Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 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 (as amended in Form 10-K/A) and Form 10-Q for the quarter ended September 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 September 30, 2010, the Company owned a 97.7% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis.

The Company’s 104,000 sq. ft. Long Reach Village Shopping Center, located in Columbia, Maryland, has been treated as “held for sale” as of June 30, 2010. 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 REITs. 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


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2010			2010			2010			2009			2009
Assets:
Real estate:
Land	$	348,715,000		$	349,710,000		$	353,121,000		$	356,366,000		$	340,931,000
Buildings and improvements		1,341,668,000			1,336,366,000			1,325,158,000			1,316,315,000			1,327,675,000

		1,690,383,000			1,686,076,000			1,678,279,000			1,672,681,000			1,668,606,000
Less accumulated depreciation		(195,944,000	)		(184,939,000	)		(174,267,000	)		(163,879,000	)		(154,117,000	)

Real estate, net		1,494,439,000			1,501,137,000			1,504,012,000			1,508,802,000			1,514,489,000

Real estate to be transferred to a joint venture		—			—			60,203,000			139,743,000			199,715,000
Real estate held for sale — discontinued operations		8,325,000			8,325,000			11,205,000			21,380,000			35,443,000
Investment in unconsolidated joint ventures		44,029,000			27,066,000			23,655,000			14,113,000			5,412,000

Cash and cash equivalents		12,142,000			13,794,000			15,783,000			17,164,000			9,526,000
Restricted cash		11,617,000			12,828,000			13,061,000			14,075,000			14,104,000
Receivables:
Rents and other tenant receivables, net		9,485,000			8,814,000			10,663,000			7,423,000			8,156,000
Straight-line rents		15,999,000			15,807,000			15,316,000			14,545,000			14,050,000
Joint venture settlements		9,533,000			6,146,000			7,330,000			2,322,000			—
Other assets		11,818,000			7,271,000			7,710,000			9,315,000			11,801,000
Deferred charges, net:
Lease origination costs		17,176,000			17,660,000			17,759,000			17,696,000			18,999,000
Financing costs		11,103,000			15,339,000			15,871,000			16,833,000			9,804,000
Other		1,438,000			1,565,000			1,392,000			1,707,000			1,391,000

Total assets	$	1,647,104,000		$	1,635,752,000		$	1,703,960,000		$	1,785,118,000		$	1,842,890,000


Liabilities and equity:
Mortgage loans payable	$	686,179,000		$	688,265,000		$	684,212,000		$	688,289,000		$	681,136,000
Mortgage loans payable — real estate to be transferred to a joint venture		—			—			33,590,000			94,018,000			94,129,000
Mortgage loans payable — real estate held for sale — discontinued operations		4,626,000			4,647,000			4,668,000			12,455,000			20,211,000
Secured revolving credit facilities		126,446,000			167,841,000			207,091,000			257,685,000			323,479,000
Accounts payable and accrued expenses		20,066,000			20,654,000			18,531,000			21,609,000			23,201,000
Dividends payable		—			—			—			4,696,000			—
Standby equity advance not settled		—			—			—			5,000,000			—
Tenant prepayments and security deposits		8,343,000			6,986,000			7,679,000			9,645,000			10,291,000
Accrued interest rate swap liabilities		1,926,000			1,789,000			1,587,000			5,952,000			7,526,000
Unamortized intangible lease liabilities		49,304,000			51,605,000			53,518,000			53,733,000			56,541,000
Liabilities — real estate held for sale and real estate to be transferred to a joint venture		1,275,000			1,275,000			5,217,000			5,634,000			5,917,000

Total liabilities		898,165,000			943,062,000			1,016,093,000			1,158,716,000			1,222,431,000


Limited partners’ interest in Operating Partnership		8,473,000			10,888,000			11,610,000			12,638,000			14,441,000

Equity:
Preferred stock		158,575,000			88,750,000			88,750,000			88,750,000			88,750,000
Common stock		3,962,000			3,906,000			3,774,000			3,128,000			2,705,000
Treasury stock		(10,419,000	)		(10,521,000	)		(10,629,000	)		(9,688,000	)		(9,768,000	)
Additional paid-in capital		708,310,000			705,314,000			688,870,000			621,299,000			578,509,000
Cumulative distributions in excess of net income		(188,336,000	)		(175,628,000	)		(165,531,000	)		(162,041,000	)		(127,621,000	)
Accumulated other comprenehsive loss		(3,924,000	)		(4,082,000	)		(3,989,000	)		(2,992,000	)		(4,391,000	)

		668,168,000			607,739,000			601,245,000			538,456,000			528,184,000
Minority interest in consolidated joint ventures		65,237,000			66,957,000			67,704,000			67,229,000			68,536,000
Limited partners’ interest in Operating Partnship		7,061,000			7,106,000			7,308,000			8,079,000			9,298,000

Noncontrolling interests		72,298,000			74,063,000			75,012,000			75,308,000			77,834,000

Total equity		740,466,000			681,802,000			676,257,000			613,764,000			606,018,000

Total liabilities and equity	$	1,647,104,000		$	1,635,752,000		$	1,703,960,000		$	1,785,118,000		$	1,842,890,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations


	Three months ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2010			2010			2010			2009			2009
Revenues:
Rents:
Base rents	$	28,850,000		$	29,510,000		$	31,052,000		$	32,635,000		$	31,689,000
Percentage rents		344,000			254,000			275,000			494,000			435,000
Straight-line rents		187,000			627,000			785,000			834,000			870,000
Amortization of intangible lease liabilities		1,999,000			2,698,000			2,296,000			2,810,000			3,884,000

		31,380,000			33,089,000			34,408,000			36,773,000			36,878,000
Expense recoveries		7,370,000			7,312,000			10,010,000			8,648,000			7,688,000
Other		1,628,000			302,000			126,000			971,000			146,000

		40,378,000			40,703,000			44,544,000			46,392,000			44,712,000

Expenses:
Operating, maintenance and management		7,788,000			7,671,000			10,574,000			9,080,000			8,231,000
Real estate and other property- related taxes		5,347,000			5,353,000			5,403,000			5,328,000			5,171,000

		13,135,000			13,024,000			15,977,000			14,408,000			13,402,000


Net operating income		27,243,000			27,679,000			28,567,000			31,984,000			31,310,000

Other income (expense):
General and administrative		(2,421,000	)		(2,106,000	)		(2,211,000	)		(3,353,000	)		(2,521,000	)
Acquisition transaction costs and terminated projects, net		(2,043,000	)		(2,000	)		(1,320,000	)		(419,000	)		—
Impairment charges		(155,000	)		(562,000	)		(1,555,000	)		(23,636,000	)		—
Depreciation and amortization		(11,854,000	)		(12,326,000	)		(11,305,000	)		(17,126,000	)		(12,473,000	)
Interest expense		(11,338,000	)		(12,017,000	)		(13,165,000	)		(13,843,000	)		(12,842,000	)
Amortization of deferred financing and other costs		(1,754,000	)		(1,490,000	)		(1,498,000	)		(1,445,000	)		(1,369,000	)
Capitalization of interest expense and financing costs		597,000			723,000			890,000			1,290,000			1,775,000
Accelerated write-off of deferred financing costs		(2,552,000	)		—			—			—			—
Interest income		6,000			5,000			14,000			35,000			10,000
Equity in (loss) income of unconsolidated joint ventures		(288,000	)		479,000			356,000			296,000			260,000
Gain on sales of land parcels		—			—			—			285,000			—

(Loss) Income before discontinued operations		(4,559,000	)		383,000			(1,227,000	)		(25,932,000	)		4,150,000

(Loss) income from discontinued operations		68,000			(2,925,000	)		(108,000	)		(2,757,000	)		(389,000	)
Gain on sale of discontinued operations		—			(5,000	)		175,000			280,000			—

Total discontinued operations		68,000			(2,930,000	)		67,000			(2,477,000	)		(389,000	)


Net (loss) income		(4,491,000	)		(2,547,000	)		(1,160,000	)		(28,409,000	)		3,761,000

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		194,000			87,000			(475,000	)		(484,000	)		(332,000	)
Limited partners’ interest in consolidated OP		196,000			178,000			114,000			1,138,000			(64,000	)

Total net loss (income) attributable to noncontrolling interests		390,000			265,000			(361,000	)		654,000			(396,000	)


Net (loss) income attributable to Cedar Shopping Centers, Inc.		(4,101,000	)		(2,282,000	)		(1,521,000	)		(27,755,000	)		3,365,000

Preferred distribution requirements		(2,679,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)


Net (loss) income attributable to common shareholders	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000


Per common share (basic and diluted):
Continuing operations	$	(0.10	)	$	(0.02	)	$	(0.06	)	$	(0.54	)	$	0.04
Discontinued operations		—			(0.05	)		—			(0.06	)		(0.01	)

	$	(0.10	)	$	(0.07	)	$	(0.06	)	$	(0.60	)	$	0.03


Weighted average number of common shares outstanding		65,835,000			64,434,000			58,728,000			49,930,000			45,066,000


Net operating income/Revenues		67	%		68	%		64	%		69	%		70	%
Expense recovery percentage (a)		71	%		70	%		72	%		71	%		73	%


(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 $968,000, $860,000, $658,000, $1,162,000 and $1,160,000, 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
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2010			2010			2010			2009			2009
Cash flow from operating activities:
Net (loss) income	$	(4,491,000	)	$	(2,547,000	)	$	(1,160,000	)	$	(28,409,000	)	$	3,761,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash provisions:
Equity in loss (income) of unconsolidated joint ventures		288,000			(479,000	)		(356,000	)		(296,000	)		(260,000	)
Distributions from unconsolidated joint ventures		211,000			428,000			120,000			205,000			200,000
Impairments		155,000			562,000			1,555,000			23,636,000			—
Terminated projects and acquisition transaction costs		53,000			—			1,271,000			419,000			—
Impairment charges — discontinued operations		34,000			2,992,000			248,000			2,837,000			552,000
Gain on sales of real estate		—			5,000			(175,000	)		(565,000	)		—
Straight-line rents receivable		(198,000	)		(637,000	)		(787,000	)		(826,000	)		(872,000	)
Provision for doubtful accounts		966,000			860,000			658,000			1,162,000			1,160,000
Depreciation and amortization		11,891,000			12,373,000			11,380,000			17,437,000			12,797,000
Amortization of intangible lease liabilities		(2,051,000	)		(3,092,000	)		(2,335,000	)		(2,902,000	)		(3,950,000	)
Amortization/market price adjustments relating to stock-based compensation		832,000			21,000			1,215,000			720,000			1,367,000
Amortization of deferred financing costs		1,605,000			1,286,000			1,207,000			1,238,000			946,000
Accelerated write-off of deferred financing costs		2,522,000			—			—			—			—
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		(1,643,000	)		1,023,000			(3,898,000	)		(1,379,000	)		(2,140,000	)
Joint venture settlements		(1,457,000	)		(453,000	)		(1,473,000	)		—			—
Prepaid expenses and other		(8,275,000	)		2,369,000			(1,029,000	)		(450,000	)		(6,227,000	)
Accounts payable and accrued expenses		2,545,000			(1,140,000	)		(2,754,000	)		4,664,000			1,848,000

Net cash provided by operating activities		2,987,000			13,571,000			3,687,000			17,491,000			9,182,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(5,362,000	)		(7,483,000	)		(8,029,000	)		(21,994,000	)		(22,713,000	)
Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer		382,000			19,634,000			11,379,000			32,089,000			—
Net proceeds from sales of real estate		—			—			2,056,000			3,270,000			2,002,000
Investments in and advances to unconsolidated joint ventures		(26,094,000	)		—			(4,302,000	)		—			—
Distributions of capital from unconsolidated joint venture		6,166,000			1,559,000			—			—			—
Construction escrows and other		3,476,000			116,000			1,040,000			684,000			83,000

Net cash (used in) provided by investing activities		(21,432,000	)		13,826,000			2,144,000			14,049,000			(20,628,000	)


Cash flow from financing activities:
Net (repayments)/advances (to)/from revolving credit facilities		(41,395,000	)		(39,250,000	)		(50,594,000	)		(65,794,000	)		2,554,000
Proceeds from mortgage financings		30,000			9,543,000			6,699,000			9,362,000			7,357,000
Mortgage repayments		(2,137,000	)		(5,544,000	)		(10,913,000	)		(2,449,000	)		(2,234,000	)
Termination payments related to interest rate swaps		—			—			(5,476,000	)		—			—
Payments of debt financing costs		(143,000	)		(755,000	)		(243,000	)		(7,150,000	)		(394,000	)
Noncontrolling interests:
Distributions to consolidated joint venture minority interests		(1,526,000	)		(660,000	)		—			(1,793,000	)		(52,000	)
Distributions to limited partners		(173,000	)		(173,000	)		(180,000	)		—			—
Redemption of OP units		(2,349,000	)		(418,000	)		(67,000	)		—			—
Net proceeds from sales of preferred and common stock		72,383,000			5,686,000			60,227,000			40,890,000			—
Exercise of warrant		—			10,000,000			—			—			—
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		(5,928,000	)		(5,846,000	)		(4,696,000	)		—			—

Net cash provided by (used in) financing activities		16,793,000			(29,386,000	)		(7,212,000	)		(23,903,000	)		5,262,000


Net (decrease) increase in cash and cash equivalents		(1,652,000	)		(1,989,000	)		(1,381,000	)		7,637,000			(6,184,000	)
Cash and cash equivalents at beginning of period		13,794,000			15,783,000			17,164,000			9,527,000			15,711,000

Cash and cash equivalents at end of period	$	12,142,000		$	13,794,000		$	15,783,000		$	17,164,000		$	9,527,000

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
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2010			2010			2010			2009			2009
Net (loss) income attributable to the Company’s common shareholders	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000
Add (deduct):
Real estate depreciation and amortization		11,831,000			12,327,000			11,328,000			17,577,000			12,724,000
Noncontrolling interests:
Limited partners’ interest		(196,000	)		(178,000	)		(114,000	)		(1,138,000	)		64,000
Minority interests in consolidated joint ventures		(194,000	)		(87,000	)		475,000			484,000			332,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,340,000	)		(1,686,000	)		(1,691,000	)		(1,656,000	)		(1,661,000	)
Gain on sales of discontinued operations (a)		—			5,000			(175,000	)		(280,000	)		—
Equity in loss (income) of unconsolidated joint ventures		288,000			(479,000	)		(356,000	)		(296,000	)		(260,000	)
FFO from unconsolidated joint ventures		146,000			834,000			586,000			406,000			377,000

Funds From (Used in) Operations (“FFO”)		3,755,000			6,485,000			6,563,000			(14,627,000	)		12,972,000

Add (deduct) the pro rata share of:
Straight-line rents		(150,000	)		(531,000	)		(654,000	)		(712,000	)		(697,000	)
Amortization of intangible lease liabilities		(1,957,000	)		(2,484,000	)		(2,156,000	)		(2,649,000	)		(3,797,000	)
Non-real estate amortization		1,610,000			1,293,000			1,230,000			1,226,000			970,000
Accelerated write-off of deferred financing costs		2,552,000			—			—			—			—
Stock-based compensation charged (credited) to operations		853,000			—			1,215,000			721,000			1,368,000
Impairment charges — discontinued operations (a)		34,000			2,994,000			248,000			2,837,000			552,000
Impairment charges — RioCan, net (b)		155,000			562,000			1,555,000			23,636,000			—
Acquisition transaction costs — unconsolidated joint venture		773,000			—			119,000			—			—
Acquisition transaction costs and terminated projects (c)		2,043,000			2,000			1,320,000			419,000			—

Adjusted Funds From Operations (“AFFO”)		9,668,000			8,321,000			9,440,000			10,851,000			11,368,000

Capital expenditures, tenant improvements, and leasing commissions — second generation (d)		(1,321,000	)		(954,000	)		(631,000	)		(1,526,000	)		(2,320,000	)
Scheduled mortgage repayments — carrying value amounts		(1,983,000	)		(1,836,000	)		(1,926,000	)		(2,091,000	)		(1,934,000	)

Funds Available for Distribution (“FAD”)	$	6,364,000		$	5,544,000		$	6,804,000		$	7,234,000		$	7,114,000


FFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.06		$	0.10		$	0.11		$	(0.28	)	$	0.28


AFFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.14		$	0.13		$	0.15		$	0.21		$	0.24


FAD per common share, assuming OP Unit conversion (basic and diluted):	$	0.09		$	0.08		$	0.11		$	0.14		$	0.15


Weighted average number of common shares outstanding (basic):
Common shares		65,835,000			64,434,000			58,728,000			49,930,000			45,066,000
OP Units		1,892,000			1,945,000			1,986,000			2,006,000			2,014,000

		67,727,000			66,379,000			60,714,000			51,936,000			47,080,000


Weighted average number of common shares outstanding (diluted):
Common shares		65,835,000			64,486,000			58,752,000			49,930,000			45,066,000
OP Units		1,892,000			1,945,000			1,986,000			2,006,000			2,014,000

		67,727,000			66,431,000			60,738,000			51,936,000			47,080,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (e)	$	3,659,000		$	7,005,000		$	3,225,000		$	3,079,000		$	15,647,000

Capitalized interest and financing costs	$	597,000		$	723,000		$	890,000		$	1,290,000		$	1,775,000

Scheduled mortgage repayments — stated contract amounts	$	1,837,000		$	1,739,000		$	1,802,000		$	1,942,000		$	1,784,000

NOI attributable to RioCan properties prior to contribution	$	—		$	558,000		$	1,905,000		$	3,552,000		$	3,145,000


Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	84,831,000		$	105,964,000		$	106,935,000		$	165,864,000		$	183,434,000


(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 September 30, 2010 amount is principally fees paid to the Company’s investment advisor related to the Cedar/RioCan joint venture. The March 2010 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															Nine Months ended Sep 30,
	Sep 30, 2010			Jun 30, 2010			Mar 31, 2010			Dec 31, 2009			Sep 30, 2009			2010			2009
Revenues:
Revenues of managed properties excluding non-cash revenues (a)	$	44,696,000		$	42,188,000		$	44,431,000		$	43,035,000		$	39,891,000		$	131,315,000		$	121,054,000
Less consolidated joint ventures		(4,232,000	)		(4,243,000	)		(4,496,000	)		(4,409,000	)		(4,220,000	)		(12,971,000	)		(12,314,000	)
Less unconsolidated Cedar/RioCan joint venture		(5,204,000	)		(3,849,000	)		(2,373,000	)		(212,000	)		—			(11,426,000	)		—

Cedar share of revenues excluding non-cash items		35,260,000			34,096,000			37,562,000			38,414,000			35,671,000			106,918,000			108,740,000
Pro-rata share straight-line rents		150,000			531,000			654,000			712,000			697,000			1,335,000			1,512,000
Pro-rata share amortization of intangible lease liabilities		1,957,000			2,484,000			2,156,000			2,649,000			3,797,000			6,597,000			10,180,000

Cedar share of total revenues		37,367,000			37,111,000			40,372,000			41,775,000			40,165,000			114,850,000			120,432,000
Revenues attributable to consolidated joint ventures (b)		4,373,000			4,624,000			4,789,000			4,673,000			4,547,000			13,786,000			13,290,000
Less revenues attributable to unconsolidated Cedar/RioCan joint venture (c)		(1,362,000	)		(1,032,000	)		(617,000	)		(56,000	)		—			(3,011,000	)		—

Total — As reported	$	40,378,000		$	40,703,000		$	44,544,000		$	46,392,000		$	44,712,000		$	125,625,000		$	133,722,000


Net Operating Income (“NOI”)
NOI of managed properties excluding non-cash revenues	$	29,817,000		$	27,438,000		$	27,815,000		$	28,573,000		$	26,636,000		$	85,070,000		$	80,414,000
Less consolidated joint ventures		(2,942,000	)		(3,036,000	)		(3,068,000	)		(3,112,000	)		(3,048,000	)		(9,046,000	)		(8,823,000	)
Less unconsolidated Cedar/RioCan joint venture		(3,803,000	)		(2,695,000	)		(1,685,000	)		(152,000	)		—			(8,183,000	)		—

Cedar share of NOI excluding non-cash items		23,072,000			21,707,000			23,062,000			25,309,000			23,588,000			67,841,000			71,591,000
Pro-rata share straight-line rents		150,000			531,000			654,000			712,000			697,000			1,335,000			1,512,000
Pro-rata share amortization of intangible lease liabilities		1,957,000			2,484,000			2,156,000			2,649,000			3,797,000			6,597,000			10,180,000
Stock-based compensation mark-to-market adjustments		(7,000	)		284,000			(221,000	)		(20,000	)		(147,000	)		56,000			232,000

Cedar share of total NOI		25,172,000			25,006,000			25,651,000			28,650,000			27,935,000			75,829,000			83,515,000
NOI attributable to consolidated joint ventures (b)		3,083,000			3,417,000			3,361,000			3,376,000			3,375,000			9,861,000			9,799,000
Less NOI attributable to unconsolidated Cedar/RioCan joint venture (c)		(1,012,000	)		(744,000	)		(445,000	)		(42,000	)		—			(2,201,000	)		—

Total — As reported	$	27,243,000		$	27,679,000		$	28,567,000		$	31,984,000		$	31,310,000		$	83,489,000		$	93,314,000


Net (loss) income — common shareholders
Net income excluding impairments and certain non-cash charges	$	(1,380,000	)	$	(1,643,000	)	$	165,000		$	2,036,000		$	2,419,000		$	(2,859,000	)	$	8,182,000

Accelerated write-off of deferred financing costs		(2,552,000	)		—			—			—			—			(2,552,000	)		—
Acquistion transaction costs, terminated projects and impairments		(3,005,000	)		(3,571,000	)		(3,270,000	)		(26,892,000	)		(552,000	)		(9,846,000	)		(3,906,000	)
Depreciation from demolition for retenanting		—			—			—			(6,074,000	)		—			—			—
Stock-based compensation mark-to-market adjustments		2,000			884,000			(509,000	)		(70,000	)		(517,000	)		377,000			558,000
Limited partners’ interest in above items		155,000			79,000			124,000			1,276,000			46,000			359,000			144,000

		(5,400,000	)		(2,608,000	)		(3,655,000	)		(31,760,000	)		(1,023,000	)		(11,662,000	)		(3,204,000	)

Total — As reported	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	1,396,000		$	(14,521,000	)	$	4,978,000

Per common share/OP unit (basic and diluted):
Net income excluding impairment and certain non-cash charges	$	(0.02	)	$	(0.03	)	$	—		$	0.04		$	0.05		$	(0.05	)	$	0.18
Acquisition transaction costs, impairments and certain non-cash charges		(0.08	)		(0.04	)		(0.06	)		(0.64	)		(0.02	)		(0.18	)		(0.07	)

Total — As reported per share	$	(0.10	)	$	(0.07	)	$	(0.06	)	$	(0.60	)	$	0.03		$	(0.23	)	$	0.11


FFO
FFO before non-cash revenues:
Consolidated properties	$	7,203,000		$	6,004,000		$	5,962,000		$	6,679,000		$	7,529,000		$	19,169,000		$	24,270,000
Cedar/RioCan properties prior to transfer		—			153,000			1,570,000			2,295,000			2,018,000			1,723,000			6,594,000

		7,203,000			6,157,000			7,532,000			8,974,000			9,547,000			20,892,000			30,864,000
Straight-line rents		150,000			531,000			654,000			712,000			697,000			1,335,000			1,512,000
Amortization of intangible lease liabilities		1,957,000			2,484,000			2,156,000			2,649,000			3,797,000			6,597,000			10,180,000

FFO excluding impairments and stock-based compensation mark-to-market adjustments		9,310,000			9,172,000			10,342,000			12,335,000			14,041,000			28,824,000			42,556,000

Accelerated write-off of deferred financing costs		(2,552,000	)		—			—			—			—			(2,552,000	)		—
Stock-based compensation mark-to-market adjustments		2,000			884,000			(509,000	)		(70,000	)		(517,000	)		377,000			558,000
Acquistion transaction costs, terminated projects and impairments		(3,005,000	)		(3,571,000	)		(3,270,000	)		(26,892,000	)		(552,000	)		(9,846,000	)		(3,906,000	)

		(3,003,000	)		(2,687,000	)		(3,779,000	)		(26,962,000	)		(1,069,000	)		(9,469,000	)		(3,348,000	)

Total — As reported	$	3,755,000		$	6,485,000		$	6,563,000		$	(14,627,000	)	$	12,972,000		$	16,803,000		$	39,208,000

Per common share/OP unit (basic and diluted):
FFO excluding impairments and stock-based compensation mark-to-market adjustments	$	0.14		$	0.14		$	0.17		$	0.24		$	0.30		$	0.44		$	0.91
Acquisition transaction costs and impairments and stock-based compensation mark-to-market adjustments		(0.08	)		(0.04	)		(0.06	)		(0.52	)		(0.02	)		(0.18	)		(0.08	)

Total — As reported	$	0.06		$	0.10		$	0.11		$	(0.28	)	$	0.28		$	0.26		$	0.83


Dividends to common shareholders	$	5,928,000		$	5,846,000		$	—		$	4,696,000		$	—		$	11,774,000		$	5,046,000
Per common share	$	0.09		$	0.09		$	—		$	0.09		$	—		$	0.1800		$	0.1125


Weighted average number of common shares outstanding (basic):
Common shares		65,835,000			64,434,000			58,728,000			49,930,000			45,066,000			62,999,000			45,003,000
OP Units		1,892,000			1,945,000			1,986,000			2,006,000			2,014,000			1,941,000			2,016,000

		67,727,000			66,379,000			60,714,000			51,936,000			47,080,000			64,940,000			47,019,000


Weighted average number of common shares outstanding (diluted):
Common shares		65,835,000			64,486,000			58,752,000			49,930,000			45,066,000			63,025,000			45,003,000
OP Units		1,892,000			1,945,000			1,986,000			2,006,000			2,014,000			1,941,000			2,016,000

		67,727,000			66,431,000			60,738,000			51,936,000			47,080,000			64,966,000			47,019,000


End of period number of common shares outstanding:
Common shares		66,035,000			65,104,000			62,911,000			52,139,000			45,084,000			66,035,000			45,084,000
OP Units		1,535,000			1,928,000			1,980,000			2,006,000			2,010,000			1,535,000			2,010,000

		67,570,000			67,032,000			64,891,000			54,145,000			47,094,000			67,570,000			47,094,000

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2010			2010			2010			2009			2009
Market Capitalization (end of period)
Equity
Preferred Stock
Shares		6,400,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	25.76		$	24.90		$	24.39		$	23.96		$	20.40

	$	164,864,000		$	88,395,000		$	86,585,000		$	85,058,000		$	72,420,000

Common Stock
Common shares		66,035,000			65,104,000			62,911,000			52,139,000			45,084,000
OP Units		1,535,000			1,928,000			1,980,000			2,006,000			2,010,000

		67,570,000			67,032,000			64,891,000			54,145,000			47,094,000
Closing market price	$	6.08		$	6.02		$	7.91		$	6.80		$	6.45

	$	410,826,000		$	403,533,000		$	513,287,000		$	368,186,000		$	303,756,000


Sub-total equity	$	575,690,000		$	491,928,000		$	599,872,000		$	453,244,000		$	376,176,000


Debt:
Fixed-rate mortgages		602,608,000			604,718,000			600,942,000			606,108,000			602,624,000
Variable-rate mortgages		83,571,000			83,547,000			83,270,000			82,181,000			78,512,000

		686,179,000			688,265,000			684,212,000			688,289,000			681,136,000
Secured revolving credit facilities		126,446,000			167,841,000			207,091,000			257,685,000			323,479,000

Total outstanding debt — consolidated		812,625,000			856,106,000			891,303,000			945,974,000			1,004,615,000
Plus debt attributable to unconsolidated Cedar/RioCan joint venture properties		45,761,000			18,668,000			45,652,000			94,018,000			94,129,000
Less debt attributable to consolidated minority interests		(115,720,000	)		(115,968,000	)		(116,315,000	)		(116,581,000	)		(116,077,000	)

Pro rata share of outstanding debt		742,666,000			758,806,000			825,308,000			923,411,000			982,667,000

Total	$	1,318,356,000		$	1,250,734,000		$	1,425,180,000		$	1,376,655,000		$	1,358,843,000

Ratio of pro rata share of outstanding debt to total market capitalization		56.3	%		60.7	%		57.9	%		67.1	%		72.3	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	15,534,000		$	17,994,000		$	18,918,000		$	20,717,000		$	23,739,000
Cedar Shopping Centers, Inc. shareholders’ equity		668,168,000			607,739,000			601,245,000			538,456,000			528,184,000

		683,702,000			625,733,000			620,163,000			559,173,000			551,923,000
Pro rata share of total debt, per above		742,666,000			758,806,000			825,308,000			923,411,000			982,667,000

Total financial statement capitalization	$	1,426,368,000		$	1,384,539,000		$	1,445,471,000		$	1,482,584,000		$	1,534,590,000

Ratio of pro rata share of outstanding debt to total financial statement capitalization		52.1	%		54.8	%		57.1	%		62.3	%		64.0	%


Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		3.4	%		3.4	%		3.3	%		3.4	%		3.4	%
Total mortgages		5.5	%		5.5	%		5.5	%		5.6	%		5.6	%
Secured variable-rate revolving credit facilities		3.1	%		4.0	%		4.2	%		4.6	%		1.8	%
Total debt		5.1	%		5.2	%		5.2	%		5.3	%		4.5	%

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
(Loss) income from continuing operations	$	(4,559,000	)	$	383,000		$	(1,227,000	)	$	(25,932,000	)	$	4,150,000
Add back:
Interest expense and amortization of financing costs, net		12,495,000			12,784,000			13,773,000			13,998,000			12,436,000
Accelerated write-off of deferred financing costs		2,552,000			—			—			—			—
Depreciation and amortization		11,854,000			12,326,000			11,305,000			17,126,000			12,473,000
Stock-based compensation mark-to-market adjustments		(2,000	)		(884,000	)		509,000			70,000			517,000
Acqusition transaction costs and terminated projects, net		2,043,000			2,000			1,320,000			419,000			—
Acquisition transaction costs — unconsolidated joint venture		773,000			—			119,000			—			—
Impairment charges		155,000			562,000			1,555,000			23,636,000			—
Gain on sales of land parcels		—			—			—			(285,000	)		—

EDITDA	$	25,311,000		$	25,173,000		$	27,354,000		$	29,032,000		$	29,576,000

Fixed charges:
Interest expense	$	11,338,000		$	12,017,000		$	13,165,000		$	13,843,000		$	12,842,000
Preferred dividend requirements		2,679,000			1,969,000			1,969,000			1,969,000			1,969,000

Fixed charges	$	14,017,000		$	13,986,000		$	15,134,000		$	15,812,000		$	14,811,000

Ratio of EBITDA to fixed charges		1.8	x		1.8	x		1.8	x		1.8	x		2.0	x

Debt to EBITDA
Total debt	$	812,625,000		$	856,106,000		$	891,303,000		$	945,974,000		$	1,004,615,000

EBITDA annualized	$	101,244,000		$	100,692,000		$	109,416,000		$	116,128,000		$	118,304,000
Less: NOI from unconsolidated Cedar/RioCan joint venture properties — annualized		—			(2,232,000	)		(7,620,000	)		(14,208,000	)		(12,580,000	)

EBITDA annualized	$	101,244,000		$	98,460,000		$	101,796,000		$	101,920,000		$	105,724,000

Ratio of debt to EBITDA		8.0	x		8.7	x		8.8	x		9.3	x		9.5	x

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


	Three months ended Sep 30,						Nine nonths ended Sep 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	$	24,805,000		$	25,451,000		$	70,364,000		$	72,251,000
Percentage rents		282,000			366,000			697,000			900,000
Straight-line rents		70,000			478,000			719,000			1,181,000
Amortization of intangible lease liabilities		1,746,000			3,418,000			5,422,000			8,397,000

		26,903,000			29,713,000			77,202,000			82,729,000
Expense recoveries (b)		6,139,000			6,189,000			19,165,000			19,834,000
Other		116,000			100,000			235,000			324,000

Total revenues		33,158,000			36,002,000			96,602,000			102,887,000


Operating expenses (b):
Operating, maintenance and management		5,391,000			5,341,000			17,089,000			16,833,000
Real estate and other property-related taxes		4,122,000			4,098,000			11,799,000			11,758,000

Total expenses		9,513,000			9,439,000			28,888,000			28,591,000


Net operating income (“NOI”)	$	23,645,000		$	26,563,000		$	67,714,000		$	74,296,000


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		21,829,000			22,667,000			61,573,000			64,718,000
Straight-line rents and amortization of intangible lease liabilities		1,816,000			3,896,000			6,141,000			9,578,000

NOI	$	23,645,000		$	26,563,000		$	67,714,000		$	74,296,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	(646,000	)		-2.5	%	$	(1,887,000	)		-2.6	%
Percentage rents		(84,000	)		-23.0	%		(203,000	)		-22.6	%
Straight-line rents		(408,000	)		-85.4	%		(462,000	)		-39.1	%
Amortization of intangible lease liabilities		(1,672,000	)		-48.9	%		(2,975,000	)		-35.4	%

		(2,810,000	)		-9.5	%		(5,527,000	)		-6.7	%
Expense recoveries		(50,000	)		-0.8	%		(669,000	)		-3.4	%
Other		16,000			16.0	%		(89,000	)		-27.5	%

Total revenues		(2,844,000	)		-7.9	%		(6,285,000	)		-6.1	%


Expenses:
Operating, maintenance and management		50,000			0.9	%		256,000			1.5	%
Real estate and other property-related taxes		24,000			0.6	%		41,000			0.3	%

Total expenses		74,000			0.8	%		297,000			1.0	%


Net operating income	$	(2,918,000	)		-11.0	%	$	(6,582,000	)		-8.9	%


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		(838,000	)		-3.7	%		(3,145,000	)		-4.9	%
Straight-line rents and amortization of intangible lease liabilities		(2,080,000	)		-53.4	%		(3,437,000	)		-35.9	%

NOI	$	(2,918,000	)		-11.0	%	$	(6,582,000	)		-8.9	%


Percent occupied at end of period		89.6	%		92.3	%		89.3	%		92.1	%


Expense recovery percentage (a)		74.2	%		75.9	%		73.8	%		77.7	%


(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 $837,000 and $1,008,000, respectively, for the three months ended September 30, 2010 and 2009, and $2,010,000 and $2,358,000 respectively, for the nine months ended September 30, 2010 and 2009.

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


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

Renewals (d) (e)

Number of leases		35			51			54			41			41
Aggregate square feet		348,000			258,000			509,000			339,000			202,000
Average square feet		9,943			5,059			9,426			8,268			4,927
Average expiring base rent psf	$	8.60		$	8.38		$	8.71		$	8.30		$	8.14
Average new base rent psf	$	8.91		$	8.99		$	9.20		$	8.13		$	8.71
% increase (decrease) in base rent		3.6	%		7.3	%		5.6	%		-2.1	%		7.0	%

New leases

Number of leases		31			19			18			15			26
Aggregate square feet		88,000			58,000			69,000			188,000			409,000
Average square feet		2,839			3,053			3,833			12,533			15,731
Average new base rent psf	$	14.74		$	18.19		$	13.13		$	16.66		$	17.24

Terminated leases (f)

Number of leases		12			19			17			21			13
Aggregate square feet		73,000			49,000			175,000			150,000			198,000
Average square feet		6,083			2,579			10,294			7,143			15,231
Average old base rent psf	$	10.76		$	15.32		$	11.42		$	11.44		$	4.02

Occupancy statistics

Operating Properties:
Wholly-owned		91.3	%		91.4	%		91.5	%		92.5	%		92.9	%
Consolidated joint ventures		95.7	%		96.2	%		96.7	%		97.2	%		97.3	%
Real estate to be transferred to joint venture		n/a			n/a			97.9	%		95.6	%		n/a
Managed unconsolidated joint venture		97.1	%		95.5	%		92.6	%		89.7	%		n/a

Total operating properties		93.1	%		92.5	%		92.6	%		93.3	%		93.4	%


Redevelopment and major retenanting properties		72.4	%		72.9	%		72.8	%		75.0	%		79.0	%


Total operating portfolio (g)		90.8	%		90.0	%		90.1	%		91.4	%		91.9	%


(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 September 30, 2010 quarter include two leases comprising 229,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 33 renewal leases was 7.5%.

(e)		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%.

(f)		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.

(g)		Excludes ground-up development properties.

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of Sep 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)		25		1,610,000		11.1	%	$	24,686,000	$	15.33		16.2	%
Stop & Shop (c)		6		391,000		2.7	%		4,285,000		10.96		2.8	%
Farm Fresh (c)		6		364,000		2.5	%		3,909,000		10.74		2.6	%
LA Fitness		6		248,000		1.7	%		3,826,000		15.43		2.5	%
Discount Drug Mart		14		346,000		2.4	%		3,280,000		9.48		2.1	%
Staples		11		219,000		1.5	%		3,271,000		14.94		2.1	%
Shaw’s (c)		4		241,000		1.7	%		2,716,000		11.27		1.8	%
Best Buy		4		128,000		0.9	%		2,407,000		18.80		1.6	%
CVS		10		113,000		0.8	%		2,335,000		20.66		1.5	%
Food Lion (c)		7		243,000		1.7	%		1,921,000		7.91		1.3	%

Sub-total top ten tenants		93		3,903,000		27.0	%		52,636,000		13.49		34.5	%

Remaining tenants		1,208		9,057,000		62.6	%		100,081,000		11.05		65.5	%

Sub-total all tenants (d)		1,301		12,960,000		89.5	%	$	152,717,000	$	11.78		100.0	%


Vacant space (e)		n/a		1,515,000		10.5	%

Total (including vacant space)		1,301		14,475,000		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 $498,000), 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
	Sep 30,		June 30,		Mar 31,		Dec 31,		Sep 30,
State	2010		2010		2010		2009		2009
Pennsylvania	$	19,588,000	$	20,388,000	$	22,592,000	$	23,098,000	$	20,689,000
Connecticut		3,881,000		4,258,000		4,615,000		4,995,000		5,852,000
Massachusetts		3,398,000		3,710,000		4,867,000		6,106,000		5,668,000
Virginia		2,813,000		2,873,000		3,315,000		3,245,000		2,797,000
New Jersey		2,545,000		2,649,000		2,706,000		2,664,000		2,798,000
Maryland		2,473,000		2,630,000		2,469,000		2,174,000		2,697,000
Ohio		2,173,000		2,112,000		2,156,000		2,460,000		2,354,000
New York		1,594,000		1,042,000		1,365,000		1,247,000		1,408,000
Michigan		406,000		439,000		412,000		403,000		449,000

		38,871,000		40,101,000		44,497,000		46,392,000		44,712,000
Parent Company fees (b)		1,507,000		602,000		47,000		—		—

	$	40,378,000	$	40,703,000	$	44,544,000	$	46,392,000	$	44,712,000


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

(b)		Includes acquisition, financing and property management fees from the unconsolidated Cedar/RioCan joint venture.

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of Sep 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		67		163,000		1.3	%	$	1,997,000	$	12.25		1.3	%
2010		47		172,000		1.3	%		1,908,000		11.09		1.2	%
2011		190		800,000		6.2	%		10,393,000		12.99		6.8	%
2012		177		904,000		7.0	%		10,535,000		11.65		6.9	%
2013		151		787,000		6.1	%		9,489,000		12.06		6.2	%
2014		155		1,398,000		10.8	%		13,529,000		9.68		8.9	%
2015		164		1,361,000		10.5	%		14,498,000		10.65		9.5	%
2016		58		859,000		6.6	%		7,737,000		9.01		5.1	%
2017		49		589,000		4.5	%		7,982,000		13.55		5.2	%
2018		45		829,000		6.4	%		10,144,000		12.24		6.6	%
2019		54		849,000		6.6	%		10,690,000		12.59		7.0	%
2020		49		1,086,000		8.4	%		10,950,000		10.08		7.2	%
Thereafter		97		3,163,000		24.4	%		42,865,000		13.55		28.1	%


All tenants (b)		1,301		12,960,000		100.0	%	$	152,717,000	$	11.78		100.0	%


Vacant space (c)		n/a		1,515,000		n/a


Total portfolio (d)		1,301		14,475,000		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 September 30, 2010, the Company had a portfolio of 125 operating properties totaling approximately 14.5 million sq. ft. of GLA, including 93 wholly-owned properties comprising approximately 9.4 million square feet, 13 properties owned in joint venture (consolidated) comprising approximately 1.7 million sq. ft., 15 properties partially-owned in the Cedar/RioCan unconsolidated joint venture comprising approximately 2.7 million sq. ft., and four ground-up developments comprising approximately 0.7 million sq. ft; the portfolio excluding the ground-up developments was approximately 90.8% leased as of September 30, 2010.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of Sep 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/	Acme Markets		55,000	9/30/2016
								2004
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 Sep 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	1/31/2017
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	1995/2010	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 Sep 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	%		64,489	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	9/30/2013
									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 Sep 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	1/31/2014
									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	3/31/2016
									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	1/31/2016
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							8,108,740


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 Sep 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 -	Shoprite		64,017	2/29/2020
								2000	Marshalls		30,354	1/31/2014
									Homegoods		25,432	1/31/2016
									Petsmart		23,500	1/31/2015
									AC Moore		20,932	3/31/2015
San Souci Plaza	MD	2009		40	%		264,134	1985 - 1997/	Shoppers Food Warehouse		61,466	5/31/2020
								2007	Marshalls		27,000	9/30/2017

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

Total Consolidated Joint Ventures							1,369,853


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
Creekview Plaza	PA	2010		20	%		136,423	1999	Genuardi’s		48,966	12/31/2021
									Bed Bath & Beyond		25,000	1/13/2012
Exeter Commons	PA	2010		20	%		361,321	2009/2010	Lowe’s		171,069	10/31/2029
									Giant Foods		81,715	8/31/2029
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	PA	2002		20	%		293,825	1969/2000	K-Mart		102,558	8/31/2016
									Giant Foods		66,935	10/31/2019
									Staples		20,555	11/30/2014
Monroe Marketplace	PA	2010		20	%		328,013	2007/2008	Giant Food Store		76,000	10/31/2028
									Kohl’s Department Store		68,430	1/31/2029
									Dick’s Sporting Goods		51,119	1/31/2019
Montville Commons	CT	2010		20	%		117,916	2006	Stop & Shop		63,000	3/1/2027
New River Valley	VA	2010		20	%		164,663	2007	Best Buy		30,041	1/31/2018
									Ross Stores		30,037	1/31/2019
Pitney Road Plaza	PA	2010		20	%		45,915	2009	Best Buy		45,915	1/31/2020
Shaw’s Plaza	MA	2006		20	%		176,609	1968/1998	Shaw’s		60,748	2/28/2023
									Marshall’s		25,752	1/31/2013
Stop & Shop Plaza	CT	2008		20	%		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
Sunrise Plaza	NJ	2010		20	%		248,160	2007	Home Depot		130,601	1/31/2038
									Kohl’s Department Store		96,171	10/31/2028
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							2,696,722

Total Operating Portfiolio							12,175,315

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Sep 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							13,744,831


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	%		452,304	2009	Giant Foods		78,900	7/31/2029
									LA Fitness		42,000	2/28/2025
									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							730,618

Total Portfolio							14,475,449

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of Sep 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	$	11,299,000	$	13,705,000	$	2,571,000	$	11,134,000			152,727		79.8	%	$	13.06
Annie Land Plaza	VA		100	%		809,000		4,035,000		4,844,000		615,000		4,229,000			42,500		97.2	%		9.18
Camp Hill	PA		100	%		4,424,000		60,930,000		65,354,000		9,232,000		56,122,000			472,432		98.0	%		12.96
Carbondale Plaza	PA		100	%		1,586,000		12,169,000		13,755,000		2,205,000		11,550,000			129,915		85.6	%		6.91
Carll’s Corner	NJ		100	%		2,945,000		15,325,000		18,270,000		1,660,000		16,610,000			129,582		94.5	%		8.67
Carman’s Plaza	NY		100	%		8,421,000		35,304,000		43,725,000		3,783,000		39,942,000			194,481		90.7	%		16.40
Centerville Discount Drug Mart Plaza	OH		100	%		1,219,000		5,472,000		6,691,000		945,000		5,746,000			49,494		66.7	%		10.35
Circle Plaza	PA		100	%		546,000		2,930,000		3,476,000		252,000		3,224,000			92,171		100.0	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,232,000		3,905,000		587,000		3,318,000			34,592		88.4	%		9.48
Coliseum Marketplace	VA		100	%		3,586,000		17,165,000		20,751,000		3,257,000		17,494,000			98,359		78.0	%		16.77
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		299,000		1,474,000			10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		335,000		2,050,000			10,195		100.0	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		289,000		1,893,000			10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		2,502,000		1,106,000		3,608,000		90,000		3,518,000			13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		286,000		1,666,000			10,722		100.0	%		13.00
Dunmore Shopping Center	PA		100	%		565,000		2,245,000		2,810,000		491,000		2,319,000			101,000		66.2	%		3.65
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		790,000		3,712,000			21,180		100.0	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,239,000		7,610,000		992,000		6,618,000			66,250		88.5	%		9.09
Enon Discount Drug Mart Plaza	OH		100	%		1,135,000		4,357,000		5,492,000		659,000		4,833,000			42,876		73.2	%		10.10
Fairfield Plaza	CT		100	%		2,202,000		9,394,000		11,596,000		1,567,000		10,029,000			72,279		95.4	%		13.81
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,735,000		9,110,000			69,579		100.0	%		12.26
Fairview Commons	PA		100	%		858,000		3,568,000		4,426,000		577,000		3,849,000			59,578		66.9	%		6.63
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		140,000		764,000			3,200		100.0	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,312,000		1,576,000		209,000		1,367,000			18,300		100.0	%		6.03
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,765,000		8,503,000		1,034,000		7,469,000			48,992		76.5	%		13.78
General Booth Plaza	VA		100	%		1,935,000		9,580,000		11,515,000		2,024,000		9,491,000			73,320		95.3	%		12.69
Gold Star Plaza	PA		100	%		1,644,000		6,693,000		8,337,000		1,108,000		7,229,000			71,720		84.4	%		9.08
Golden Triangle	PA		100	%		2,320,000		19,463,000		21,783,000		4,089,000		17,694,000			202,943		97.4	%		12.06
Groton Shopping Center	CT		100	%		3,073,000		12,410,000		15,483,000		1,701,000		13,782,000			117,986		97.1	%		10.67
Grove City Discount Drug Mart Plaza	OH		100	%		1,241,000		5,041,000		6,282,000		739,000		5,543,000			40,848		68.2	%		11.20
Halifax Plaza	PA		100	%		1,347,000		6,034,000		7,381,000		1,101,000		6,280,000			51,510		100.0	%		11.94
Hamburg Commons	PA		100	%		1,153,000		9,892,000		11,045,000		1,461,000		9,584,000			99,580		93.5	%		6.13
Hannaford Plaza	MA		100	%		1,874,000		8,843,000		10,717,000		1,332,000		9,385,000			102,459		98.2	%		8.10
Hilliard Discount Drug Mart Plaza	OH		100	%		1,307,000		4,980,000		6,287,000		659,000		5,628,000			40,988		80.3	%		10.52
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		3,095,000		3,881,000		391,000		3,490,000			33,553		89.8	%		9.74
Huntingdon Plaza	PA		100	%		933,000		6,054,000		6,987,000		844,000		6,143,000			147,355		52.8	%		7.12
Jordan Lane	CT		100	%		4,291,000		22,023,000		26,314,000		3,861,000		22,453,000			181,730		97.7	%		10.31
Kempsville Crossing	VA		100	%		2,207,000		11,139,000		13,346,000		2,442,000		10,904,000			94,477		98.7	%		11.00
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		1,012,000		3,271,000			51,894		95.0	%		8.01
Kings Plaza	MA		100	%		2,408,000		12,838,000		15,246,000		1,583,000		13,663,000			168,243		95.2	%		6.02
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		229,000		5,006,000			18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		979,000		6,659,000			41,000		100.0	%		19.90
Lake Raystown Plaza	PA		100	%		2,231,000		13,117,000		15,348,000		2,348,000		13,000,000			145,727		89.3	%		12.26
Liberty Marketplace	PA		100	%		2,695,000		12,863,000		15,558,000		2,013,000		13,545,000			68,200		89.4	%		17.50
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,461,000		4,165,000		713,000		3,452,000			38,576		87.7	%		8.68
Martin’s at Glen Allen	VA		100	%		6,769,000		686,000		7,455,000		275,000		7,180,000			43,000		100.0	%		9.73
Mason Discount Drug Mart Plaza	OH		100	%		1,849,000		7,449,000		9,298,000		979,000		8,319,000			52,896		75.7	%		13.74
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		992,000		3,921,000			46,000		100.0	%		8.50
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,720,000		13,148,000			51,500		100.0	%		21.78
Metro Square	MD		100	%		3,121,000		12,351,000		15,472,000		810,000		14,662,000			71,896		100.0	%		18.50
Newport Plaza	PA		100	%		1,672,000		8,165,000		9,837,000		1,359,000		8,478,000			64,489		100.0	%		10.97
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		533,000		4,708,000			38,700		100.0	%		10.52
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		1,729,000		16,452,000			89,850		100.0	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,324,000		7,935,000		1,293,000		6,642,000			58,224		100.0	%		13.17
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,670,000		4,479,000		675,000		3,804,000			38,623		78.9	%		8.32
Palmyra Shopping Center	PA		100	%		1,488,000		7,086,000		8,574,000		1,418,000		7,156,000			112,108		83.1	%		5.26
Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,966,000		7,271,000		1,105,000		6,166,000			47,810		81.6	%		12.02
Pine Grove Plaza	NJ		100	%		2,010,000		6,591,000		8,601,000		1,234,000		7,367,000			86,089		100.0	%		10.63
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,846,000		7,088,000		1,261,000		5,827,000			50,283		94.4	%		11.49
Port Richmond Village	PA		100	%		2,843,000		12,537,000		15,380,000		2,865,000		12,515,000			154,908		99.4	%		12.82
Price Chopper Plaza	MA		100	%		4,086,000		18,402,000		22,488,000		1,765,000		20,723,000			101,824		88.4	%		11.29
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		326,000		2,136,000			10,125		100.0	%		18.99
River View Plaza I, II and III	PA		100	%		9,718,000		44,241,000		53,959,000		8,467,000		45,492,000			244,225		89.3	%		18.17
Shelby Discount Drug Mart Plaza	OH		100	%		671,000		3,399,000		4,070,000		686,000		3,384,000			36,596		72.7	%		9.08
Shoppes at Salem Run	VA		100	%		1,076,000		4,265,000		5,341,000		589,000		4,752,000			15,100		39.7	%		25.65
Smithfield Plaza	VA		100	%		2,919,000		13,013,000		15,932,000		1,746,000		14,186,000			134,664		96.4	%		9.34

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Sep 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		38,907,000		47,129,000		8,765,000		38,364,000				283,415		82.3	%		13.70
St. James Square	MD		100	%		688,000		4,446,000		5,134,000		940,000		4,194,000				39,903		96.2	%		11.37
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,530,000		10,726,000				77,688		100.0	%		15.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,568,000		7,070,000				67,216		100.0	%		9.40
Swede Square	PA		100	%		2,272,000		10,713,000		12,985,000		2,600,000		10,385,000				98,792		98.0	%		14.30
The Commons	PA		100	%		3,098,000		15,178,000		18,276,000		3,319,000		14,957,000				175,121		90.3	%		10.09
The Point	PA		100	%		2,996,000		23,485,000		26,481,000		5,070,000		21,411,000				250,697		92.6	%		11.42
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,429,000		13,662,000		2,492,000		11,170,000				182,859		88.8	%		6.81
The Shops at Suffolk Downs	MA		100	%		7,580,000		19,622,000		27,202,000		1,859,000		25,343,000				121,829		92.4	%		14.10
Timpany Plaza	MA		100	%		3,370,000		19,573,000		22,943,000		2,282,000		20,661,000				183,775		92.9	%		6.39
Trexler Mall	PA		100	%		6,932,000		33,151,000		40,083,000		5,023,000		35,060,000				339,363		97.8	%		8.62
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,802,000		14,169,000				63,000		100.0	%		17.42
Valley Plaza	MD		100	%		1,950,000		8,527,000		10,477,000		1,533,000		8,944,000				190,939		100.0	%		4.89
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		647,000		4,208,000				9,763		100.0	%		34.56
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,666,000		8,323,000				69,620		100.0	%		11.00
Wal-Mart Center	CT		100	%		—		11,862,000		11,862,000		2,108,000		9,754,000				155,842		98.7	%		6.57
Washington Center Shoppes	NJ		100	%		2,000,000		11,115,000		13,115,000		2,559,000		10,556,000				157,290		94.3	%		8.81
West Bridgewater Plaza	MA		100	%		2,676,000		14,263,000		16,939,000		1,434,000		15,505,000				133,039		90.8	%		9.28
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		4,011,000		5,015,000		538,000		4,477,000				55,775		43.9	%		9.85
Yorktowne Plaza	MD		100	%		5,879,000		25,432,000		31,311,000		3,130,000		28,181,000				158,982		94.5	%		13.59


Total Wholly-Owned Properties						191,266,000		893,373,000		1,084,639,000		147,921,000		936,718,000				8,108,740		91.3	%		11.02


Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		1,658,000		19,731,000				55,000		100.0	%		24.70
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		1,065,000		11,127,000				55,600		94.2	%		16.06
Fieldstone Marketplace	MA		20	%		5,167,000		22,085,000		27,252,000		3,674,000		23,578,000				193,970		100.0	%		11.58
Meadows Marketplace	PA		20	%		1,914,000		11,390,000		13,304,000		1,315,000		11,989,000				91,538		95.8	%		15.08
Parkway Plaza	PA		20	%		4,647,000		19,435,000		24,082,000		2,248,000		21,834,000				106,628		98.0	%		15.22
Pennsboro Commons	PA		20	%		3,608,000		14,297,000		17,905,000		2,463,000		15,442,000				107,384		93.2	%		14.59
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,330,000		13,430,000				67,933		94.1	%		18.12
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,679,000		18,862,000				67,950		100.0	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,758,000		14,456,000		1,767,000		12,689,000				88,677		95.4	%		11.54

						31,866,000		134,015,000		165,881,000		17,199,000		148,682,000				834,680		97.1	%		15.28


PCP Joint Venture:
New London Mall	CT		40	%		8,827,000		31,919,000		40,746,000		2,363,000		38,383,000				257,814		96.6	%		13.46
San Souci Plaza	MD		40	%		13,379,000		21,263,000		34,642,000		2,559,000		32,083,000				264,134		90.3	%		10.20

						22,206,000		53,182,000		75,388,000		4,922,000		70,466,000				521,948		93.4	%		11.86


Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		135,000		2,690,000				13,225		100.0	%		35.01

Total Consolidated Joint Ventures						54,072,000		190,022,000		244,094,000		22,256,000		221,838,000				1,369,853		95.7	%		14.21


Cedar/RioCan Joint Venture:
Blue Mountain Commons	PA		20	%		—		—		—		—		—	$	31,050,000		121,146		90.3	%		26.15
Columbus Crossing	PA		20	%		—		—		—		—		—		25,364,000		142,166		100.0	%		16.18
Creekview Plaza	PA		20	%		—		—		—		—		—		26,164,000		136,423		100.0	%		15.20
Exeter Commons	PA		20	%		—		—		—		—		—		53,057,000		361,321		95.7	%		12.69
Franklin Village Plaza	MA		20	%		—		—		—		—		—		53,809,000		304,277		92.3	%		19.95
Loyal Plaza	PA		20	%		—		—		—		—		—		26,783,000		293,825		99.5	%		8.06
Monroe Marketplace	PA		20	%		—		—		—		—		—		42,866,000		328,013		97.9	%		10.34
Montville Commons	CT		20	%		—		—		—		—		—		18,900,000		117,916		95.3	%		15.41
New River Valley	VA		20	%		—		—		—		—		—		27,570,000		164,663		100.0	%		14.37
Pitney Road Plaza	PA		20	%		—		—		—		—		—		11,056,000		45,915		100.0	%		19.75
Shaw’s Plaza	MA		20	%		—		—		—		—		—		20,419,000		176,609		96.4	%		11.27
Stop & Shop Plaza	CT		20	%		—		—		—		—		—		8,779,000		54,510		100.0	%		15.59
Sunset Crossing	PA		20	%		—		—		—		—		—		9,529,000		74,142		91.9	%		14.40
Sunrise Plaza	NJ		20	%		—		—		—		—		—		26,543,000		248,160		100.0	%		7.74
Town Square Plaza	PA		20	%		—		—		—		—		—		17,436,000		127,636		100.0	%		26.15

Total Cedar/RioCan Joint Venture						—		—		—		—		—		399,325,000		2,696,722		97.1	%		14.09

Total Operating Properties						245,338,000		1,083,395,000		1,328,733,000		170,177,000		1,158,556,000		399,325,000		12,175,315		93.1	%		12.10

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Sep 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		16,988,000		19,843,000		2,681,000		17,162,000				348,574		65.3	%		4.67
Oakhurst Plaza	PA		100	%		4,539,000		18,194,000		22,733,000		2,455,000		20,278,000				107,869		34.8	%		22.36
Shore Mall	NJ		100	%		7,179,000		42,544,000		49,723,000		6,279,000		43,444,000		—		459,098		90.0	%		8.25
The Brickyard	CT		100	%		6,465,000		29,853,000		36,318,000		6,494,000		29,824,000				274,553		60.0	%		8.65
Townfair Center	PA		100	%		3,022,000		19,014,000		22,036,000		2,445,000		19,591,000		—		138,041		88.9	%		6.58
Trexlertown Plaza	PA		100	%		5,262,000		27,618,000		32,880,000		3,049,000		29,831,000		—		241,381		70.9	%		10.66

Total Redevelopment and Major Retenanting Properties						29,322,000		154,211,000		183,533,000		23,403,000		160,130,000		—		1,569,516		72.4	%		8.24


Total Operating Portfolio						274,660,000		1,237,606,000		1,512,266,000		193,580,000		1,318,686,000		399,325,000		13,744,831		90.8	%	$	11.75


Ground-Up Developments:
Crossroads II	PA		60	%		17,671,000		24,816,000		42,487,000		567,000		41,920,000		—		133,618		81.2	%	$	19.90
Heritage Crossing	PA		60	%		5,066,000		6,076,000		11,142,000		197,000		10,945,000		—		59,396		51.9	%		22.94
Northside Commons	PA		100	%		3,379,000		9,942,000		13,321,000		233,000		13,088,000		—		85,300		72.9	%		9.87
Upland Square	PA		60	%		27,454,000		56,966,000		84,420,000		1,367,000		83,053,000		—		452,304		62.9	%		16.16

Total Ground-Up Developments						53,570,000		97,800,000		151,370,000		2,364,000		149,006,000		—		730,618


Total Portfolio						328,230,000		1,335,406,000		1,663,636,000		195,944,000		1,467,692,000		399,325,000		14,475,449


Land for Held For Future Expansion and/or Development:
Columbia Mall	PA		75	%		1,465,000		422,000		1,887,000		—		1,887,000		—		46.21	acres
Halifax Commons	PA		100	%		872,000		352,000		1,224,000		—		1,224,000		—		4.37	acres
Halifax Plaza	PA		100	%		1,503,000		1,221,000		2,724,000		—		2,724,000		—		12.83	acres
Liberty Marketplace	PA		100	%		1,564,000		33,000		1,597,000		—		1,597,000		—		15.51	acres
Oregon Pike	PA		100	%		2,283,000		72,000		2,355,000		—		2,355,000		—		11.20	acres
Shore Mall	NJ		100	%		2,018,000		250,000		2,268,000		—		2,268,000		—		50.00	acres
The Brickyard	CT		100	%		1,183,000		176,000		1,359,000		—		1,359,000		—		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		269,000		1,417,000		—		1,417,000		—		2.10	acres
Wyoming	MI		100	%		360,000		—		360,000		—		360,000		—		12.32	acres
Various projects in progress	N/A		100	%		—		1,190,000		1,190,000		—		1,190,000		—		—	acres

Total Land for Held For Future Expansion and/or Development:						20,485,000		6,262,000		26,747,000		—		26,747,000		—		193.76	acres


Total Carrying Value					$	348,715,000	$	1,341,668,000	$	1,690,383,000	$	195,944,000	$	1,494,439,000	$	399,325,000

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


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30,		Dec 31,		Int.			Sep 30,		Dec 31,
Property	Owned			Date	rate			2010		2009		rate			2010		2009
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013		7.3	%	$	9,197,000	$	9,365,000		7.3	%	$	9,197,000	$	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	%		4,972,000		—		6.4	%		4,972,000		—
Carll’s Corner		100	%	Nov 2012		5.6	%		5,817,000		5,908,000		5.6	%		5,817,000		5,908,000
Carman’s Plaza		100	%	Oct 2016		6.3	%		33,362,000		33,345,000		6.2	%		33,500,000		33,500,000
Centerville Discount Drug Mart		100	%	May 2015		5.2	%		2,756,000		2,795,000		5.2	%		2,756,000		2,795,000
Clyde Discount Drug Mart		100	%	May 2015		5.2	%		1,912,000		1,939,000		5.2	%		1,912,000		1,939,000
Coliseum Marketplace		100	%	Jul 2014		5.2	%		12,036,000		12,228,000		6.1	%		11,684,000		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	%		707,000		775,000		7.1	%		670,000		729,000
CVS at Celina		100	%	Jan 2020		5.2	%		1,349,000		1,429,000		7.5	%		1,232,000		1,295,000
CVS at Erie		100	%	Nov 2018		5.2	%		1,039,000		1,114,000		7.1	%		972,000		1,036,000
CVS at Kinderhook		100	%	Jul 2019		5.3	%		2,442,000		2,480,000		5.3	%		2,442,000		2,480,000
CVS at Portage Trail		100	%	Aug 2017		5.0	%		774,000		843,000		7.8	%		714,000		771,000
East Chestnut		100	%	Apr 2018		7.4	%		1,909,000		1,988,000		5.2	%		1,723,000		1,778,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		3,990,000		4,045,000		5.4	%		3,990,000		4,045,000
Fairfield Plaza		100	%	July 2015		5.0	%		5,034,000		5,106,000		5.0	%		5,034,000		5,106,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,398,000		5,479,000		5.7	%		5,398,000		5,479,000
Gahanna Discount Drug Mart		100	%	Nov 2016		5.8	%		4,943,000		4,998,000		5.8	%		4,943,000		4,998,000
General Booth Plaza		100	%	Aug 2013		5.2	%		5,310,000		5,409,000		6.1	%		5,189,000		5,257,000
Gold Star Plaza		100	%	May 2019		6.0	%		2,270,000		2,417,000		7.3	%		2,169,000		2,300,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,778,000		20,999,000		6.0	%		20,778,000		20,999,000
Groton Shopping Center		100	%	Oct 2015		6.2	%		11,548,000		11,622,000		5.3	%		11,887,000		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	%		4,270,000		—		6.3	%		4,270,000		—
Hamburg Commons		100	%	Oct 2016		6.1	%		5,121,000		5,180,000		6.1	%		5,121,000		5,180,000
Jordan Lane		100	%	Dec 2015		5.5	%		12,917,000		13,080,000		5.5	%		12,917,000		13,080,000
Kempsville Crossing		100	%	Aug 2013		5.2	%		6,004,000		6,122,000		6.1	%		5,869,000		5,950,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,712,000		7,811,000		6.0	%		7,712,000		7,811,000
Kingston Plaza		100	%	Jul 2019		5.3	%		3,145,000		3,194,000		5.3	%		3,145,000		3,194,000
Kingston Plaza		100	%	Jul 2019		5.3	%		525,000		533,000		5.3	%		525,000		533,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,698,000		5,790,000		5.4	%		5,698,000		5,790,000
Liberty Marketplace		100	%	Jul 2014		5.2	%		9,178,000		9,373,000		6.1	%		8,913,000		9,052,000
Lodi Discount Drug Mart		100	%	May 2015		5.2	%		2,330,000		2,363,000		5.2	%		2,330,000		2,363,000
McCormick Place		100	%	Aug 2017		6.1	%		2,595,000		2,621,000		6.1	%		2,595,000		2,621,000
Mechanicsburg Giant		100	%	Nov 2014		5.2	%		9,452,000		9,667,000		5.5	%		9,340,000		9,533,000
Metro Square		100	%	Nov 2029		7.5	%		9,015,000		9,162,000		7.5	%		9,015,000		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	%		5,611,000		—		6.0	%		5,611,000		—
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,420,000		3,459,000		5.5	%		3,420,000		3,459,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,857,000		4,918,000		5.5	%		4,857,000		4,918,000
Ontario Discount Drug Mart		100	%	May 2015		5.2	%		2,152,000		2,181,000		5.2	%		2,152,000		2,181,000
Pickerington Discount Drug Mart		100	%	Jul 2015		5.0	%		4,092,000		4,150,000		5.0	%		4,092,000		4,150,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,716,000		5,797,000		5.0	%		5,716,000		5,797,000
Polaris Discount Drug Mart		100	%	May 2015		5.2	%		4,390,000		4,451,000		5.2	%		4,390,000		4,451,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,495,000		14,683,000		6.5	%		14,495,000		14,683,000
Rite Aid at Massillon		100	%	Jan 2020		5.0	%		1,356,000		1,437,000		7.7	%		1,222,000		1,283,000
Shelby Discount Drug Mart Plaza		100	%	May 2015		5.2	%		2,151,000		2,181,000		5.2	%		2,151,000		2,181,000
Shore Mall		100	%	Dec 2024		8.0	%		229,000		243,000		8.0	%		151,000		157,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,408,000		3,467,000		6.1	%		3,330,000		3,368,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,893,000		6,938,000		6.2	%		6,997,000		7,057,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,521,000		4,617,000		6.1	%		4,419,000		4,488,000
The Point		100	%	Sep 2012		7.6	%		16,933,000		17,298,000		7.6	%		16,933,000		17,298,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,238,000		8,377,000		6.1	%		8,104,000		8,211,000
Trexler Mall		100	%	May 2014		5.4	%		21,204,000		21,526,000		5.5	%		21,096,000		21,395,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,811,000		4,904,000		6.1	%		4,702,000		4,766,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		423,000		444,000		8.0	%		372,000		387,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,717,000		5,795,000		5.1	%		5,717,000		5,795,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,483,000		8,575,000		5.9	%		8,483,000		8,575,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,804,000		10,885,000		6.2	%		10,880,000		10,970,000

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


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30,		Dec 31,		Int.			Sep 30,		Dec 31,
Property	Owned			Date	rate			2010		2009		rate			2010		2009

Westlake Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%		3,178,000		3,215,000		5.6	%		3,178,000		3,215,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		20,162,000		20,418,000		6.0	%		20,182,000		20,441,000
Various land parcels		100	%	Jul 2010		5.5	%		—		3,000,000		5.5	%		—		3,000,000

									443,749,000		446,126,000					442,079,000		444,078,000


Homburg Joint Venture:
Aston Center		20	%	Nov 2015		5.5	%		12,623,000		12,802,000		5.9	%		12,409,000		12,556,000
Ayr Town Center		20	%	Jun 2015		5.5	%		7,127,000		7,225,000		5.6	%		7,087,000		7,178,000
Fieldstone Marketplace		20	%	Jul 2014		5.4	%		18,375,000		18,647,000		6.0	%		18,013,000		18,210,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,214,000		10,333,000		5.6	%		10,214,000		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	%		10,815,000		10,949,000		5.5	%		10,815,000		10,949,000
Scott Town Center		20	%	Aug 2015		5.5	%		8,572,000		8,669,000		4.9	%		8,740,000		8,865,000
Spring Meadow Shoppping Center		20	%	Nov 2014		5.5	%		12,507,000		12,698,000		5.9	%		12,334,000		12,493,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000

									103,233,000		104,323,000					102,612,000		103,584,000
PCP Joint Venture:
New London Mall		40	%	Apr 2015		6.1	%		26,011,000		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

									53,211,000		53,209,000					54,565,000		54,565,000
Other:
CVS at Naugatuck		50	%	Nov 2019		5.3	%		2,415,000		2,450,000		5.3	%		2,415,000		2,450,000

Total Consolidated Joint Ventures									158,859,000		159,982,000					159,592,000		160,599,000

Total fixed-rate mortgages				5.4 years		5.8	%		602,608,000		606,108,000					601,671,000		604,677,000

				[weighted average]
Variable-rate mortgages:
Shore Mall		100	%	Sep 2011		5.9	%		20,994,000		21,000,000
Upland Square		60	%	Sep 2011		2.5	%		62,577,000		61,181,000

Total variable-rate mortgages				1.2 years		3.4	%		83,571,000		82,181,000

				[weighted average]
Total mortgages				4.9 years		5.5	%		686,179,000		688,289,000

				[weighted average]
Secured revolving credit facilties:
Stabilized property facility		100	%	Jan 2012		5.5	%		23,535,000		187,985,000
Development property facility ^(a)		100	%	Jun 2011		2.5	%		102,911,000		69,700,000

				1.3 years		3.1	%		126,446,000		257,685,000

				[weighted average]
Total debt				4.2 years		5.1	%	$	812,625,000	$	945,974,000

				[weighted average]
Pro rata share of consolidated debt								$	696,905,000	$	829,393,000


Mortgage loans payable — Cedar/RioCan joint venture:
Blue Mountain Commons		20	%	Jul 2015		5.0	%	$	17,711,000	$	—
Columbus Crossing		20	%	Jun 2014		6.8	%		16,907,000		16,880,000
Creekview Plaza		20	%	Oct 2015		4.8	%		14,432,000		—
Exeter Commons		20	%	Aug 2020		5.3	%		29,966,000		—
Franklin Village		20	%	Nov 2011		4.8	%		42,845,000		43,500,000
Loyal Plaza		20	%	Jun 2011		7.2	%		12,447,000		12,615,000
Monroe Marketplace		20	%	Oct 2015		4.8	%		23,095,000		—
New River Valley		20	%	Oct 2015		4.8	%		15,163,000		—
Pitney Road Valley		20	%	Oct 2015		4.8	%		6,080,000		—
Shaw’s Plaza		20	%	Mar 2014		6.0	%		14,200,000		14,023,000
Stop & Shop Plaza		20	%	Apr 2017		6.2	%		7,020,000		7,000,000
Sunset Crossing		20	%	Jul 2015		5.0	%		4,247,000		—
Sunrise Plaza		20	%	Oct 2015		4.8	%		13,728,000		—
Town Square Plaza		20	%	Jul 2015		5.0	%		10,963,000		—

Total mortgages loans payable — Cedar/RioCan joint venture								$	228,804,000	$	94,018,000


Pro rata share of total debt (managed properties)								$	742,666,000	$	848,197,000


Mortgage loans payable — discontinued operations:

Carrollton Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%	$	—	$	2,343,000
Long Reach Village		100	%	Mar 2014		5.7	%		4,626,000		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								$	4,626,000	$	12,455,000

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


Consolidated Properties
Maturity	Pro rata share of				Pro rata share of					Secured
schedule	Scheduled Amortization				Ballon Payments					revolving
by year	Company		JV Partners		Company			JV Partners		credit facilities ^(a)		Total

2010	$	1,865,000	$	180,000	$	—		$	—	$	—	$	2,045,000
2011		7,958,000		1,102,000		83,577,000	(b)		—		102,911,000		195,548,000
2012		8,922,000		1,268,000		29,638,000			—		23,535,000		63,363,000
2013		8,000,000		1,462,000		54,945,000			—		—		64,407,000
2014		6,467,000		1,334,000		89,422,000			22,571,000		—		119,794,000
2015		4,812,000		957,000		83,807,000			36,783,000		—		126,359,000
2016		3,748,000		486,000		80,657,000			31,275,000		—		116,166,000
2017		2,261,000		151,000		67,072,000			17,184,000		—		86,668,000
2018		1,643,000		41,000		18,972,000			—		—		20,656,000
2019		1,210,000		34,000		5,630,000			892,000		—		7,766,000
Thereafter		6,042,000		—		3,811,000			—		—		9,853,000

	$	52,928,000	$	7,015,000	$	517,531,000		$	108,705,000	$	126,446,000	$	812,625,000


Cedar/RioCan Joint Venture
Maturity	Pro rata share of				Pro rata share of				Secured
schedule	Scheduled Amortization				Ballon Payments				revolving
by year	Company		JV Partner		Company		JV Partner		credit facilities ^(a)		Total

2010	$	93,000	$	377,000	$	—	$	—	$	—	$	470,000
2011		399,000		1,598,000		11,157,000		44,629,000		—		57,783,000
2012		512,000		2,049,000		—		—		—		2,561,000
2013		542,000		2,166,000		—		—		—		2,708,000
2014		522,000		2,086,000		5,941,000		23,763,000		—		32,312,000
2015		386,000		1,545,000		19,411,000		77,642,000		—		98,984,000
2016		134,000		537,000		—		—		—		671,000
2017		124,000		494,000		1,271,000		5,085,000		—		6,974,000
2018		124,000		494,000		—		—		—		618,000
2019		130,000		521,000		—		—		—		651,000
Thereafter		79,000		317,000		4,936,000		19,740,000		—		25,072,000

	$	3,045,000	$	12,184,000	$	42,716,000	$	170,859,000	$	—	$	228,804,000


Total Consolidated and Unconsolidated (Managed Properties)
Maturity	Pro rata share of				Pro rata share of					Secured
schedule	Scheduled Amortization				Ballon Payments					revolving
by year	Company		JV Partners		Company			JV Partners		credit facilities ^(a)		Total

2010	$	1,958,000	$	557,000	$	—		$	—	$	—	$	2,515,000
2011		8,357,000		2,700,000		94,734,000	(b)		44,629,000		102,911,000		253,331,000
2012		9,434,000		3,317,000		29,638,000			—		23,535,000		65,924,000
2013		8,542,000		3,628,000		54,945,000			—		—		67,115,000
2014		6,989,000		3,420,000		95,363,000			46,334,000		—		152,106,000
2015		5,198,000		2,502,000		103,218,000			114,425,000		—		225,343,000
2016		3,882,000		1,023,000		80,657,000			31,275,000		—		116,837,000
2017		2,385,000		645,000		68,343,000			22,269,000		—		93,642,000
2018		1,767,000		535,000		18,972,000			—		—		21,274,000
2019		1,340,000		555,000		5,630,000			892,000		—		8,417,000
Thereafter		6,121,000		317,000		8,747,000			19,740,000		—		34,925,000

	$	55,973,000	$	19,199,000	$	560,247,000		$	279,564,000	$	126,446,000	$	1,041,429,000


(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 $62,577,000 of property-specific construction financing due in September 2011 as to which the Company has a one-year extension option.

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
Consolidated				As of Sep 30, 2010
Homburg		80	%	$	148,684,767	$	(103,231,740	)	$	7,111,145		$	51,499,952		$	1,064,220	$	52,564,172
PCP (c)		60	%		70,465,928		(53,210,898	)		(2,573,649	)		8,764,044			5,917,336		14,681,381
WP Realty (d )		25	%		19,049,571		—			(648,275	)		3,938,288			14,463,008		18,401,296
Fameco I (e)		40	%		83,052,603		(62,576,677	)		5,304,809			1,048,000			24,732,734		25,780,734
Fameco II (f)		40	%		41,920,446		—			(6,473,275	)		—			35,447,172		35,447,172
Hirshland (g)		40	%		10,944,986		—			2,335,041			(81,472	)		13,361,499		13,280,028
Other		50	%		2,690,626		(2,415,273	)		241,353			68,578			448,128		516,706

				$	376,808,927	$	(221,434,588	)	$	5,297,150		$	65,237,391		$	95,434,097	$	160,671,489


Unconsolidated
Cedar/RioCan (h)		80	%	$	399,325,143	$	(228,805,858	)		9,909,439		$	142,244,640		$	38,184,084	$	180,428,724


Consolidated				As of Jun 30, 2010
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


Consolidated				As of March 31, 2010
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


Consolidated				As of December 31, 2009
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


Consolidated				As of September 30, 2009
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

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

Income Statement Information


				Property-level operations
	Partners’					Operating		Cedar		Net Operat-			Depreciation/		Non-op		Net income			Share of property net income (loss) (a)
	percent			Revenues		expenses		mgt. Fees		ing income			amortization		inc/exp (i)		(loss)			Partners			Cedar (b)
Consolidated				Three months ended Sep 30, 2010
Homburg		80	%	$	3,857,958	$	805,741	$	139,931	$	2,912,286		$	1,137,983	$	1,490,483	$	283,820		$	226,795		$	57,025
PCP (c)		60	%		1,866,162		613,239		52,429		1,200,493			958,427		890,310		(648,244	)		(388,947	)		(259,297	)
WP Realty (d )		25	%		430,269		424,272		—		5,997			136,894		—		(130,896	)		(36,815	)		(94,082	)
Fameco I (e)		40	%		1,482,813		373,207		34,520		1,075,086			387,270		335,013		352,803			—			352,803
Fameco II (f)		40	%		621,225		127,034		—		494,191			167,278		—		326,913			—			326,913
Hirshland (g)		40	%		205,432		46,757		—		158,675			39,208		—		119,467			—			119,467
Other		50	%		118,860		51,679		3,606		63,574			17,656		33,215		12,703			5,355			7,348

				$	8,582,719	$	2,441,929	$	230,487	$	5,910,303		$	2,844,715	$	2,749,021	$	316,566		$	(193,611	)	$	510,177


Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	6,811,918	$	1,522,620		227,747	$	5,061,551		$	1,665,214		6,205,352	$	(2,809,016	)	$	(2,243,228	)	$	(565,788	)


Consolidated				Three months ended June 30, 2010
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		1,414,724	$	1,020,592		$	827,137		$	193,455


Consolidated				Three months ended March 31, 2010
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


Consolidated				Three months ended December 31, 2009
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


Consolidated				Three months ended September 30, 2009
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		—		294,991			—			294,991
Hirshland (g)		40	%		81,392		31,395		—		49,997			11,826		—		38,171			—			38,171
Other		50	%		115,760		52,245		3,266		60,249			17,651		—		42,598			21,299			21,299

				$	8,851,580	$	2,276,522	$	222,688	$	6,352,370		$	2,464,648	$	2,364,503	$	1,523,219		$	332,210		$	1,191,009

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
Consolidated				Three months ended Sep 30, 2010									Three months ended Sep 30, 2010
Homburg		80	%	$	1,137,442		$	284,361		$	1,421,803		$	2,329,829		$	582,457		$	2,912,286
PCP (c)		60	%		186,110			124,073			310,183			720,296			480,197			1,200,493
WP Realty (d )		25	%		1,499			4,498			5,997			1,499			4,498			5,997
Fameco I (e)		40	%		—			537,180			537,180			—			1,075,086			1,075,086
Fameco II (f)		40	%		—			494,191			494,191			—			494,191			494,191
Hirshland (g)		40	%		—			161,435			161,435			—			158,675			158,675
Other		50	%		15,180			15,180			30,359			31,787			31,787			63,574

				$	1,340,231		$	1,620,918		$	2,961,149		$	3,083,411		$	2,826,892		$	5,910,303


Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	(686,281	)	$	(228,760	)	$	(915,041	)	$	4,049,241		$	1,012,310		$	5,061,551


Consolidated				Three months ended June 30, 2010									Three months ended June 30, 2010
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


Consolidated				Three months ended March 31, 2010									Three months ended March 31, 2010
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


Consolidated				Three months ended December 31, 2009									Three months ended December 31, 2009
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


Consolidated				Three months ended September 30, 2009									Three months ended September 30, 2009
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

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, amortization of financing costs and acquisition transaction costs. With respect to the Cedar/RioCan joint venture, acquisition transaction costs were $3.9 million and $0.6 million for the quarters ended September 30, 2010 and March 31, 2010, respectively. The amount for the September 30, 2010 quarter includes $1.1 million payable to the Company.


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


Notes:

(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)		Partners’ 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.