Exhibit 99.2

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

Disclosures

Forward Looking Statements

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

Basis of Presentation

The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2010 and Form 10-Q for the quarter ended March 31, 2011.

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 March 31, 2011, 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 period from January 1, 2010 through March 31, 2011, the Company sold, or treated as “held for sale” 24 of its properties, including a number of drug store/convenience centers. 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”.

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

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

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

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

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

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
Assets:
Real estate:
Land	$	337,474,000		$	327,813,000		$	325,229,000		$	326,224,000		$	329,635,000
Buildings and improvements		1,301,021,000			1,257,679,000			1,242,008,000			1,236,824,000			1,225,733,000

		1,638,495,000			1,585,492,000			1,567,237,000			1,563,048,000			1,555,368,000
Less accumulated depreciation		(197,948,000	)		(188,278,000	)		(179,385,000	)		(169,154,000	)		(159,499,000	)

Real estate, net		1,440,547,000			1,397,214,000			1,387,852,000			1,393,894,000			1,395,869,000

Real estate to be transferred to a joint venture		—			—			—			—			60,203,000
Real estate held for sale — discontinued operations		59,426,000			74,661,000			117,131,000			117,832,000			121,644,000
Investment in unconsolidated joint ventures		50,324,000			52,466,000			44,029,000			27,066,000			23,655,000

Cash and cash equivalents		15,469,000			14,166,000			12,142,000			13,794,000			15,783,000
Restricted cash		16,109,000			14,545,000			11,617,000			12,828,000			13,061,000
Receivables:
Rents and other tenant receivables, net		10,389,000			7,048,000			9,485,000			8,814,000			10,663,000
Straight-line rents		16,097,000			15,669,000			15,490,000			15,310,000			14,831,000
Joint venture settlements and other receivables		5,989,000			8,599,000			9,533,000			6,146,000			7,330,000
Other assets		7,966,000			9,676,000			11,819,000			7,271,000			7,709,000
Deferred charges, net:
Lease origination costs		16,020,000			16,102,000			15,890,000			16,339,000			16,417,000
Financing costs		9,736,000			10,790,000			10,828,000			15,053,000			15,573,000
Other		575,000			1,551,000			1,288,000			1,405,000			1,222,000

Total assets	$	1,648,647,000		$	1,622,487,000		$	1,647,104,000		$	1,635,752,000		$	1,703,960,000


Liabilities and equity:
Mortgage loans payable	$	698,010,000		$	672,143,000		$	650,645,000		$	652,577,000		$	648,373,000
Mortgage loans payable — real estate to be transferred to a joint venture		—			—			—			—			33,590,000
Mortgage loans payable — real estate held for sale — discontinued operations		35,205,000			35,373,000			40,160,000			40,335,000			40,507,000
Secured revolving credit facilities		154,597,000			132,597,000			126,446,000			167,841,000			207,091,000
Accounts payable and accrued expenses		14,009,000			17,811,000			20,066,000			20,654,000			18,531,000
Tenant prepayments and security deposits		9,126,000			9,573,000			8,343,000			6,986,000			7,679,000
Accrued interest rate swap liabilities		1,451,000			1,642,000			1,926,000			1,789,000			1,587,000
Unamortized intangible lease liabilities		45,027,000			46,453,000			47,823,000			50,014,000			51,816,000
Liabilities — real estate held for sale and real estate to be transferred to a joint venture		1,413,000			1,371,000			2,756,000			2,866,000			6,919,000

Total liabilities		958,838,000			916,963,000			898,165,000			943,062,000			1,016,093,000


Limited partners’ interest in Operating Partnership		6,817,000			7,053,000			8,473,000			10,888,000			11,610,000

Equity:
Preferred stock		158,575,000			158,575,000			158,575,000			88,750,000			88,750,000
Common stock		4,051,000			3,991,000			3,962,000			3,906,000			3,774,000
Treasury stock		(10,398,000	)		(10,367,000	)		(10,419,000	)		(10,521,000	)		(10,629,000	)
Additional paid-in capital		715,702,000			712,548,000			708,310,000			705,314,000			688,870,000
Cumulative distributions in excess of net income		(249,636,000	)		(231,275,000	)		(188,336,000	)		(175,628,000	)		(165,531,000	)
Accumulated other comprenehsive loss		(3,112,000	)		(3,406,000	)		(3,924,000	)		(4,082,000	)		(3,989,000	)

		615,182,000			630,066,000			668,168,000			607,739,000			601,245,000
Minority interest in consolidated joint ventures		61,736,000			62,050,000			65,237,000			66,957,000			67,704,000
Limited partners’ interest in Operating Partnship		6,074,000			6,355,000			7,061,000			7,106,000			7,308,000

Noncontrolling interests		67,810,000			68,405,000			72,298,000			74,063,000			75,012,000

Total equity		682,992,000			698,471,000			740,466,000			681,802,000			676,257,000

Total liabilities and equity	$	1,648,647,000		$	1,622,487,000		$	1,647,104,000		$	1,635,752,000		$	1,703,960,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
Revenues:
Rents:
Base rents	$	29,247,000		$	27,882,000		$	26,991,000		$	27,579,000		$	29,011,000
Percentage rents		266,000			477,000			298,000			212,000			216,000
Straight-line rents		479,000			208,000			169,000			609,000			774,000
Amortization of intangible lease liabilities		1,398,000			1,557,000			1,889,000			2,588,000			2,256,000

		31,390,000			30,124,000			29,347,000			30,988,000			32,257,000
Expense recoveries		9,524,000			7,040,000			6,698,000			6,718,000			9,431,000
Other		706,000			1,883,000			1,604,000			283,000			98,000

		41,620,000			39,047,000			37,649,000			37,989,000			41,786,000

Expenses:
Operating, maintenance and management		10,619,000			8,365,000			7,093,000			6,840,000			9,474,000
Real estate and other property — related taxes		5,045,000			4,756,000			4,821,000			4,844,000			4,893,000

		15,664,000			13,121,000			11,914,000			11,684,000			14,367,000


Net operating income		25,956,000			25,926,000			25,735,000			26,305,000			27,419,000

Other income (expense):
General and administrative		(2,705,000	)		(2,799,000	)		(2,421,000	)		(2,106,000	)		(2,211,000	)
Acquisition transaction costs and terminated projects		(1,539,000	)		(888,000	)		(2,043,000	)		(2,000	)		(1,320,000	)
Impairment charges		—			(221,000	)		(155,000	)		(562,000	)		(1,555,000	)
Depreciation and amortization		(10,404,000	)		(9,692,000	)		(10,997,000	)		(11,222,000	)		(10,148,000	)
Interest expense		(11,438,000	)		(10,844,000	)		(10,853,000	)		(11,536,000	)		(12,687,000	)
Amortization of deferred financing and other costs		(1,270,000	)		(1,453,000	)		(1,743,000	)		(1,479,000	)		(1,487,000	)
Capitalization of interest expense and financing costs		324,000			331,000			597,000			723,000			890,000
Accelerated write-off of deferred financing costs		—			—			(2,552,000	)		—			—
Interest income		78,000			13,000			6,000			5,000			14,000
Equity in (loss) income of unconsolidated joint ventures		791,000			(63,000	)		(288,000	)		479,000			356,000
Gain on sale of land parcel		28,000			—			—			—			—

(Loss) Income before discontinued operations		(179,000	)		310,000			(4,714,000	)		605,000			(729,000	)

Discontinued operations:
Income (loss) from operations		1,002,000			(43,000	)		257,000			(153,000	)		(358,000	)
Impairment charges		(9,916,000	)		(36,253,000	)		(34,000	)		(2,994,000	)		(248,000	)
Gain on sales		—			—			—			(5,000	)		175,000

Total discontinued operations		(8,914,000	)		(36,296,000	)		223,000			(3,152,000	)		(431,000	)


Net loss		(9,093,000	)		(35,986,000	)		(4,491,000	)		(2,547,000	)		(1,160,000	)

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		25,000			1,807,000			194,000			87,000			(475,000	)
Limited partners’ interest in consolidated OP		260,000			794,000			196,000			178,000			114,000

Total net loss (income) attributable to noncontrolling interests		285,000			2,601,000			390,000			265,000			(361,000	)


Net loss attributable to Cedar Shopping Centers, Inc.		(8,808,000	)		(33,385,000	)		(4,101,000	)		(2,282,000	)		(1,521,000	)

Preferred distribution requirements		(3,501,000	)		(3,579,000	)		(2,679,000	)		(1,969,000	)		(1,969,000	)


Net loss attributable to common shareholders	$	(12,309,000	)	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)


Per common share (basic and diluted):
Continuing operations	$	(0.05	)	$	(0.01	)	$	(0.10	)	$	(0.02	)	$	(0.05	)
Discontinued operations		(0.13	)		(0.55	)		0.00			(0.05	)		(0.01	)

	$	(0.18	)	$	(0.56	)	$	(0.10	)	$	(0.07	)	$	(0.06	)


Weighted average number of common shares outstanding		67,227,000			66,374,000			65,835,000			64,434,000			58,728,000


Net operating income/Revenues		62	%		66	%		68	%		69	%		66	%
Expense recovery percentage (a)		73	%		72	%		72	%		71	%		73	%


(a)		The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $940,000, $1,315,000, $886,000, $583,000 and $445,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


	Three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
Cash flow from operating activities:
Net loss	$	(9,093,000	)	$	(35,986,000	)	$	(4,491,000	)	$	(2,547,000	)	$	(1,160,000	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash provisions:
Equity in loss (income) of unconsolidated joint ventures		(791,000	)		63,000			288,000			(479,000	)		(356,000	)
Distributions from unconsolidated joint ventures		379,000			60,000			211,000			428,000			120,000
Impairments		—			199,000			177,000			562,000			1,555,000
Acquisition transaction costs and terminated projects		1,539,000			—			31,000			—			1,271,000
Impairment charges — discontinued operations		9,916,000			36,253,000			34,000			2,992,000			248,000
Gain on sales of real estate		(28,000	)		—			—			5,000			(175,000	)
Straight-line rents receivable		(519,000	)		(232,000	)		(198,000	)		(637,000	)		(787,000	)
Provision for doubtful accounts		1,053,000			1,468,000			966,000			860,000			678,000
Depreciation and amortization		10,459,000			10,820,000			11,891,000			12,373,000			11,380,000
Amortization of intangible lease liabilities		(1,477,000	)		(1,676,000	)		(2,051,000	)		(3,092,000	)		(2,335,000	)
Amortization/market price adjustments relating to stock-based compensation		829,000			911,000			832,000			21,000			1,215,000
Amortization of deferred financing costs		1,006,000			1,489,000			1,605,000			1,286,000			1,207,000
Accelerated write-off of deferred financing costs		—			—			2,522,000			—			—
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		(4,402,000	)		952,000			(1,643,000	)		1,023,000			(3,918,000	)
Joint venture settlements		231,000			2,388,000			(1,457,000	)		(453,000	)		(1,473,000	)
Prepaid expenses and other		(1,208,000	)		1,329,000			(4,698,000	)		2,369,000			(1,029,000	)
Accounts payable and accrued expenses		(3,664,000	)		(158,000	)		2,545,000			(1,140,000	)		(2,754,000	)

Net cash provided by operating activities		4,230,000			17,880,000			6,564,000			13,571,000			3,687,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(53,583,000	)		(9,281,000	)		(5,362,000	)		(7,483,000	)		(8,029,000	)
Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer		3,009,000			—			—			19,634,000			11,379,000
Net proceeds from sales of real estate		5,744,000			605,000			—			—			2,056,000
Investments in and advances to unconsolidated joint ventures		—			(21,427,000	)		(25,712,000	)		—			(4,302,000	)
Distributions of capital from unconsolidated joint ventures		2,555,000			13,777,000			6,166,000			1,559,000			—
Increase in other receivables		—			(2,563,000	)		—			—			—
Construction escrows and other		(1,141,000	)		(1,906,000	)		(101,000	)		116,000			1,040,000

Net cash (used in) provided by investing activities		(43,416,000	)		(20,795,000	)		(25,009,000	)		13,826,000			2,144,000


Cash flow from financing activities:
Net advances/(repayments) from/(to) revolving credit facilities		22,000,000			6,151,000			(41,395,000	)		(39,250,000	)		(50,594,000	)
Proceeds from mortgage financings		28,100,000			10,712,000			30,000			9,543,000			6,699,000
Mortgage repayments		(2,401,000	)		(2,350,000	)		(2,137,000	)		(5,544,000	)		(10,913,000	)
Termination payments related to interest rate swaps		—			—			—			—			(5,476,000	)
Payments of debt financing costs		—			(884,000	)		(143,000	)		(755,000	)		(243,000	)
Noncontrolling interests:
Distributions to consolidated joint venture minority interests		(289,000	)		(1,380,000	)		(1,526,000	)		(660,000	)		—
Distributions to limited partners		(127,000	)		(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		2,807,000			2,952,000			72,383,000			5,686,000			60,227,000
Exercise of warrant		—			—			—			10,000,000			—
Preferred stock distributions		(3,549,000	)		(3,550,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)
Distributions to common shareholders		(6,052,000	)		(5,975,000	)		(5,928,000	)		(5,846,000	)		(4,696,000	)

Net cash provided by (used in) financing activities		40,489,000			4,939,000			16,793,000			(29,386,000	)		(7,212,000	)


Net increase (decrease) in cash and cash equivalents		1,303,000			2,024,000			(1,652,000	)		(1,989,000	)		(1,381,000	)
Cash and cash equivalents at beginning of period		14,166,000			12,142,000			13,794,000			15,783,000			9,527,000

Cash and cash equivalents at end of period	$	15,469,000		$	14,166,000		$	12,142,000		$	13,794,000		$	15,783,000

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


	At of for the three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
Net loss attributable to the Company’s common shareholders	$	(12,309,000	)	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)
Add (deduct):
Real estate depreciation and amortization		10,410,000			10,793,000			11,831,000			12,327,000			11,328,000
Noncontrolling interests:
Limited partners’ interest		(260,000	)		(794,000	)		(196,000	)		(178,000	)		(114,000	)
Minority interests in consolidated joint ventures		(25,000	)		(1,807,000	)		(194,000	)		(87,000	)		475,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,336,000	)		360,000			(1,340,000	)		(1,686,000	)		(1,691,000	)
Gain on sales of discontinued operations and other real estate (a)		(28,000	)		—			—			5,000			(175,000	)
Equity in loss (income) of unconsolidated joint ventures		(791,000	)		63,000			288,000			(479,000	)		(356,000	)
FFO from unconsolidated joint ventures		1,882,000			1,230,000			146,000			834,000			586,000

Funds From (Used in) Operations (“FFO”)		(2,457,000	)		(27,119,000	)		3,755,000			6,485,000			6,563,000

Add (deduct) the pro rata share of:
Straight-line rents		(475,000	)		(245,000	)		(150,000	)		(531,000	)		(654,000	)
Amortization of intangible lease liabilities		(1,371,000	)		(1,264,000	)		(1,957,000	)		(2,484,000	)		(2,156,000	)
Non-real estate amortization		1,080,000			1,520,000			1,610,000			1,293,000			1,230,000
Accelerated write-off of deferred financing costs		—			—			2,552,000			—			—
Stock-based compensation charged (credited) to operations		829,000			896,000			853,000			—			1,215,000
Impairment charges — discontinued operations (a)		9,749,000			34,057,000			34,000			2,994,000			248,000
Impairment charges — RioCan, net (b)		—			221,000			155,000			562,000			1,555,000
Acquisition transaction costs — unconsolidated joint venture		14,000			925,000			773,000			—			119,000
Acquisition transaction costs and terminated projects (c)		1,539,000			888,000			2,043,000			2,000			1,320,000

Adjusted Funds From Operations (“AFFO”)		8,908,000			9,879,000			9,668,000			8,321,000			9,440,000

Capital expenditures, tenant improvements, and leasing commissions — second generation (d)		(409,000	)		(1,081,000	)		(1,321,000	)		(954,000	)		(631,000	)
Scheduled mortgage repayments — carrying value amounts		(1,945,000	)		(2,236,000	)		(1,983,000	)		(1,836,000	)		(1,926,000	)

Funds Available for Distribution (“FAD”)	$	6,554,000		$	6,562,000		$	6,364,000		$	5,531,000		$	6,883,000


FFO per common share, assuming OP Unit conversion (basic and diluted):	$	(0.04	)	$	(0.40	)	$	0.06		$	0.10		$	0.11


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


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


Weighted average number of common shares outstanding (basic):
Common shares		67,227,000			66,374,000			65,835,000			64,434,000			58,728,000
OP Units		1,415,000			1,435,000			1,892,000			1,945,000			1,986,000

		68,642,000			67,809,000			67,727,000			66,379,000			60,714,000

Weighted average number of common shares outstanding (diluted):
Common shares		67,227,000			66,374,000			65,835,000			64,486,000			58,752,000
OP Units		1,415,000			1,435,000			1,892,000			1,945,000			1,986,000

		68,642,000			67,809,000			67,727,000			66,431,000			60,738,000

End of period number of common shares outstanding:
Common shares		67,517,000			66,520,000			66,035,000			65,104,000			62,911,000
OP Units		1,415,000			1,415,000			1,535,000			1,928,000			1,980,000

		68,932,000			67,935,000			67,570,000			67,032,000			64,891,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (e)	$	3,983,000		$	8,365,000		$	3,659,000		$	7,005,000		$	3,225,000

Capitalized interest and financing costs	$	324,000		$	332,000		$	597,000		$	723,000		$	890,000

Scheduled mortgage repayments — stated contract amounts	$	1,848,000		$	2,106,000		$	1,837,000		$	1,739,000		$	1,802,000

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


Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	58,214,000		$	62,611,000		$	84,831,000		$	105,964,000		$	106,935,000


(a)		Gain on sales/impairment charges related to properties 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 March 31, 2011, December 31, 2010 and the September 30, 2010 amounts are principally fees paid to the Company’s investment advisor related to the Cedar/RioCan joint venture.

		The March 2010 amount included the write-off of costs incurred for a potential development opportunity that the Company determined would not go forward.

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

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

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

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


	As of for the three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
Revenues:

Revenues of managed properties excluding non-cash revenues (a)	$	55,525,000		$	52,213,000		$	41,967,000		$	39,474,000		$	41,673,000
Less consolidated joint ventures		(4,308,000	)		(4,181,000	)		(4,232,000	)		(4,243,000	)		(4,496,000	)
Less unconsolidated Cedar/RioCan joint venture		(12,779,000	)		(12,109,000	)		(5,204,000	)		(3,849,000	)		(2,373,000	)

Cedar share of revenues excluding non-cash items		38,438,000			35,923,000			32,531,000			31,382,000			34,804,000
Pro-rata share straight-line rents		475,000			245,000			150,000			531,000			654,000
Pro-rata share amortization of intangible lease liabilities		1,371,000			1,264,000			1,957,000			2,484,000			2,156,000

Cedar share of total revenues		40,284,000			37,432,000			34,638,000			34,397,000			37,614,000
Revenues attributable to consolidated joint ventures (b)		4,531,000			4,642,000			4,373,000			4,624,000			4,789,000
Less revenues attributable to unconsolidated Cedar/RioCan joint venture (c)		(3,195,000	)		(3,027,000	)		(1,362,000	)		(1,032,000	)		(617,000	)

Total — As reported	$	41,620,000		$	39,047,000		$	37,649,000		$	37,989,000		$	41,786,000


Net Operating Income (“NOI”)
NOI of managed properties excluding non-cash revenues	$	34,930,000		$	35,775,000		$	28,309,000		$	26,064,000		$	26,667,000
Less consolidated joint ventures		(2,987,000	)		(3,059,000	)		(2,942,000	)		(3,036,000	)		(3,068,000	)
Less unconsolidated Cedar/RioCan joint venture		(8,892,000	)		(9,418,000	)		(3,803,000	)		(2,695,000	)		(1,685,000	)

Cedar share of NOI excluding non-cash items		23,051,000			23,298,000			21,564,000			20,333,000			21,914,000
Pro-rata share straight-line rents		475,000			245,000			150,000			531,000			654,000
Pro-rata share amortization of intangible lease liabilities		1,371,000			1,264,000			1,957,000			2,484,000			2,156,000
Stock-based compensation mark-to-market adjustments		72,000			(46,000	)		(7,000	)		284,000			(221,000	)

Cedar share of total NOI		24,969,000			24,761,000			23,664,000			23,632,000			24,503,000
NOI attributable to consolidated joint ventures (b)		3,210,000			3,520,000			3,083,000			3,417,000			3,361,000
Less NOI attributable to unconsolidated Cedar/RioCan joint venture (c)		(2,223,000	)		(2,355,000	)		(1,012,000	)		(744,000	)		(445,000	)

Total — As reported	$	25,956,000		$	25,926,000		$	25,735,000		$	26,305,000		$	27,419,000

Net (loss) income — common shareholders
Net income excluding impairments and certain non-cash charges	$	(750,000	)	$	(1,367,000	)	$	(1,210,000	)	$	(1,485,000	)	$	308,000

Accelerated write-off of deferred financing costs		—			—			(2,552,000	)		—			—
Acquistion transaction costs, terminated projects and impairments (d)		(11,427,000	)		(36,266,000	)		(3,180,000	)		(3,733,000	)		(3,417,000	)
Employee termination costs		(525,000	)		—			—			—			—
Stock-based compensation mark-to-market adjustments		150,000			(101,000	)		2,000			884,000			(509,000	)
Limited partners’ interest in above items		243,000			770,000			160,000			83,000			128,000

		(11,559,000	)		(35,597,000	)		(5,570,000	)		(2,766,000	)		(3,798,000	)


Total — As reported	$	(12,309,000	)	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)	$	(3,490,000	)

Per common share/OP unit (basic and diluted):
Net income excluding impairment and certain non-cash charges	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.02	)	$	—
Acquisition transaction costs, impairments and certain non-cash charges		(0.18	)		(0.55	)		(0.08	)		(0.04	)		(0.06	)

Total — As reported per share	$	(0.18	)	$	(0.56	)	$	(0.10	)	$	(0.07	)	$	(0.06	)


FFO
FFO before non-cash revenues:
Consolidated properties	$	7,499,000		$	7,739,000		$	7,378,000		$	6,166,000		$	6,109,000
Cedar/RioCan properties prior to transfer		—			—			—			153,000			1,570,000

		7,499,000			7,739,000			7,378,000			6,319,000			7,679,000
Straight-line rents		475,000			245,000			150,000			531,000			654,000
Amortization of intangible lease liabilities		1,371,000			1,264,000			1,957,000			2,484,000			2,156,000

FFO excluding impairments, stock-based compensation mark-to- market adjustments and employee termination costs		9,345,000			9,248,000			9,485,000			9,334,000			10,489,000

Accelerated write-off of deferred financing costs		—			—			(2,552,000	)		—			—
Employee termination costs		(525,000	)		—			—			—			—
Stock-based compensation mark-to-market adjustments		150,000			(101,000	)		2,000			884,000			(509,000	)
Acquistion transaction costs, terminated projects and impairments (d)		(11,427,000	)		(36,266,000	)		(3,180,000	)		(3,733,000	)		(3,417,000	)

		(11,802,000	)		(36,367,000	)		(5,730,000	)		(2,849,000	)		(3,926,000	)

Total — As reported	$	(2,457,000	)	$	(27,119,000	)	$	3,755,000		$	6,485,000		$	6,563,000

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		$	0.14		$	0.17
Acquisition transaction costs and impairments and stock-based compensation mark-to-market adjustments		(0.17	)		(0.54	)		(0.08	)		(0.04	)		(0.06	)

Total — As reported	$	(0.04	)	$	(0.40	)	$	0.06		$	0.10		$	0.11


Dividends to common shareholders	$	6,052,000		$	5,974,000		$	5,928,000		$	5,846,000		$	—
Per common share (e)	$	0.09		$	0.09		$	0.09		$	0.09		$	—

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization


	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010
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	$	25.05		$	25.18		$	25.76		$	24.90		$	24.39

	$	160,320,000		$	161,152,000		$	164,860,000		$	88,395,000		$	86,585,000

Common Stock
Common shares		67,517,000			66,520,000			66,035,000			65,104,000			62,911,000
OP Units		1,415,000			1,415,000			1,535,000			1,928,000			1,980,000

		68,932,000			67,935,000			67,570,000			67,032,000			64,891,000
Closing market price	$	6.03		$	6.29		$	6.08		$	6.02		$	7.91

	$	415,660,000		$	427,311,000		$	410,826,000		$	403,533,000		$	513,287,000


Sub-total equity	$	575,980,000		$	588,463,000		$	575,690,000		$	491,928,000		$	599,872,000

Debt:
Fixed-rate mortgages		614,450,000			588,575,000			567,074,000			569,030,000			565,103,000
Variable-rate mortgages		83,560,000			83,568,000			83,571,000			83,547,000			83,270,000

		698,010,000			672,143,000			650,645,000			652,577,000			648,373,000
Secured revolving credit facilities		154,597,000			132,597,000			126,446,000			167,841,000			207,091,000

Total outstanding debt — consolidated		852,607,000			804,740,000			777,091,000			820,418,000			855,464,000
Add (deduct) pro rats share attributable to:
Unconsolidated Cedar/RioCan joint venture		60,630,000			58,680,000			45,761,000			18,668,000			45,652,000
Consolidated joint venture minority interests		(115,180,000	)		(115,457,000	)		(115,720,000	)		(115,968,000	)		(116,315,000	)

Pro rata share of outstanding debt		798,057,000			747,963,000			707,132,000			723,118,000			784,801,000

Total market capitalization	$	1,374,037,000		$	1,336,426,000		$	1,282,822,000		$	1,215,046,000		$	1,384,673,000

Ratio of pro rata share of outstanding debt to total market capitalization		58.1	%		56.0	%		55.1	%		59.5	%		56.7	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	12,891,000		$	13,408,000		$	15,534,000		$	17,994,000		$	18,918,000
Cedar Shopping Centers, Inc. shareholders’ equity		615,182,000			630,066,000			668,168,000			607,739,000			601,245,000

		628,073,000			643,474,000			683,702,000			625,733,000			620,163,000
Pro rata share of total debt, per above		798,057,000			747,963,000			707,132,000			723,118,000			784,801,000

Total financial statement capitalization	$	1,426,130,000		$	1,391,437,000		$	1,390,834,000		$	1,348,851,000		$	1,404,964,000

Ratio of pro rata share of outstanding debt to total financial statement capitalization		56.0	%		53.8	%		50.8	%		53.6	%		55.9	%


Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.9	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		4.1	%		4.1	%		3.4	%		3.4	%		3.3	%
Total mortgages		5.6	%		5.6	%		5.5	%		5.5	%		5.5	%
Secured variable-rate revolving credit facilities		3.5	%		3.2	%		3.0	%		4.0	%		4.2	%
Total debt		5.2	%		5.2	%		5.1	%		5.2	%		5.2	%

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
(Loss) income from continuing operations	$	(179,000	)	$	310,000		$	(4,714,000	)	$	605,000		$	(729,000	)
Add (deduct):
Interest expense and amortization of financing costs, net		12,384,000			11,966,000			11,999,000			12,292,000			13,284,000
Accelerated write-off of deferred financing costs		—			—			2,552,000			—			—
Depreciation and amortization		10,404,000			9,692,000			10,997,000			11,222,000			10,148,000
Stock-based compensation mark-to-market adjustments		(150,000	)		101,000			(2,000	)		(884,000	)		509,000
Impairment charges		—			221,000			155,000			562,000			1,555,000
Gain on sale of land parcel		(28,000	)		—			—			—			—
Acqusition transaction costs and terminated projects, net		1,539,000			888,000			2,043,000			2,000			1,320,000
Minority interests share of consolidated joint venture EBITDA		(3,210,000	)		(3,520,000	)		(3,082,000	)		(3,407,000	)		(3,369,000	)
Pro-rata share attributable to Cedar/RioCan joint venture:
Acquisition transaction costs		9,000			925,000			773,000			—			119,000
Depreciation and amortization		1,180,000			1,222,000			370,000			293,000			106,000
Interest expense		1,123,000			682,000			407,000			218,000			92,000

EBITDA	$	23,072,000		$	22,487,000		$	21,498,000		$	20,903,000		$	23,035,000

Fixed charges:
Interest expense	$	11,438,000		$	10,844,000		$	10,853,000		$	11,536,000		$	12,687,000
Interest expense — consolidated minority interests		(1,647,000	)		(1,687,000	)		(1,706,000	)		(1,695,000	)		(1,634,000	)
Interest expense — unconsolidated joint venture		1,123,000			682,000			407,000			218,000			92,000
Preferred dividend requirements		3,501,000			3,579,000			2,679,000			1,969,000			1,969,000

Fixed charges	$	14,415,000		$	13,418,000		$	12,233,000		$	12,028,000		$	13,114,000

Ratio of EBITDA to fixed charges		1.6	x		1.7	x		1.8	x		1.7	x		1.8	x

Debt to EBITDA
Pro rata share of outstanding debt	$	798,057,000		$	747,963,000		$	707,132,000		$	723,118,000		$	784,801,000

EBITDA annualized	$	92,288,000		$	89,948,000		$	85,992,000		$	83,612,000		$	92,140,000
Add (deduct) impact resulting from:
Adjustments to annualized results of properties acquired during the period		711,000			842,000			2,685,000			—			95,000
Results from Cedar/RioCan joint venture properties prior to transfer		—			—			—			(2,232,000	)		(7,620,000	)

EBITDA annualized	$	92,999,000		$	90,790,000		$	88,677,000		$	81,380,000		$	84,615,000

Ratio of debt to EBITDA		8.6	x		8.2	x		8.0	x		8.9	x		9.3	x

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


	Three months ended Mar 31,
	2011			2010

The number of properties that were owned throughout each of the comparative periods		87			87


Revenues:
Rents:
Base rents	$	25,683,000		$	24,915,000
Percentage rents		214,000			211,000
Straight-line rents		437,000			803,000
Amortization of intangible lease liabilities		1,114,000			1,664,000

		27,448,000			27,593,000
Expense recoveries (b)		8,482,000			8,196,000
Other		144,000			46,000

Total revenues		36,074,000			35,835,000


Operating expenses (b):
Operating, maintenance and management		7,895,000			6,986,000
Real estate and other property-related taxes		4,033,000			3,969,000

Total expenses		11,928,000			10,955,000


Net operating income (“NOI”)	$	24,146,000		$	24,880,000


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities	$	22,595,000		$	22,413,000
Straight-line rents and amortization of intangible lease liabilities		1,551,000			2,467,000

NOI	$	24,146,000		$	24,880,000


Increase/(decrease) period over period

Revenues:
Rents:
Base rents	$	768,000			3.1	%
Percentage rents		3,000			1.4	%
Straight-line rents		(366,000	)		-45.6	%
Amortization of intangible lease liabilities		(550,000	)		-33.1	%

		(145,000	)		-0.5	%
Expense recoveries		286,000			3.5	%
Other		98,000			213.0	%

Total revenues		239,000			0.7	%


Expenses:
Operating, maintenance and management		909,000			13.0	%
Real estate and other property-related taxes		64,000			1.6	%

Total expenses		973,000			8.9	%


Net operating income	$	(734,000	)		-3.0	%


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		182,000			0.8	%
Straight-line rents and amortization of intangible lease liabilities		(916,000	)		-37.1	%

NOI	$	(734,000	)		-3.0	%


Percent occupied at end of period		91.4	%		88.9	%


Expense recovery percentage (b)		78.2	%		79.3	%


(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 $769,000 and $351,000, respectively, for the three months ended March 31, 2011 and 2010.

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


	At or for the three months ended
	Mar 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,
	2011			2010			2010			2010			2010

Renewals (d) (e) (f)

Number of leases		21			53			35			51			54
Aggregate square feet		376,000			466,000			348,000			258,000			509,000
Average square feet		17,905			8,792			9,943			5,059			9,426
Average expiring base rent psf	$	8.48		$	9.22		$	8.60		$	8.38		$	8.71
Average new base rent psf	$	9.24		$	9.77		$	8.91		$	8.99		$	9.20
% increase (decrease) in base rent		9.0	%		6.0	%		3.6	%		7.3	%		5.6	%

New leases (commenced):

Number of leases		13			20			31			19			18
Aggregate square feet		52,000			137,000			88,000			58,000			69,000
Average square feet		4,000			6,850			2,839			3,053			3,833
Average new base rent psf	$	13.74		$	14.03		$	14.74		$	18.19		$	13.13

Terminated leases

Number of leases		7			11			12			19			17
Aggregate square feet		28,000			23,000			73,000			49,000			175,000
Average square feet		4,000			2,091			6,083			2,579			10,294
Average old base rent psf	$	18.60		$	12.64		$	10.76		$	15.32		$	11.42

New leases (executed but not yet commenced):

Number of leases		9
Aggregate square feet		135,000
Average square feet		15,000
Average new base rent psf	$	17.15

Occupancy statistics

Operating Properties:
Wholly-owned		92.1	%		92.4	%		92.5	%		92.6	%		92.6	%
Consolidated joint ventures		93.8	%		95.3	%		95.7	%		96.2	%		96.7	%
Real estate to be transferred to joint venture		n/a			n/a			n/a			n/a			97.9	%
Managed unconsolidated joint venture		96.9	%		97.0	%		97.1	%		95.5	%		92.6	%

Total operating properties		93.6	%		94.0	%		94.0	%		93.5	%		93.5	%


Redevelopment properties		79.7	%		80.0	%		74.5	%		75.4	%		75.6	%


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


(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 March 31, 2011 quarter include ten leases comprising 60,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 11 renewal leases was 10.9%.

(e)		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%.

(f)		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%.

(g)		Excludes ground-up development properties.

(h)		Occupancy as of March 31, 2011 for operating properties comprising large tenants (over 10,000 sq. ft.) and small tenants is as follows:


	Large			Small			Total

Operating properties		97.4	%		82.7	%		93.6	%
Redevelopment properties		81.7	%		72.9	%		79.7	%

Total		94.6	%		80.1	%		92.1	%

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of March 31, 2011


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant Concentrations (a) (d)	stores		GLA		% of GLA			base rent		per sq ft		base rents
Top ten tenants (b):
Giant Foods (c)		31		2,015,000		13.5	%	$	29,551,000	$	14.67		18.0	%
L.A. Fitness		7		289,000		1.9	%		4,531,000		15.68		2.8	%
Stop & Shop (c)		6		391,000		2.6	%		4,383,000		11.21		2.7	%
Farm Fresh (c)		6		364,000		2.4	%		3,909,000		10.74		2.4	%
Staples		10		199,000		1.3	%		3,006,000		15.11		1.8	%
General Services Administration		1		206,000		1.4	%		2,500,000		12.14		1.5	%
CVS		11		124,000		0.8	%		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		2.6	%		2,337,000		5.96		1.4	%
Bed Bath & Beyond		6		170,000		1.1	%		1,970,000		11.59		1.2	%


Sub-total top ten tenants		85		4,278,000		28.7	%		57,039,000		13.33		34.7	%

Remaining tenants		1,218		9,329,000		62.6	%		107,377,000		11.51		65.3	%

Sub-total all tenants (e)		1,303		13,607,000		91.2	%	$	164,416,000	$	12.08		100.0	%


Vacant space (f)		n/a		1,306,000		8.8	%

Total (including vacant space)		1,303		14,913,000		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 (GLA of 173,000, annualized base rent of $1,904,000), 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)		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		10,527,000		77.4	%	$	112,314,000	$	10.67		68.3	%
Small tenants		3,080,000		22.6	%		52,102,000		16.92		31.7	%

Total		13,607,000		100.0	%	$	164,416,000	$	12.08		100.0	%


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

Total Revenues By State (a)


	Three months ended
	Mar 31,		Dec 31,		Sep 30,		Jun 30,		Mar 31,
State	2011		2010		2010		2010		2010
Pennsylvania	$	23,312,000	$	20,390,000	$	19,158,000	$	19,927,000	$	22,112,000
Connecticut		4,059,000		2,109,000		3,596,000		3,954,000		4,316,000
Massachusetts		3,579,000		2,957,000		3,398,000		3,710,000		4,867,000
Virginia		3,023,000		2,910,000		2,813,000		2,873,000		3,315,000
New Jersey		2,300,000		2,318,000		2,545,000		2,649,000		2,706,000
Maryland		2,747,000		4,876,000		2,473,000		2,630,000		2,469,000
Ohio		167,000		162,000		159,000		163,000		177,000
New York		1,454,000		1,313,000		1,594,000		1,042,000		1,365,000
Michigan		445,000		195,000		406,000		439,000		412,000

		41,086,000		37,230,000		36,142,000		37,387,000		41,739,000
Parent Company fee income (b)		534,000		1,817,000		1,507,000		602,000		47,000

	$	41,620,000	$	39,047,000	$	37,649,000	$	37,989,000	$	41,786,000


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

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

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (a) (b)
As of March 31, 2011


												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		64		148,000		1.1	%	$	2,036,000	$	13.76		1.2	%
2011		122		632,000		4.6	%		8,859,000		14.02		5.4	%
2012		191		948,000		7.0	%		11,387,000		12.01		6.9	%
2013		158		697,000		5.1	%		10,059,000		14.43		6.1	%
2014		184		1,753,000		12.9	%		16,882,000		9.63		10.3	%
2015		183		1,509,000		11.1	%		16,430,000		10.89		10.0	%
2016		95		1,101,000		8.1	%		10,920,000		9.92		6.6	%
2017		50		626,000		4.6	%		8,579,000		13.70		5.2	%
2018		48		866,000		6.4	%		11,332,000		13.09		6.9	%
2019		57		939,000		6.9	%		11,900,000		12.67		7.2	%
2020		48		1,074,000		7.9	%		11,073,000		10.31		6.7	%
2021		21		363,000		2.7	%		6,110,000		16.83		3.7	%
2022		5		141,000		1.0	%		1,528,000		10.84		0.9	%
Thereafter		78		2,810,000		20.7	%		37,320,000		13.28		22.7	%


All tenants		1,303		13,607,000		100.0	%	$	164,415,000	$	12.08		100.0	%


Vacant space (c)		n/a		1,306,000		n/a


Total portfolio (d)		1,303		14,913,000		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 March 31, 2011, the Company had a portfolio of 114 operating properties totaling approximately 14.9 million sq. ft. of GLA, including 71 wholly-owned properties comprising approximately 7.8 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 92.1% leased as of March 31, 2011.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of March 31, 2011


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

Wholly-Owned Properties:
Academy Plaza	PA		2001		100	%		152,727	1965/1998	Acme Markets		50,918		9/30/2018
Annie Land Plaza	VA		2006		100	%		42,500	1999	Food Lion		29,000		5/4/2019
Camp Hill	PA		2002		100	%		472,432	1958/2005	Boscov’s		167,597		9/30/2020
										Giant Foods		92,939		10/31/2025
										LA Fitness		45,000		12/31/2021
										Orthopedic Inst of PA		40,904		5/31/2016
										Barnes & Noble		24,908		1/31/2016
										Staples		20,000		6/30/2015
Carbondale Plaza	PA		2004		100	%		129,915	1972/2005	Weis Markets		52,720		2/29/2016
Carmans Plaza	NY		2007		100	%		194,481	1954/2007	Pathmark		52,211		3/31/2017
										Best Fitness		27,598		5/31/2018
										AJ Wright		25,806		4/30/2013
Carll’s Corner	NJ		2007		100	%		129,582	1960’s-1999/2004	Acme Markets		55,000		9/30/2016
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
Colonial Commons	PA		2011		100	%		474,765	1971-2005	Giant Foods		67,815		5/31/2016
										Dick’s Sporting Goods		56,000		1/31/2020
										L.A. Fitness		41,325		3/31/2017
										AMC Theatre		31,114		5/31/2011
										Ross Dress For Less		30,000		1/31/2015
										Marshalls		27,000		1/31/2012
										JoAnn Fabrics		25,500		1/31/2019
										David’s Furniture		24,970		6/30/2015
										Office Max		23,500		1/31/2012
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		9/30/2016
Fairview Plaza	PA		2003		100	%		69,579	1992	Giant Foods		59,237		2/28/2017
Fairview Commons	PA		2007		100	%		59,578	1976/2003
General Booth Plaza	VA		2005		100	%		73,320	1985	Farm Fresh		53,758		1/31/2014
Gold Star Plaza	PA		2006		100	%		71,720	1988	Redner’s		47,329		3/16/2019
Golden Triangle	PA		2003		100	%		202,943	1960/2005	LA Fitness		44,796		4/30/2020
										Marshalls		30,000		1/31/2016
										Staples		24,060		5/31/2012
Groton Shopping Center	CT		2007		100	%		117,986	1969	TJ Maxx		30,000		1/31/2017

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011


							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
Mechanicsburg Giant	PA		2005		100	%		51,500	2003	Giant Foods		51,500		8/31/2024
Metro Square	MD		2008		100	%		71,896	1999	Shoppers Food Warehouse		58,200		1/31/2030
Newport Plaza	PA		2003		100	%		64,489	1996	Giant Foods		43,400		5/31/2021
Oak Ridge	VA		2006		100	%		38,700	2000	Food Lion		33,000		5/31/2019
Oakland Commons	CT		2007		100	%		89,850	1962/1995	Shaw's		54,661		2/29/2016
										Bristol Ten Pin		35,189		4/30/2043
Oakland Mills	MD		2005		100	%		58,224	1960’s/2004	Food Lion		43,470		11/30/2018
Palmyra Shopping Center	PA		2005		100	%		112,108	1960/1995	Weis Markets		46,181		3/31/2015
Pine Grove Plaza	NJ		2003		100	%		86,089	2001/2002	Peebles		24,963		1/31/2022
Port Richmond Village	PA		2001		100	%		154,908	1988	Thriftway		40,000		10/31/2013
										Pep Boys		20,615		2/28/2014

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011


							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	Hobby Lobby Stores		54,650	Month-to-month
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	%		268,029	1972/2001	Burlington Coat Factory		76,665		1/31/2016
										Giant Foods		58,585		7/31/2021
										Staples		24,000		8/31/2013
										AC Moore		20,000		7/31/2013
The Point at Carlisle Plaza	PA		2005		100	%		182,859	1965/2005	Bon-Ton		59,925		1/25/2015
										Office Max		22,645		10/22/2012
										Dunham Sports		21,300		1/31/2016
The Shops at Suffolk Downs	MA		2005		100	%		121,829	2005	Stop & Shop		74,977		9/30/2025
Timpany Plaza	MA		2007		100	%		183,775	1970’s-1989	Stop & Shop		59,947		12/31/2014
										Big Lots		28,027		1/31/2014
										Gardner Theater		27,576		5/31/2014
Trexler Mall	PA		2005		100	%		339,363	1973/2004	Kohl’s		88,248		1/31/2024
										Bon-Ton		62,000		1/28/2012
										Giant Foods		56,753		1/31/2016
										Lehigh Wellness Partners		30,594		11/30/2013
										Trexlertown Fitness Club		28,870		2/28/2015

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011


							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								7,849,156


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

								834,680

PCP Joint Venture:
New London Mall	CT		2009		40	%		257,814	1967/1997 -	Shoprite		64,017		2/29/2020
									2000	Marshalls		30,354		1/31/2014
										Homegoods		25,432		1/31/2016
										Petsmart		23,500		1/31/2015
										AC Moore		20,932		3/31/2015
San Souci Plaza	MD		2009		40	%		264,134	1985 - 1997/	Shoppers Food Warehouse		61,466		5/31/2020
									2007	Marshalls		27,000		9/30/2017

								521,948

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011


							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		9/30/2016
Creekview Plaza	PA		2010		20	%		136,423	1999	Genuardi’s		48,966		12/31/2021
										Bed Bath & Beyond		25,000		1/13/2012
Cross Keys Place	NJ		2010		20	%		148,173	2007	Sports Authority		42,000		1/31/2019
										Bed Bath & Beyond		35,005		1/31/2023
										AC Moore		21,305		1/31/2018
Exeter Commons	PA		2010		20	%		361,321	2009/2010	Lowe’s		171,069		10/31/2029
										Giant Foods		81,715		8/31/2029
Franklin Village Plaza	MA		2004		20	%		304,277	1987/2005	Stop & Shop		75,000		4/30/2026
										Marshalls		26,890		1/31/2014
Gettysburg Marketplace	PA		2010		20	%		82,784	1998	Giant Foods		66,674		11/30/2018
Loyal Plaza	PA		2002		20	%		293,825	1969/2000	K-Mart		102,558		8/31/2016
										Giant Foods		66,935		10/31/2019
										Staples		20,555		11/30/2014
Malboro Crossroads	MD		2010		20	%		67,975	1993	Giant Foods		60,951		6/30/2023
Monroe Marketplace	PA		2010		20	%		328,013	2007/2008	Giant Food Store		76,000		10/31/2028
										Kohl’s Department Store		68,430		1/31/2029
										Dick’s Sporting Goods		51,119		1/31/2019
Montville Commons	CT		2010		20	%		117,916	2006	Stop & Shop		63,000		3/1/2027
New River Valley	VA		2010		20	%		164,663	2007	Best Buy		30,041		1/31/2018
										Ross Stores		30,037		1/31/2019
Northland Center	PA		2010		20	%		108,260	1989	Giant Foods		65,075		10/31/2014
Pitney Road Plaza	PA		2010		20	%		45,915	2009	Best Buy		45,915		1/31/2020
Shaw’s Plaza	MA		2006		20	%		176,609	1968/1998	Shaw’s		60,748		2/28/2023
										Marshall’s		25,752		1/31/2013
Stop & Shop Plaza	CT		2008		20	%		54,510	2006	Stop & Shop		54,510		11/30/2026
Sunset Crossing	PA		2003		20	%		74,142	2002	Giant Foods		54,332		6/30/2022
Sunrise Plaza	NJ		2010		20	%		248,160	2007	Home Depot		130,601		1/31/2038
										Kohl’s Department Store		96,171		10/31/2028

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of March 31, 2011


						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							12,739,348


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	General Services Administration		206,000	4/15/2011

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							14,246,911


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	%		388,163		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							666,477

Total Portfolio							14,913,388

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of March 31, 2011


					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	$	11,302,000	$	13,708,000	$	2,738,000	$	10,970,000	$	—		152,727		80.7	%		13.17
Annie Land Plaza	VA		100	%		809,000		4,069,000		4,878,000		671,000		4,207,000		—		42,500		97.2	%		9.27
Camp Hill	PA		100	%		4,424,000		60,989,000		65,413,000		10,071,000		55,342,000		—		472,432		98.0	%		13.28
Carbondale Plaza	PA		100	%		1,586,000		12,171,000		13,757,000		2,418,000		11,339,000		—		129,915		85.6	%		6.91
Carll’s Corner	NJ		100	%		2,937,000		13,981,000		16,918,000		1,812,000		15,106,000		—		129,582		95.9	%		9.13
Carman’s Plaza	NY		100	%		8,421,000		35,206,000		43,627,000		4,363,000		39,264,000		—		194,481		90.0	%		16.56
Circle Plaza	PA		100	%		546,000		2,930,000		3,476,000		291,000		3,185,000		—		92,171		100.0	%		2.74
Coliseum Marketplace	VA		100	%		3,586,000		17,167,000		20,753,000		3,477,000		17,276,000		—		98,359		82.8	%		15.90
Colonial Commons	PA		100	%		9,820,000		39,280,000		49,100,000		246,000		48,854,000		—		474,765		92.6	%		13.15
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		327,000		1,446,000		—		10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		365,000		2,020,000		—		10,195		100.0	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		316,000		1,866,000		—		10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		1,702,000		1,906,000		3,608,000		177,000		3,431,000		—		13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		313,000		1,639,000		—		10,722		100.0	%		13.00
Dunmore Shopping Center	PA		100	%		565,000		2,245,000		2,810,000		535,000		2,275,000		—		101,000		66.2	%		3.65
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		841,000		3,661,000		—		21,180		100.0	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,245,000		7,616,000		1,105,000		6,511,000		—		66,250		88.5	%		9.11
Fairview Plaza	PA		100	%		2,129,000		8,717,000		10,846,000		1,877,000		8,969,000		—		69,579		100.0	%		12.29
Fairview Commons	PA		100	%		858,000		3,568,000		4,426,000		626,000		3,800,000		—		59,578		66.9	%		6.88
General Booth Plaza	VA		100	%		1,935,000		9,696,000		11,631,000		2,191,000		9,440,000		—		73,320		93.5	%		12.36
Gold Star Plaza	PA		100	%		1,644,000		6,695,000		8,339,000		1,213,000		7,126,000		—		71,720		84.4	%		9.14
Golden Triangle	PA		100	%		2,320,000		19,463,000		21,783,000		4,445,000		17,338,000		—		202,943		97.4	%		12.26
Groton Shopping Center	CT		100	%		3,073,000		12,398,000		15,471,000		1,941,000		13,530,000		—		117,986		93.4	%		10.83
Halifax Plaza	PA		100	%		1,347,000		6,088,000		7,435,000		1,197,000		6,238,000		—		51,510		100.0	%		11.98
Hamburg Commons	PA		100	%		1,153,000		9,897,000		11,050,000		1,585,000		9,465,000		—		99,580		93.5	%		6.15
Hannaford Plaza	MA		100	%		1,874,000		8,910,000		10,784,000		1,504,000		9,280,000		—		102,459		98.2	%		8.12
Huntingdon Plaza	PA		100	%		933,000		5,939,000		6,872,000		921,000		5,951,000		—		147,355		53.8	%		6.61
Jordan Lane	CT		100	%		4,291,000		22,142,000		26,433,000		4,174,000		22,259,000		—		181,730		97.7	%		10.81
Kempsville Crossing	VA		100	%		2,207,000		11,140,000		13,347,000		2,655,000		10,692,000		—		94,477		98.7	%		11.03
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		1,050,000		3,233,000		—		51,894		95.0	%		8.07
Kings Plaza	MA		100	%		2,408,000		12,924,000		15,332,000		1,816,000		13,516,000		—		168,243		95.2	%		6.12
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		259,000		4,976,000		—		18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		1,065,000		6,573,000		—		41,000		100.0	%		19.90
Lake Raystown Plaza	PA		100	%		2,231,000		13,228,000		15,459,000		2,564,000		12,895,000		—		145,727		89.3	%		12.44
Liberty Marketplace	PA		100	%		2,695,000		12,883,000		15,578,000		2,194,000		13,384,000		—		68,200		91.2	%		17.45
Martin’s at Glen Allen	VA		100	%		5,367,000		2,088,000		7,455,000		459,000		6,996,000		—		43,000		100.0	%		9.73
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,887,000		12,981,000		—		51,500		100.0	%		21.78
Metro Square	MD		100	%		5,250,000		9,911,000		15,161,000		850,000		14,311,000		—		71,896		100.0	%		18.60
Newport Plaza	PA		100	%		1,682,000		8,135,000		9,817,000		1,488,000		8,329,000		—		64,489		93.7	%		10.76
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		598,000		4,643,000		—		38,700		100.0	%		10.52
Oakland Commons	CT		100	%		2,504,000		15,137,000		17,641,000		1,911,000		15,730,000		—		89,850		100.0	%		11.02
Oakland Mills	MD		100	%		1,611,000		6,324,000		7,935,000		1,382,000		6,553,000		—		58,224		100.0	%		13.14
Palmyra Shopping Center	PA		100	%		1,488,000		7,089,000		8,577,000		1,514,000		7,063,000		—		112,108		83.1	%		5.37
Pine Grove Plaza	NJ		100	%		2,010,000		6,613,000		8,623,000		1,318,000		7,305,000		—		86,089		94.4	%		10.70
Port Richmond Village	PA		100	%		2,843,000		12,565,000		15,408,000		3,046,000		12,362,000		—		154,908		94.8	%		12.98
Price Chopper Plaza	MA		100	%		4,082,000		17,318,000		21,400,000		1,972,000		19,428,000		—		101,824		88.4	%		10.86
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		357,000		2,105,000		—		10,125		100.0	%		18.99
River View Plaza I, II and III	PA		100	%		9,718,000		44,371,000		54,089,000		9,043,000		45,046,000		—		244,225		87.2	%		18.54
Shoppes at Salem Run	VA		100	%		1,076,000		4,265,000		5,341,000		650,000		4,691,000		—		15,100		39.7	%		25.65
Smithfield Plaza	VA		100	%		2,919,000		13,017,000		15,936,000		1,998,000		13,938,000		—		134,664		96.4	%		9.33

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2011


					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		9,360,000		37,708,000		—		283,415		81.8	%		13.88
St. James Square	MD		100	%		688,000		4,446,000		5,134,000		1,028,000		4,106,000		—		39,903		96.2	%		11.39
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,687,000		10,569,000		—		77,688		100.0	%		8.02
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,720,000		6,918,000		—		67,216		100.0	%		9.40
Swede Square	PA		100	%		2,272,000		11,013,000		13,285,000		2,792,000		10,493,000		—		98,792		95.7	%		14.59
The Commons	PA		100	%		3,098,000		15,195,000		18,293,000		3,545,000		14,748,000		—		175,121		90.3	%		10.29
The Point	PA		100	%		2,996,000		24,329,000		27,325,000		5,372,000		21,953,000		—		268,029		93.3	%		11.88
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,448,000		13,681,000		2,671,000		11,010,000		—		182,859		88.1	%		7.54
The Shops at Suffolk Downs	MA		100	%		7,580,000		19,637,000		27,217,000		2,144,000		25,073,000		—		121,829		85.1	%		12.71
Timpany Plaza	MA		100	%		3,368,000		19,333,000		22,701,000		2,357,000		20,344,000		—		183,775		91.8	%		6.35
Trexler Mall	PA		100	%		6,932,000		36,714,000		43,646,000		5,937,000		37,709,000		—		339,363		98.5	%		8.88
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,988,000		13,983,000		—		63,000		100.0	%		17.42
Valley Plaza	MD		100	%		1,950,000		8,524,000		10,474,000		1,657,000		8,817,000		—		190,939		100.0	%		4.94
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		706,000		4,149,000		—		9,763		100.0	%		34.56
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,826,000		8,163,000		—		69,620		100.0	%		11.00
Wal-Mart Center	CT		100	%		—		11,862,000		11,862,000		2,257,000		9,605,000		—		155,842		98.7	%		6.69
Washington Center Shoppes	NJ		100	%		2,000,000		11,103,000		13,103,000		2,741,000		10,362,000		—		157,290		93.5	%		9.06
West Bridgewater Plaza	MA		100	%		2,662,000		14,206,000		16,868,000		1,655,000		15,213,000		—		133,039		87.7	%		9.09
Yorktowne Plaza			100	%		5,871,000		25,784,000		31,655,000		3,624,000		28,031,000		—		158,982		94.8	%		13.55

Total Wholly-Owned Properties						181,821,000		852,554,000		1,034,375,000		146,883,000		887,492,000		—		7,849,156		92.1	%		11.18


Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,082,000		21,401,000		1,895,000		19,506,000		—		55,000		100.0	%		25.45
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		1,211,000		10,981,000		—		55,600		94.2	%		16.06
Fieldstone Marketplace	MA		20	%		5,167,000		22,080,000		27,247,000		4,006,000		23,241,000		—		193,970		95.8	%		11.23
Meadows Marketplace	PA		20	%		1,914,000		11,399,000		13,313,000		1,462,000		11,851,000		—		91,538		97.2	%		15.42
Parkway Plaza	PA		20	%		4,647,000		19,890,000		24,537,000		2,594,000		21,943,000		—		106,628		92.3	%		15.21
Pennsboro Commons	PA		20	%		3,608,000		14,298,000		17,906,000		2,654,000		15,252,000		—		107,384		87.7	%		14.72
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,500,000		13,260,000		—		67,933		94.1	%		18.12
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,917,000		18,624,000		—		67,950		100.0	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,782,000		14,480,000		1,958,000		12,522,000		—		88,677		97.1	%		11.51

						31,866,000		134,511,000		166,377,000		19,197,000		147,180,000		—		834,680		95.0	%		15.33


PCP Joint Venture:
New London Mall	CT		40	%		8,827,000		31,944,000		40,771,000		3,391,000		37,380,000		—		257,814		96.0	%		13.39
San Souci Plaza	MD		40	%		13,372,000		21,235,000		34,607,000		3,210,000		31,397,000		—		264,134		87.9	%		10.24

						22,199,000		53,179,000		75,378,000		6,601,000		68,777,000		—		521,948		91.9	%		11.86

Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		170,000		2,655,000		—		13,225		100.0	%		35.01

Total Consolidated Joint Ventures						54,065,000		190,515,000		244,580,000		25,968,000		218,612,000		—		1,369,853		93.8	%		14.24


Managed Unconsolidated Joint Venture:

Cedar/RioCan Joint Venture:
Blue Mountain Commons	PA		20	%		—		—		—		—		—		30,777,000		121,145		90.3	%		26.16
Columbus Crossing	PA		20	%		—		—		—		—		—		25,225,000		142,166		100.0	%		16.32
Creekview Plaza	PA		20	%		—		—		—		—		—		26,647,000		136,423		100.0	%		15.36
Cross Keys Place	NJ		20	%		—		—		—		—		—		25,212,000		148,173		100.0	%		16.19
Exeter Commons	PA		20	%		—		—		—		—		—		51,609,000		361,321		97.9	%		12.84
Franklin Village Plaza	MA		20	%		—		—		—		—		—		53,072,000		304,277		91.1	%		20.08
Gettysburg Marketplace	PA		20	%		—		—		—		—		—		19,494,000		82,784		98.9	%		19.81
Loyal Plaza	PA		20	%		—		—		—		—		—		33,870,000		293,825		98.3	%		7.95
Malboro Crossroads	MD		20	%		—		—		—		—		—		11,114,000		67,975		100.0	%		14.99
Monroe Marketplace	PA		20	%		—		—		—		—		—		43,278,000		328,013		100.0	%		10.52
Montville Commons	CT		20	%		—		—		—		—		—		18,455,000		117,916		94.1	%		15.31
New River Valley	VA		20	%		—		—		—		—		—		27,121,000		164,663		96.1	%		13.78
Northland Center	PA		20	%		—		—		—		—		—		10,036,000		108,260		85.2	%		10.26
Pitney Road Plaza	PA		20	%		—		—		—		—		—		10,771,000		45,915		100.0	%		19.75
Shaw’s Plaza	MA		20	%		—		—		—		—		—		22,181,000		176,609		97.7	%		11.36
Stop & Shop Plaza	CT		20	%		—		—		—		—		—		7,274,000		54,510		100.0	%		15.59
Sunset Crossing	PA		20	%		—		—		—		—		—		9,380,000		74,142		91.9	%		14.42
Sunrise Plaza	NJ		20	%		—		—		—		—		—		28,463,000		248,160		100.0	%		7.80
Town Square Plaza	PA		20	%		—		—		—		—		—		17,333,000		127,636		100.0	%		13.00
Towne Crossings	VA		20	%		—		—		—		—		—		18,550,000		111,016		92.6	%		15.53
York Marketplace	PA		20	%		—		—		—		—		—		29,980,000		305,410		97.0	%		8.52

Total Cedar/RioCan Joint Venture						—		—		—		—		—		519,842,000		3,520,339		96.9	%		13.31

Total Operating Properties						235,886,000		1,043,069,000		1,278,955,000		172,851,000		1,106,104,000		519,842,000		12,739,348		93.6	%		12.12

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of March 31, 2011


					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		2,687,000		20,047,000		—		107,869		34.8	%		23.73
Shore Mall	NJ		100	%		7,179,000		43,306,000		50,485,000		6,793,000		43,692,000		—		459,098		90.1	%		8.53
The Brickyard	CT		100	%		6,465,000		28,577,000		35,042,000		5,791,000		29,251,000		—		274,553		57.9	%		8.56
Roosevelt II	PA		100	%		2,675,000		10,700,000		13,375,000		111,000		13,264,000		—		206,000		100.0	%		12.14
Townfair Center	PA		100	%		3,022,000		20,889,000		23,911,000		2,710,000		21,201,000		—		218,662		97.2	%		8.65
Trexlertown Plaza	PA		100	%		5,262,000		28,697,000		33,959,000		3,254,000		30,705,000		—		241,381		71.4	%		10.56

Total Redevelopment Properties						29,142,000		150,364,000		179,506,000		21,346,000		158,160,000		—		1,507,563		79.7	%		9.94


Total Operating Portfolio						265,028,000		1,193,433,000		1,458,461,000		194,197,000		1,264,264,000		519,842,000		14,246,911		92.1	%	$	11.92


Ground-Up Developments:
Crossroads II	PA		60	%		17,671,000		25,121,000		42,792,000		894,000		41,898,000		—		133,618		83.9	%	$	19.54
Heritage Crossing	PA		60	%		5,066,000		5,997,000		11,063,000		283,000		10,780,000		—		59,396		49.3	%		23.50
Northside Commons	PA		100	%		3,379,000		9,942,000		13,321,000		361,000		12,960,000		—		85,300		72.9	%		9.88
Upland Square	PA		60	%		27,112,000		58,837,000		85,949,000		2,213,000		83,736,000		—		388,163		71.8	%		16.10

Total Ground-Up Developments						53,228,000		99,897,000		153,125,000		3,751,000		149,374,000		—		666,477		72.4	%	$	16.55


Total Portfolio						318,256,000		1,293,330,000		1,611,586,000		197,948,000		1,413,638,000		519,842,000		14,913,388		91.2	%	$	12.08


Land Held For Future Expansion and/or Development:
Halifax Commons	PA		100	%		872,000		397,000		1,269,000		—		1,269,000		—		4.37	acres
Halifax Plaza	PA		100	%		1,503,000		1,230,000		2,733,000		—		2,733,000		—		12.83	acres
Liberty Marketplace	PA		100	%		1,564,000		37,000		1,601,000		—		1,601,000		—		15.51	acres
Oregon Pike	PA		100	%		2,283,000		95,000		2,378,000		—		2,378,000		—		11.20	acres
Shore Mall	NJ		100	%		2,018,000		353,000		2,371,000		—		2,371,000		—		50.00	acres
The Brickyard	CT		100	%		1,183,000		183,000		1,366,000		—		1,366,000		—		1.95	acres
Trexlertown Plaza	PA		100	%		8,089,000		2,323,000		10,412,000		—		10,412,000		—		37.28	acres
Trindle Spring	NY		100	%		1,148,000		275,000		1,423,000		—		1,423,000		—		2.10	acres
Wyoming	MI		100	%		360,000		—		360,000		—		360,000		—		12.32	acres
Various projects in progress	N/A		100	%		198,000		2,798,000		2,996,000		—		2,996,000		—		—	acres

Total Land Held For Future Expansion and/or Development:						19,218,000		7,691,000		26,909,000		—		26,909,000		—		147.55	acres


Total Carrying Value					$	337,474,000	$	1,301,021,000	$	1,638,495,000	$	197,948,000	$	1,440,547,000	$	519,842,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of March 31, 2011


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Mar 31,		Dec 31,		Int.			Mar 31,		Dec 31,
Property	Owned			Date	rate			2011		2010		rate			2011		2010
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013		7.3	%	$	9,077,000	$	9,139,000		7.3	%	$	9,077,000	$	9,139,000
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	%		4,930,000		4,951,000		6.4	%		4,930,000		4,951,000
Carll’s Corner		100	%	Nov 2012		5.6	%		5,753,000		5,786,000		5.6	%		5,753,000		5,786,000
Carman’s Plaza		100	%	Oct 2016		6.3	%		33,373,000		33,368,000		6.2	%		33,500,000		33,500,000
Coliseum Marketplace		100	%	Jul 2014		5.2	%		11,902,000		11,970,000		6.1	%		11,598,000		11,642,000
Colonial Commons		100	%	Feb 2021		5.5	%		28,054,000		—		5.5	%		28,054,000		—
CVS at Bradford		100	%	Mar 2017		5.2	%		661,000		684,000		7.1	%		629,000		649,000
CVS at Celina		100	%	Jan 2020		5.2	%		1,294,000		1,322,000		7.5	%		1,188,000		1,210,000
CVS at Erie		100	%	Nov 2018		5.2	%		987,000		1,013,000		7.1	%		927,000		950,000
CVS at Kinderhook		100	%	Jul 2019		5.3	%		2,416,000		2,429,000		5.3	%		2,416,000		2,429,000
CVS at Portage Trail		100	%	Aug 2017		5.0	%		726,000		750,000		7.8	%		674,000		694,000
East Chestnut		100	%	Apr 2018		7.4	%		1,855,000		1,882,000		5.2	%		1,684,000		1,704,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		3,951,000		3,970,000		5.4	%		3,951,000		3,970,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,340,000		5,370,000		5.7	%		5,340,000		5,370,000
General Booth Plaza		100	%	Aug 2013		5.2	%		5,240,000		5,275,000		6.1	%		5,141,000		5,166,000
Gold Star Plaza		100	%	May 2019		6.0	%		2,168,000		2,219,000		7.3	%		2,077,000		2,123,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,625,000		20,702,000		6.0	%		20,625,000		20,702,000
Groton Shopping Center		100	%	Oct 2015		6.2	%		11,493,000		11,522,000		5.3	%		11,797,000		11,843,000
Halifax Plaza		100	%	Apr 2020		6.3	%		4,232,000		4,252,000		6.3	%		4,232,000		4,252,000
Hamburg Commons		100	%	Oct 2016		6.1	%		5,080,000		5,101,000		6.1	%		5,080,000		5,101,000
Jordan Lane		100	%	Dec 2015		5.5	%		12,801,000		12,860,000		5.5	%		12,801,000		12,860,000
Kempsville Crossing		100	%	Aug 2013		5.2	%		5,922,000		5,964,000		6.1	%		5,811,000		5,841,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,642,000		7,678,000		6.0	%		7,642,000		7,678,000
Kingston Plaza		100	%	Jul 2019		5.3	%		3,111,000		3,128,000		5.3	%		3,111,000		3,128,000
Kingston Plaza		100	%	Jul 2019		5.3	%		519,000		522,000		5.3	%		519,000		522,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,634,000		5,666,000		5.4	%		5,634,000		5,666,000
Liberty Marketplace		100	%	Jul 2014		5.2	%		9,043,000		9,112,000		6.1	%		8,815,000		8,865,000
Mechanicsburg Giant		100	%	Nov 2014		5.2	%		9,302,000		9,378,000		5.5	%		9,205,000		9,274,000
Metro Square		100	%	Nov 2029		7.5	%		8,912,000		8,964,000		7.5	%		8,912,000		8,964,000
Newport Plaza		100	%	Jan 2015		6.0	%		5,560,000		5,583,000		6.0	%		5,560,000		5,583,000
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,392,000		3,406,000		5.5	%		3,392,000		3,406,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,813,000		4,835,000		5.5	%		4,813,000		4,835,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,659,000		5,688,000		5.0	%		5,659,000		5,688,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,361,000		14,428,000		6.5	%		14,361,000		14,428,000
Rite Aid at Massillon		100	%	Jan 2020		5.0	%		1,301,000		1,329,000		7.7	%		1,179,000		1,200,000
Roosevelt II		100	%	Mar 2012		6.5	%		12,894,000		12,940,000		6.5	%		12,894,000		12,940,000
Shore Mall		100	%	Dec 2024		8.0	%		229,000		229,000		8.0	%		157,000		152,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,366,000		3,387,000		6.1	%		3,303,000		3,317,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,859,000		6,877,000		6.2	%		6,953,000		6,976,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,454,000		4,488,000		6.1	%		4,370,000		4,395,000
Swede Square		100	%	Nov 2020		5.5	%		10,553,000		10,588,000		` 5.5	%		10,553,000		10,588,000
The Point		100	%	Sep 2012		7.6	%		16,678,000		16,807,000		7.6	%		16,678,000		16,807,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,141,000		8,190,000		6.1	%		8,028,000		8,067,000
Trexler Mall		100	%	May 2014		5.4	%		20,977,000		21,093,000		5.5	%		20,885,000		20,993,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,746,000		4,779,000		6.1	%		4,656,000		4,680,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		409,000		416,000		8.0	%		362,000		367,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,661,000		5,690,000		5.1	%		5,661,000		5,690,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,420,000		8,452,000		5.9	%		8,420,000		8,452,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,745,000		10,776,000		6.2	%		10,814,000		10,848,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		19,979,000		20,073,000		6.0	%		19,997,000		20,092,000

									456,240,000		430,031,000					454,818,000		428,483,000


Homburg Joint Venture:
Aston Center		20	%	Nov 2015		5.5	%		12,496,000		12,561,000		5.9	%		12,304,000		12,358,000
Ayr Town Center		20	%	Jun 2015		5.5	%		7,058,000		7,093,000		5.6	%		7,022,000		7,056,000
Fieldstone Marketplace		20	%	Jul 2014		5.4	%		18,184,000		18,281,000		6.0	%		17,872,000		17,945,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,128,000		10,172,000		5.6	%		10,128,000		10,172,000
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	%		10,720,000		10,769,000		5.5	%		10,720,000		10,769,000
Scott Town Center		20	%	Aug 2015		5.5	%		8,502,000		8,538,000		4.9	%		8,652,000		8,697,000
Spring Meadow Shopping Center		20	%	Nov 2014		5.5	%		12,373,000		12,441,000		5.9	%		12,222,000		12,279,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000

									102,461,000		102,855,000					101,920,000		102,276,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2011


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Mar 31,		Dec 31,		Int.			Mar 31,		Dec 31,
Property	Owned			Date	rate			2011		2010		rate			2011		2010
PCP Joint Venture:
New London Mall		40	%	Apr 2015		6.1	%		26,161,000		26,087,000		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

									53,361,000		53,287,000					54,565,000		54,565,000


Other:
CVS at Naugatuck		50	%	Nov 2019		5.3	%		2,388,000		2,402,000		5.3	%		2,388,000		2,402,000

Total Consolidated Joint Ventures									158,210,000		158,544,000					158,873,000		159,243,000

Total fixed-rate mortgages				4.9 years		5.8	%		614,450,000		588,575,000					613,691,000		587,726,000

				[weighted average]
Variable-rate mortgages:
Shore Mall		100	%	Sep 2011		5.9	%		20,983,000		20,991,000
Upland Square		60	%	Sep 2011		3.5	%		62,577,000		62,577,000

Total variable-rate mortgages				0.7 years		4.1	%		83,560,000		83,568,000


Total mortgages				4.4 years		5.6	%		698,010,000		672,143,000

				[weighted average]
Secured revolving credit facilties (a):
Stabilized property facility		100	%	Jan 2012		5.5	%		51,535,000		29,535,000
Development property facility		100	%	Jun 2011		2.5	%		103,062,000		103,062,000

				0.6 years		3.5	%		154,597,000		132,597,000

				[weighted average]

Total debt				3.8 years		5.2	%	$	852,607,000	$	804,740,000

				[weighted average]
Pro rata share of consolidated debt								$	737,427,000	$	689,283,000


Mortgage loans payable – Cedar/RioCan joint venture:
Blue Mountain Commons		20	%	Jul 2015		5.0	%	$	17,581,000	$	17,646,000
Columbus Crossing		20	%	Jun 2014		6.8	%		16,728,000		16,815,000
Creekview Plaza		20	%	Oct 2015		4.8	%		14,342,000		14,398,000
Cross Keys Place		20	%	Dec 2020		5.1	%		14,549,000		14,600,000
Exeter Commons		20	%	Aug 2020		5.3	%		29,758,000		29,863,000
Franklin Village		20	%	Nov 2011		4.8	%		43,140,000		42,988,000
Gettysburg Marketplace		20	%	Dec 2020		5.0	%		10,878,000		10,918,000
Loyal Plaza		20	%	Jun 2011		7.2	%		12,360,000		12,456,000
Marlboro Crossroads		20	%	Dec 2020		5.1	%		6,851,000		6,875,000
Monroe Marketplace		20	%	Oct 2015		4.8	%		22,952,000		23,040,000
Montville Commons		20	%	Jan 2021		5.8	%		10,486,000		—
New River Valley		20	%	Oct 2015		4.8	%		15,069,000		15,127,000
Northland Center		20	%	Dec 2020		5.0	%		6,275,000		6,298,000
Pitney Road Valley		20	%	Oct 2015		4.8	%		6,050,000		6,070,000
Shaw’s Plaza		20	%	Mar 2014		6.0	%		14,015,000		13,958,000
Stop & Shop Plaza		20	%	Apr 2017		6.2	%		6,969,000		6,992,000
Sunset Crossing		20	%	Jul 2015		5.0	%		4,215,000		4,231,000
Sunrise Plaza		20	%	Oct 2015		4.8	%		13,643,000		13,695,000
Town Square Plaza		20	%	Jul 2015		5.0	%		10,882,000		10,922,000
Towne Crossings		20	%	Dec 2020		5.0	%		10,412,000		10,450,000
York Marketplace		20	%	Dec 2020		5.0	%		16,002,000		16,060,000

Total mortgages loans payable – Cedar/RioCan joint venture								$	303,157,000	$	293,402,000


Pro rata share of total debt (managed properties)								$	798,057,000	$	747,963,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of March 31, 2011


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

2011	$	6,000,000	$	827,000	$	83,577,000	(b)	$	—	$	103,062,000	$	193,466,000
2012		8,844,000		1,247,000		42,374,000			—		51,535,000		104,000,000
2013		7,891,000		1,441,000		54,945,000			—		—		64,277,000
2014		6,356,000		1,312,000		89,422,000			22,571,000		—		119,661,000
2015		5,075,000		952,000		61,475,000			36,783,000		—		104,285,000
2016		4,300,000		486,000		73,452,000			31,275,000		—		109,513,000
2017		3,030,000		151,000		64,774,000			17,184,000		—		85,139,000
2018		2,490,000		41,000		18,972,000			—		—		21,503,000
2019		2,105,000		36,000		5,630,000			892,000		—		8,663,000
2020		1,459,000		—		12,169,000			—		—		13,628,000
Thereafter		5,627,000		—		22,845,000			—		—		28,472,000

	$	53,177,000	$	6,493,000	$	529,635,000		$	108,705,000	$	154,597,000	$	852,607,000


Cedar/RioCan Joint Venture
Maturity	Pro rata share of				Pro rata share of
schedule	Scheduled Amortization				Balloon Payments
by year	Company		JV Partner		Company			JV Partner				Total

2011	$	624,000		2,494,000	$	11,157,000			44,629,000			$	58,904,000
2012		715,000		2,859,000		—			—				3,574,000
2013		756,000		3,022,000		—			—				3,778,000
2014		746,000		2,985,000		5,941,000			23,763,000				33,435,000
2015		560,000		2,242,000		19,411,000			77,642,000				99,855,000
2016		402,000		1,609,000		—			—				2,011,000
2017		401,000		1,602,000		1,271,000			5,085,000				8,359,000
2018		420,000		1,682,000		—			—				2,102,000
2019		443,000		1,772,000		—			—				2,215,000
2020		255,000		1,018,000		15,758,000			63,034,000				80,065,000
Thereafter		—		—		1,772,000			7,087,000				8,859,000

	$	5,322,000	$	21,285,000	$	55,310,000		$	221,240,000			$	303,157,000


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

2011	$	6,624,000	$	3,321,000	$	94,734,000	(b	$	44,629,000	$	103,062,000	$	252,370,000
2012		9,559,000		4,106,000		42,374,000			—		51,535,000		107,574,000
2013		8,647,000		4,463,000		54,945,000			—		—		68,055,000
2014		7,102,000		4,297,000		95,363,000			46,334,000		—		153,096,000
2015		5,635,000		3,194,000		80,886,000			114,425,000		—		204,140,000
2016		4,702,000		2,095,000		73,452,000			31,275,000		—		111,524,000
2017		3,431,000		1,753,000		66,045,000			22,269,000		—		93,498,000
2018		2,910,000		1,723,000		18,972,000			—		—		23,605,000
2019		2,548,000		1,808,000		5,630,000			892,000		—		10,878,000
2020		1,714,000		1,018,000		27,927,000			63,034,000		—		93,693,000
Thereafter		5,627,000		—		24,617,000			7,087,000		—		37,331,000


	$	58,499,000	$	27,778,000	$	584,945,000		$	329,945,000	$	154,597,000	$	1,155,764,000


(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. The Company exercised its option with respect to the development property credit facility on April 25, 2011.

(b)		Incudes $62.6 million of property-specific construction financing due in September 2011 as to which the Company has a one-year extension option.

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

Balance Sheet Information


						Mortgage
	Partners’			Real estate,		loans			Other assets/						Equity (a)
	percent			net		payable			liabilities,			Partners			Cedar (b)			Total
Consolidated				As of March 31, 2011
Homburg		80	%	$	147,182,177	$	(102,461,105	)	$	7,788,266		$	51,405,291		$	1,104,047		$	52,509,338
PCP (c)		60	%		68,776,468		(53,360,896	)		(2,435,059	)		7,755,623			5,224,891			12,980,514
Fameco I (e)		40	%		83,735,743		(62,576,677	)		4,751,554			1,048,000			24,862,620			25,910,620
Fameco II (f)		40	%		41,898,129		—			(5,674,554	)		—			36,223,576			36,223,576
Hirshland (g)		40	%		10,779,241		—			2,549,933			(81,472	)		13,410,646			13,329,174
Other		50	%		2,655,315		(2,388,255	)		186,235			53,370			399,925			453,295

					355,027,073		(220,786,933	)		7,166,376			60,180,812			81,225,704			141,406,516
*Held for Sale*
WP Realty (d )		25	%		10,376,569		—			(706,391	)		1,555,548			8,114,629			9,670,177

				$	365,403,642	$	(220,786,933	)	$	6,459,985		$	61,736,360		$	89,340,334		$	151,076,694


Unconsolidated
Cedar/RioCan (h)		80	%	$	519,840,137	$	(303,151,265	)		82,218		$	172,707,751		$	44,063,339		$	216,771,089


Consolidated				As of Dec 31, 2010

Homburg		80	%	$	148,124,171	$	(102,854,533	)	$	6,794,296		$	51,045,013		$	1,018,921		$	52,063,934
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		(221,119,956	)		5,272,795			60,303,432			81,074,156			141,377,588
*Held for Sale*
WP Realty (d )		25	%		9,500,000		—			227,951			1,745,835			7,982,116			9,727,951

				$	366,724,748	$	(221,119,956	)	$	5,500,746		$	62,049,267		$	89,056,272		$	151,105,539


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


Consolidated				As of Sep 30, 2010

Homburg		80	%	$	148,684,767	$	(103,231,740	)	$	7,111,145		$	51,499,952		$	1,064,220		$	52,564,172
PCP (c)		60	%		70,465,928		(53,210,898	)		(2,573,649	)		8,764,044			5,917,336			14,681,380
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			13,280,027
Other		50	%		2,690,626		(2,415,273	)		241,353			68,578			448,128			516,706

					357,759,356		(221,434,588	)		5,945,424			61,299,102			80,971,089			142,270,191
*Held for Sale*
WP Realty (d )		25	%		19,049,571		—			(648,275	)		3,938,288			14,463,008			18,401,296

				$	376,808,927	$	(221,434,588	)	$	5,297,149		$	65,237,390		$	95,434,097		$	160,671,487

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


Consolidated				As of June 30, 2010

Homburg		80	%	$	149,680,832	$	(103,591,953	)	$	7,503,955		$	52,393,045		$	1,199,789		$	53,592,834
PCP (c)		60	%		71,631,534		(53,134,532	)		(2,511,195	)		9,548,936			6,436,871			15,985,807
Fameco I (e)		40	%		83,214,297		(62,546,785	)		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			13,077,452
Other		50	%		2,708,282		(2,427,993	)		250,767			73,561			457,495			531,056

					359,920,339		(221,701,263	)		5,082,552			62,982,070			80,319,560			143,301,630
*Held for Sale*
WP Realty (d )		25	%		19,136,079		—			(891,063	)		3,975,103			14,269,914			18,245,017

				$	379,056,418	$	(221,701,263	)	$	4,191,489		$	66,957,173		$	94,589,474		$	161,546,647

Unconsolidated
Cedar/RioCan (h)		80	%	$	195,179,001	$	(93,339,694	)		6,740,006		$	87,109,960		$	21,469,083		$	108,579,043


Consolidated				As of March 31, 2010

Homburg		80	%	$	150,542,032	$	(103,947,265	)		6,394,163			52,047,391			(1,687,000	)		52,988,930
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

					359,456,366		(221,886,031	)		6,928,750			63,706,355			78,164,191			144,499,085
*Held for Sale*
WP Realty (d )		25	%		19,224,941		—			(913,381	)		3,997,473			14,314,087			18,311,560

				$	378,681,307	$	(221,886,031	)	$	6,015,369		$	67,703,828		$	92,478,278		$	162,810,645

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

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

Income Statement Information


				Property-level operations
																			Share of property net
	Partners’					Operating		Cedar		Net Operat-		Depreciation/		Non-op		Net income			income (loss) (a)
	percent			Revenues		expenses		mgt. Fees		ing income		amortization		inc/exp (i)		(loss) (j)			Partners			Cedar (b)
Consolidated				Three months ended March 31, 2011
Homburg		80	%	$	4,081,616	$	1,012,060	$	135,610	$	2,933,945	$	1,036,670	$	1,449,719	$	447,556		$	359,278		$	88,278
PCP (c)		60	%		2,010,499		554,617		57,840		1,398,041		859,741		846,082		(307,782	)		(195,358	)		(112,424	)
Fameco I (e)		40	%		1,494,000		398,163		39,238		1,056,599		526,266		722,232		(191,899	)		—			(191,899	)
Fameco II (f)		40	%		752,608		179,005		12,781		560,822		174,658		—		386,164			—			386,164
Hirshland (g)		40	%		179,700		31,603		—		148,096		45,783		—		102,313			—			102,313
Other		50	%		119,279		69,292		2,194		47,793		17,656		32,168		(2,031	)		1,423			(3,454	)

					8,637,701		2,244,741		247,663		6,145,298		2,660,774		3,050,201		434,322			165,343			268,979
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—		—		(660,604	)		(190,287	)		(470,318	)

				$	8,637,701	$	2,244,741	$	247,663	$	6,145,298	$	2,660,774	$	3,050,201	$	(226,282	)	$	(24,943	)	$	(201,339	)


Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	15,973,375	$	4,390,760		467,109	$	11,115,506	$	4,962,972		4,533,056	$	1,619,478		$	1,294,266		$	325,212


Consolidated				Three months ended Dec 31, 2010

Homburg		80	%	$	4,220,261	$	778,987	$	168,596	$	3,272,678	$	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	)		(546	)

					8,717,983		2,030,751		254,279		6,432,953		2,594,740		3,036,489		801,724			167,042			634,682
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—		—		(6,896,446	)		(2,192,453	)		(4,703,993	)

				$	8,717,983	$	2,030,751	$	254,279	$	6,432,953	$	2,594,740	$	3,036,489	$	(6,094,722	)	$	(2,025,411	)	$	(4,069,311	)

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	15,136,008	$	2,947,349		416,038		11,772,621	$	6,063,172		6,410,019		(700,570	)	$	(572,515	)	$	(128,055	)


Consolidated				Three months ended Sep 30, 2010

Homburg		80	%	$	3,857,958	$	805,741	$	139,931	$	2,912,286	$	1,137,983	$	1,490,483		283,820		$	226,795		$	57,025
PCP (c)		60	%		1,866,162		613,239		52,429		1,200,493		958,427		890,310		(648,244	)		(388,947	)		(259,297	)
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

					8,152,450		2,017,657		230,486		5,904,305		2,707,822		2,749,021		447,462			(156,797	)		604,259
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—		—		(130,896	)		(36,815	)		(94,082	)

				$	8,152,450	$	2,017,657	$	230,486	$	5,904,305	$	2,707,822	$	2,749,021	$	316,566		$	(193,612	)	$	510,177

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	6,811,918	$	1,522,620		227,747		5,061,551	$	1,665,214		6,205,352		(2,809,015	)	$	(2,243,228	)	$	(565,788	)


Consolidated				Three months ended June 30, 2010

Homburg		80	%	$	3,906,284	$	783,822	$	155,689	$	2,966,773	$	1,055,807	$	1,479,027		431,939		$	345,654		$	86,285
PCP (c)		60	%		2,200,994		478,211		52,588		1,670,196		1,786,012		894,028		(1,009,844	)		(421,540	)		(588,304	)
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	%		124,444		59,857		3,266		62,321		17,656		22,288		22,377			11,219			11,158

					8,368,784		1,882,249		238,693		6,248,844		3,528,546		2,688,772		31,526			(64,667	)		96,193
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—				(89,480	)		(22,370	)		(67,110	)

				$	8,368,784	$	1,882,249	$	238,693	$	6,248,844	$	3,528,546	$	2,688,772	$	(57,954	)	$	(87,037	)	$	29,083

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	5,160,630	$	1,265,762		176,176		3,718,692	$	1,283,375	$	1,414,724		1,020,593		$	827,137		$	193,455


Consolidated				Three months ended March 31, 2010

Homburg		80	%	$	4,192,250	$	992,748	$	141,739	$	3,057,763	$	1,066,819	$	1,467,787		523,157		$	418,526		$	104,631
PCP (c)		60	%		2,096,127		557,142		52,829		1,486,156		535,340		790,902		159,914			95,948			63,966
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		—		294,991			—			294,992
Hirshland (g)		40	%		196,685		41,370		—		155,316		38,119		—		117,197			—			117,117
Other		50	%		115,760		51,909		3,266		60,586		17,656		41,633		1,297			648			648

					8,784,713		2,187,936		218,864		6,377,915		2,207,564		2,576,324		1,594,027			515,122			1,078,825
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—				(160,195	)		(40,049	)		(120,146	)

				$	8,784,713	$	2,187,936	$	218,864	$	6,377,915	$	2,207,564	$	2,576,324	$	1,433,832		$	475,073		$	958,679

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	3,085,417	$	760,246		98,823	$	2,226,348	$	511,677	$	1,123,366	$	591,305		$	495,189		$	96,116

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

FFO and NOI Allocations


				Share of FFO (a)									Share of NOI (a)
	Partners’			Partners			Cedar (b)			Total			Partners			Cedar (b)			Total
Consolidated	percent			Three months ended March 31, 2011									Three months ended March 31, 2011
Homburg		80	%	$	1,187,381		$	296,845		$	1,484,226		$	2,347,156		$	586,789		$	2,933,945
PCP (c)		60	%		331,176			220,784			551,959			838,825			559,217			1,398,041
Fameco I (e)		40	%		—			334,368			334,368			—			1,056,599			1,056,599
Fameco II (f)		40	%		—			560,822			560,822			—			560,822			560,822
Hirshland (g)		40	%		—			151,449			151,449			—			148,096			148,096
Other		50	%		7,812			7,812			15,625			23,897			23,897			47,793

					1,526,369			1,572,081			3,098,450			3,209,877			2,935,420			6,145,298
*Held for Sale*
WP Realty (d )		25	%		(190,287	)		(570,860	)		(761,147	)		—			—			—

				$	1,336,082		$	1,001,220		$	2,337,302		$	3,209,877		$	2,935,420		$	6,145,298

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	5,392,563		$	1,348,141		$	6,740,704		$	8,892,405		$	2,223,101		$	11,115,506


Consolidated				Three months ended Dec 31, 2010									Three months ended Dec 31, 2010

Homburg		80	%	$	1,429,372		$	357,343		$	1,786,715		$	2,618,142		$	654,536		$	3,272,678
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			49,592

					1,796,050			1,600,407			3,396,457			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	)		—			—			—

				$	(395,208	)	$	(4,973,367	)	$	(5,368,575	)	$	3,520,039		$	2,912,914		$	6,432,953

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	4,290,081		$	1,072,520		$	5,362,601		$	9,418,096		$	2,354,524		$	11,772,620


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

Homburg		80	%	$	1,137,442		$	284,361		$	1,421,803		$	2,329,829		$	582,457		$	2,912,286
PCP (c)		60	%		186,110			124,073			310,183			720,296			480,197			1,200,493
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			30,360			31,787			31,787			63,574

					1,338,732			1,616,420			2,955,152			3,081,912			2,822,393			5,904,305
*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		$	2,826,891		$	5,910,302

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


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

Homburg		80	%	$	1,190,197		$	297,549		$	1,487,746		$	2,373,418		$	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			40,034			31,161			31,161			62,322

					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		$	2,873,042		$	6,290,037

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


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

Homburg		80	%	$	1,271,981		$	317,995		$	1,589,976		$	2,446,210		$	611,553		$	3,057,763
PCP (c)		60	%		417,153			278,102			695,255			891,694			594,463			1,486,157
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			18,952			30,293			30,293			60,586

					1,698,610			1,873,516			3,572,126			3,368,197			3,009,716			6,377,916
*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		$	2,987,003		$	6,347,632

Managed Unconsolidated
Cedar/RioCan (h)		80	%	$	882,496			220,624			1,103,120			1,781,079			445,270			2,226,348

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 joint 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, which has been treated as “held for sale”.

(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 represent the assets and liabilities of the properties transferred prior to that date; 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 $68,000, $2.6 million, $3.9 million and $0.6 million for March 31, 2011, December 31, 2010, September 30, 2010 and March 31, 2010, respectively. The amounts for December 31, 2010 and September 30, 2010 include $0.9 million and $1.3 million, respectively, charged by Cedar.

(j)		Includes the net results of properties treated as “held for sale”.


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			9-10
Capitalization			11
Same Property Analysis			12
Leasing Activity and Occupancy Statistics			13
Tenant and State Concentrations			14
Lease Expirations			15
Properties:
Description			16-21
Carrying Value, Percent Occupied and Base Rent Per Leased Sq. Ft			22-24
Debt Summary			25-27
Joint Venture Properties Managed by Cedar			28-31


Notes:

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

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

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

(d)		Includes $130,000, $175,000, $175,000, $175,000 and $175,000 for March 31, 2011, December 31, 2010, September 30, 2010, June 30, 2010 and March 31, 2010, respectively, of allocated acquisition group compensation expenses.

(e)		See page 8 for the weighted average number of common shares outstanding used in the computation of per share amounts.