Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 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, 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 December 31, 2010, the Company owned a 97.9% 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.

During the three months ended December 31, 2010, the Company treated 17 properties as “held for sale” (including a number of its drug store/convenience centers). These properties aggregated approximately 1.1 million square feet of GLA. For all periods presented, the carrying values of the properties’ assets and liabilities, principally the net book value of their real estate and mortgage loan payable, have been classified as “held for sale” on the balance sheets, and the properties’ results of operations have been classified as “discontinued operations”.

During the preparation of the statement of cash flows, the Company determined that, for the quarter ended September 30, 2010, activity for certain construction escrows had been classified as cash flows from operating activities instead of cash flows from investing activities. The statement of cash flows for the three months ended September 30, 2010 has been reclassified to reflect this change and, accordingly, cash flows from operating activities is now $6,564,000 instead of $2,987,000, and cash flows from investing activities is now $(25,009,000) instead of $(21,432,000).

Use of Non-GAAP Financial Measures — Funds (Used In) From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available for Distribution (“FAD”), and Earnings Before Interest, 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 from one company to another excludes some, but not all, items that affect net income, the computations of EBITDA may vary from one company to another.

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2010			2010			2010			2010			2009
Assets:
Real estate:
Land	$	328,831,000		$	326,247,000		$	327,242,000		$	330,653,000		$	333,898,000
Buildings and improvements		1,262,479,000			1,246,808,000			1,241,624,000			1,230,533,000			1,221,740,000

		1,591,310,000			1,573,055,000			1,568,866,000			1,561,186,000			1,555,638,000
Less accumulated depreciation		(189,461,000	)		(180,517,000	)		(170,235,000	)		(160,529,000	)		(151,144,000	)

Real estate, net		1,401,849,000			1,392,538,000			1,398,631,000			1,400,657,000			1,404,494,000

Real estate to be transferred to a joint venture		—			—			—			60,203,000			139,743,000
Real estate held for sale — discontinued operations		69,959,000			112,371,000			113,016,000			116,772,000			127,849,000
Investment in unconsolidated joint ventures		52,466,000			44,029,000			27,066,000			23,655,000			14,113,000

Cash and cash equivalents		14,166,000			12,142,000			13,794,000			15,783,000			17,164,000
Restricted cash		14,545,000			11,617,000			12,828,000			13,061,000			14,075,000
Receivables:
Rents and other tenant receivables, net		7,048,000			9,485,000			8,814,000			10,663,000			7,423,000
Straight-line rents		15,674,000			15,497,000			15,318,000			14,840,000			14,044,000
Joint venture settlements and other receivables		8,599,000			9,533,000			6,146,000			7,330,000			2,322,000
Other assets		9,676,000			11,819,000			7,271,000			7,709,000			9,316,000
Deferred charges, net:
Lease origination costs		16,117,000			15,909,000			16,362,000			16,443,000			16,295,000
Financing costs		10,837,000			10,876,000			15,101,000			15,622,000			16,573,000
Other		1,551,000			1,288,000			1,405,000			1,222,000			1,707,000

Total assets	$	1,622,487,000		$	1,647,104,000		$	1,635,752,000		$	1,703,960,000		$	1,785,118,000


Liabilities and equity:
Mortgage loans payable	$	674,730,000		$	653,240,000		$	655,181,000		$	650,985,000		$	654,911,000
Mortgage loans payable — real estate to be transferred to a joint venture		—			—			—			33,590,000			94,018,000
Mortgage loans payable — real estate held for sale — discontinued operations		32,786,000			37,565,000			37,731,000			37,895,000			45,833,000
Secured revolving credit facilities		132,597,000			126,446,000			167,841,000			207,091,000			257,685,000
Accounts payable and accrued expenses		17,811,000			20,066,000			20,654,000			18,531,000			21,609,000
Dividends payable		—			—			—			—			4,696,000
Standby equity advance not settled		—			—			—			—			5,000,000
Tenant prepayments and security deposits		9,573,000			8,343,000			6,986,000			7,679,000			9,645,000
Accrued interest rate swap liabilities		1,642,000			1,926,000			1,789,000			1,587,000			5,952,000
Unamortized intangible lease liabilities		46,487,000			47,865,000			50,064,000			51,875,000			52,058,000
Liabilities — real estate held for sale and real estate to be transferred to a joint venture		1,337,000			2,714,000			2,816,000			6,860,000			7,309,000

Total liabilities		916,963,000			898,165,000			943,062,000			1,016,093,000			1,158,716,000


Limited partners’ interest in Operating Partnership		7,053,000			8,473,000			10,888,000			11,610,000			12,638,000

Equity:
Preferred stock		158,575,000			158,575,000			88,750,000			88,750,000			88,750,000
Common stock		3,991,000			3,962,000			3,906,000			3,774,000			3,128,000
Treasury stock		(10,367,000	)		(10,419,000	)		(10,521,000	)		(10,629,000	)		(9,688,000	)
Additional paid-in capital		712,548,000			708,310,000			705,314,000			688,870,000			621,299,000
Cumulative distributions in excess of net income		(231,275,000	)		(188,336,000	)		(175,628,000	)		(165,531,000	)		(162,041,000	)
Accumulated other comprehensive loss		(3,406,000	)		(3,924,000	)		(4,082,000	)		(3,989,000	)		(2,992,000	)

		630,066,000			668,168,000			607,739,000			601,245,000			538,456,000
Minority interest in consolidated joint ventures		62,050,000			65,237,000			66,957,000			67,704,000			67,229,000
Limited partners’ interest in Operating Partnship		6,355,000			7,061,000			7,106,000			7,308,000			8,079,000

Noncontrolling interests		68,405,000			72,298,000			74,063,000			75,012,000			75,308,000

Total equity		698,471,000			740,466,000			681,802,000			676,257,000			613,764,000

Total liabilities and equity	$	1,622,487,000		$	1,647,104,000		$	1,635,752,000		$	1,703,960,000		$	1,785,118,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations


	Three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2010			2010			2010			2010			2009
Revenues:
Rents:
Base rents	$	27,997,000		$	27,106,000		$	27,695,000		$	29,125,000		$	30,600,000
Percentage rents		477,000			298,000			212,000			217,000			374,000
Straight-line rents		207,000			168,000			608,000			773,000			835,000
Amortization of intangible lease liabilities		1,565,000			1,897,000			2,596,000			2,264,000			2,696,000

		30,246,000			29,469,000			31,111,000			32,379,000			34,505,000
Expense recoveries		7,101,000			6,742,000			6,763,000			9,486,000			8,142,000
Other		1,883,000			1,604,000			283,000			97,000			950,000

		39,230,000			37,815,000			38,157,000			41,962,000			43,597,000

Expenses:
Operating, maintenance and management		8,374,000			7,112,000			6,849,000			9,493,000			8,041,000
Real estate and other property- related taxes		4,807,000			4,859,000			4,882,000			4,931,000			4,827,000

		13,181,000			11,971,000			11,731,000			14,424,000			12,868,000


Net operating income		26,049,000			25,844,000			26,426,000			27,538,000			30,729,000

Other income (expense):
General and administrative		(2,799,000	)		(2,421,000	)		(2,106,000	)		(2,211,000	)		(3,353,000	)
Acquisition transaction costs and terminated projects, net		(888,000	)		(2,043,000	)		(2,000	)		(1,320,000	)		(419,000	)
Impairment charges		(221,000	)		(155,000	)		(562,000	)		(1,555,000	)		(23,636,000	)
Depreciation and amortization		(9,747,000	)		(11,052,000	)		(11,277,000	)		(10,202,000	)		(16,030,000	)
Interest expense		(10,885,000	)		(10,894,000	)		(11,576,000	)		(12,726,000	)		(13,393,000	)
Amortization of deferred financing and other costs		(1,453,000	)		(1,743,000	)		(1,479,000	)		(1,487,000	)		(1,434,000	)
Capitalization of interest expense and financing costs		331,000			597,000			723,000			890,000			1,290,000
Accelerated write-off of deferred financing costs		—			(2,552,000	)		—			—			—
Interest income		13,000			6,000			5,000			14,000			35,000
Equity in (loss) income of unconsolidated joint ventures		(63,000	)		(288,000	)		479,000			356,000			296,000
Gain on sales of land parcels		—			—			—			—			285,000

(Loss) Income before discontinued operations		337,000			(4,701,000	)		631,000			(703,000	)		(25,630,000	)

(Loss) income from discontinued operations — operating results		(70,000	)		244,000			(179,000	)		(384,000	)		(3,059,000	)
Loss from discontinued operations — impairment charges		(36,253,000	)		(34,000	)		(2,994,000	)		(248,000	)
Gain on sale of discontinued operations		—			—			(5,000	)		175,000			280,000

Total discontinued operations		(36,323,000	)		210,000			(3,178,000	)		(457,000	)		(2,779,000	)


Net (loss) income		(35,986,000	)		(4,491,000	)		(2,547,000	)		(1,160,000	)		(28,409,000	)

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		1,807,000			194,000			87,000			(475,000	)		(484,000	)
Limited partners’ interest in consolidated OP		794,000			196,000			178,000			114,000			1,138,000

Total net loss (income) attributable to noncontrolling interests		2,601,000			390,000			265,000			(361,000	)		654,000


Net (loss) income attributable to Cedar Shopping Centers, Inc.		(33,385,000	)		(4,101,000	)		(2,282,000	)		(1,521,000	)		(27,755,000	)

Preferred distribution requirements		(3,579,000	)		(2,679,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)


Net (loss) income attributable to common shareholders	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)


Per common share (basic and diluted):
Continuing operations	$	(0.01	)	$	(0.10	)	$	(0.02	)	$	(0.05	)	$	(0.54	)
Discontinued operations		(0.55	)		—			(0.05	)		(0.01	)		(0.06	)

	$	(0.56	)	$	(0.10	)	$	(0.07	)	$	(0.06	)	$	(0.60	)


Weighted average number of common shares outstanding		66,374,000			65,835,000			64,434,000			58,728,000			49,930,000


Net operating income/Revenues		66	%		68	%		69	%		66	%		70	%
Expense recovery percentage (a)		72	%		72	%		71	%		73	%		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 $1,315,000, $886,000, $583,000, $487,000 and $712,000, 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
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2010			2010 (a)			2010			2010			2009
Cash flow from operating activities:
Net (loss) income	$	(35,986,000	)	$	(4,491,000	)	$	(2,547,000	)	$	(1,160,000	)	$	(28,409,000	)
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash provisions:
Equity in loss (income) of unconsolidated joint ventures		63,000			288,000			(479,000	)		(356,000	)		(296,000	)
Distributions from unconsolidated joint ventures		60,000			211,000			428,000			120,000			205,000
Impairments		199,000			177,000			562,000			1,555,000			23,636,000
Terminated projects and acquisition transaction costs		—			31,000			—			1,271,000			419,000
Impairment charges — discontinued operations		36,253,000			34,000			2,992,000			248,000			2,837,000
Gain on sales of real estate		—			—			5,000			(175,000	)		(565,000	)
Straight-line rents receivable		(232,000	)		(198,000	)		(637,000	)		(787,000	)		(826,000	)
Provision for doubtful accounts		1,468,000			966,000			860,000			658,000			1,162,000
Depreciation and amortization		10,820,000			11,891,000			12,373,000			11,380,000			17,437,000
Amortization of intangible lease liabilities		(1,676,000	)		(2,051,000	)		(3,092,000	)		(2,335,000	)		(2,902,000	)
Amortization/market price adjustments relating to stock-based compensation		911,000			832,000			21,000			1,215,000			720,000
Amortization of deferred financing costs		1,489,000			1,605,000			1,286,000			1,207,000			1,238,000
Accelerated write-off of deferred financing costs		—			2,522,000			—			—			—
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		952,000			(1,643,000	)		1,023,000			(3,898,000	)		(1,379,000	)
Joint venture settlements		2,388,000			(1,457,000	)		(453,000	)		(1,473,000	)		—
Prepaid expenses and other		1,329,000			(4,698,000	)		2,369,000			(1,029,000	)		(450,000	)
Accounts payable and accrued expenses		(158,000	)		2,545,000			(1,140,000	)		(2,754,000	)		4,664,000

Net cash provided by operating activities		17,880,000			6,564,000			13,571,000			3,687,000			17,491,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(9,281,000	)		(5,362,000	)		(7,483,000	)		(8,029,000	)		(21,994,000	)
Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer		—			—			19,634,000			11,379,000			32,089,000
Net proceeds from sales of real estate		605,000			—			—			2,056,000			3,270,000
Investments in and advances to unconsolidated joint ventures		(21,427,000	)		(25,712,000	)		—			(4,302,000	)		—
Distributions of capital from unconsolidated joint venture		13,777,000			6,166,000			1,559,000			—			—
Increase in other receivables		(2,563,000	)		—			—			—			—
Construction escrows and other		(1,906,000	)		(101,000	)		116,000			1,040,000			684,000

Net cash (used in) provided by investing activities		(20,795,000	)		(25,009,000	)		13,826,000			2,144,000			14,049,000


Cash flow from financing activities:
Net (repayments)/advances (to)/from revolving credit facilities		6,151,000			(41,395,000	)		(39,250,000	)		(50,594,000	)		(65,794,000	)
Proceeds from mortgage financings		10,712,000			30,000			9,543,000			6,699,000			9,362,000
Mortgage repayments		(2,350,000	)		(2,137,000	)		(5,544,000	)		(10,913,000	)		(2,449,000	)
Termination payments related to interest rate swaps		—			—			—			(5,476,000	)		—
Payments of debt financing costs		(884,000	)		(143,000	)		(755,000	)		(243,000	)		(7,150,000	)
Noncontrolling interests:
Distributions to consolidated joint venture minority interests		(1,380,000	)		(1,526,000	)		(660,000	)		—			(1,793,000	)
Distributions to limited partners		(128,000	)		(173,000	)		(173,000	)		(180,000	)		—
Redemption of OP units		(609,000	)		(2,349,000	)		(418,000	)		(67,000	)		—
Net proceeds from sales of preferred and common stock		2,952,000			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		(3,550,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)
Distributions to common shareholders		(5,975,000	)		(5,928,000	)		(5,846,000	)		(4,696,000	)		—

Net cash provided by (used in) financing activities		4,939,000			16,793,000			(29,386,000	)		(7,212,000	)		(23,903,000	)


Net (decrease) increase in cash and cash equivalents		2,024,000			(1,652,000	)		(1,989,000	)		(1,381,000	)		7,637,000
Cash and cash equivalents at beginning of period		12,142,000			13,794,000			15,783,000			17,164,000			9,527,000

Cash and cash equivalents at end of period	$	14,166,000		$	12,142,000		$	13,794,000		$	15,783,000		$	17,164,000


(a)	-	As previously presented, activity for certain construction escrows had been classified as cash flows from operating activities instead of cash flow from investing activities. The statement has been reclassified to reflect this change and, accordingly, cash flows from operating activities is now $6,564,000 instead of $2,987,000, and cash flows from investing activities is now $(25,009,000) instead of $(21,432,000).

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


	At of for the three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2010			2010			2010			2010			2009
Net (loss) income attributable to the Company’s common shareholders	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)
Add (deduct):
Real estate depreciation and amortization		10,793,000			11,831,000			12,327,000			11,328,000			17,577,000
Noncontrolling interests:
Limited partners’ interest		(794,000	)		(196,000	)		(178,000	)		(114,000	)		(1,138,000	)
Minority interests in consolidated joint ventures		(1,807,000	)		(194,000	)		(87,000	)		475,000			484,000
Minority interests’ share of FFO applicable to consolidated joint ventures		360,000			(1,340,000	)		(1,686,000	)		(1,691,000	)		(1,656,000	)
Gain on sales of discontinued operations (a)		—			—			5,000			(175,000	)		(280,000	)
Equity in loss (income) of unconsolidated joint ventures		63,000			288,000			(479,000	)		(356,000	)		(296,000	)
FFO from unconsolidated joint ventures		1,230,000			146,000			834,000			586,000			406,000

Funds From (Used in) Operations (“FFO”)		(27,119,000	)		3,755,000			6,485,000			6,563,000			(14,627,000	)

Add (deduct) the pro rata share of:
Straight-line rents		(245,000	)		(150,000	)		(531,000	)		(654,000	)		(712,000	)
Amortization of intangible lease liabilities		(1,264,000	)		(1,957,000	)		(2,484,000	)		(2,156,000	)		(2,649,000	)
Non-real estate amortization		1,520,000			1,610,000			1,293,000			1,230,000			1,226,000
Accelerated write-off of deferred financing costs		—			2,552,000			—			—			—
Stock-based compensation charged (credited) to operations		896,000			853,000			—			1,215,000			721,000
Impairment charges — discontinued operations (a)		34,057,000			34,000			2,994,000			248,000			2,837,000
Impairment charges — RioCan, net (b)		221,000			155,000			562,000			1,555,000			23,636,000
Acquisition transaction costs — unconsolidated joint venture		925,000			773,000			—			119,000			—
Acquisition transaction costs and terminated projects (c)		888,000			2,043,000			2,000			1,320,000			419,000

Adjusted Funds From Operations (“AFFO”)		9,879,000			9,668,000			8,321,000			9,440,000			10,851,000

Capital expenditures, tenant improvements, and leasing commissions — second generation (d)		(1,081,000	)		(1,321,000	)		(954,000	)		(631,000	)		(1,526,000	)
Scheduled mortgage repayments — carrying value amounts		(2,236,000	)		(1,983,000	)		(1,836,000	)		(1,926,000	)		(2,091,000	)

Funds Available for Distribution (“FAD”)	$	6,562,000		$	6,364,000		$	5,531,000		$	6,883,000		$	7,234,000


FFO per common share, assuming OP Unit conversion (basic and diluted):	$	(0.40	)	$	0.06		$	0.10		$	0.11		$	(0.28	)


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


FAD per common share, assuming OP Unit conversion (basic and diluted):	$	0.10		$	0.09		$	0.08		$	0.11		$	0.14


Weighted average number of common shares outstanding (basic):
Common shares		66,374,000			65,835,000			64,434,000			58,728,000			49,930,000
OP Units		1,435,000			1,892,000			1,945,000			1,986,000			2,006,000

		67,809,000			67,727,000			66,379,000			60,714,000			51,936,000

Weighted average number of common shares outstanding (diluted):
Common shares		66,374,000			65,835,000			64,486,000			58,752,000			49,930,000
OP Units		1,435,000			1,892,000			1,945,000			1,986,000			2,006,000

		67,809,000			67,727,000			66,431,000			60,738,000			51,936,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (e)	$	8,365,000		$	3,659,000		$	7,005,000		$	3,225,000		$	3,079,000

Capitalized interest and financing costs	$	332,000		$	597,000		$	723,000		$	890,000		$	1,290,000

Scheduled mortgage repayments — stated contract amounts	$	2,106,000		$	1,837,000		$	1,739,000		$	1,802,000		$	1,942,000

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


Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	62,611,000		$	84,831,000		$	105,964,000		$	106,935,000		$	165,864,000


(a)		Gain on sales/impairment charges related to the 28 properties (located in Ohio, Maryland, Connecticut, Pennslyvania 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 December 31, 2010 and the September 30, 2010 amounts are principally fees paid to the Company’s investment advisor related to the Cedar/RioCan joint venture. The March 2010 amount included 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															Twelve Months ended Dec 31,
Revenues:	Dec 31, 2010			Sep 30, 2010			Jun 30, 2010			Mar 31, 2010			Dec 31, 2009			2010			2009

Revenues of managed properties excluding non-cash revenues (a)	$	52,396,000		$	42,133,000		$	39,642,000		$	41,849,000		$	40,240,000		$	176,020,000		$	152,316,000
Less consolidated joint ventures		(4,181,000	)		(4,232,000	)		(4,243,000	)		(4,496,000	)		(4,271,000	)		(17,152,000	)		(16,585,000	)
Less unconsolidated Cedar/RioCan joint venture		(12,109,000	)		(5,204,000	)		(3,849,000	)		(2,373,000	)		(212,000	)		(23,535,000	)		(212,000	)

Cedar share of revenues excluding non-cash items		36,106,000			32,697,000			31,550,000			34,980,000			35,757,000			135,333,000			135,519,000
Pro-rata share straight-line rents		245,000			150,000			531,000			654,000			712,000			1,580,000			2,224,000
Pro-rata share amortization of intangible lease liabilities		1,264,000			1,957,000			2,484,000			2,156,000			2,649,000			7,861,000			12,829,000

Cedar share of total revenues		37,615,000			34,804,000			34,565,000			37,790,000			39,118,000			144,774,000			150,572,000
Revenues attributable to consolidated joint ventures (b)		4,642,000			4,373,000			4,624,000			4,789,000			4,535,000			18,428,000			17,825,000

Less revenues attributable to unconsolidated Cedar/RioCan joint venture (c)		(3,027,000	)		(1,362,000	)		(1,032,000	)		(617,000	)		(56,000	)		(6,038,000	)		(56,000	)

Total — As reported	$	39,230,000		$	37,815,000		$	38,157,000		$	41,962,000		$	43,597,000		$	157,164,000		$	168,341,000


Net Operating Income (“NOI”)

NOI of managed properties excluding non-cash revenues	$	35,898,000		$	28,418,000		$	26,185,000		$	26,786,000		$	27,318,000		$	117,287,000		$	103,081,000
Less consolidated joint ventures		(3,059,000	)		(2,942,000	)		(3,036,000	)		(3,068,000	)		(3,079,000	)		(12,105,000	)		(11,902,000	)
Less unconsolidated Cedar/RioCan joint venture		(9,418,000	)		(3,803,000	)		(2,695,000	)		(1,685,000	)		(152,000	)		(17,601,000	)		(152,000	)

Cedar share of NOI excluding non-cash items		23,421,000			21,673,000			20,454,000			22,033,000			24,087,000			87,581,000			91,027,000
Pro-rata share straight-line rents		245,000			150,000			531,000			654,000			712,000			1,580,000			2,224,000
Pro-rata share amortization of intangible lease liabilities		1,264,000			1,957,000			2,484,000			2,156,000			2,649,000			7,861,000			12,829,000
Stock-based compensation mark-to-market adjustments		(46,000	)		(7,000	)		284,000			(221,000	)		(20,000	)		10,000			212,000

Cedar share of total NOI		24,884,000			23,773,000			23,753,000			24,622,000			27,428,000			97,032,000			106,292,000
NOI attributable to consolidated joint ventures (b)		3,520,000			3,083,000			3,417,000			3,361,000			3,343,000			13,381,000			13,142,000
Less NOI attributable to unconsolidated Cedar/RioCan joint venture (c)		(2,355,000	)		(1,012,000	)		(744,000	)		(445,000	)		(42,000	)		(4,556,000	)		(42,000	)

Total — As reported	$	26,049,000		$	25,844,000		$	26,426,000		$	27,538,000		$	30,729,000		$	105,857,000		$	119,392,000

Net (loss) income — common shareholders
Net income excluding impairments and certain non-cash charges	$	(1,538,000	)	$	(1,380,000	)	$	(1,655,000	)	$	138,000		$	2,036,000		$	(4,435,000	)	$	10,218,000

Accelerated write-off of deferred financing costs		—			(2,552,000	)		—			—			—			(2,552,000	)		—

Acquisition transaction costs, terminated projects and impairments		(36,091,000	)		(3,005,000	)		(3,558,000	)		(3,242,000	)		(26,892,000	)		(45,896,000	)		(30,798,000	)
Depreciation from demolition for retenanting		—			—			—			—			(6,074,000	)		—			(6,074,000	)
Stock-based compensation mark-to-market adjustments		(101,000	)		2,000			884,000			(509,000	)		(70,000	)		276,000			488,000
Limited partners’ interest in above items		766,000			155,000			78,000			123,000			1,276,000			1,122,000			1,419,000

		(35,426,000	)		(5,400,000	)		(2,596,000	)		(3,628,000	)		(31,760,000	)		(47,050,000	)		(34,965,000	)


Total — As reported	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)	$	(29,724,000	)	$	(51,485,000	)	$	(24,747,000	)

Per common share/OP unit (basic and diluted):

Net income excluding impairment and certain non-cash charges	$	(0.02	)	$	(0.02	)	$	(0.03	)	$	—		$	0.04		$	(0.07	)	$	0.22
Acquisition transaction costs, impairments and certain non-cash charges		(0.54	)		(0.08	)		(0.04	)		(0.06	)		(0.64	)		(0.74	)		(0.76	)

Total — As reported per share	$	(0.56	)	$	(0.10	)	$	(0.07	)	$	(0.06	)	$	(0.60	)	$	(0.81	)	$	(0.54	)


FFO
FFO before non-cash revenues:
Consolidated properties	$	7,739,000		$	7,378,000		$	6,166,000		$	6,109,000		$	6,679,000		$	27,392,000		$	30,949,000
Cedar/RioCan properties prior to transfer		—			—			153,000			1,570,000			2,295,000			1,723,000			8,889,000

		7,739,000			7,378,000			6,319,000			7,679,000			8,974,000			29,115,000			39,838,000
Straight-line rents		245,000			150,000			531,000			654,000			712,000			1,580,000			2,224,000
Amortization of intangible lease liabilities		1,264,000			1,957,000			2,484,000			2,156,000			2,649,000			7,861,000			12,829,000


FFO excluding impairments and stock-based compensation mark-to-market adjustments		9,248,000			9,485,000			9,334,000			10,489,000			12,335,000			38,556,000			54,891,000

Accelerated write-off of deferred financing costs		—			(2,552,000	)		—			—			—			(2,552,000	)		—
Stock-based compensation mark-to-market adjustments		(101,000	)		2,000			884,000			(509,000	)		(70,000	)		276,000			488,000

Acquisition transaction costs, terminated projects and impairments (d)		(36,266,000	)		(3,180,000	)		(3,733,000	)		(3,417,000	)		(26,892,000	)		(46,596,000	)		(30,798,000	)

		(36,367,000	)		(5,730,000	)		(2,849,000	)		(3,926,000	)		(26,962,000	)		(48,872,000	)		(30,310,000	)

Total — As reported	$	(27,119,000	)	$	3,755,000		$	6,485,000		$	6,563,000		$	(14,627,000	)	$	(10,316,000	)	$	24,581,000

Per common share/OP unit (basic and diluted) (e):
FFO excluding impairments and stock-based compensation mark-to-market adjustments	$	0.14		$	0.14		$	0.14		$	0.17		$	0.24		$	0.59		$	1.14
Acquisition transaction costs and impairments and stock-based compensation mark-to-market adjustments		(0.54	)		(0.08	)		(0.04	)		(0.06	)		(0.52	)		(0.75	)		(0.63	)

Total — As reported	$	(0.40	)	$	0.06		$	0.10		$	0.11		$	(0.28	)	$	(0.16	)	$	0.51


Dividends to common shareholders	$	5,974,000		$	5,928,000		$	5,846,000		$	—		$	4,696,000		$	11,820,000		$	5,046,000
Per common share (e)	$	0.09		$	0.09		$	0.09		$	—		$	0.09		$	0.1800		$	0.1125

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization


	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2010			2010			2010			2010			2009
Market Capitalization (end of period)
Equity
Preferred Stock
Shares		6,400,000			6,400,000			3,550,000			3,550,000			3,550,000
Closing market price	$	25.18		$	25.76		$	24.90		$	24.39		$	23.96

	$	161,152,000		$	164,864,000		$	88,395,000		$	86,585,000		$	85,058,000

Common Stock
Common shares		66,520,000			66,035,000			65,104,000			62,911,000			52,139,000
OP Units		1,415,000			1,535,000			1,928,000			1,980,000			2,006,000

		67,935,000			67,570,000			67,032,000			64,891,000			54,145,000
Closing market price	$	6.29		$	6.08		$	6.02		$	7.91		$	6.80

	$	427,311,000		$	410,826,000		$	403,533,000		$	513,287,000		$	368,186,000


Sub-total equity	$	588,463,000		$	575,690,000		$	491,928,000		$	599,872,000		$	453,244,000


Debt:
Fixed-rate mortgages		591,162,000			569,669,000			571,634,000			567,715,000			572,730,000
Variable-rate mortgages		83,568,000			83,571,000			83,547,000			83,270,000			82,181,000

		674,730,000			653,240,000			655,181,000			650,985,000			654,911,000
Secured revolving credit facilities		132,597,000			126,446,000			167,841,000			207,091,000			257,685,000

Total outstanding debt — consolidated		807,327,000			779,686,000			823,022,000			858,076,000			912,596,000
Plus debt attributable to unconsolidated Cedar/RioCan joint venture properties		58,680,000			45,761,000			18,668,000			45,652,000			94,018,000
Less debt attributable to consolidated minority interests		(115,457,000	)		(115,720,000	)		(115,968,000	)		(116,315,000	)		(116,581,000	)

Pro rata share of outstanding debt		750,550,000			709,727,000			725,722,000			787,413,000			890,033,000

Total Market Capitalization	$	1,339,013,000		$	1,285,417,000		$	1,217,650,000		$	1,387,285,000		$	1,343,277,000

Ratio of pro rata share of outstanding debt to total market capitalization		56.1	%		55.2	%		59.6	%		56.8	%		66.3	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	13,408,000		$	15,534,000		$	17,994,000		$	18,918,000		$	20,717,000
Cedar Shopping Centers, Inc. shareholders’ equity		630,066,000			668,168,000			607,739,000			601,245,000			538,456,000

		643,474,000			683,702,000			625,733,000			620,163,000			559,173,000
Pro rata share of total debt, per above		750,550,000			709,727,000			725,722,000			787,413,000			890,033,000

Total financial statement capitalization	$	1,394,024,000		$	1,393,429,000		$	1,351,455,000		$	1,407,576,000		$	1,449,206,000

Ratio of pro rata share of outstanding debt to total financial statement capitalization		53.8	%		50.9	%		53.7	%		55.9	%		61.4	%


Weighted average interest rates:
Fixed-rate mortgages		5.9	%		5.8	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		3.4	%		3.4	%		3.4	%		3.3	%		3.4	%
Total mortgages		5.5	%		5.5	%		5.5	%		5.5	%		5.6	%
Secured variable-rate revolving credit facilities		3.2	%		3.1	%		4.0	%		4.2	%		4.6	%
Total debt		5.2	%		5.1	%		5.2	%		5.2	%		5.3	%

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
(Loss) income from continuing operations	$	337,000		$	(4,701,000	)	$	631,000		$	(703,000	)	$	(25,630,000	)
Add back:
Interest expense and amortization of financing costs, net		12,007,000			12,040,000			12,332,000			13,323,000			13,537,000
Accelerated write-off of deferred financing costs		—			2,552,000			—			—			—
Depreciation and amortization		9,747,000			11,052,000			11,277,000			10,202,000			16,030,000
Stock-based compensation mark-to-market adjustments		101,000			(2,000	)		(884,000	)		509,000			70,000
Acquisition transaction costs and terminated projects, net		888,000			2,043,000			2,000			1,320,000			419,000
Impairment charges		221,000			155,000			562,000			1,555,000			23,636,000
Gain on sales of land parcels		—			—			—			—			(285,000	)
Pro-rata share of:
Acquisition transaction costs — unconsolidated joint venture		925,000			773,000			—			119,000			—
Depreciation and amortization — unconsolidated joint venture		1,222,000			370,000			293,000			106,000			12,000
Interest expense — unconsolidated joint venture		682,000			407,000			218,000			92,000			—

EBITDA	$	26,130,000		$	24,689,000		$	24,431,000		$	26,523,000		$	27,789,000

Fixed charges:
Interest expense	$	10,885,000		$	10,894,000		$	11,576,000		$	12,726,000		$	13,393,000
Interest expense — unconsolidated joint venture		682,000			407,000			218,000			92,000			—
Preferred dividend requirements		3,579,000			2,679,000			1,969,000			1,969,000			1,969,000

Fixed charges	$	15,146,000		$	13,980,000		$	13,763,000		$	14,787,000		$	15,362,000


Ratio of EBITDA to fixed charges		1.7 x			1.8 x			1.8 x			1.8 x			1.8 x

Debt to EBITDA
Total consolidated debt	$	807,327,000		$	779,686,000		$	823,022,000		$	858,076,000		$	912,596,000
Pro-rata share of RioCan debt		58,680,000			45,761,000			18,668,000			12,062,000			—

	$	866,007,000		$	825,447,000		$	841,690,000		$	870,138,000		$	912,596,000


EBITDA annualized	$	104,520,000		$	98,756,000		$	97,724,000		$	106,092,000		$	111,156,000
Less: NOI from unconsolidated Cedar/RioCan joint venture properties — annualized		—			—			(2,232,000	)		(7,620,000	)		(14,208,000	)

EBITDA annualized	$	104,520,000		$	98,756,000		$	95,492,000		$	98,472,000		$	96,948,000


Ratio of debt to EBITDA		8.3 x			8.4 x			8.8 x			8.8 x			9.4 x

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Notes


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.

(d)		Includes $175,000 per quarter of allocated acquisition group payroll related expenses.

(e)		The weighted average number of common shares outstanding used in the computation of per share amounts are as follows:


	Three months ended										Twelve Months ended Dec 31,
	Dec 31, 2010		Sep 30, 2010		Jun 30, 2010		Mar 31, 2010		Dec 31, 2009		2010		2009

Weighted average number of common shares outstanding (basic):
Common shares		66,374,000		65,835,000		64,434,000		58,728,000		49,930,000		63,843,000		46,234,000
OP Units		1,435,000		1,892,000		1,945,000		1,986,000		2,006,000		1,814,000		2,014,000

		67,809,000		67,727,000		66,379,000		60,714,000		51,936,000		65,657,000		48,248,000

Weighted average number of common shares outstanding (diluted):
Common shares		66,374,000		65,835,000		64,486,000		58,752,000		49,930,000		63,862,000		46,234,000
OP Units		1,435,000		1,892,000		1,945,000		1,986,000		2,006,000		1,814,000		2,014,000

		67,809,000		67,727,000		66,431,000		60,738,000		51,936,000		65,676,000		48,248,000


The end of period number of common shares outstanding are as follows:
Common shares		66,520,000		66,035,000		65,104,000		62,911,000		52,139,000		66,520,000		52,139,000
OP Units		1,415,000		1,535,000		1,928,000		1,980,000		2,006,000		1,415,000		2,006,000

		67,935,000		67,570,000		67,032,000		64,891,000		54,145,000		67,935,000		54,145,000

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


	Three months ended Dec 31,						Twelve months ended Dec 31,
	2010			2009			2010			2009

The number of properties that were owned throughout each of the comparative periods		82			82			80			80


Revenues:
Rents:
Base rents	$	22,724,000		$	22,547,000		$	84,364,000		$	84,113,000
Percentage rents		358,000			303,000			898,000			877,000
Straight-line rents		140,000			303,000			769,000			1,320,000
Amortization of intangible lease liabilities		1,831,000			2,057,000			6,607,000			8,997,000

		25,053,000			25,210,000			92,638,000			95,307,000
Expense recoveries (b)		5,629,000			5,997,000			22,178,000			22,447,000
Other		44,000			38,000			190,000			315,000

Total revenues		30,726,000			31,245,000			115,006,000			118,069,000


Operating expenses (b):
Operating, maintenance and management		5,255,000			4,953,000			18,907,000			18,101,000
Real estate and other property-related taxes		3,398,000			3,479,000			13,022,000			12,971,000

Total expenses		8,653,000			8,432,000			31,929,000			31,072,000


Net operating income (“NOI”)	$	22,073,000		$	22,813,000		$	83,077,000		$	86,997,000


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities	$	20,102,000		$	20,453,000		$	75,701,000		$	76,680,000
Straight-line rents and amortization of intangible lease liabilities		1,971,000			2,360,000			7,376,000			10,317,000

NOI	$	22,073,000		$	22,813,000		$	83,077,000		$	86,997,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	177,000			0.8	%	$	251,000			0.3	%
Percentage rents		55,000			18.2	%		21,000			2.4	%
Straight-line rents		(163,000	)		-53.8	%		(551,000	)		-41.7	%
Amortization of intangible lease liabilities		(226,000	)		-11.0	%		(2,390,000	)		-26.6	%

		(157,000	)		-0.6	%		(2,669,000	)		-2.8	%
Expense recoveries		(368,000	)		-6.1	%		(269,000	)		-1.2	%
Other		6,000			15.8	%		(125,000	)		-39.7	%

Total revenues		(519,000	)		-1.7	%		(3,063,000	)		-2.6	%


Expenses:
Operating, maintenance and management		302,000			6.1	%		806,000			4.5	%
Real estate and other property-related taxes		(81,000	)		-2.3	%		51,000			0.4	%

Total expenses		221,000			2.6	%		857,000			2.8	%


Net operating income	$	(740,000	)		-3.2	%	$	(3,920,000	)		-4.5	%


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		(351,000	)		-1.7	%		(979,000	)		-1.3	%
Straight-line rents and amortization of intangible lease liabilities		(389,000	)		-16.5	%		(2,941,000	)		-28.5	%

NOI	$	(740,000	)		-3.2	%	$	(3,920,000	)		-4.5	%


Percent occupied at end of period		93.1	%		93.4	%		93.0	%		93.2	%


Expense recovery percentage (a)		75.9	%		78.2	%		77.1	%		78.7	%


(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 $991,000 and $586,000, respectively, for the three months ended December 31, 2010 and 2009, and $2,379,000 and $1,912,000 respectively, for the year ended December 31, 2010 and 2009.

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


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

Renewals (d) (e) (f)

Number of leases		53			35			51			54			41
Aggregate square feet		466,000			348,000			258,000			509,000			339,000
Average square feet		8,792			9,943			5,059			9,426			8,268
Average expiring base rent psf	$	9.22		$	8.60		$	8.38		$	8.71		$	8.30
Average new base rent psf	$	9.77		$	8.91		$	8.99		$	9.20		$	8.13
% increase (decrease) in base rent		6.0	%		3.6	%		7.3	%		5.6	%		-2.1	%

New leases

Number of leases		20			31			19			18			15
Aggregate square feet		137,000			88,000			58,000			69,000			188,000
Average square feet		6,850			2,839			3,053			3,833			12,533
Average new base rent psf	$	14.03		$	14.74		$	18.19		$	13.13		$	16.66

Terminated leases

Number of leases		11			12			19			17			21
Aggregate square feet		23,000			73,000			49,000			175,000			150,000
Average square feet		2,091			6,083			2,579			10,294			7,143
Average old base rent psf	$	12.64		$	10.76		$	15.32		$	11.42		$	11.44

Occupancy statistics

Operating Properties:
Wholly-owned		92.4	%		92.5	%		92.6	%		92.9	%		92.9	%
Consolidated joint ventures		95.3	%		95.7	%		96.2	%		96.7	%		97.2	%
Real estate to be transferred to joint venture		n/a			n/a			n/a			97.9	%		95.6	%
Managed unconsolidated joint venture		97.0	%		97.1	%		95.5	%		92.6	%		89.7	%

Total operating properties		94.0	%		94.0	%		93.5	%		93.7	%		93.7	%


Redevelopment properties		80.0	%		74.5	%		75.4	%		76.5	%		80.4	%


Total operating portfolio (g) (h)		92.5	%		92.1	%		91.5	%		91.6	%		92.4	%


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

(b)		New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents.

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

(d)		Renewal leases for the December 31, 2010 quarter include three leases comprising 276,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 50 renewal leases was 11.0%.

(e)		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%.

(f)		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%.

(g)		Excludes ground-up development properties.

(h)		Occupancy as of December 31, 2010 for operating properties comprising large tenants (over 10,000 sq. ft.) and small tenants is as follows:


	Large			Small			Total

Operating properties		96.4	%		81.9	%		94.0	%
Redevelopment properties		79.2	%		84.6	%		82.2	%

Total		94.4	%		82.2	%		92.5	%

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of Dec 31, 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)		29		1,886,000		13.0	%	$	28,527,000	$	15.13		17.8	%
Stop & Shop (c)		6		391,000		2.7	%		4,322,000		11.05		2.7	%
Farm Fresh (c)		6		364,000		2.5	%		3,909,000		10.74		2.4	%
L.A. Fitness		6		248,000		1.7	%		3,826,000		15.43		2.4	%
Staples		10		199,000		1.4	%		3,006,000		15.11		1.9	%
Shaw’s (c)		4		241,000		1.7	%		2,716,000		11.27		1.7	%
GSA		1		206,000		1.4	%		2,496,000		12.12		1.6	%
CVS		11		124,000		0.9	%		2,445,000		19.72		1.5	%
Best Buy		4		128,000		0.9	%		2,407,000		18.80		1.5	%
Lowe’s		3		392,000		2.7	%		2,337,000		5.96		1.5	%


Sub-total top ten tenants		80		4,179,000		28.8	%		55,991,000		13.40		35.0	%

Remaining tenants		1,195		9,068,000		62.4	%		103,907,000		11.46		65.0	%

Sub-total all tenants (d) (f)		1,275		13,247,000		91.1	%	$	159,898,000	$	12.07		100.0	%


Vacant space (e)		n/a		1,288,000		8.9	%

Total (including vacant space)		1,275		14,535,000		100.0	%


(a)		Incudes unconsolidated managed 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 $524,000), 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).

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

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

(f)		Comprised of large tenants (greater than 10,000 sq. ft.) and small tenants as follows:


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

Large tenants		11,435,000		86.3	%	$	124,642,000	$	10.90		78.0	%
Small temants		1,812,000		13.7	%		35,256,000		19.05		22.0	%

Total		13,247,000		100.0	%	$	159,898,000	$	12.07		100.0	%

Total Revenues By State (a)


	Three months ended
	Dec 31,		Sep 30,		June 30,		Mar 31,		Dec 31,
State	2010		2010		2010		2010		2009
Pennsylvania	$	20,390,000	$	19,158,000	$	19,927,000	$	22,112,000	$	22,546,000
Connecticut		2,109,000		3,596,000		3,954,000		4,316,000		4,708,000
Massachusetts		2,957,000		3,398,000		3,710,000		4,867,000		6,106,000
Virginia		2,910,000		2,813,000		2,873,000		3,315,000		3,245,000
New Jersey		2,318,000		2,545,000		2,649,000		2,706,000		2,664,000
Maryland		4,876,000		2,473,000		2,630,000		2,469,000		2,174,000
Ohio		345,000		325,000		331,000		353,000		504,000
New York		1,313,000		1,594,000		1,042,000		1,365,000		1,247,000
Michigan		195,000		406,000		439,000		412,000		403,000

		37,413,000		36,308,000		37,555,000		41,915,000		43,597,000
Parent Company fee income (b)		1,817,000		1,507,000		602,000		47,000		—

	$	39,230,000	$	37,815,000	$	38,157,000	$	41,962,000	$	43,597,000


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

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

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a)
As of Dec 31, 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		68		172,000		1.3	%	$	2,183,000	$	12.69		1.4	%
2011		154		815,000		6.2	%		10,949,000		13.43		6.8	%
2012		183		943,000		7.1	%		11,081,000		11.75		6.9	%
2013		151		632,000		4.8	%		9,430,000		14.92		5.9	%
2014		178		1,727,000		13.0	%		16,448,000		9.52		10.3	%
2015		174		1,431,000		10.8	%		15,435,000		10.79		9.7	%
2016		74		919,000		6.9	%		8,592,000		9.35		5.4	%
2017		47		559,000		4.2	%		7,611,000		13.62		4.8	%
2018		44		863,000		6.5	%		11,284,000		13.08		7.1	%
2019		56		911,000		6.9	%		11,592,000		12.72		7.2	%
2020		47		992,000		7.5	%		10,040,000		10.12		6.3	%
2021		17		344,000		2.6	%		5,784,000		16.81		3.6	%
Thereafter		83		2,939,000		22.2	%		39,469,000		13.43		24.7	%


All tenants (b)		1,275		13,247,000		100.0	%	$	159,898,000	$	12.07		100.0	%


Vacant space (c)		n/a		1,288,000		n/a


Total portfolio (d)		1,275		14,535,000		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 December 31, 2010, the Company had a portfolio of 115 operating properties totaling approximately 14.5 million sq. ft. of GLA, including 72 wholly-owned properties comprising approximately 7.4 million square feet, 12 properties owned in joint venture (consolidated) comprising approximately 1.4 million sq. ft., 21 properties partially-owned in the Cedar/RioCan unconsolidated joint venture comprising approximately 3.5 million sq. ft., six redevelopment properties comprising approcimately 1.5 million sq. ft. , and four ground-up developments comprising approximately 0.7 million sq. ft; the portfolio excluding the ground-up developments was approximately 92.5% leased as of December 31, 2010.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of Dec 31, 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
Circle Plaza	PA	2007		100	%		92,171	1979/1991	K-Mart		92,171	11/30/2014
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
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
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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Dec 31, 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
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
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
Martin’s at Glen Allen	VA	2005		100	%		43,000	2000	Giant Foods		43,000	2/15/2015
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
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
Palmyra Shopping Center	PA	2005		100	%		112,108	1960/1995	Weis Markets		46,181	3/31/2015
Pine Grove Plaza	NJ	2003		100	%		86,089	2001/2002	Peebles		24,963	1/31/2022
Port Richmond Village	PA	2001		100	%		154,908	1988	Thriftway		40,000	10/31/2013
									Pep Boys		20,615	2/28/2014

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Dec 31, 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
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
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
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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Dec 31, 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
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
Yorktowne Plaza	MD	2007		100	%		158,982	1970/2000	Food Lion		37,692	12/31/2020

Total Wholly-Owned Properties							7,406,259


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
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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Dec 31, 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
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	%		121,145	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
Cross Keys Place	NJ	2010		20	%		148,173	2007	Sports Authority		42,000	1/31/2019
									Bed Bath & Beyond		35,005	1/31/2023
									AC Moore		21,305	1/31/2018
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
Gettysburg Marketplace	PA	2010		20	%		82,784	1998	Giant Foods		66,674	11/30/2018
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
Malboro Crossroads	MD	2010		20	%		67,975	1993	Giant Foods		60,951	6/30/2023
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
Northland Center	PA	2010		20	%		108,260	1989	Giant Foods		65,075	10/31/2014
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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of Dec 31, 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
Town Square Plaza	PA	2010		20	%		127,636	2009	Giant Foods		73,327	9/30/2028
									A.C. Moore		21,600	11/15/2018
Towne Crossings	VA	2010		20	%		111,016	1980/2003	Bed Bath & Beyond		40,000	1/31/2014
									Michael’s		20,000	2/28/2013
York Marketplace	PA	2010		20	%		305,410	1955/1990’s	Lowe’s		125,353	1/31/2014
									Giant Foods		74,600	5/31/2019
									Office Max		23,500	2/28/2014
									Super Shoes		20,000	3/31/2019


Total Cedar/RioCan Joint Venture							3,520,339

Total Operating Portfiolio							12,296,451


Redevelopment Properties:
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
Roosevelt II	PA	2010		100	%		206,000	1969/1986	GSA		206,000	10/31/2011
Townfair Center	PA	2004		100	%		218,662	2002	Lowe’s Home Centers		95,173	12/31/2015
									Giant Eagle		83,821	11/30/2030
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 Properties							1,507,563

Total Operating Portfolio							13,804,014


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							14,534,632

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of Dec 31, 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	$	11,301,000	$	13,707,000	$	2,655,000	$	11,052,000			152,727		80.7	%	$	13.10
Annie Land Plaza	VA		100	%		809,000		4,068,000		4,877,000		651,000		4,226,000			42,500		97.2	%		9.19
Camp Hill	PA		100	%		4,424,000		60,958,000		65,382,000		9,663,000		55,719,000			472,432		98.0	%		13.00
Carbondale Plaza	PA		100	%		1,586,000		12,171,000		13,757,000		2,311,000		11,446,000			129,915		85.6	%		6.91
Carll’s Corner	NJ		100	%		2,941,000		13,948,000		16,889,000		1,716,000		15,173,000			129,582		94.5	%		8.68
Carman’s Plaza	NY		100	%		8,421,000		35,206,000		43,627,000		4,065,000		39,562,000			194,481		90.0	%		16.48
Circle Plaza	PA		100	%		546,000		2,930,000		3,476,000		271,000		3,205,000			92,171		100.0	%		2.74
Coliseum Marketplace	VA		100	%		3,586,000		17,167,000		20,753,000		3,367,000		17,386,000			98,359		78.0	%		16.88
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		313,000		1,460,000			10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		350,000		2,035,000			10,195		100.0	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		302,000		1,880,000			10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		1,702,000		1,906,000		3,608,000		167,000		3,441,000			13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		300,000		1,652,000			10,722		100.0	%		13.00
Dunmore Shopping Center	PA		100	%		565,000		2,245,000		2,810,000		513,000		2,297,000			101,000		66.2	%		3.65
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		815,000		3,687,000			21,180		100.0	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,240,000		7,611,000		1,048,000		6,563,000			66,250		88.5	%		9.09
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,806,000		9,039,000			69,579		100.0	%		12.29
Fairview Commons	PA		100	%		858,000		3,568,000		4,426,000		604,000		3,822,000			59,578		66.9	%		6.67
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		146,000		758,000			3,200		100.0	%		23.51
General Booth Plaza	VA		100	%		1,935,000		9,696,000		11,631,000		2,108,000		9,523,000			73,320		93.6	%		12.57
Gold Star Plaza	PA		100	%		1,644,000		6,694,000		8,338,000		1,160,000		7,178,000			71,720		84.4	%		9.08
Golden Triangle	PA		100	%		2,320,000		19,463,000		21,783,000		4,267,000		17,516,000			202,943		97.4	%		12.08
Groton Shopping Center	CT		100	%		3,073,000		12,431,000		15,504,000		1,822,000		13,682,000			117,986		97.1	%		10.83
Halifax Plaza	PA		100	%		1,347,000		6,087,000		7,434,000		1,149,000		6,285,000			51,510		98.3	%		11.89
Hamburg Commons	PA		100	%		1,153,000		9,896,000		11,049,000		1,523,000		9,526,000			99,580		93.5	%		6.14
Hannaford Plaza	MA		100	%		1,874,000		8,910,000		10,784,000		1,418,000		9,366,000			102,459		98.2	%		8.11
Huntingdon Plaza	PA		100	%		933,000		5,939,000		6,872,000		884,000		5,988,000			147,355		52.8	%		7.00
Jordan Lane	CT		100	%		4,291,000		22,137,000		26,428,000		4,018,000		22,410,000			181,730		97.7	%		10.31
Kempsville Crossing	VA		100	%		2,207,000		11,140,000		13,347,000		2,548,000		10,799,000			94,477		98.7	%		11.02
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		1,031,000		3,252,000			51,894		95.0	%		8.04
Kings Plaza	MA		100	%		2,408,000		12,923,000		15,331,000		1,703,000		13,628,000			168,243		95.2	%		6.03
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		244,000		4,991,000			18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		1,022,000		6,616,000			41,000		100.0	%		19.90
Lake Raystown Plaza	PA		100	%		2,231,000		13,228,000		15,459,000		2,457,000		13,002,000			145,727		89.3	%		12.43
Liberty Marketplace	PA		100	%		2,695,000		12,883,000		15,578,000		2,103,000		13,475,000			68,200		89.4	%		17.50
Martin’s at Glen Allen	VA		100	%		5,367,000		2,088,000		7,455,000		447,000		7,008,000			43,000		100.0	%		9.73
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		1,037,000		3,876,000			46,000		100.0	%		8.50
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,804,000		13,064,000			51,500		100.0	%		21.78
Metro Square	MD		100	%		5,250,000		9,911,000		15,161,000		727,000		14,434,000			71,896		100.0	%		18.50
Newport Plaza	PA		100	%		1,682,000		8,134,000		9,816,000		1,428,000		8,388,000			64,489		100.0	%		10.97
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		566,000		4,675,000			38,700		100.0	%		10.52
Oakland Commons	CT		100	%		2,504,000		15,137,000		17,641,000		1,796,000		15,845,000			89,850		100.0	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,324,000		7,935,000		1,337,000		6,598,000			58,224		100.0	%		13.15
Palmyra Shopping Center	PA		100	%		1,488,000		7,089,000		8,577,000		1,467,000		7,110,000			112,108		83.1	%		5.30
Pine Grove Plaza	NJ		100	%		2,010,000		6,613,000		8,623,000		1,276,000		7,347,000			86,089		100.0	%		10.52
Port Richmond Village	PA		100	%		2,843,000		12,565,000		15,408,000		2,957,000		12,451,000			154,908		99.4	%		13.14
Price Chopper Plaza	MA		100	%		4,082,000		17,310,000		21,392,000		1,833,000		19,559,000			101,824		88.4	%		11.29
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		342,000		2,120,000			10,125		100.0	%		18.99
River View Plaza I, II and III	PA		100	%		9,718,000		44,331,000		54,049,000		8,756,000		45,293,000			244,225		88.2	%		18.34
Shoppes at Salem Run	VA		100	%		1,076,000		4,265,000		5,341,000		620,000		4,721,000			15,100		39.7	%		25.65
Smithfield Plaza	VA		100	%		2,919,000		13,017,000		15,936,000		1,872,000		14,064,000			134,664		96.4	%		9.33

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Dec 31, 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		38,846,000		47,068,000		9,067,000		38,001,000				283,415		82.3	%		13.70
St. James Square	MD		100	%		688,000		4,446,000		5,134,000		984,000		4,150,000				39,903		96.2	%		11.39
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,609,000		10,647,000				77,688		100.0	%		15.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,644,000		6,994,000				67,216		100.0	%		9.40
Swede Square	PA		100	%		2,272,000		10,945,000		13,217,000		2,696,000		10,521,000				98,792		95.7	%		14.46
The Commons	PA		100	%		3,098,000		15,178,000		18,276,000		3,432,000		14,844,000				175,121		90.3	%		10.25
The Point	PA		100	%		2,996,000		23,858,000		26,854,000		5,212,000		21,642,000				250,697		92.6	%		12.67
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,448,000		13,681,000		2,580,000		11,101,000				182,859		88.1	%		6.87
The Shops at Suffolk Downs	MA		100	%		7,580,000		19,637,000		27,217,000		2,002,000		25,215,000				121,829		92.4	%		12.53
Timpany Plaza	MA		100	%		3,368,000		19,333,000		22,701,000		2,423,000		20,278,000				183,775		91.8	%		6.31
Trexler Mall	PA		100	%		6,932,000		36,713,000		43,645,000		5,681,000		37,964,000				339,363		98.5	%		8.79
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,895,000		14,076,000				63,000		100.0	%		17.42
Valley Plaza	MD		100	%		1,950,000		8,524,000		10,474,000		1,595,000		8,879,000				190,939		100.0	%		4.94
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		677,000		4,178,000				9,763		100.0	%		34.56
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,746,000		8,243,000				69,620		100.0	%		11.00
Wal-Mart Center	CT		100	%		—		11,862,000		11,862,000		2,183,000		9,679,000				155,842		98.7	%		6.62
Washington Center Shoppes	NJ		100	%		2,000,000		11,103,000		13,103,000		2,650,000		10,453,000				157,290		93.5	%		9.00
West Bridgewater Plaza	MA		100	%		2,669,000		14,235,000		16,904,000		1,544,000		15,360,000				133,039		90.8	%		9.28
Yorktowne Plaza	MD		100	%		5,874,000		25,792,000		31,666,000		3,395,000		28,271,000				158,982		94.5	%		13.60


Total Wholly-Owned Properties						173,032,000		817,457,000		990,489,000		141,800,000		848,689,000				7,406,259		92.4	%		11.08


Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,082,000		21,401,000		1,776,000		19,625,000				55,000		100.0	%		25.45
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		1,138,000		11,054,000				55,600		94.2	%		16.06
Fieldstone Marketplace	MA		20	%		5,167,000		22,056,000		27,223,000		3,840,000		23,383,000				193,970		97.9	%		11.24
Meadows Marketplace	PA		20	%		1,914,000		11,390,000		13,304,000		1,388,000		11,916,000				91,538		97.2	%		15.51
Parkway Plaza	PA		20	%		4,647,000		19,890,000		24,537,000		2,436,000		22,101,000				106,628		98.0	%		15.22
Pennsboro Commons	PA		20	%		3,608,000		14,298,000		17,906,000		2,558,000		15,348,000				107,384		93.2	%		14.68
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,415,000		13,345,000				67,933		94.1	%		18.12
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,798,000		18,743,000				67,950		100.0	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,774,000		14,472,000		1,864,000		12,608,000				88,677		97.1	%		11.68

						31,866,000		134,470,000		166,336,000		18,213,000		148,123,000				834,680		96.9	%		15.34


PCP Joint Venture:
New London Mall	CT		40	%		8,827,000		31,934,000		40,761,000		2,900,000		37,861,000				257,814		97.5	%		13.50
San Souci Plaza	MD		40	%		13,374,000		21,246,000		34,620,000		2,888,000		31,732,000				264,134		87.9	%		10.18

						22,201,000		53,180,000		75,381,000		5,788,000		69,593,000				521,948		92.6	%		11.91

Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		152,000		2,673,000				13,225		100.0	%		35.01

Total Consolidated Joint Ventures						54,067,000		190,475,000		244,542,000		24,153,000		220,389,000				1,369,853		95.3	%		14.26


Cedar/RioCan Joint Venture:
Blue Mountain Commons	PA		20	%		—		—		—		—		—	$	30,915,000		121,145		90.3	%		26.15
Columbus Crossing	PA		20	%		—		—		—		—		—		25,432,000		142,166		100.0	%		16.32
Creekview Plaza	PA		20	%		—		—		—		—		—		26,781,000		136,423		100.0	%		15.20
Cross Keys Place	NJ		20	%		—		—		—		—		—		25,482,000		148,173		100.0	%		16.26
Exeter Commons	PA		20	%		—		—		—		—		—		52,135,000		361,321		97.9	%		12.84
Franklin Village Plaza	MA		20	%		—		—		—		—		—		53,492,000		304,277		91.7	%		20.06
Gettysburg Marketplace	PA		20	%		—		—		—		—		—		19,618,000		82,784		98.9	%		19.77
Loyal Plaza	PA		20	%		—		—		—		—		—		34,235,000		293,825		99.1	%		8.02
Malboro Crossroads	MD		20	%		—		—		—		—		—		11,188,000		67,975		100.0	%		14.99
Monroe Marketplace	PA		20	%		—		—		—		—		—		43,722,000		328,013		97.9	%		10.34
Montville Commons	CT		20	%		—		—		—		—		—		18,773,000		117,916		95.3	%		15.42
New River Valley	VA		20	%		—		—		—		—		—		27,392,000		164,663		100.0	%		14.37
Northland Center	PA		20	%		—		—		—		—		—		10,079,000		108,260		85.2	%		10.15
Pitney Road Plaza	PA		20	%		—		—		—		—		—		10,865,000		45,915		100.0	%		19.75
Shaw’s Plaza	MA		20	%		—		—		—		—		—		22,347,000		176,609		96.4	%		11.27
Stop & Shop Plaza	CT		20	%		—		—		—		—		—		7,353,000		54,510		100.0	%		15.59
Sunset Crossing	PA		20	%		—		—		—		—		—		9,454,000		74,142		91.9	%		14.42
Sunrise Plaza	NJ		20	%		—		—		—		—		—		28,716,000		248,160		100.0	%		7.79
Town Square Plaza	PA		20	%		—		—		—		—		—		17,528,000		127,636		100.0	%		13.00
Towne Crossings	VA		20	%		—		—		—		—		—		18,667,000		111,016		92.6	%		15.51
York Marketplace	PA		20	%		—		—		—		—		—		30,274,000		305,410		97.0	%		8.79

Total Cedar/RioCan Joint Venture						—		—		—		—		—		524,448,000		3,520,339		97.0	%		13.35

Total Operating Properties						227,099,000		1,007,932,000		1,235,031,000		165,953,000		1,069,078,000		524,448,000		12,296,451		94.0	%		12.11

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of Dec 31, 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 Properties:
Oakhurst Plaza	PA		100	%		4,539,000		18,195,000		22,734,000		2,571,000		20,163,000		—		107,869			34.8	%		23.70
Shore Mall	NJ		100	%		7,179,000		42,897,000		50,076,000		6,538,000		43,538,000		—		459,098			90.7	%		8.49
The Brickyard	CT		100	%		6,465,000		28,547,000		35,012,000		5,672,000		29,340,000		—		274,553			60.0	%		8.65
Roosevelt II	PA		100	%		2,675,000		10,700,000		13,375,000		45,000		13,330,000		—		206,000			100.0	%		12.12
Townfair Center	PA		100	%		3,022,000		20,867,000		23,889,000		2,568,000		21,321,000		—		218,662			95.4	%		8.67
Trexlertown Plaza	PA		100	%		5,262,000		27,623,000		32,885,000		3,126,000		29,759,000		—		241,381			71.4	%		10.87


Total Redevelopment Properties						29,142,000		148,829,000		177,971,000		20,520,000		157,451,000		—		1,507,563			80.0	%		9.98


Total Operating Portfolio						256,241,000		1,156,761,000		1,413,002,000		186,473,000		1,226,529,000		524,448,000		13,804,014			92.5	%	$	11.91


Ground-Up Developments:
Crossroads II	PA		60	%		17,671,000		24,915,000		42,586,000		730,000		41,856,000		—		133,618			83.9	%	$	19.54
Heritage Crossing	PA		60	%		5,066,000		6,054,000		11,120,000		240,000		10,880,000		—		59,396			40.7	%		23.92
Northside Commons	PA		100	%		3,379,000		9,942,000		13,321,000		297,000		13,024,000		—		85,300			72.9	%		9.87
Upland Square	PA		60	%		27,454,000		58,365,000		85,819,000		1,721,000		84,098,000		—		452,304			61.6	%		16.03

Total Ground-Up Developments						53,570,000		99,276,000		152,846,000		2,988,000		149,858,000		—		730,618


Total Portfolio						309,811,000		1,256,037,000		1,565,848,000		189,461,000		1,376,387,000		524,448,000		14,534,632


Land for Held For Future Expansion and/or Development:
Halifax Commons	PA		100	%		872,000		367,000		1,239,000		—		1,239,000		—		4.37	acres
Halifax Plaza	PA		100	%		1,503,000		1,226,000		2,729,000		—		2,729,000		—		12.83	acres
Liberty Marketplace	PA		100	%		1,564,000		35,000		1,599,000		—		1,599,000		—		15.51	acres
Oregon Pike	PA		100	%		2,283,000		80,000		2,363,000		—		2,363,000		—		11.20	acres
Shore Mall	NJ		100	%		2,018,000		276,000		2,294,000		—		2,294,000		—		50.00	acres
The Brickyard	CT		100	%		1,183,000		181,000		1,364,000		—		1,364,000		—		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		272,000		1,420,000		—		1,420,000		—		2.10	acres
Wyoming	MI		100	%		360,000		—		360,000		—		360,000		—		12.32	acres
Various projects in progress	N/A		100	%		—		1,728,000		1,728,000		—		1,728,000		—		—	acres

Total Land for Held For Future Expansion and/or Development:						19,020,000		6,442,000		25,462,000		—		25,462,000		—		147.55	acres


Total Carrying Value					$	328,831,000	$	1,262,479,000	$	1,591,310,000	$	189,461,000	$	1,401,849,000	$	524,448,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of Dec 31, 2010


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Dec 31,		Dec 31,		Int.			Dec 31,		Dec 31,
Property	Owned			Date	rate			2010		2009		rate			2010		2009
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013		7.3	%	$	9,139,000	$	9,365,000		7.3	%	$	9,139,000	$	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	%		4,951,000		—		6.4	%		4,951,000		—
Carll’s Corner		100	%	Nov 2012		5.6	%		5,786,000		5,908,000		5.6	%		5,786,000		5,908,000
Carman’s Plaza		100	%	Oct 2016		6.3	%		33,368,000		33,345,000		6.2	%		33,500,000		33,500,000
Coliseum Marketplace		100	%	Jul 2014		5.2	%		11,970,000		12,228,000		6.1	%		11,642,000		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	%		684,000		775,000		7.1	%		649,000		729,000
CVS at Celina		100	%	Jan 2020		5.2	%		1,322,000		1,429,000		7.5	%		1,210,000		1,295,000
CVS at Erie		100	%	Nov 2018		5.2	%		1,013,000		1,114,000		7.1	%		950,000		1,036,000
CVS at Kinderhook		100	%	Jul 2019		5.3	%		2,429,000		2,480,000		5.3	%		2,429,000		2,480,000
CVS at Portage Trail		100	%	Aug 2017		5.0	%		750,000		843,000		7.8	%		694,000		771,000
East Chestnut		100	%	Apr 2018		7.4	%		1,882,000		1,989,000		5.2	%		1,704,000		1,778,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		3,970,000		4,045,000		5.4	%		3,970,000		4,045,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,370,000		5,479,000		5.7	%		5,370,000		5,479,000
General Booth Plaza		100	%	Aug 2013		5.2	%		5,275,000		5,409,000		6.1	%		5,166,000		5,257,000
Gold Star Plaza		100	%	May 2019		6.0	%		2,219,000		2,417,000		7.3	%		2,123,000		2,300,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,702,000		20,999,000		6.0	%		20,702,000		20,999,000
Groton Shopping Center		100	%	Oct 2015		6.2	%		11,522,000		11,622,000		5.3	%		11,843,000		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	%		4,252,000		—		6.3	%		4,252,000		—
Hamburg Commons		100	%	Oct 2016		6.1	%		5,101,000		5,180,000		6.1	%		5,101,000		5,180,000
Jordan Lane		100	%	Dec 2015		5.5	%		12,860,000		13,080,000		5.5	%		12,860,000		13,080,000
Kempsville Crossing		100	%	Aug 2013		5.2	%		5,964,000		6,122,000		6.1	%		5,841,000		5,950,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,678,000		7,811,000		6.0	%		7,678,000		7,811,000
Kingston Plaza		100	%	Jul 2019		5.3	%		3,128,000		3,194,000		5.3	%		3,128,000		3,194,000
Kingston Plaza		100	%	Jul 2019		5.3	%		522,000		533,000		5.3	%		522,000		533,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,666,000		5,790,000		5.4	%		5,666,000		5,790,000
Liberty Marketplace		100	%	Jul 2014		5.2	%		9,112,000		9,373,000		6.1	%		8,865,000		9,052,000
McCormick Place		100	%	Aug 2017		6.1	%		2,587,000		2,621,000		6.1	%		2,587,000		2,621,000
Mechanicsburg Giant		100	%	Nov 2014		5.2	%		9,378,000		9,667,000		5.5	%		9,274,000		9,533,000
Metro Square		100	%	Nov 2029		7.5	%		8,964,000		9,162,000		7.5	%		8,964,000		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	%		5,583,000		—		6.0	%		5,583,000		—
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,406,000		3,459,000		5.5	%		3,406,000		3,459,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,835,000		4,918,000		5.5	%		4,835,000		4,918,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,688,000		5,797,000		5.0	%		5,688,000		5,797,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,428,000		14,683,000		6.5	%		14,428,000		14,683,000
Rite Aid at Massillon		100	%	Jan 2020		5.0	%		1,329,000		1,437,000		7.7	%		1,200,000		1,283,000
Roosevelt II		100	%	Mar 2012		6.5	%		12,940,000		—		6.5	%		12,940,000		—
Shore Mall		100	%	Dec 2024		8.0	%		229,000		243,000		8.0	%		152,000		157,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,387,000		3,467,000		6.1	%		3,317,000		3,368,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,877,000		6,938,000		6.2	%		6,976,000		7,057,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,488,000		4,617,000		6.1	%		4,395,000		4,488,000
Swede Square		100	%	Nov 2020		5.5	%		10,588,000		—		5.5	%		10,588,000		—
The Point		100	%	Sep 2012		7.6	%		16,807,000		17,298,000		7.6	%		16,807,000		17,298,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,190,000		8,377,000		6.1	%		8,067,000		8,211,000
Trexler Mall		100	%	May 2014		5.4	%		21,093,000		21,526,000		5.5	%		20,993,000		21,395,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,779,000		4,904,000		6.1	%		4,680,000		4,766,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		416,000		444,000		8.0	%		367,000		387,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,690,000		5,795,000		5.1	%		5,690,000		5,795,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,452,000		8,575,000		5.9	%		8,452,000		8,575,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,776,000		10,885,000		6.2	%		10,848,000		10,970,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		20,073,000		20,418,000		6.0	%		20,092,000		20,441,000
Various land parcels		100	%	Jul 2010		5.5	%		—		3,000,000		5.5	%		—		3,000,000

									432,618,000		412,748,000					431,070,000		410,699,000


Homburg Joint Venture:
Aston Center		20	%	Nov 2015		5.5	%		12,561,000		12,802,000		5.9	%		12,358,000		12,556,000
Ayr Town Center		20	%	Jun 2015		5.5	%		7,093,000		7,225,000		5.6	%		7,056,000		7,178,000
Fieldstone Marketplace		20	%	Jul 2014		5.4	%		18,281,000		18,647,000		6.0	%		17,945,000		18,210,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,172,000		10,333,000		5.6	%		10,172,000		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	%		10,769,000		10,949,000		5.5	%		10,769,000		10,949,000
Scott Town Center		20	%	Aug 2015		5.5	%		8,538,000		8,669,000		4.9	%		8,697,000		8,865,000
Spring Meadow Shoppping Center		20	%	Nov 2014		5.5	%		12,441,000		12,698,000		5.9	%		12,279,000		12,493,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000

									102,855,000		104,323,000					102,276,000		103,584,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of Dec 31, 2010


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

PCP Joint Venture:
New London Mall		40	%	Apr 2015		6.1	%		26,087,000		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

									53,287,000		53,209,000					54,565,000		54,565,000
Other:
CVS at Naugatuck		50	%	Nov 2019		5.3	%		2,402,000		2,450,000		5.3	%		2,402,000		2,450,000

Total Consolidated Joint Ventures									158,544,000		159,982,000					159,243,000		160,599,000

Total fixed-rate mortgages				4.9 years		5.9	%		591,162,000		572,730,000					590,313,000		571,298,000

				[weighted average]
Variable-rate mortgages:
Shore Mall		100	%	Sep 2011		5.9	%		20,991,000		21,000,000
Upland Square		60	%	Sep 2011		2.5	%		62,577,000		61,181,000

Total variable-rate mortgages				0.7 years		3.4	%		83,568,000		82,181,000

				[weighted average]
Total mortgages				4.4 years		5.5	%		674,730,000		654,911,000

				[weighted average]

Secured revolving credit facilties:
Stabilized property facility		100	%	Jan 2012		5.5	%		29,535,000		187,985,000
Development property facility^(a)		100	%	Jun 2011		2.5	%		103,062,000		69,700,000

				0.6 years		3.2	%		132,597,000		257,685,000

				[weighted average]

Total debt				3.8 years		5.2	%	$	807,327,000	$	912,596,000

				[weighted average]
Pro rata share of consolidated debt								$	691,870,000	$	796,015,000


Mortgage loans payable — Cedar/RioCan joint venture:
Blue Mountain Commons		20	%	Jul 2015		5.0	%	$	17,646,000	$	—
Columbus Crossing		20	%	Jun 2014		6.8	%		16,815,000		16,880,000
Creekview Plaza		20	%	Oct 2015		4.8	%		14,398,000		—
Cross Keys Place		20	%	Dec 2020		5.1	%		14,600,000		—
Exeter Commons		20	%	Aug 2020		5.3	%		29,863,000		—
Franklin Village		20	%	Nov 2011		4.8	%		42,988,000		43,500,000
Gettysburg Marketplace		20	%	Dec 2020		5.0	%		10,918,000		—
Loyal Plaza		20	%	Jun 2011		7.2	%		12,456,000		12,615,000
Marlboro Crossroads		20	%	Dec 2020		5.1	%		6,875,000		—
Monroe Marketplace		20	%	Oct 2015		4.8	%		23,040,000		—
New River Valley		20	%	Oct 2015		4.8	%		15,127,000		—
Northland Center		20	%	Dec 2020		5.0	%		6,298,000		—
Pitney Road Valley		20	%	Oct 2015		4.8	%		6,070,000		—
Shaw’s Plaza		20	%	Mar 2014		6.0	%		13,958,000		14,023,000
Stop & Shop Plaza		20	%	Apr 2017		6.2	%		6,992,000		7,000,000
Sunset Crossing		20	%	Jul 2015		5.0	%		4,231,000		—
Sunrise Plaza		20	%	Oct 2015		4.8	%		13,695,000		—
Town Square Plaza		20	%	Jul 2015		5.0	%		10,922,000		—
Towne Crossings		20	%	Dec 2020		5.0	%		10,450,000		—
York Marketplace		20	%	Dec 2020		5.0	%		16,060,000		—

Total mortgages loans payable — Cedar/RioCan joint venture								$	293,402,000	$	94,018,000


Pro rata share of total debt (managed properties)								$	750,550,000	$	814,819,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of Dec 31, 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

2011	$	7,632,000	$	1,081,000	$	83,577,000		$	—	$	103,062,000	$	195,352,000
2012		8,425,000		1,247,000		42,374,000	(b)		—		29,535,000		81,581,000
2013		7,444,000		1,441,000		54,945,000			—		—		63,830,000
2014		5,884,000		1,312,000		89,422,000			22,571,000		—		119,189,000
2015		4,576,000		952,000		61,475,000			36,783,000		—		103,786,000
2016		3,776,000		486,000		73,452,000			31,275,000		—		108,989,000
2017		2,450,000		151,000		67,072,000			17,184,000		—		86,857,000
2018		1,843,000		41,000		18,972,000			—		—		20,856,000
2019		1,421,000		41,000		5,630,000			892,000		—		7,984,000
2020		740,000		—		12,169,000			—		—		12,909,000
Thereafter		5,505,000		—		489,000			—		—		5,994,000

	$	49,696,000	$	6,752,000	$	509,577,000		$	108,705,000	$	132,597,000	$	807,327,000


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

2011	$	592,000	$	2,369,000	$	11,157,000	$	44,629,000	$	—	$	58,747,000
2012		688,000		2,754,000		—		—		—		3,442,000
2013		730,000		2,918,000		—		—		—		3,648,000
2014		729,000		2,918,000		5,941,000		23,763,000		—		33,351,000
2015		608,000		2,434,000		19,411,000		77,642,000		—		100,095,000
2016		366,000		1,465,000		—		—		—		1,831,000
2017		370,000		1,478,000		1,271,000		5,085,000		—		8,204,000
2018		383,000		1,530,000		—		—		—		1,913,000
2019		403,000		1,611,000		—		—		—		2,014,000
2020		273,000		1,091,000		15,758,000		63,035,000		—		80,157,000
Thereafter										—		—

	$	5,142,000	$	20,568,000	$	53,538,000	$	214,154,000	$	—	$	293,402,000


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
2011	$	8,224,000	$	3,450,000	$	94,734,000		$	44,629,000	$	103,062,000	$	254,099,000
2012		9,113,000		4,001,000		42,374,000	(b)		—		29,535,000		85,023,000
2013		8,174,000		4,359,000		54,945,000			—		—		67,478,000
2014		6,613,000		4,230,000		95,363,000			46,334,000		—		152,540,000
2015		5,184,000		3,386,000		80,886,000			114,425,000		—		203,881,000
2016		4,142,000		1,951,000		73,452,000			31,275,000		—		110,820,000
2017		2,820,000		1,629,000		68,343,000			22,269,000		—		95,061,000
2018		2,226,000		1,571,000		18,972,000			—		—		22,769,000
2019		1,824,000		1,652,000		5,630,000			892,000		—		9,998,000
2020		1,013,000		1,091,000		27,927,000			63,035,000		—		93,066,000
Thereafter		5,505,000		—		489,000			—		—		5,994,000


	$	54,838,000	$	27,320,000	$	563,115,000		$	322,859,000	$	132,597,000	$	1,100,729,000


(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
				As of Dec 31, 2010
Consolidated
Homburg		80	%	$	148,124,171	$	(102,854,533	)	$	6,794,296		$	51,045,013		$	1,018,920	$	52,063,933
PCP (c)		60	%		69,593,133		(53,286,721	)		(2,517,147	)		8,239,944			5,549,321		13,789,265
Fameco I (e)		40	%		84,098,391		(62,576,677	)		4,480,970			1,048,000			24,954,684		26,002,684
Fameco II (f)		40	%		41,856,342		—			(6,021,639	)		—			35,834,704		35,834,704
Hirshland (g)		40	%		10,879,740		—			2,340,226			(81,472	)		13,301,438		13,219,966
Other		50	%		2,672,971		(2,402,025	)		196,089			51,947			415,088		467,035

					357,224,748		(221,119,957	)		5,272,796			60,303,433			81,074,155		141,377,587
*Held for Sale*
WP Realty (d)		25	%		9,500,000		—			227,951			1,745,835			7,982,116		9,727,951

				$	366,724,748	$	(221,119,957	)	$	5,500,747		$	62,049,268		$	89,056,270	$	151,105,538


Unconsolidated
Cedar/RioCan (h)		80	%	$	524,447,542	$	(293,399,838	)		(3,189,767	)	$	181,239,408		$	46,618,529	$	227,857,937


				As of Sep 30, 2010
Consolidated
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
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
*Held for Sale*
WP Realty (d)		25	%		19,049,571		—			(648,275	)		3,938,288			14,463,008		18,401,296

				$	395,858,499	$	(221,434,588	)	$	4,648,875		$	69,175,680		$	109,897,105	$	179,072,785


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


				As of Jun 30, 2010
Consolidated
Homburg		80	%	$	149,680,832	$	(103,591,953	)	$	7,503,955		$	52,393,045		$	1,199,789	$	53,592,834
PCP (c)		60	%		71,631,534		(53,134,532	)		(2,511,195	)		9,548,936			6,436,871		15,985,807
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
*Held for Sale*
WP Realty (d)		25	%		19,136,079		—			(891,063	)		3,975,103			14,269,914		18,245,017

				$	398,192,498	$	(221,701,261	)	$	3,300,427		$	70,932,275		$	108,859,389	$	179,791,664


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


				As of March 31, 2010
Consolidated
Homburg		80	%	$	150,542,032	$	(103,947,265	)	$	6,394,163		$	52,047,391		$	941,539	$	52,988,929
PCP (c)		60	%		70,766,816		(53,228,308	)		183,347			10,382,428			7,339,427		17,721,855
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
*Held for Sale*
WP Realty (d)		25	%		19,224,941		—			(913,381	)		3,997,473			14,314,087		18,311,559

				$	397,906,248	$	(221,886,031	)	$	5,101,987		$	71,701,300		$	109,420,903	$	181,122,203


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


				As of December 31, 2009
Consolidated
Homburg		80	%	$	151,553,929	$	(104,322,664	)	$	5,319,807		$	51,628,864		$	922,208	$	52,551,072
PCP (c)		60	%		71,227,029		(53,162,425	)		(445,482	)		10,285,730			7,333,393		17,619,123
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

					360,381,956		(222,441,384	)		2,959,690			63,190,481			77,709,782		140,900,263
*Held for Sale*
WP Realty (d)		25	%		19,334,674		—			(881,012	)		4,037,521			14,416,141		18,453,662

				$	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

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

Income Statement Information


				Property-level operations															Share of property
	Partners’					Operating		Cedar		Net Operat-		Depreciation/		Non-op		Net income			net income (loss) (a)
	percent			Revenues		expenses		mgt. Fees		ing income		amortization		inc/exp (i)		(loss)			Partners			Cedar (b)
				Three months ended Dec 31, 2010
Consolidated
Homburg		80	%	$	4,220,261	$	778,987	$	168,596	$	3,272,677	$	1,063,708	$	1,485,962	$	723,008		$	354,596		$	368,412
PCP (c)		60	%		2,019,341		500,703		56,803		1,461,835		909,002		864,493		(311,660	)		(186,996	)		(124,664	)
Fameco I (e)		40	%		1,513,015		513,883		25,090		974,041		387,375		652,994		(66,327	)		—			(66,327	)
Fameco II (f)		40	%		672,939		134,298		—		538,642		170,039		—		368,602			—			368,602
Hirshland (g)		40	%		184,642		48,477		—		136,165		46,960		—		89,205			—			89,205
Other		50	%		107,785		54,403		3,789		49,593		17,656		33,041		(1,104	)		(558	)		(547	)

					8,717,983		2,030,751		254,279		6,432,953		2,594,740		3,036,489		801,723			167,042			634,681
*Held for sale*
WP Realty (d)		25	%		—		—		—		—		—		6,896,446		(6,896,446	)		(2,192,453	)		(4,703,993	)

				$	8,717,983	$	2,030,751	$	254,279	$	6,432,953	$	2,594,740	$	9,932,935	$	(6,094,723	)	$	(2,025,411	)	$	(4,069,311	)


Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	15,136,008	$	2,947,349		416,038	$	11,772,620	$	6,063,172		6,410,019	$	(700,571	)	$	(572,515	)	$	(128,055	)


				Three months ended Sep 30, 2010

Consolidated
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	)
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
*Held for sale*
WP Realty (d)		25	%		—		—		—		—		—		130,896		(130,896	)		(36,815	)		(94,082	)

				$	8,582,719	$	2,441,929	$	230,487	$	5,910,303	$	2,844,715	$	2,879,917	$	185,670		$	(230,425	)	$	416,095


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	)


				Three months ended June 30, 2010

Consolidated
Homburg		80	%	$	3,906,284	$	783,822	$	155,689	$	2,966,773	$	1,055,807	$	1,479,027	$	431,940		$	345,654		$	86,286
PCP (c)		60	%		2,200,994		478,211		52,588		1,670,196		1,786,012		894,028		(1,009,843	)		(421,540	)		(588,303	)
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
*Held for sale*
WP Realty (d)		25	%		—		—		—		—		—		89,480		(89,480	)		(22,370	)		(67,110	)

				$	8,830,839	$	2,302,110	$	238,692	$	6,290,036	$	3,659,217	$	2,778,252	$	(147,432	)	$	(109,408	)	$	(38,024	)


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


				Three months ended March 31, 2010

Consolidated
Homburg		80	%	$	4,192,250	$	992,748	$	141,739	$	3,057,763	$	1,066,819	$	1,467,787	$	523,157		$	418,526		$	104,631
PCP (c)		60	%		2,096,127		557,142		52,829		1,486,156		535,340		790,902		159,914			95,948			63,966
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
*Held for sale*
WP Realty (d)		25	%		—		—		—		—		—		160,195		(160,195	)		(40,049	)		(120,147	)

				$	9,264,592	$	2,698,098	$	218,864	$	6,347,630	$	2,337,554	$	2,736,518	$	1,273,557		$	435,024		$	838,533


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


				Three months ended December 31, 2009

Consolidated
Homburg		80	%	$	4,022,542	$	830,868	$	161,243	$	3,030,430	$	1,027,536	$	1,504,178	$	498,716		$	413,941		$	84,775
PCP (c)		60	%		2,091,859		564,937		44,724		1,482,198		230,340		856,044		395,815			53,141			342,674
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
*Held for sale*
WP Realty (d)		25	%		—		—		—		—		—		3,091		(3,091	)		(797	)		(2,295	)

				$	8,529,148	$	2,417,298	$	225,755	$	5,886,095	$	1,812,587	$	2,574,490	$	1,499,018		$	484,062		$	1,014,956


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

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

FFO and NOI Allocations


	Partners’			Share of FFO (a)									Share of NOI (a)
	percent			Partners			Cedar (b)			Total			Partners			Cedar (b)			Total
				Three months ended Dec 31, 2010									Three months ended Dec 31, 2010
Consolidated
Homburg		80	%	$	1,429,372		$	357,343		$	1,786,716		$	2,618,142		$	654,535		$	3,272,677
PCP (c)		60	%		358,405			238,937			597,342			877,101			584,734			1,461,835
Fameco I (e)		40	%		—			321,047			321,047			—			974,041			974,041
Fameco II (f)		40	%		—			538,642			538,642			—			538,642			538,642
Hirshland (g)		40	%		—			136,165			136,165			—			136,165			136,165
Other		50	%		8,273			8,273			16,546			24,796			24,796			49,593

					1,796,051			1,600,407			3,396,458			3,520,039			2,912,914			6,432,953
*Held for Sale*
WP Realty (d)		25	%		(2,191,258	)		(6,573,774	)		(8,765,032	)		—			—			—

				$	(395,207	)	$	(4,973,366	)	$	(5,368,574	)	$	3,520,039		$	2,912,914		$	6,432,953


Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	4,290,081		$	1,072,520		$	5,362,602		$	9,418,096		$	2,354,524		$	11,772,620


				Three months ended Sep 30, 2010									Three months ended Sep 30, 2010

Consolidated
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
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

					1,338,732			1,616,420			2,955,152			3,081,912			2,822,394			5,904,306
*Held for Sale*
WP Realty (d)		25	%		1,499			4,498			5,997			1,499			4,498			5,997

				$	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


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

Consolidated
Homburg		80	%	$	1,190,197		$	297,549		$	1,487,747		$	2,373,419		$	593,355		$	2,966,773
PCP (c)		60	%		465,701			310,467			776,168			1,002,118			668,078			1,670,196
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

					1,675,915			1,649,436			3,325,351			3,406,697			2,842,148			6,248,845
*Held for Sale*
WP Realty (d)		25	%		10,298			30,894			41,192			10,298			30,894			41,192

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


Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	1,614,653		$	460,854		$	2,075,507		$	2,974,953		$	743,738		$	3,718,691


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

Consolidated
Homburg		80	%	$	1,271,981		$	317,995		$	1,589,976		$	2,446,210		$	611,553		$	3,057,763
PCP (c)		60	%		417,153			278,102			695,254			891,694			594,463			1,486,156
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

					1,698,610			1,873,516			3,572,126			3,368,197			3,009,718			6,377,914
*Held for Sale*
WP Realty (d)		25	%		(7,571	)		(22,713	)		(30,284	)		(7,571	)		(22,713	)		(30,284	)

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


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


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

Consolidated
Homburg		80	%	$	1,221,003		$	305,249		$	1,526,252		$	2,424,344		$	606,086		$	3,030,430
PCP (c)		60	%		375,693			250,460			626,153			889,319			592,879			1,482,198
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

					1,624,096			1,016,649			2,640,745			3,342,849			2,412,032			5,754,881
*Held for Sale*
WP Realty (d)		25	%		32,804			98,410			131,214			32,804			98,411			131,215

				$	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

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 February 2009, respectively.

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

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

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

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

(h)		Cedar has a 20% interest in an unconsolidated joint venture formed initially for the acquisition of seven properties previously owned by the Company, which the Company continues to manage. The balances at March 31, 2010 and December 31, 2009, respectively, represent the assets and liabilities of the properties transferred prior to those dates; the revenues, expenses and FFO for these properties represent their results of operations subsequent to the dates of their transfers to the joint venture.

(i)		Non-operating income and expense consists principally of interest expense and amortization of financing costs. With respect to the Cedar/RioCan joint venture, acquisition transaction costs were $2.6 million, $3.9 million and $0.6 million for the quarters ended December 31, 2010, September 30, 2010 and March 31, 2010, respectively. The amount for the December 31, 2010 and September 30, 2010 quarter includes $0.9 million and $1.3 million, respectively, payable to the Company.


Disclosures			3-4
Consolidated Balance Sheets			5
Consolidated Statements of Operations			6
Consolidated Statements of Cash Flows			7
Funds (Used In) 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