,000		6.2	%		33,500,000		33,500,000
Centerville Discount Drug Mart		100	%	May 2015		5.2	%		2,769,000		2,795,000		5.2	%		2,769,000		2,795,000
Clyde Discount Drug Mart		100	%	May 2015		5.2	%		1,921,000		1,939,000		5.2	%		1,921,000		1,939,000
Coliseum Marketplace		100	%	Jul 2014		5.2	%		12,100,000		12,228,000		6.1	%		11,723,000		11,803,000
Crossroads II		60	%	Jan 2010		7.1	%		—		900,000		7.1	%		—		900,000
Crossroads II		60	%	Jan 2010		8.5	%		—		425,000		8.5	%		—		425,000
CVS at Bradford		100	%	Mar 2017		5.2	%		730,000		775,000		7.1	%		690,000		729,000
CVS at Celina		100	%	Jan 2020		5.2	%		1,376,000		1,429,000		7.5	%		1,253,000		1,295,000
CVS at Erie		100	%	Nov 2018		5.2	%		1,064,000		1,114,000		7.1	%		994,000		1,036,000
CVS at Kinderhook		100	%	Jul 2019		5.3	%		2,455,000		2,480,000		5.3	%		2,455,000		2,480,000
CVS at Portage Trail		100	%	Aug 2017		5.0	%		797,000		843,000		7.8	%		733,000		771,000
East Chestnut		100	%	Apr 2018		7.4	%		1,935,000		1,988,000		5.2	%		1,741,000		1,778,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		4,008,000		4,045,000		5.4	%		4,008,000		4,045,000
Fairfield Plaza		100	%	July 2015		5.0	%		5,058,000		5,106,000		5.0	%		5,058,000		5,106,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,425,000		5,479,000		5.7	%		5,425,000		5,479,000
Gahanna Discount Drug Mart		100	%	Nov 2016		5.8	%		4,961,000		4,998,000		5.8	%		4,961,000		4,998,000
General Booth Plaza		100	%	Aug 2013		5.2	%		5,343,000		5,409,000		6.1	%		5,212,000		5,257,000
Gold Star Plaza		100	%	May 2019		6.0	%		2,320,000		2,417,000		7.3	%		2,213,000		2,300,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,853,000		20,999,000		6.0	%		20,853,000		20,999,000
Groton Shopping Center		100	%	Oct 2015		6.2	%		11,572,000		11,622,000		5.3	%		11,928,000		12,013,000
Halifax Plaza		100	%	Feb 2010		6.8	%		—		3,324,000		6.8	%		—		3,324,000
Halifax Plaza		100	%	Apr 2020		6.3	%		4,288,000		—		6.3	%		4,288,000		—
Hamburg Commons		100	%	Oct 2016		6.1	%		5,141,000		5,180,000		6.1	%		5,141,000		5,180,000
Jordan Lane		100	%	Dec 2015		5.5	%		12,971,000		13,080,000		5.5	%		12,971,000		13,080,000
Kempsville Crossing		100	%	Aug 2013		5.2	%		6,044,000		6,122,000		6.1	%		5,895,000		5,950,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,745,000		7,811,000		6.0	%		7,745,000		7,811,000
Kingston Plaza		100	%	Jul 2019		5.3	%		3,161,000		3,194,000		5.3	%		3,161,000		3,194,000
Kingston Plaza		100	%	Jul 2019		5.3	%		528,000		533,000		5.3	%		528,000		533,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,729,000		5,790,000		5.4	%		5,729,000		5,790,000
Liberty Marketplace		100	%	Jul 2014		5.2	%		9,243,000		9,373,000		6.1	%		8,959,000		9,052,000
Lodi Discount Drug Mart		100	%	May 2015		5.2	%		2,341,000		2,363,000		5.2	%		2,341,000		2,363,000
McCormick Place		100	%	Aug 2017		6.1	%		2,604,000		2,621,000		6.1	%		2,604,000		2,621,000
Mechanicsburg Giant		100	%	Nov 2014		5.2	%		9,524,000		9,667,000		5.5	%		9,404,000		9,533,000
Metro Square		100	%	Nov 2029		7.5	%		9,065,000		9,162,000		7.5	%		9,065,000		9,162,000
Newport Plaza		100	%	Feb 2010		6.8	%		—		4,338,000		6.8	%		—		4,338,000
Newport Plaza		100	%	Jan 2015		6.0	%		5,638,000		—		6.0	%		5,638,000		—
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,433,000		3,459,000		5.5	%		3,433,000		3,459,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,877,000		4,918,000		5.5	%		4,877,000		4,918,000
Ontario Discount Drug Mart		100	%	May 2015		5.2	%		2,161,000		2,181,000		5.2	%		2,161,000		2,181,000
Pickerington Discount Drug Mart		100	%	Jul 2015		5.0	%		4,111,000		4,150,000		5.0	%		4,111,000		4,150,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,743,000		5,797,000		5.0	%		5,743,000		5,797,000
Polaris Discount Drug Mart		100	%	May 2015		5.2	%		4,411,000		4,451,000		5.2	%		4,411,000		4,451,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,558,000		14,683,000		6.5	%		14,558,000		14,683,000
Rite Aid at Massillon		100	%	Jan 2020		5.0	%		1,384,000		1,437,000		7.7	%		1,243,000		1,283,000
Shelby Discount Drug Mart Plaza		100	%	May 2015		5.2	%		2,161,000		2,181,000		5.2	%		2,161,000		2,181,000
Shore Mall		100	%	Jan 2009		8.0	%		229,000		243,000		8.0	%		148,000		157,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,427,000		3,467,000		6.1	%		3,343,000		3,368,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,907,000		6,938,000		6.2	%		7,016,000		7,057,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,553,000		4,617,000		6.1	%		4,442,000		4,488,000
The Point		100	%	Sep 2013		7.6	%		17,057,000		17,298,000		7.6	%		17,057,000		17,298,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,284,000		8,377,000		6.1	%		8,139,000		8,211,000
Trexler Mall		100	%	May 2014		5.4	%		21,313,000		21,526,000		5.5	%		21,195,000		21,395,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,842,000		4,904,000		6.1	%		4,723,000		4,766,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		430,000		444,000		8.0	%		377,000		387,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,743,000		5,795,000		5.1	%		5,743,000		5,795,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,514,000		8,575,000		5.9	%		8,514,000		8,575,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,830,000		10,885,000		6.2	%		10,909,000		10,970,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of Jun 30, 2010


					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			2010		2009		rate			2010		2009
Westlake Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%		3,190,000		3,215,000		5.6	%		3,190,000		3,215,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		20,246,000		20,418,000		6.0	%		20,268,000		20,441,000
Various land parcels		100	%	Jul 2010		5.5	%		—		3,000,000		5.5	%		—		3,000,000

									445,562,000		446,126,000					443,761,000		444,078,000


Homburg Joint Venture:
Aston Center		20	%	Nov 2015		5.5	%		12,682,000		12,802,000		5.9	%		12,457,000		12,556,000
Ayr Town Center		20	%	Jun 2015		5.5	%		7,159,000		7,225,000		5.6	%		7,117,000		7,178,000
Fieldstone Marketplace		20	%	Jul 2014		5.4	%		18,465,000		18,647,000		6.0	%		18,078,000		18,210,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,253,000		10,333,000		5.6	%		10,253,000		10,333,000
Parkway Plaza		20	%	May 2017		5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20	%	Mar 2016		5.5	%		10,860,000		10,949,000		5.5	%		10,860,000		10,949,000
Scott Town Center		20	%	Aug 2015		5.5	%		8,604,000		8,669,000		4.9	%		8,781,000		8,865,000
Spring Meadow Shoppping Center		20	%	Nov 2014		5.5	%		12,570,000		12,698,000		5.9	%		12,387,000		12,493,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000

									103,593,000		104,323,000					102,933,000		103,584,000

PCP Joint Venture:
New London Mall		40	%	Apr 2015		6.1	%		25,935,000		26,009,000		4.9	%		27,365,000		27,365,000
San Souci Plaza		40	%	Dec 2016		6.2	%		27,200,000		27,200,000		6.2	%		27,200,000		27,200,000

									53,135,000		53,209,000					54,565,000		54,565,000

Other:
CVS at Naugatuck		50	%	Nov 2019		5.3	%		2,428,000		2,450,000		5.3	%		2,428,000		2,450,000

Total Consolidated Joint Ventures									159,156,000		159,982,000					159,926,000		160,599,000

Total fixed-rate mortgages				5.4 years		5.8	%		604,718,000		606,108,000					603,687,000		604,677,000


				[weighted average]
Variable-rate mortgages:
Shore Mall		100	%	Sep 2011		5.9	%		21,000,000		21,000,000
Upland Square		60	%	Sep 2011		2.6	%		62,547,000		61,181,000

Total variable-rate mortgages				1.2 years		3.4	%		83,547,000		82,181,000

				[weighted average]
Total mortgages				4.9 years		5.5	%		688,265,000		688,289,000

				[weighted average]
Secured revolving credit facilties:
Stabilized property facility		100	%	Jan 2012		5.5	%		81,835,000		187,985,000
Development property facility ^(a)		100	%	Jun 2011		2.6	%		86,006,000		69,700,000

				1.3 years		4.0	%		167,841,000		257,685,000

				[weighted average]

Total debt				4.2 years		5.2	%	$	856,106,000	$	945,974,000

				[weighted average]
Pro rata share of total debt								$	740,138,000	$	829,393,000


Mortgage loans payable — discontinued operations:

Carrollton Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%	$	—	$	2,343,000
Long Reach Village		100	%	Jun 2011		5.7	%		4,647,000		4,690,000
Pondside Plaza		100	%	May 2015		5.6	%		—		1,157,000
Powell Discount Drug Mart		100	%	May 2015		5.2	%		—		4,265,000

Mortgage loans payable — discontinued operations								$	4,647,000	$	12,455,000

Mortgage loans payable — Cedar/RioCan joint venture:
Columbus Crossing		20	%	Jun 2014		6.8	%	$	17,011,000	$	16,880,000
Franklin Village		20	%	Nov 2011		4.8	%		42,639,000		43,500,000
Loyal Plaza		20	%	Jun 2011		7.2	%		12,502,000		12,615,000
Shaw’s Plaza		20	%	Mar 2014		6.0	%		14,200,000		14,023,000
Stop & Shop Plaza		20	%	Apr 2017		6.2	%		6,988,000		7,000,000

Total mortgages loans payable — Cedar/RioCan joint venture								$	93,340,000	$	94,018,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of Jun 30, 2010


Consolidated Properties
Maturity						Secured
schedule	Scheduled		Balloon			revolving
by year	amortization		Payments			credit facilities^(a)		Total
2010	$	4,160,000	$	—		$	—	$	4,160,000
2011		9,060,000		83,547,000	(b)		86,006,000		178,613,000
2012		10,190,000		29,638,000			81,835,000		121,663,000
2013		9,462,000		54,945,000			—		64,407,000
2014		3,505,000		116,289,000			—		119,794,000
2015		5,769,000		120,590,000			—		126,359,000
2016		4,234,000		111,932,000			—		116,166,000
2017		2,412,000		84,256,000			—		86,668,000
2018		1,684,000		18,972,000			—		20,656,000
2019		1,246,000		6,522,000					7,768,000
Thereafter		6,043,000		3,809,000			—		9,852,000


	$	57,765,000	$	630,500,000		$	167,841,000	$	856,106,000


(a)		The Company has the option to extend the stabilized property and development property credit facilities, which are due in January 2012 and June 2011, respectively, for one year beyond those respective dates.

(b)		Incudes $62,547,000 of property-specific construction financing due in September 2011 as to which the Company has a one-year extension option.


Cedar/RioCan Joint Venture
Maturity
schedule	Scheduled		Balloon
by year	amortization		Payments		Total
2010	$	312,000	$	—	$	312,000
2011		479,000		55,017,000		55,496,000
2012		460,000		—		460,000
2013		492,000		—		492,000
2014		279,000		29,704,000		29,983,000
2015		103,000		—		103,000
2016		109,000		—		109,000
2017		29,000		6,356,000		6,385,000


	$	2,263,000	$	91,077,000	$	93,340,000

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Balance Sheet Information


						Mortgage
	Partners’			Real estate,		loans			Other assets/			Equity (a)
	percent			net		payable			liabilities,			Partners			Cedar (b)		Total
				As of Jun 30, 2010
Consolidated
Homburg		80	%	$	149,680,832	$	(103,591,953	)	$	7,503,955		$	52,393,045		$	1,199,789	$	53,592,834
PCP (c)		60	%		71,631,534		(53,134,532	)		(2,511,195	)		9,548,936			6,436,871		15,985,807
WP Realty (d )		25	%		19,136,079		—			(891,063	)		3,975,103			14,269,914		18,245,017
Fameco I (e)		40	%		83,214,297		(62,546,782	)		4,751,025			1,048,000			24,370,539		25,418,539
Fameco II (f)		40	%		41,849,185		—			(7,153,243	)		—			34,695,942		34,695,942
Hirshland (g)		40	%		10,836,209		—			2,241,243			(81,472	)		13,158,924		13,077,453
Other		50	%		2,708,282		(2,427,993	)		250,767			73,561			457,495		531,056

				$	379,056,419	$	(221,701,261	)	$	4,191,489		$	66,957,172		$	94,589,475	$	161,546,647

Unconsolidated
Cedar/RioCan (h)		80	%	$	195,179,001	$	(93,339,964	)		6,740,006		$	87,109,960		$	21,469,083	$	108,579,043


			As of March 31, 2010
Consolidated
Homburg	80	%	$	150,542,032	$	(103,947,265	)	$	6,394,163		$	52,047,391		$	941,539	$	52,988,929
PCP (c)	60	%		70,766,816		(53,228,308	)		183,347			10,382,428			7,339,427		17,721,855
WP Realty (d )	25	%		19,224,941		—			(913,381	)		3,997,473			14,314,087		18,311,559
Fameco I (e)	40	%		83,337,257		(62,269,919	)		4,064,329			1,048,000			24,083,667		25,131,667
Fameco II (f)	40	%		41,372,049		—			(6,961,172	)		—			34,410,878		34,410,878
Hirshland (g)	40	%		10,712,274		—			2,176,940			(81,472	)		12,970,685		12,889,213
Other	50	%		2,725,938		(2,440,539	)		1,071,143			310,007			1,046,535		1,356,542

			$	378,681,307	$	(221,886,031	)	$	6,015,368		$	67,703,827		$	95,106,816	$	162,810,644

Unconsolidated
Cedar/RioCan (h)	80	%	$	139,246,683	$	(60,308,603	)		10,465,285		$	71,380,829		$	18,022,536	$	89,403,365


			As of December 31, 2009
Consolidated
Homburg	80	%	$	151,553,929	$	(104,322,664	)	$	5,319,807		$	51,628,864		$	922,208	$	52,551,072
PCP (c)	60	%		71,227,029		(53,162,425	)		(445,482	)		10,285,730			7,333,393		17,619,123
WP Realty (d )	25	%		19,334,674		—			(881,012	)		4,037,521			14,416,141		18,453,662
Fameco I (e)	40	%		83,858,133		(61,181,294	)		2,782,406			1,048,000			24,411,245		25,459,245
Fameco II (f)	40	%		40,387,784		(1,325,000	)		(7,872,678	)		—			31,190,106		31,190,106
Hirshland (g)	40	%		10,611,487		—			2,063,052			(81,472	)		12,756,011		12,674,540
Other	50	%		2,743,593		(2,450,000	)		1,112,585			309,358			1,096,820		1,406,178

			$	379,716,630	$	(222,441,384	)	$	2,078,678		$	67,228,002		$	92,125,923	$	159,353,925

Unconsolidated
Cedar/RioCan (h)	80	%	$	41,130,809	$	—			2,045,016		$	34,537,683		$	8,638,142	$	43,175,825


			As of September 30, 2009
Consolidated
Homburg	80	%	$	152,411,609	$	(104,681,906	)	$	5,453,523		$	52,118,924		$	1,064,303	$	53,183,226
PCP (c)	60	%		71,544,934		(53,095,078	)		(161,658	)		11,076,079			7,212,119		18,288,198
WP Realty (d )	25	%		19,447,601		—			(888,743	)		4,038,318			14,520,539		18,558,857
Fameco I (e)	40	%		82,154,353		(57,511,607	)		447,978			1,048,000			24,042,724		25,090,724
Fameco II (f)	40	%		35,780,234		(1,186,095	)		(11,321,381	)		—			23,272,758		23,272,758
Hirshland (g)	40	%		10,537,846		—			1,924,335			(81,472	)		12,543,653		12,462,182
Other	50	%		2,760,016		—			(1,395,288	)		335,785			1,028,943		1,364,728

			$	374,636,593	$	(216,474,686	)	$	(5,941,234	)	$	68,535,634		$	83,685,038	$	152,220,673


			As of June 30, 2009
Consolidated
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

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Income Statement Information


				Property-level operations
	Partners’					Operating		Cedar		Net Operat-		Depreciation/		Non-op					Share of property net income (a)
	percent			Revenues		expenses		mgt. Fees		ing income		amortization		inc/exp (i)		Net income			Partners			Cedar (b)
				Three months ended June 30, 2010
Consolidated
Homburg		80	%	$	3,906,284	$	783,822	$	155,689	$	2,966,773	$	1,055,807	$	1,479,027	$	431,940		$	345,654		$	86,286
PCP (c)		60	%		2,200,994		478,211		52,588		1,670,196		1,786,012		894,028		(1,009,843	)		(421,540	)		(588,303	)
WP Realty (d )		25	%		461,055		419,863		—		41,192		130,672		—		(89,480	)		(22,370	)		(67,110	)
Fameco I (e)		40	%		1,455,515		344,525		27,150		1,083,840		479,337		293,429		311,074			—			311,074
Fameco II (f)		40	%		488,704		165,318		—		323,386		151,535		—		171,851			—			171,851
Hirshland (g)		40	%		192,843		50,516		—		142,328		38,199		—		104,129			—			104,129
Other		50	%		125,444		59,857		3,266		62,321		17,656		22,288		22,377			11,219			11,159

				$	8,830,839	$	2,302,110	$	238,692	$	6,290,036	$	3,659,217	$	2,688,772	$	(57,952	)	$	(87,038	)	$	29,086

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	5,160,630	$	1,265,762		176,176	$	3,718,691	$	1,283,375		1,404,724	$	1,030,592		$	827,137		$	203,455

				$	5,160,630	$	1,265,762	$	176,176	$	3,718,691	$	1,283,375	$	1,404,724	$	1,030,592		$	827,137		$	203,455


			Three months ended March 31, 2010
Consolidated
Homburg	80	%	$	4,192,250	$	992,748	$	141,739	$	3,057,763		$	1,066,819	$	1,467,787	$	523,157		$	418,526		$	104,631
PCP (c)	60	%		2,096,127		557,142		52,829		1,486,156			535,340		790,902		159,914			95,948			63,966
WP Realty (d )	25	%		479,878		510,162		—		(30,284	)		129,911		—		(160,195	)		(40,049	)		(120,147	)
Fameco I (e)	40	%		1,570,772		368,758		21,030		1,180,984			407,511		276,002		497,471			—			497,471
Fameco II (f)	40	%		613,119		176,009		—		437,110			142,119		—		294,992			—			294,992
Hirshland (g)	40	%		196,685		41,370		—		155,316			38,199		—		117,117			—			117,117
Other	50	%		115,760		51,909		3,266		60,586			17,656		41,633		1,297			648			649

			$	9,264,592	$	2,698,098	$	218,864	$	6,347,630		$	2,337,554	$	2,576,323	$	1,433,752		$	475,073		$	958,679

Managed Unconsolidated
Cedar/RioCan (h)	80	%	$	3,085,417	$	760,246		98,823	$	2,226,348		$	511,677	$	1,123,366	$	591,306		$	495,189		$	96,116

			$	3,085,417	$	760,246	$	98,823	$	2,226,348		$	511,677	$	1,123,366	$	591,306		$	495,189		$	96,116


			Three months ended December 31, 2009
Consolidated
Homburg	80	%	$	4,022,542	$	830,868	$	161,243	$	3,030,430	$	1,027,536	$	1,504,178	$	498,716		$	413,941		$	84,775
PCP (c)	60	%		2,091,859		564,937		44,724		1,482,198		230,340		856,044		395,815			53,141			342,674
WP Realty (d )	25	%		553,366		422,152		—		131,215		134,306		—		(3,091	)		(797	)		(2,295	)
Fameco I (e)	40	%		1,098,404		431,687		16,521		650,197		245,639		207,604		196,953			—			196,953
Fameco II (f)	40	%		449,311		62,595		—		386,717		117,921		—		268,795			—			268,795
Hirshland (g)	40	%		189,930		42,963		—		146,968		39,192		—		107,776			—			107,776
Other	50	%		123,735		62,097		3,266		58,372		17,653		3,573		37,146			18,573			18,573

			$	8,529,148	$	2,417,298	$	225,755	$	5,886,095	$	1,812,587	$	2,571,399	$	1,502,110		$	484,859		$	1,017,251

Managed Unconsolidated
Cedar/RioCan (h)	80	%	$	282,394	$	66,974		7,697	$	207,723	$	70,773	$	27,544	$	109,406		$	87,525		$	21,881


			Three months ended September 30, 2009
Consolidated
Homburg	80	%	$	3,921,964	$	735,386	$	146,825	$	3,039,753	$	1,082,349	$	1,508,455	$	448,948		$	343,466		$	105,482
PCP (c)	60	%		2,042,373		512,483		51,567		1,478,324		661,792		856,048		(39,516	)		(23,709	)		(15,807	)
WP Realty (d )	25	%		506,200		400,247		—		105,953		141,400		—		(35,447	)		(8,847	)		(26,600	)
Fameco I (e)	40	%		1,570,772		368,758		21,030		1,180,984		407,511		—		773,473			—			773,473
Fameco II (f)	40	%		613,119		176,009		—		437,110		142,119		—		294,992			—			294,992
Hirshland (g)	40	%		81,392		31,395		—		49,997		11,826		—		38,172			—			38,172
Other	50	%		115,760		52,245		3,266		60,249		17,651		—		42,598			21,299			21,299

			$	8,851,581	$	2,276,522	$	222,688	$	6,352,371	$	2,464,647	$	2,364,503	$	1,523,220		$	332,210		$	1,191,011


			Three months ended June 30, 2009
Consolidated
Homburg	80	%	$	3,924,555	$	792,631	$	113,652	$	3,018,271	$	1,097,116	$	1,496,569	$	424,587		$	339,669		$	84,917
PCP (c)	60	%		2,069,183		564,656		50,971		1,453,557		664,157		846,851		(57,451	)		(34,470	)		(22,981	)
WP Realty (d )	25	%		448,790		366,069		—		82,721		150,016		—		(67,295	)		(16,831	)		(50,464	)
Fameco I (e)	40	%		—		—		—		—		—		—		—			—			—
Fameco II (f)	40	%		—		—		—		—		—		—		—			—			—
Hirshland (g)	40	%		115,293		4,003		—		111,290		26,373		—		84,917			—			84,917
Other	50	%		115,760		53,569		3,209		58,982		17,651		—		41,331			20,665			20,665

			$	6,673,582	$	1,780,928	$	167,832	$	4,724,821	$	1,955,314	$	2,343,419	$	426,088		$	309,034		$	117,054

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

FFO and NOI Allocations


	Partners’			Share of FFO (a)						Share of NOI (a)
	percent			Partners		Cedar (b)		Total		Partners		Cedar (b)		Total
				Three months ended June 30, 2010						Three months ended June 30, 2010
Consolidated
Homburg		80	%	$	1,190,197	$	297,549	$	1,487,747	$	2,373,419	$	593,355	$	2,966,773
PCP (c)		60	%		465,701		310,467		776,168		1,002,118		668,078		1,670,196
WP Realty (d )		25	%		10,298		30,894		41,192		10,298		30,894		41,192
Fameco I (e)		40	%		—		552,994		552,994		—		1,083,840		1,083,840
Fameco II (f)		40	%		—		323,386		323,386		—		323,386		323,386
Hirshland (g)		40	%		—		145,023		145,023		—		142,328		142,328
Other		50	%		20,017		20,017		40,033		31,161		31,161		62,321

				$	1,686,213	$	1,680,330	$	3,366,543	$	3,416,995	$	2,873,041	$	6,290,036

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	882,496	$	220,624	$	1,103,119	$	2,974,953	$	743,738	$	3,718,691


			Three months ended March 31, 2010									Three months ended March 31, 2010
Consolidated
Homburg	80	%	$	1,271,981		$	317,995		$	1,589,976		$	2,446,210		$	611,553		$	3,057,763
PCP (c)	60	%		417,153			278,102			695,254			891,694			594,463			1,486,156
WP Realty (d )	25	%		(7,571	)		(22,713	)		(30,284	)		(7,571	)		(22,713	)		(30,284	)
Fameco I (e)	40	%		—			670,000			670,000			—			1,180,984			1,180,984
Fameco II (f)	40	%		—			437,110			437,110			—			437,110			437,110
Hirshland (g)	40	%		—			160,833			160,833			—			155,316			155,316
Other	50	%		9,476			9,476			18,953			30,293			30,293			60,586

			$	1,691,039		$	1,850,803		$	3,541,842		$	3,360,626		$	2,987,004		$	6,347,630

Managed Unconsolidated
Cedar/RioCan (h)	80	%	$	882,496		$	220,624		$	1,103,119		$	1,781,079		$	445,270		$	2,226,348


			Three months ended December 31, 2009						Three months ended December 31, 2009
Consolidated
Homburg	80	%	$	1,221,003	$	305,249	$	1,526,252	$	2,424,344	$	606,086	$	3,030,430
PCP (c)	60	%		375,693		250,460		626,153		889,319		592,879		1,482,198
WP Realty (d )	25	%		32,804		98,410		131,214		32,804		98,411		131,215
Fameco I (e)	40	%		—		143,750		143,750		—		650,197		650,197
Fameco II (f)	40	%		—		142,822		142,822		—		386,717		386,717
Hirshland (g)	40	%		—		146,968		146,968		—		146,968		146,968
Other	50	%		27,399		27,399		54,799		29,186		29,186		58,372

			$	1,656,900	$	1,115,058	$	2,771,958	$	3,375,652	$	2,510,443	$	5,886,095

Managed Unconsolidated
Cedar/RioCan (h)	80	%	$	193,722	$	41,545	$	235,267	$	193,722	$	41,545	$	235,267


			Three months ended September 30, 2009						Three months ended September 30, 2009
Consolidated
Homburg	80	%	$	1,225,038	$	306,260	$	1,531,298	$	2,431,802	$	607,951	$	3,039,753
PCP (c)	60	%		373,365		248,910		622,276		886,994		591,330		1,478,324
WP Realty (d)	25	%		26,488		79,465		105,953		26,488		79,465		105,953
Fameco I (e)	40	%		—		645,967		645,967		—		645,967		645,967
Fameco II (f)	40	%		—		13,875		13,875		—		13,875		13,875
Hirshland (g)	40	%		—		114,936		114,936		—		114,936		114,936
Other	50	%		36,125		24,125		60,249		30,125		30,125		60,249

			$	1,661,016	$	1,433,537	$	3,094,554	$	3,375,410	$	2,083,648	$	5,459,057


			Three months ended June 30, 2009						Three months ended June 30, 2009
Consolidated
Homburg	80	%	$	1,217,362	$	304,341	$	1,521,703	$	2,414,617	$	603,654	$	3,018,271
PCP (c)	60	%		364,023		242,682		606,706		872,134		581,423		1,453,557
WP Realty (d )	25	%		20,680		62,041		82,721		20,680		62,041		82,721
Fameco I (e)	40	%		—		—		—		—		—		—
Fameco II (f)	40	%		—		—		—		—		—		—
Hirshland (g)	40	%		—		—		111,290		—		111,290		111,290
Other	50	%		35,491		23,491		58,982		29,491		29,491		58,982

			$	1,637,557	$	632,555	$	2,381,402	$	3,336,922	$	1,387,899	$	4,724,821

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar


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 non-proportionate initial investments (per the respective joint venture agreements). Equity also includes net receivable/payable balances on open account between joint ventures 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.

(d)		Cedar has a 75% interest in a consolidated joint venture formed for the redevelopment/retenanting of a shopping center (Columbia Mall) in Bloombsburg, PA.

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

(h)		Cedar has a 20% interest in an unconsolidated joint venture formed initially for the acquisition of seven properties previously owned by the Company, which the Company continues to manage.

		The balances at March 31, 2010 and December 31, 2009, respectively, represent the assets and liabilities of the properties transferred prior to those dates; the revenues, expenses and FFO for these properties represent their results of operations subsequent to the dates of their transfers to the joint venture.

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


Disclosures		3-4
Consolidated Balance Sheets		5
Consolidated Statements of Operations		6
Consolidated Statements of Cash Flows		7
Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available For Distribution (“FAD”) and Other Financial Information		8
Summary Financial Data:
Operating Results		9
Capitalization		10
Same Property Analysis		12
Leasing Activity and Occupancy Statistics		13
Tenant and State Concentrations		14
Lease Expirations		15
Properties:
Description		16-21
Carrying Value, Percent Occupied and Base Rent Per Leased Sq. Ft		22-24
Debt Summary		25-27
Joint Venture Properties Managed by Cedar		28-31


(a)		Includes (1) amounts applicable to 100%-owned properties (including amounts applicable to properties transferred to the Cedar/RioCan joint venture prior to such transfer), (2) the Company’s pro rata share of amounts applicable to consolidated joint venture properties, and (3) the Company’s pro rata share of amounts applicable to properties transferred to the Cedar/RioCan joint venture subsquent to such transfer.

(b)		Parnters’ pro rata share of amounts applicable to consolidated joint venture properties.

(c)		Removes the Company’s pro rata share of amounts applicable to the Cedar/RioCan joint venture properties included in (a) above.