Exhibit 99.2
CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2010
(unaudited)
Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com

 

 


 

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2010
(unaudited)
TABLE OF CONTENTS
         
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  

 

 


 

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”.

 

3


 

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.

 

4


 

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  
 
                             

 

5


 

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).

 

6


 

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).

 

7


 

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.

 

8


 

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  
 
                                         

 

9


 

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  

 

10


 

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  
 
                                         

 

11


 

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.

 

12


 

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 %
 
                 

 

13


 

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.

 

14


 

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.

 

15


 

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

 

16


 

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

 

17


 

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

 

18


 

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                      

 

19


 

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

 

20


 

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                      
 
                                         

 

21


 

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  

 

22


 

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  
 
                                                                 

 

23


 

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                          
 
                                                                       

 

24


 

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  

 

25


 

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                          
 
                                                       
 
                                                           

 

26


 

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.

 

27


 

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  
 
                                           

 

28


 

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  
 
                                                             

 

29


 

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  
 
                                           

 

30


 

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.

 

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