Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
June 30, 2011
(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 June 30, 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 June 30, 2011, the Company owned a 98.0% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis.

The Company had ownership interests in two single-tenant properties in Philadelphia, Pennsylvania, one through a limited partner’s interest in an unconsolidated joint venture and the second 100%-owned, both originally leased to the same tenant which had vacated each of the premises in April 2011. In May and June 2011, the Company reviewed its investment alternatives and determined that it would not be prudent to proceed with the development, sale or lease of the two properties. As a result, as of June 30, 2011, the Company, by agreement and a cash payment, eliminated its ownership interest and wrote off its investment in the joint venture and recorded an impairment charge related to the value of the 100%-owned adjacent property. The carrying value of the assets and liabilities of the 100%-owned property, principally the net book value of the real estate and the related mortgage loans payable to be conveyed to the mortgagee, have been reclassified as “held for sale” on the Company’s consolidated balance sheets. In addition, the property’s results of operations have been classified as “discontinued operations” for all periods presented.

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


	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
Assets:
Real estate:
Land	$	337,810,000		$	334,799,000		$	325,138,000		$	325,229,000		$	326,224,000
Buildings and improvements		1,296,924,000			1,290,321,000			1,246,979,000			1,242,008,000			1,236,824,000

		1,634,734,000			1,625,120,000			1,572,117,000			1,567,237,000			1,563,048,000
Less accumulated depreciation		(207,895,000	)		(197,837,000	)		(188,233,000	)		(179,385,000	)		(169,154,000	)

Real estate, net		1,426,839,000			1,427,283,000			1,383,884,000			1,387,852,000			1,393,894,000

Real estate held for sale/conveyance		51,175,000			72,991,000			88,348,000			117,131,000			117,832,000
Investment in unconsolidated joint ventures		46,060,000			50,324,000			52,466,000			44,029,000			27,066,000

Cash and cash equivalents		13,426,000			15,469,000			14,166,000			12,142,000			13,794,000
Restricted cash		14,340,000			14,262,000			12,493,000			11,617,000			12,828,000
Receivables:
Rents and other tenant receivables, net		8,914,000			10,389,000			7,048,000			9,485,000			8,814,000
Straight-line rents		16,546,000			16,097,000			15,669,000			15,490,000			15,310,000
Loans and other receivables		7,952,000			3,193,000			2,563,000			750,000			750,000
Joint venture settlements		3,016,000			2,796,000			6,036,000			8,783,000			5,396,000
Other assets		8,925,000			7,966,000			9,676,000			11,819,000			7,271,000
Deferred charges, net:
Lease origination costs		16,632,000			16,004,000			16,101,000			15,890,000			16,339,000
Financing costs		8,309,000			9,451,000			10,434,000			10,828,000			15,053,000
Other		959,000			575,000			1,551,000			1,288,000			1,405,000
Assets relating to real estate held for sale/conveyance		2,322,000			1,847,000			2,052,000			—			—

Total assets	$	1,625,415,000		$	1,648,647,000		$	1,622,487,000		$	1,647,104,000		$	1,635,752,000


Liabilities and equity:
Mortgage loans payable	$	684,118,000		$	685,116,000		$	659,203,000		$	650,645,000		$	652,577,000
Mortgage loans payable — real estate held for sale/conveyance		42,951,000			48,099,000			48,313,000			40,160,000			40,335,000
Secured revolving credit facilities		167,097,000			154,597,000			132,597,000			126,446,000			167,841,000
Accounts payable and accrued expenses		16,752,000			14,009,000			17,811,000			20,066,000			20,654,000
Tenant prepayments and security deposits		8,532,000			9,126,000			9,573,000			8,343,000			6,986,000
Deferred compensation plans		3,721,000			—			—			—			—
Accrued interest rate swap liabilities		1,441,000			1,451,000			1,642,000			1,926,000			1,789,000
Unamortized intangible lease liabilities		44,092,000			45,027,000			46,453,000			47,823,000			50,014,000
Liabilities relating to real estate held for sale/conveyance		1,416,000			1,413,000			1,371,000			2,756,000			2,866,000

Total liabilities		970,120,000			958,838,000			916,963,000			898,165,000			943,062,000


Limited partners’ interest in Operating Partnership		5,325,000			6,817,000			7,053,000			8,473,000			10,888,000

Equity:
Preferred stock		158,575,000			158,575,000			158,575,000			158,575,000			88,750,000
Common stock		4,080,000			4,051,000			3,991,000			3,962,000			3,906,000
Treasury stock		(10,856,000	)		(10,398,000	)		(10,367,000	)		(10,419,000	)		(10,521,000	)
Additional paid-in capital		718,015,000			715,702,000			712,548,000			708,310,000			705,314,000
Cumulative distributions in excess of net income		(283,400,000	)		(249,636,000	)		(231,275,000	)		(188,336,000	)		(175,628,000	)
Accumulated other comprehensive loss		(2,997,000	)		(3,112,000	)		(3,406,000	)		(3,924,000	)		(4,082,000	)

		583,417,000			615,182,000			630,066,000			668,168,000			607,739,000
Minority interest in consolidated joint ventures		60,299,000			61,736,000			62,050,000			65,237,000			66,957,000
Limited partners’ interest in Operating Partnership		6,254,000			6,074,000			6,355,000			7,061,000			7,106,000

Noncontrolling interests		66,553,000			67,810,000			68,405,000			72,298,000			74,063,000

Total equity		649,970,000			682,992,000			698,471,000			740,466,000			681,802,000

Total liabilities and equity	$	1,625,415,000		$	1,648,647,000		$	1,622,487,000		$	1,647,104,000		$	1,635,752,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Operations


	Three months ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
Revenues:
Rents:
Base rents	$	28,575,000		$	28,621,000		$	27,381,000		$	26,991,000		$	27,579,000
Percentage rents		196,000			266,000			477,000			298,000			212,000
Straight-line rents		459,000			480,000			208,000			169,000			609,000
Amortization of intangible lease liabilities		1,500,000			1,398,000			1,557,000			1,889,000			2,588,000

		30,730,000			30,765,000			29,623,000			29,347,000			30,988,000
Expense recoveries		6,776,000			9,456,000			7,040,000			6,698,000			6,718,000
Other		793,000			706,000			1,880,000			1,604,000			283,000

		38,299,000			40,927,000			38,543,000			37,649,000			37,989,000

Expenses:
Operating, maintenance and management		7,035,000			10,585,000			8,350,000			7,093,000			6,840,000
Real estate and other property- related taxes		4,849,000			4,962,000			4,756,000			4,821,000			4,844,000

		11,884,000			15,547,000			13,106,000			11,914,000			11,684,000


Net operating income		26,415,000			25,380,000			25,437,000			25,735,000			26,305,000

Other income (expense):
General and administrative		(2,691,000	)		(2,525,000	)		(2,799,000	)		(2,421,000	)		(2,106,000	)
Acquisition transaction costs and terminated projects		(73,000	)		(1,169,000	)		(593,000	)		(2,043,000	)		(2,000	)
Management transition charges		(6,350,000	)		(180,000	)		—			—			—
Impairments		—			—			(221,000	)		(155,000	)		(562,000	)
Depreciation and amortization		(10,917,000	)		(10,333,000	)		(9,647,000	)		(10,997,000	)		(11,222,000	)
Interest expense		(11,389,000	)		(11,215,000	)		(10,687,000	)		(10,853,000	)		(11,536,000	)
Amortization of deferred financing and other costs		(1,202,000	)		(1,199,000	)		(1,406,000	)		(1,743,000	)		(1,479,000	)
Capitalization of interest expense and financing costs		818,000			324,000			331,000			597,000			723,000
Accelerated write-off of deferred financing costs		—			—			—			(2,552,000	)		—
Interest income		106,000			78,000			13,000			6,000			5,000
Unconsolidated joint ventures:
Equity in income (loss) of unconsolidated joint ventures		34,000			791,000			(63,000	)		(288,000	)		479,000
Write-off of investment		(7,961,000	)		—			—			—			—
Gain on sale of land parcel		—			28,000			—			—			—

(Loss) income before discontinued operations		(13,210,000	)		(20,000	)		365,000			(4,714,000	)		605,000

Discontinued operations:
Income (loss) from operations		265,000			1,213,000			(98,000	)		257,000			(157,000	)
Impairment charges		(12,258,000	)		(10,286,000	)		(36,253,000	)		(34,000	)		(2,990,000	)
Gain (loss) on sales		474,000			—			—			—			(5,000	)

Total discontinued operations		(11,519,000	)		(9,073,000	)		(36,351,000	)		223,000			(3,152,000	)


Net loss		(24,729,000	)		(9,093,000	)		(35,986,000	)		(4,491,000	)		(2,547,000	)

Less, net loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		22,000			25,000			1,807,000			194,000			87,000
Limited partners’ interest in consolidated OP		579,000			260,000			794,000			196,000			178,000

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


Net loss attributable to Cedar Shopping Centers, Inc.		(24,128,000	)		(8,808,000	)		(33,385,000	)		(4,101,000	)		(2,282,000	)

Preferred distribution requirements		(3,540,000	)		(3,501,000	)		(3,579,000	)		(2,679,000	)		(1,969,000	)


Net loss attributable to common shareholders	$	(27,668,000	)	$	(12,309,000	)	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)


Per common share (basic and diluted):
Continuing operations	$	(0.24	)	$	(0.05	)	$	(0.01	)	$	(0.10	)	$	(0.02	)
Discontinued operations	$	(0.17	)	$	(0.13	)	$	(0.55	)	$	0.00		$	(0.05	)

	$	(0.41	)	$	(0.18	)	$	(0.56	)	$	(0.10	)	$	(0.07	)


Weighted average number of common shares outstanding		68,099,000			67,227,000			66,374,000			65,835,000			64,434,000


Net operating income/Revenues		69	%		62	%		66	%		68	%		69	%
Expense recovery percentage (a)		71	%		73	%		74	%		72	%		71	%


(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 $712,000 $908,000, $1,315,000, $886,000 and $583,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


	Three months ended
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
Cash flow from operating activities:
Net loss	$	(24,729,000	)	$	(9,093,000	)	$	(35,986,000	)	$	(4,491,000	)	$	(2,547,000	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Equity in (income) loss of unconsolidated joint ventures		(34,000	)		(791,000	)		63,000			288,000			(479,000	)
Distributions from unconsolidated joint ventures		178,000			379,000			60,000			211,000			428,000
Write off of joint venture investment and other		7,961,000			—			199,000			177,000			562,000
Acquisition transaction costs and terminated projects		73,000			1,169,000			—			31,000			2,000
Impairment charges — discontinued operations		12,258,000			10,286,000			36,253,000			34,000			2,990,000
Gain on sales of real estate		(474,000	)		(28,000	)		—			—			5,000
Straight-line rents receivable		(479,000	)		(519,000	)		(232,000	)		(198,000	)		(637,000	)
Provision for doubtful accounts		712,000			1,053,000			1,468,000			966,000			860,000
Depreciation and amortization		11,007,000			10,459,000			10,820,000			11,891,000			12,373,000
Amortization of intangible lease liabilities		(1,518,000	)		(1,477,000	)		(1,676,000	)		(2,051,000	)		(3,092,000	)
Amortization (including accelerated write off) and market price adjustments relating to stock-based compensation		2,299,000			829,000			911,000			832,000			21,000
Amortization of deferred financing costs		1,137,000			1,006,000			1,489,000			1,605,000			1,286,000
Accelerated write-off of deferred financing costs		—			—			—			2,522,000			—
Increases/decreases in operating assets and liabilities:
Rents and other tenant receivables, net		(3,000	)		(4,402,000	)		952,000			(1,643,000	)		1,023,000
Joint venture settlements		(105,000	)		231,000			2,388,000			(1,457,000	)		(453,000	)
Prepaid expenses and other		825,000			(1,208,000	)		1,329,000			(4,698,000	)		2,369,000
Accounts payable and accrued expenses		228,000			(3,664,000	)		(158,000	)		2,545,000			(1,140,000	)

Net cash provided by operating activities		9,336,000			4,230,000			17,880,000			6,564,000			13,571,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(9,575,000	)		(53,583,000	)		(9,281,000	)		(5,362,000	)		(7,483,000	)
Net proceeds from transfers to unconsolidated joint venture, less cash at dates of transfer		(115,000	)		3,009,000			—			—			19,634,000
Net proceeds from sales of real estate		5,833,000			5,744,000			605,000			—			—
Investments in and advances to unconsolidated joint ventures		(4,183,000	)		—			(21,427,000	)		(25,712,000	)		—
Distributions of capital from unconsolidated joint ventures		441,000			2,555,000			13,777,000			6,166,000			1,559,000
Increase in loans and other receivables		(4,729,000	)		—			(2,563,000	)		—			—
Construction escrows and other		(684,000	)		(1,141,000	)		(1,906,000	)		(101,000	)		116,000

Net cash (used in) provided by investing activities		(13,012,000	)		(43,416,000	)		(20,795,000	)		(25,009,000	)		13,826,000


Cash flow from financing activities:
Net advances/(repayments) from/(to) revolving credit facilities		12,500,000			22,000,000			6,151,000			(41,395,000	)		(39,250,000	)
Proceeds from mortgage financings		1,191,000			28,100,000			10,712,000			30,000			9,543,000
Mortgage repayments		(2,361,000	)		(2,401,000	)		(2,350,000	)		(2,137,000	)		(5,544,000	)
Payments of debt financing costs		—			—			(884,000	)		(143,000	)		(755,000	)
Noncontrolling interests:
Contributions from consolidated joint venture minority interests		269,000			—			—			—			—
Distributions to consolidated joint venture minority interests		(1,684,000	)		(289,000	)		(1,380,000	)		(1,526,000	)		(660,000	)
Distributions to limited partners		(128,000	)		(127,000	)		(128,000	)		(173,000	)		(173,000	)
Redemptions of OP units		—			—			(609,000	)		(2,349,000	)		(418,000	)
Net proceeds from sales of preferred and common stock		1,492,000			2,807,000			2,952,000			72,383,000			5,686,000
Exercise of warrant		—			—			—			—			10,000,000
Preferred stock distributions		(3,550,000	)		(3,549,000	)		(3,550,000	)		(1,969,000	)		(1,969,000	)
Distributions to common shareholders		(6,096,000	)		(6,052,000	)		(5,975,000	)		(5,928,000	)		(5,846,000	)

Net cash provided by (used in) financing activities		1,633,000			40,489,000			4,939,000			16,793,000			(29,386,000	)


Net (decrease) increase in cash and cash equivalents		(2,043,000	)		1,303,000			2,024,000			(1,652,000	)		(1,989,000	)
Cash and cash equivalents at beginning of period		15,469,000			14,166,000			12,142,000			13,794,000			15,783,000

Cash and cash equivalents at end of period	$	13,426,000		$	15,469,000		$	14,166,000		$	12,142,000		$	13,794,000

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
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
Net loss attributable to the Company’s common shareholders	$	(27,668,000	)	$	(12,309,000	)	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)
Add (deduct):
Real estate depreciation and amortization		10,903,000			10,410,000			10,793,000			11,831,000			12,327,000
Noncontrolling interests:
Limited partners’ interest		(579,000	)		(260,000	)		(794,000	)		(196,000	)		(178,000	)
Minority interests in consolidated joint ventures		(22,000	)		(25,000	)		(1,807,000	)		(194,000	)		(87,000	)
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,237,000	)		(1,336,000	)		360,000			(1,340,000	)		(1,686,000	)
Gain on sales of discontinued operations and other real estate (a)		(474,000	)		(28,000	)		—			—			5,000
Equity in loss (income) of unconsolidated joint ventures		(34,000	)		(791,000	)		63,000			288,000			(479,000	)
FFO from unconsolidated joint ventures		1,182,000			1,882,000			1,230,000			146,000			834,000

Funds (Used in) From Operations (“FFO”)		(17,929,000	)		(2,457,000	)		(27,119,000	)		3,755,000			6,485,000

Add (deduct) the pro rata share of:
Straight-line rents		(452,000	)		(475,000	)		(245,000	)		(150,000	)		(531,000	)
Amortization of intangible lease liabilities		(1,463,000	)		(1,371,000	)		(1,264,000	)		(1,957,000	)		(2,484,000	)
Non-real estate amortization		1,162,000			1,080,000			1,520,000			1,610,000			1,293,000
Accelerated write-off of deferred financing costs		—			—			—			2,552,000			—
Stock-based compensation charged to operations		236,000			829,000			896,000			853,000			—
Management transition charges		6,350,000			180,000			—			—			—
Impairment charges — discontinued operations (a)		12,019,000			10,119,000			34,057,000			34,000			2,994,000
Impairment charges — RioCan, net (b)		—			—			221,000			155,000			562,000
Acquisition transaction costs — unconsolidated Cedar/RioCan joint venture		91,000			14,000			925,000			773,000			—
Write off of joint venture interest, acquisition transaction costs and terminated projects (c)		8,034,000			1,169,000			888,000			2,043,000			2,000

Adjusted Funds From Operations (“AFFO”)		8,048,000			9,088,000			9,879,000			9,668,000			8,321,000

Capital expenditures, tenant improvements, and leasing commissions — second generation (d)		(644,000	)		(409,000	)		(1,081,000	)		(1,321,000	)		(954,000	)
Scheduled mortgage repayments — carrying value amounts		(1,960,000	)		(1,945,000	)		(2,236,000	)		(1,983,000	)		(1,836,000	)

Funds Available for Distribution (“FAD”)	$	5,444,000		$	6,734,000		$	6,562,000		$	6,364,000		$	5,531,000


FFO per common share, assuming OP Unit conversion (basic and diluted):	$	(0.26	)	$	(0.04	)	$	(0.40	)	$	0.06		$	0.10


AFFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.12		$	0.13		$	0.15		$	0.14		$	0.13


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


Weighted average number of common shares outstanding (basic):
Common shares		68,099,000			67,227,000			66,374,000			65,835,000			64,434,000
OP Units		1,415,000			1,415,000			1,435,000			1,892,000			1,945,000

		69,514,000			68,642,000			67,809,000			67,727,000			66,379,000

Weighted average number of common shares outstanding (diluted):
Common shares		68,099,000			67,227,000			66,374,000			65,835,000			64,486,000
OP Units		1,415,000			1,415,000			1,435,000			1,892,000			1,945,000

		69,514,000			68,642,000			67,809,000			67,727,000			66,431,000

End of period number of common shares outstanding:
Common shares		68,002,000			67,517,000			66,520,000			66,035,000			65,104,000
OP Units		1,415,000			1,415,000			1,415,000			1,535,000			1,928,000

		69,417,000			68,932,000			67,935,000			67,570,000			67,032,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (e)	$	8,567,000		$	3,983,000		$	8,365,000		$	3,659,000		$	7,005,000

Capitalized interest and financing costs	$	818,000		$	324,000		$	332,000		$	597,000		$	723,000

Scheduled mortgage repayments — stated contract amounts	$	1,820,000		$	1,848,000		$	2,106,000		$	1,837,000		$	1,739,000

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


Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	77,897,000		$	58,214,000		$	62,611,000		$	84,831,000		$	105,964,000


(a)		Gain on sales/impairment charges related to properties sold or treated as “held for sale”.

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

(c)		The December 31, 2010 and the September 30, 2010 amounts are principally fees paid to the Company’s investment advisor related to the Cedar/RioCan joint venture

(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
	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
Revenues:

Revenues of managed properties excluding non-cash revenues (a)	$	51,464,000		$	54,832,000		$	51,709,000		$	41,967,000		$	39,474,000
Less consolidated joint ventures		(4,080,000	)		(4,308,000	)		(4,181,000	)		(4,232,000	)		(4,243,000	)
Less unconsolidated Cedar/RioCan joint venture		(12,237,000	)		(12,779,000	)		(12,109,000	)		(5,204,000	)		(3,849,000	)

Cedar share of revenues excluding non-cash items		35,147,000			37,745,000			35,419,000			32,531,000			31,382,000
Pro-rata share straight-line rents		452,000			475,000			245,000			150,000			531,000
Pro-rata share amortization of intangible lease liabilities		1,463,000			1,371,000			1,264,000			1,957,000			2,484,000

Cedar share of total revenues		37,062,000			39,591,000			36,928,000			34,638,000			34,397,000
Revenues attributable to consolidated joint ventures (b)		4,296,000			4,531,000			4,642,000			4,373,000			4,624,000
Less revenues attributable to unconsolidated Cedar/RioCan joint venture (c)		(3,059,000	)		(3,195,000	)		(3,027,000	)		(1,362,000	)		(1,032,000	)

Total — As reported	$	38,299,000		$	40,927,000		$	38,543,000		$	37,649,000		$	37,989,000


Net Operating Income (“NOI”)
NOI of managed properties excluding non-cash revenues	$	34,966,000		$	33,586,000		$	34,561,000		$	28,309,000		$	26,064,000
Less consolidated joint ventures		(2,960,000	)		(2,987,000	)		(3,059,000	)		(2,942,000	)		(3,036,000	)
Less unconsolidated Cedar/RioCan joint venture		(8,665,000	)		(8,124,000	)		(8,693,000	)		(3,803,000	)		(2,695,000	)

Cedar share of NOI excluding non-cash items		23,341,000			22,475,000			22,809,000			21,564,000			20,333,000
Pro-rata share straight-line rents		452,000			475,000			245,000			150,000			531,000
Pro-rata share amortization of intangible lease liabilities		1,463,000			1,371,000			1,264,000			1,957,000			2,484,000
Stock-based compensation mark-to-market adjustments		321,000			72,000			(46,000	)		(7,000	)		284,000

Cedar share of total NOI		25,577,000			24,393,000			24,272,000			23,664,000			23,632,000
NOI attributable to consolidated joint ventures (b)		3,176,000			3,210,000			3,520,000			3,083,000			3,417,000
Less NOI attributable to unconsolidated Cedar/RioCan joint venture (c)		(2,338,000	)		(2,223,000	)		(2,355,000	)		(1,012,000	)		(744,000	)

Total — As reported	$	26,415,000		$	25,380,000		$	25,437,000		$	25,735,000		$	26,305,000

Net (loss) income — common shareholders
Net income excluding impairments and certain non-cash charges	$	(2,253,000	)	$	(750,000	)	$	(1,367,000	)	$	(1,210,000	)	$	(1,485,000	)

Accelerated write-off of deferred financing costs		—			—			—			(2,552,000	)		—
Management transition charges		(6,350,000	)		(180,000	)		—			—			—
Non-recurring and unusual items (e)		(20,144,000	)		(11,427,000	)		(36,266,000	)		(3,180,000	)		(3,733,000	)
Employee termination costs		—			(345,000	)		—			—			—
Stock-based compensation mark-to-market adjustments		551,000			150,000			(101,000	)		2,000			884,000
Limited partners’ interest in above items		528,000			243,000			770,000			160,000			83,000

		(25,415,000	)		(11,559,000	)		(35,597,000	)		(5,570,000	)		(2,766,000	)


Total — As reported	$	(27,668,000	)	$	(12,309,000	)	$	(36,964,000	)	$	(6,780,000	)	$	(4,251,000	)

Per common share/OP unit (basic and diluted):
Net income excluding impairment and certain non-cash charges	$	(0.03	)	$	(0.01	)	$	(0.02	)	$	(0.02	)	$	(0.02	)
Acquisition transaction costs, impairments and certain non-cash charges		(0.38	)	$	(0.17	)		(0.54	)		(0.08	)		(0.05	)

Total — As reported per share	$	(0.41	)	$	(0.18	)	$	(0.56	)	$	(0.10	)	$	(0.07	)


FFO
FFO before non-cash revenues:
Consolidated properties	$	6,099,000		$	7,499,000		$	7,739,000		$	7,378,000		$	7,526,000
Cedar/RioCan properties prior to transfer		—			—			—			—			153,000

		6,099,000			7,499,000			7,739,000			7,378,000			7,679,000
Straight-line rents		452,000			475,000			245,000			150,000			531,000
Amortization of intangible lease liabilities		1,463,000			1,371,000			1,264,000			1,957,000			2,484,000


FFO excluding the following non-recurring adjustments		8,014,000			9,345,000			9,248,000			9,485,000			9,334,000

Accelerated write-off of deferred financing costs		—			—			—			(2,552,000	)		—
Management transition charges		(6,350,000	)		(180,000	)		—			—			—
Employee termination costs		—			(345,000	)		—			—			—
Stock-based compensation mark-to-market adjustments		551,000			150,000			(101,000	)		2,000			884,000
Non-recurring and unusual items (e)		(20,144,000	)		(11,427,000	)		(36,266,000	)		(3,180,000	)		(3,733,000	)

		(25,943,000	)		(11,802,000	)		(36,367,000	)		(5,730,000	)		(2,849,000	)

Total — As reported	$	(17,929,000	)	$	(2,457,000	)	$	(27,119,000	)	$	3,755,000		$	6,485,000

Per common share/OP unit (basic and diluted) (d):
FFO excluding impairments and stock-based compensation mark-to-market adjustments	$	0.12		$	0.14		$	0.14		$	0.14		$	0.14
Non-recurring and unusual items (e)	$	(0.38	)		(0.18	)		(0.54	)		(0.08	)		(0.04	)

Total — As reported	$	(0.26	)	$	(0.04	)	$	(0.40	)	$	0.06		$	0.10


Dividends to common shareholders	$	6,096,000		$	6,052,000		$	5,975,000		$	5,928,000		$	5,846,000
Per common share	$	0.09		$	0.09		$	0.09		$	0.09		$	0.09

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Capitalization


	Jun 30,			Mar 31,			Dec 31,			Sep 30,			Jun 30,
	2011			2011			2010			2010			2010
Market Capitalization (end of period)
Equity
Preferred Stock
Shares		6,400,000			6,400,000			6,400,000			3,550,000			3,550,000
Closing market price	$	25.10		$	25.05		$	25.18		$	25.76		$	24.90

	$	160,640,000		$	160,320,000		$	161,152,000		$	91,448,000		$	88,395,000
Common Stock
Common shares		68,002,000			67,517,000			66,520,000			66,035,000			65,104,000
OP Units		1,415,000			1,415,000			1,415,000			1,535,000			1,928,000

		69,417,000			68,932,000			67,935,000			67,570,000			67,032,000
Closing market price	$	5.15		$	6.03		$	6.29		$	6.08		$	6.02

	$	357,498,000		$	415,660,000		$	427,311,000		$	410,826,000		$	403,533,000


Sub-total equity	$	518,138,000		$	575,980,000		$	588,463,000		$	502,274,000		$	491,928,000


Debt:
Fixed-rate mortgages		599,350,000			601,556,000			575,635,000			567,074,000			569,030,000
Variable-rate mortgages		84,768,000			83,560,000			83,568,000			83,571,000			83,547,000

		684,118,000			685,116,000			659,203,000			650,645,000			652,577,000
Secured revolving credit facilities		167,097,000			154,597,000			132,597,000			126,446,000			167,841,000

Total outstanding debt — consolidated		851,215,000			839,713,000			791,800,000			777,091,000			820,418,000
Add (deduct) pro rata share attributable to:
Unconsolidated Cedar/RioCan joint venture		63,859,000			60,630,000			58,680,000			45,761,000			18,668,000
Consolidated joint venture minority interests		(114,919,000	)		(115,180,000	)		(115,457,000	)		(115,720,000	)		(115,968,000	)

Pro rata share of outstanding debt		800,155,000			785,163,000			735,023,000			707,132,000			723,118,000

Total market capitalization	$	1,318,293,000		$	1,361,143,000		$	1,323,486,000		$	1,209,406,000		$	1,215,046,000

Ratio of pro rata share of outstanding debt to total market capitalization		60.7	%		57.7	%		55.5	%		58.5	%		59.5	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	11,579,000		$	12,891,000		$	13,408,000		$	15,534,000		$	17,994,000
Cedar Shopping Centers, Inc. shareholders’ equity		583,417,000			615,182,000			630,066,000			668,168,000			607,739,000

		594,996,000			628,073,000			643,474,000			683,702,000			625,733,000
Pro rata share of total debt, per above		800,155,000			785,163,000			735,023,000			707,132,000			723,118,000

Total financial statement capitalization	$	1,395,151,000		$	1,413,236,000		$	1,378,497,000		$	1,390,834,000		$	1,348,851,000

Ratio of pro rata share of outstanding debt to total financial statement capitalization		57.4	%		55.6	%		53.3	%		50.8	%		53.6	%


Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		4.1	%		4.1	%		4.1	%		3.4	%		3.4	%
Total mortgages		5.6	%		5.6	%		5.6	%		5.5	%		5.5	%
Secured variable-rate revolving credit facilities		3.6	%		3.5	%		3.2	%		3.0	%		4.0	%
Total debt		5.2	%		5.2	%		5.2	%		5.1	%		5.2	%

Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
(Loss) income from continuing operations	$	(13,210,000	)	$	(20,000	)	$	365,000		$	(4,714,000	)	$	605,000
Add (deduct):
Interest expense and amortization of financing costs, net		11,773,000			12,090,000			11,762,000			11,999,000			12,292,000
Accelerated write-off of deferred financing costs		—			—			—			2,552,000			—
Depreciation and amortization		10,917,000			10,333,000			9,647,000			10,997,000			11,222,000
Stock-based compensation mark-to-market adjustments		(551,000	)		(150,000	)		101,000			(2,000	)		(884,000	)
Write off of investment in unconsolidated joint venture and other		7,961,000			—			221,000			155,000			562,000
Management transition charges		6,350,000			180,000			—			—			—
Acquisition transaction costs and terminated projects, net		73,000			1,169,000			593,000			2,043,000			2,000
Minority interests share of consolidated joint venture EBITDA		(3,176,000	)		(3,210,000	)		(3,520,000	)		(3,082,000	)		(3,407,000	)
Pro-rata share attributable to Cedar/RioCan joint venture:
Acquisition transaction costs		91,000			14,000			925,000			773,000			—
Depreciation and amortization		1,035,000			1,180,000			1,222,000			370,000			293,000
Interest expense		938,000			1,123,000			682,000			407,000			218,000

EBITDA	$	22,201,000		$	22,709,000		$	21,998,000		$	21,498,000		$	20,903,000

Fixed charges:
Interest expense	$	11,389,000		$	11,215,000		$	10,687,000		$	10,853,000		$	11,536,000
Interest expense — consolidated minority interests		(1,661,000	)		(1,647,000	)		(1,687,000	)		(1,706,000	)		(1,695,000	)
Interest expense — unconsolidated Cedar/RioCan joint venture		938,000			1,123,000			682,000			407,000			218,000
Preferred dividend requirements		3,540,000			3,501,000			3,579,000			2,679,000			1,969,000

Fixed charges	$	14,206,000		$	14,192,000		$	13,261,000		$	12,233,000		$	12,028,000


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

Debt to EBITDA

Pro rata share of outstanding debt	$	800,155,000		$	785,163,000		$	735,023,000		$	707,132,000		$	723,118,000

EBITDA annualized	$	88,804,000		$	90,836,000		$	87,992,000		$	85,992,000		$	83,612,000
Add (deduct) impact resulting from:
Adjustments to annualize results of properties acquired during the period		—			711,000			842,000			2,685,000			—
Results from Cedar/RioCan joint venture properties prior to transfer		—			—			—			—			(2,232,000	)

EBITDA annualized	$	88,804,000		$	91,547,000		$	88,834,000		$	88,677,000		$	81,380,000


Ratio of debt to EBITDA		9.0 x			8.6 x			8.3 x			8.0 x			8.9 x

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended June 30,						Six months ended June 30,
	2011			2010			2011			2010

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


Revenues:
Rents:
Base rents	$	25,529,000		$	25,137,000		$	51,212,000		$	50,052,000
Percentage rents		138,000			183,000			352,000			394,000
Straight-line rents		434,000			500,000			871,000			1,302,000
Amortization of intangible lease liabilities		1,391,000			1,937,000			2,505,000			3,767,000

		27,492,000			27,757,000			54,940,000			55,515,000
Expense recoveries (a)		5,997,000			6,037,000			14,479,000			14,233,000
Other		96,000			34,000			241,000			80,000

Total revenues		33,585,000			33,828,000			69,660,000			69,828,000


Operating expenses (a):
Operating, maintenance and management		4,881,000			4,831,000			12,783,000			11,817,000
Real estate and other property-related taxes		4,010,000			3,989,000			8,042,000			7,957,000

Total expenses		8,891,000			8,820,000			20,825,000			19,774,000


Net operating income (“NOI”)	$	24,694,000		$	25,008,000		$	48,835,000		$	50,054,000


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities	$	22,869,000		$	22,571,000		$	45,459,000		$	44,985,000
Straight-line rents and amortization of intangible lease liabilities		1,825,000			2,437,000			3,376,000			5,069,000

NOI	$	24,694,000		$	25,008,000		$	48,835,000		$	50,054,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	392,000			1.6	%	$	1,160,000			2.3	%
Percentage rents		(45,000	)		-24.6	%		(42,000	)		-10.7	%
Straight-line rents		(66,000	)		-13.2	%		(431,000	)		-33.1	%
Amortization of intangible lease liabilities		(546,000	)		-28.2	%		(1,262,000	)		-33.5	%

		(265,000	)		-1.0	%		(575,000	)		-1.0	%
Expense recoveries		(40,000	)		-0.7	%		246,000			1.7	%
Other		62,000			182.4	%		161,000			201.3	%

Total revenues		(243,000	)		-0.7	%		(168,000	)		-0.2	%


Expenses:
Operating, maintenance and management		50,000			1.0	%		966,000			8.2	%
Real estate and other property-related taxes		21,000			0.5	%		85,000			1.1	%

Total expenses		71,000			0.8	%		1,051,000			5.3	%


Net operating income	$	(314,000	)		-1.3	%	$	(1,219,000	)		-2.4	%


Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		298,000			1.3	%		474,000			1.1	%
Straight-line rents and amortization of intangible lease liabilities		(612,000	)		-25.1	%		(1,693,000	)		-33.4	%

NOI	$	(314,000	)		-1.3	%	$	(1,219,000	)		-2.4	%


Percent occupied at end of period		91.5	%		91.9	%		91.5	%		91.9	%


Expense recovery percentage (a)		75.0	%		75.5	%		76.8	%		77.7	%


(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 non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $645,000 and $557,000, respectively, for the three months ended June 30, 2011 and 2010, and $1,414,000 and $908,000, respectively, for the six months ended June 30, 2011 and 2010.

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


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

Renewals (d) (e) (f) (g)

Number of leases		22			21			53			35			51
Aggregate square feet		87,000			376,000			466,000			348,000			258,000
Average square feet		3,955			17,905			8,792			9,943			5,059
Average expiring base rent psf	$	12.16		$	8.48		$	9.22		$	8.60		$	8.38
Average new base rent psf	$	14.11		$	9.24		$	9.77		$	8.91		$	8.99
% increase (decrease) in base rent		16.0	%		9.0	%		6.0	%		3.6	%		7.3	%

New leases (commenced):

Number of leases		14			13			20			31			19
Aggregate square feet		45,000			52,000			137,000			88,000			58,000
Average square feet		3,214			4,000			6,850			2,839			3,053
Average new base rent psf	$	19.77		$	13.74		$	14.03		$	14.74		$	18.19

Terminated leases

Number of leases		11			7			11			12			19
Aggregate square feet		82,000			28,000			23,000			73,000			49,000
Average square feet		7,455			4,000			2,091			6,083			2,579
Average old base rent psf	$	11.90		$	18.60		$	12.64		$	10.76		$	15.32

New leases (executed but not yet commenced):

Number of leases		18
Aggregate square feet		138,000
Average square feet		7,667
Average new base rent psf	$	19.11

Occupancy statistics

Operating Properties:
Wholly-owned		91.5	%		92.1	%		92.4	%		92.5	%		92.6	%
Consolidated joint ventures		94.5	%		93.8	%		95.3	%		95.7	%		96.2	%
Managed unconsolidated joint venture		97.1	%		96.9	%		97.0	%		97.1	%		95.5	%

Total operating properties		93.4	%		93.6	%		94.0	%		94.0	%		93.5	%


Redevelopment properties		78.3	%		76.5	%		76.8	%		74.5	%		75.4	%


Total operating portfolio (h) (i)		92.0	%		92.0	%		92.4	%		92.1	%		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 June 30, 2011 quarter include four leases comprising 9,000 sq. ft. that renewed with no increase pursuant to their terms. The average increase for the other 18 renewal leases was 18.5%.

(e)		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%.

(f)		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%.

(g)		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%.

(h)		Excludes ground-up development properties.

(i)		Occupancy as of June 30, 2011 for operating properties comprising large tenants (over 10,000 sq. ft.) and small tenants is as follows:


	Large			Small			Total

Operating properties		97.0	%		82.9	%		93.4	%
Redevelopment properties		79.4	%		74.9	%		78.3	%

Total		94.8	%		81.2	%		92.0	%

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of June 30, 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		2,017,000		13.6	%	$	29,615,000	$	14.68		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	%		4,436,000		11.35		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	%
Shaw’s		4		241,000		1.6	%		2,743,000		11.38		1.7	%
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	%
Dollar Tree		20		210,000		1.4	%		1,976,000		9.41		1.2	%


Sub-total top ten tenants		102		4,355,000		29.3	%		57,405,000		13.18		35.0	%

Remaining tenants		1,204		9,222,000		62.0	%		106,769,000		11.58		65.0	%

Sub-total all tenants (e)		1,306		13,577,000		91.3	%	$	164,174,000	$	12.09		100.0	%


Vacant space (f)		n/a		1,290,000		8.7	%

Total (including vacant space)		1,306		14,867,000		100.0	%


(a)		Incudes unconsolidated managed joint venture properties.

(b)		Based on annualized base rent.

(c)		Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shaw’s , Shop ‘n Save (GLA of 53,000; annualized base rent of $524,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of $1,237,000) and Acme (GLA of 172,000; annualized base rent of $756,000).

(d)		Includes tenants at ground-up development properties, but excludes properties “held for sale/conveyance”.

(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		10,489,000		77.3	%	$	111,797,000	$	10.66		68.1	%
Small tenants		3,088,000		22.7	%		52,377,000		16.97		31.9	%

Total		13,577,000		100.0	%	$	164,174,000	$	12.09		100.0	%


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

Total Revenues By State


	Three months ended
	June 30,		Mar 31,		Dec 31,		Sep 30,		Jun 30,
State	2011		2011		2010		2010		2010
Pennsylvania	$	20,764,000	$	22,618,000	$	19,884,000	$	19,158,000	$	19,926,000
Connecticut		3,659,000		4,059,000		2,109,000		3,596,000		3,954,000
Massachusetts		3,268,000		3,579,000		2,957,000		3,398,000		3,710,000
Virginia		2,949,000		3,023,000		2,910,000		2,813,000		2,873,000
New Jersey		2,576,000		2,300,000		2,318,000		2,545,000		2,649,000
Maryland		2,710,000		2,747,000		4,876,000		2,473,000		2,630,000
Ohio		157,000		167,000		162,000		159,000		163,000
New York		1,341,000		1,454,000		1,313,000		1,594,000		1,042,000
Michigan		191,000		446,000		195,000		406,000		439,000

		37,615,000		40,393,000		36,724,000		36,142,000		37,386,000
Parent Company fee income (a)		684,000		534,000		1,819,000		1,507,000		603,000

	$	38,299,000	$	40,927,000	$	38,543,000	$	37,649,000	$	37,989,000


(a)		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 June 30, 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		61		152,000		1.1	%	$	2,032,000	$	13.37		1.2	%
2011		89		296,000		2.2	%		4,242,000		14.33		2.6	%
2012		187		858,000		6.3	%		10,592,000		12.34		6.5	%
2013		159		697,000		5.1	%		10,143,000		14.55		6.2	%
2014		189		1,757,000		12.9	%		16,967,000		9.66		10.3	%
2015		183		1,454,000		10.7	%		16,153,000		11.11		9.8	%
2016		114		1,196,000		8.8	%		12,263,000		10.25		7.5	%
2017		60		744,000		5.5	%		9,582,000		12.88		5.8	%
2018		50		876,000		6.5	%		11,483,000		13.11		7.0	%
2019		55		941,000		6.9	%		11,898,000		12.64		7.2	%
2020		46		1,067,000		7.9	%		10,945,000		10.26		6.7	%
2021		28		455,000		3.4	%		6,831,000		15.01		4.2	%
2022		5		141,000		1.0	%		2,123,000		15.06		1.3	%
Thereafter		80		2,943,000		21.7	%		38,920,000		13.22		23.7	%


All tenants		1,306		13,577,000		100.0	%	$	164,174,000	$	12.09		100.0	%


Vacant space (c)		n/a		1,290,000		n/a


Total portfolio (d)		1,306		14,867,000		n/a


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

(b)		Includes tenants at ground-up development properties, but excludes properties “held for sale/conveyance”.

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

(d)		At June 30, 2011, the Company had a portfolio of 131 operating properties totaling approximately 16.0 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., 22 properties partially-owned in the Cedar/RioCan unconsolidated joint venture comprising approximately 3.7 million sq. ft., five redevelopment properties comprising approximately 1.3 million sq. ft., four ground-up developments comprising approximately 0.7 million sq. ft. and 17 properties “held for sale/conveyance” comprising approximately 1.1 million sq.ft. ; the portfolio excluding the ground-up developments properties and the properties “held for sale/conveyance” was approximately 92.0% leased as of June 30, 2011.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of June 30, 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
									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 June 30, 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 June 30, 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 June 30, 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 - 2000	Shoprite		64,017	2/29/2020
										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/ 2007	Shoppers Food
										Warehouse		61,466	5/31/2020
										Marshalls		27,000	9/30/2017

								521,948

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

Marlboro 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

Northwoods Crossing	MA		2011		20	%		159,562	2002	BJ’s Wholesale Club		115,367	11/28/2023

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 June 30, 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								3,679,901

Total Operating Portfolio								12,898,910


Redevelopment Properties:

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

Shore Mall	NJ		2006		100	%		459,058	1960/1980	Boscov’s		172,200	9/19/2018
										Burlington Coat Factory		85,000	11/30/2014
										K&G		25,000	2/28/2017

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

Townfair Center	PA		2004		100	%		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								1,301,523

Total Operating Portfolio								14,200,433


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								14,866,910

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of June 30, 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	$	11,304,000	$	13,710,000	$	2,820,000	$	10,890,000	$	—		152,727		80.8	%		13.17
Annie Land Plaza	VA		100	%		809,000		4,069,000		4,878,000		704,000		4,174,000		—		42,500		97.2	%		9.27
Camp Hill	PA		100	%		4,424,000		61,352,000		65,776,000		10,481,000		55,295,000		—		472,432		98.8	%		13.44
Carbondale Plaza	PA		100	%		1,586,000		12,171,000		13,757,000		2,524,000		11,233,000		—		129,915		85.6	%		6.91
Carll’s Corner	NJ		100	%		2,929,000		14,126,000		17,055,000		1,936,000		15,119,000		—		129,582		88.5	%		8.88
Carman’s Plaza	NY		100	%		8,421,000		35,293,000		43,714,000		4,638,000		39,076,000		—		194,481		90.0	%		16.66
Circle Plaza	PA		100	%		546,000		2,964,000		3,510,000		311,000		3,199,000		—		92,171		100.0	%		2.74
Coliseum Marketplace	VA		100	%		3,586,000		17,174,000		20,760,000		3,587,000		17,173,000		—		98,359		82.8	%		15.92
Colonial Commons	PA		100	%		10,654,000		37,447,000		48,101,000		991,000		47,110,000		—		474,765		84.6	%		12.64
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		341,000		1,432,000		—		10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		381,000		2,004,000		—		10,195		100.0	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		329,000		1,853,000		—		10,125		100.0	%		16.50
CVS at Kinderhook	NY		100	%		1,702,000		1,906,000		3,608,000		189,000		3,419,000		—		13,225		100.0	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		327,000		1,625,000		—		10,722		100.0	%		13.00
Dunmore Shopping Center	PA		100	%		565,000		2,245,000		2,810,000		558,000		2,252,000		—		101,000		66.2	%		3.69
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		866,000		3,636,000		—		21,180		100.0	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,245,000		7,616,000		1,162,000		6,454,000		—		66,250		87.4	%		9.08
Fairview Plaza	PA		100	%		2,129,000		8,717,000		10,846,000		1,945,000		8,901,000		—		69,579		100.0	%		12.29
Fairview Commons	PA		100	%		858,000		3,568,000		4,426,000		649,000		3,777,000		—		59,578		66.9	%		6.92
General Booth Plaza	VA		100	%		1,935,000		9,696,000		11,631,000		2,275,000		9,356,000		—		73,320		95.1	%		12.51
Gold Star Plaza	PA		100	%		1,644,000		6,695,000		8,339,000		1,266,000		7,073,000		—		71,720		82.2	%		8.63
Golden Triangle	PA		100	%		2,320,000		19,507,000		21,827,000		4,623,000		17,204,000		—		202,943		97.4	%		12.26
Groton Shopping Center	CT		100	%		3,073,000		12,535,000		15,608,000		2,053,000		13,555,000		—		117,986		93.4	%		10.89
Halifax Plaza	PA		100	%		1,347,000		6,089,000		7,436,000		1,245,000		6,191,000		—		51,510		100.0	%		12.00
Hamburg Commons	PA		100	%		1,153,000		9,897,000		11,050,000		1,649,000		9,401,000		—		99,580		93.5	%		6.41
Hannaford Plaza	MA		100	%		1,874,000		8,910,000		10,784,000		1,585,000		9,199,000		—		102,459		98.2	%		7.76
Huntingdon Plaza	PA		100	%		933,000		5,940,000		6,873,000		960,000		5,913,000		—		147,355		53.8	%		6.80
Jordan Lane	CT		100	%		4,291,000		22,144,000		26,435,000		4,332,000		22,103,000		—		181,730		97.7	%		10.84
Kempsville Crossing	VA		100	%		2,207,000		11,140,000		13,347,000		2,762,000		10,585,000		—		94,477		98.7	%		11.09
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		1,069,000		3,214,000		—		51,894		73.5	%		9.08
Kings Plaza	MA		100	%		2,408,000		12,924,000		15,332,000		1,928,000		13,404,000		—		168,243		95.2	%		6.17
Kingston Plaza	NY		100	%		2,891,000		2,341,000		5,232,000		273,000		4,959,000		—		18,337		100.0	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		1,109,000		6,529,000		—		41,000		100.0	%		19.90
Lake Raystown Plaza	PA		100	%		2,231,000		13,232,000		15,463,000		2,666,000		12,797,000		—		145,727		89.3	%		12.44
Liberty Marketplace	PA		100	%		2,695,000		12,884,000		15,579,000		2,283,000		13,296,000		—		68,200		91.2	%		17.45
Martin’s at Glen Allen	VA		100	%		5,367,000		2,088,000		7,455,000		471,000		6,984,000		—		43,000		100.0	%		9.73
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,970,000		12,898,000		—		51,500		100.0	%		21.78
Metro Square	MD		100	%		5,250,000		9,911,000		15,161,000		933,000		14,228,000		—		71,896		100.0	%		18.60
Newport Plaza	PA		100	%		1,682,000		8,141,000		9,823,000		1,549,000		8,274,000		—		64,489		93.7	%		11.44
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		630,000		4,611,000		—		38,700		100.0	%		10.52
Oakland Commons	CT		100	%		2,504,000		15,137,000		17,641,000		2,024,000		15,617,000		—		89,850		100.0	%		11.02
Oakland Mills	MD		100	%		1,611,000		6,324,000		7,935,000		1,426,000		6,509,000		—		58,224		100.0	%		13.36
Palmyra Shopping Center	PA		100	%		1,488,000		7,106,000		8,594,000		1,561,000		7,033,000		—		112,108		83.1	%		5.31
Pine Grove Plaza	NJ		100	%		2,010,000		6,614,000		8,624,000		1,360,000		7,264,000		—		86,089		94.4	%		10.52
Port Richmond Village	PA		100	%		2,843,000		12,567,000		15,410,000		3,135,000		12,275,000		—		154,908		92.0	%		12.99
Price Chopper Plaza	MA		100	%		4,082,000		17,327,000		21,409,000		2,109,000		19,300,000		—		101,824		91.1	%		10.87
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		372,000		2,090,000		—		10,125		100.0	%		18.99
River View Plaza I, II and III	PA		100	%		9,718,000		44,389,000		54,107,000		9,330,000		44,777,000		—		244,225		87.2	%		18.67
Shoppes at Salem Run	VA		100	%		1,076,000		4,265,000		5,341,000		681,000		4,660,000		—		15,100		39.7	%		26.07
Smithfield Plaza	VA		100	%		2,919,000		13,017,000		15,936,000		2,124,000		13,812,000		—		134,664		96.4	%		9.29

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of June 30, 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		38,851,000		47,073,000		9,652,000		37,421,000		—		283,415		81.8	%		13.88
St. James Square	MD		100	%		688,000		4,446,000		5,134,000		1,071,000		4,063,000		—		39,903		100.0	%		11.34
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,766,000		10,490,000		—		77,688		100.0	%		15.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,796,000		6,842,000		—		67,216		100.0	%		9.40
Swede Square	PA		100	%		2,272,000		11,176,000		13,448,000		2,889,000		10,559,000		—		98,792		95.7	%		14.59
The Commons	PA		100	%		3,098,000		15,644,000		18,742,000		3,658,000		15,084,000		—		175,121		87.8	%		10.17
The Point	PA		100	%		2,996,000		24,516,000		27,512,000		5,534,000		21,978,000		—		268,029		95.7	%		11.94
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,448,000		13,681,000		2,761,000		10,920,000		—		182,859		85.6	%		7.72
The Shops at Suffolk Downs	MA		100	%		7,580,000		19,637,000		27,217,000		2,294,000		24,923,000		—		121,829		85.1	%		12.65
Timpany Plaza	MA		100	%		3,368,000		19,374,000		22,742,000		2,487,000		20,255,000		—		183,775		91.8	%		6.41
Trexler Mall	PA		100	%		6,932,000		36,714,000		43,646,000		6,193,000		37,453,000		—		339,363		98.5	%		8.88
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		2,081,000		13,890,000		—		63,000		100.0	%		17.42
Valley Plaza	MD		100	%		1,950,000		8,530,000		10,480,000		1,720,000		8,760,000		—		190,939		100.0	%		4.99
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		736,000		4,119,000		—		9,763		100.0	%		34.70
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,907,000		8,082,000		—		69,620		100.0	%		11.00
Wal-Mart Center	CT		100	%		—		11,865,000		11,865,000		2,332,000		9,533,000		—		155,842		98.7	%		6.72
Washington Center Shoppes	NJ		100	%		2,000,000		11,104,000		13,104,000		2,853,000		10,251,000		—		157,290		93.5	%		9.01
West Bridgewater Plaza	MA		100	%		2,647,000		14,153,000		16,800,000		1,765,000		15,035,000		—		133,039		96.9	%		8.55
Yorktowne Plaza	MD		100	%		5,863,000		25,762,000		31,625,000		3,851,000		27,774,000		—		158,982		94.8	%		13.56

Total Wholly-Owned Properties						182,624,000		852,379,000		1,035,003,000		153,838,000		881,165,000		—		7,849,156		91.5	%		11.25


Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		2,013,000		19,376,000		—		55,000		100.0	%		25.45
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		1,284,000		10,908,000		—		55,600		94.2	%		16.06
Fieldstone Marketplace	MA		20	%		5,167,000		22,080,000		27,247,000		4,173,000		23,074,000		—		193,970		95.8	%		11.26
Meadows Marketplace	PA		20	%		1,914,000		11,399,000		13,313,000		1,536,000		11,777,000		—		91,538		100.0	%		15.52
Parkway Plaza	PA		20	%		4,647,000		19,890,000		24,537,000		2,752,000		21,785,000		—		106,628		92.3	%		15.21
Pennsboro Commons	PA		20	%		3,608,000		14,298,000		17,906,000		2,749,000		15,157,000		—		107,384		87.7	%		14.68
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,584,000		13,176,000		—		67,933		94.1	%		18.21
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		2,036,000		18,505,000		—		67,950		100.0	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,876,000		14,574,000		2,050,000		12,524,000		—		88,677		95.4	%		12.00

						31,866,000		134,593,000		166,459,000		20,177,000		146,282,000		—		834,680		95.1	%		15.41


PCP Joint Venture:
New London Mall	CT		40	%		8,827,000		31,967,000		40,794,000		3,743,000		37,051,000		—		257,814		96.0	%		13.39
San Souci Plaza	MD		40	%		13,366,000		21,276,000		34,642,000		3,536,000		31,106,000		—		264,134		91.0	%		10.16

						22,193,000		53,243,000		75,436,000		7,279,000		68,157,000		—		521,948		93.5	%		11.80

Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		188,000		2,637,000		—		13,225		100.0	%		35.01

Total Consolidated Joint Ventures						54,059,000		190,661,000		244,720,000		27,644,000		217,076,000		—		1,369,853		94.5	%		14.25


Managed Unconsolidated Joint Venture:

Cedar/RioCan Joint Venture:
Blue Mountain Commons	PA		20	%		—		—		—		—		—		30,646,000		121,145		92.2	%		25.60
Columbus Crossing	PA		20	%		—		—		—		—		—		25,017,000		142,166		100.0	%		16.32
Creekview Plaza	PA		20	%		—		—		—		—		—		26,463,000		136,423		100.0	%		15.36
Cross Keys Place	NJ		20	%		—		—		—		—		—		24,949,000		148,173		100.0	%		16.20
Exeter Commons	PA		20	%		—		—		—		—		—		51,097,000		361,321		97.9	%		12.84
Franklin Village Plaza	MA		20	%		—		—		—		—		—		52,677,000		304,277		92.2	%		19.84
Gettysburg Marketplace	PA		20	%		—		—		—		—		—		19,326,000		82,784		92.9	%		20.20
Loyal Plaza	PA		20	%		—		—		—		—		—		33,541,000		293,825		98.3	%		8.01
Marlboro Crossroads	MD		20	%		—		—		—		—		—		11,040,000		67,975		100.0	%		14.99
Monroe Marketplace	PA		20	%		—		—		—		—		—		42,878,000		328,013		100.0	%		10.52
Montville Commons	CT		20	%		—		—		—		—		—		18,252,000		117,916		94.1	%		15.31
New River Valley	VA		20	%		—		—		—		—		—		26,850,000		164,663		96.1	%		13.78
Northland Center	PA		20	%		—		—		—		—		—		9,944,000		108,260		86.3	%		10.46
Northwoods Crossing	MA		20	%		—		—		—		—		—		23,333,000		159,562		100.0	%		11.70
Pitney Road Plaza	PA		20	%		—		—		—		—		—		10,678,000		45,915		100.0	%		19.75
Shaw’s Plaza	MA		20	%		—		—		—		—		—		22,017,000		176,609		97.7	%		11.42
Stop & Shop Plaza	CT		20	%		—		—		—		—		—		7,195,000		54,510		100.0	%		15.59
Sunset Crossing	PA		20	%		—		—		—		—		—		9,380,000		74,142		91.9	%		14.44
Sunrise Plaza	NJ		20	%		—		—		—		—		—		28,211,000		248,160		100.0	%		7.80
Town Square Plaza	PA		20	%		—		—		—		—		—		17,137,000		127,636		100.0	%		13.00
Towne Crossings	VA		20	%		—		—		—		—		—		18,418,000		111,016		92.6	%		15.59
York Marketplace	PA		20	%		—		—		—		—		—		29,899,000		305,410		97.0	%		8.55

Total Cedar/RioCan Joint Venture						—		—		—		—		—		538,948,000		3,679,901		97.1	%		13.23

Total Operating Properties						236,683,000		1,043,040,000		1,279,723,000		181,482,000		1,098,241,000		538,948,000		12,898,910		93.4	%		12.16

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of June 30, 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		18,304,000		22,843,000		2,803,000		20,040,000		—		107,869			34.8	%		23.73
Shore Mall	NJ			100	%		7,179,000		44,099,000		51,278,000		7,045,000		44,233,000		—		459,058			95.3	%		8.12
The Brickyard	CT			100	%		6,465,000		29,408,000		35,873,000		5,909,000		29,964,000		—		274,553			57.9	%		8.56
Townfair Center	PA			100	%		3,022,000		20,976,000		23,998,000		2,852,000		21,146,000		—		218,662			97.2	%		8.64
Trexlertown Plaza	PA			100	%		5,262,000		30,985,000		36,247,000		3,379,000		32,868,000		—		241,381			71.4	%		10.60

Total Redevelopment Properties							26,467,000		143,772,000		170,239,000		21,988,000		148,251,000		—		1,301,523			78.3	%		9.29


Total Operating Portfolio							263,150,000		1,186,812,000		1,449,962,000		203,470,000		1,246,492,000		538,948,000		14,200,433			92.0	%	$	11.94


Ground-Up Developments:
Crossroads II	PA			60	%		17,671,000		25,397,000		43,068,000		1,067,000		42,001,000		—		133,618			83.9	%	$	19.55
Heritage Crossing	PA			60	%		5,066,000		6,042,000		11,108,000		323,000		10,785,000		—		59,396			49.3	%		23.23
Northside Commons	PA			100	%		3,379,000		9,953,000		13,332,000		424,000		12,908,000		—		85,300			72.9	%		9.88
Upland Square	PA			60	%		27,112,000		60,967,000		88,079,000		2,611,000		85,468,000		—		388,163			78.9	%		15.45

Total Ground-Up Developments							53,228,000		102,359,000		155,587,000		4,425,000		151,162,000		—		666,477			76.5	%	$	16.12


Total Portfolio							316,378,000		1,289,171,000		1,605,549,000		207,895,000		1,397,654,000		538,948,000		14,866,910			91.3	%	$	12.09


Land Held For Future Expansion and/or Development:
Aston Center	PA			100	%		800,000		29,000		829,000		—		829,000		—		6.20	acres
Halifax Commons	PA			100	%		872,000		430,000		1,302,000		—		1,302,000		—		4.37	acres
Halifax Plaza	PA			100	%		1,503,000		1,235,000		2,738,000		—		2,738,000		—		12.83	acres
Liberty Marketplace	PA			100	%		1,564,000		40,000		1,604,000		—		1,604,000		—		15.51	acres
Maxatawny Marketplace	PA			100	%		1,612,000		1,291,000		2,903,000		—		2,903,000		—		31.56	acres
Oregon Pike	PA			100	%		2,283,000		115,000		2,398,000		—		2,398,000		—		11.20	acres
Shore Mall	NJ			100	%		2,018,000		422,000		2,440,000		—		2,440,000		—		50.00	acres
The Brickyard	CT			100	%		1,183,000		185,000		1,368,000		—		1,368,000		—		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		278,000		1,426,000		—		1,426,000		—		2.10	acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000		—		12.32	acres
Various projects in progress		N/A		100	%		—		1,405,000		1,405,000		—		1,405,000		—		—	acres

Total Land Held For Future Expansion and/or Development:							21,432,000		7,753,000		29,185,000		—		29,185,000		—		185.31	acres


Total Carrying Value						$	337,810,000	$	1,296,924,000	$	1,634,734,000	$	207,895,000	$	1,426,839,000	$	538,948,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of June 30, 2011


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Jun 30,		Dec 31,		Int.			Jun 30,		Dec 31,
Property	Owned			Date	rate			2011		2010		rate			2011		2010
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013		7.3	%	$	9,018,000	$	9,139,000		7.3	%	$	9,018,000	$	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	%		4,908,000		4,951,000		6.4	%		4,908,000		4,951,000
Carll’s Corner		100	%	Nov 2012		5.6	%		5,721,000		5,786,000		5.6	%		5,721,000		5,786,000
Carman’s Plaza		100	%	Oct 2016		6.3	%		33,379,000		33,369,000		6.2	%		33,500,000		33,500,000
Coliseum Marketplace		100	%	Jul 2014		5.2	%		11,837,000		11,970,000		6.1	%		11,557,000		11,642,000
Colonial Commons		100	%	Feb 2021		5.5	%		27,949,000		—		5.5	%		27,949,000		—
CVS at Bradford		100	%	Mar 2017		5.2	%		637,000		684,000		7.1	%		607,000		649,000
CVS at Celina		100	%	Jan 2020		5.2	%		1,267,000		1,322,000		7.5	%		1,166,000		1,210,000
CVS at Erie		100	%	Nov 2018		5.2	%		960,000		1,013,000		7.1	%		904,000		950,000
CVS at Kinderhook		100	%	Jul 2019		5.3	%		2,402,000		2,429,000		5.3	%		2,402,000		2,429,000
CVS at Portage Trail		100	%	Aug 2017		5.0	%		702,000		750,000		7.8	%		654,000		694,000
East Chestnut		100	%	Apr 2018		7.4	%		1,828,000		1,882,000		5.2	%		1,664,000		1,704,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		3,932,000		3,970,000		5.4	%		3,932,000		3,970,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,312,000		5,370,000		5.7	%		5,312,000		5,370,000
General Booth Plaza		100	%	Aug 2013		5.2	%		5,206,000		5,275,000		6.1	%		5,118,000		5,166,000
Gold Star Plaza		100	%	May 2019		6.0	%		2,115,000		2,219,000		7.3	%		2,030,000		2,123,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,547,000		20,702,000		6.0	%		20,547,000		20,702,000
Groton Shopping Center		100	%	Oct 2015		6.2	%		11,467,000		11,522,000		5.3	%		11,753,000		11,843,000
Halifax Plaza		100	%	Apr 2020		6.3	%		4,213,000		4,252,000		6.3	%		4,213,000		4,252,000
Hamburg Commons		100	%	Oct 2016		6.1	%		5,059,000		5,101,000		6.1	%		5,059,000		5,101,000
Jordan Lane		100	%	Dec 2015		5.5	%		12,745,000		12,860,000		5.5	%		12,745,000		12,860,000
Kempsville Crossing		100	%	Aug 2013		5.2	%		5,882,000		5,964,000		6.1	%		5,783,000		5,841,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,608,000		7,678,000		6.0	%		7,608,000		7,678,000
Kingston Plaza		100	%	Jul 2019		5.3	%		3,094,000		3,128,000		5.3	%		3,094,000		3,128,000
Kingston Plaza		100	%	Jul 2019		5.3	%		517,000		522,000		5.3	%		517,000		522,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,601,000		5,666,000		5.4	%		5,601,000		5,666,000
Liberty Marketplace		100	%	Jul 2014		5.2	%		8,977,000		9,112,000		6.1	%		8,766,000		8,865,000
Mechanicsburg Giant		100	%	Nov 2014		5.2	%		9,228,000		9,378,000		5.5	%		9,138,000		9,274,000
Metro Square		100	%	Nov 2029		7.5	%		8,855,000		8,964,000		7.5	%		8,855,000		8,964,000
Newport Plaza		100	%	Jan 2015		6.0	%		5,526,000		5,583,000		6.0	%		5,526,000		5,583,000
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,379,000		3,406,000		5.5	%		3,379,000		3,406,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,792,000		4,835,000		5.5	%		4,792,000		4,835,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,632,000		5,688,000		5.0	%		5,632,000		5,688,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,295,000		14,428,000		6.5	%		14,295,000		14,428,000
Rite Aid at Massillon		100	%	Jan 2020		5.0	%		1,273,000		1,329,000		7.7	%		1,156,000		1,200,000
Shore Mall		100	%	Dec 2024		8.0	%		207,000		228,000		8.0	%		137,000		152,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,346,000		3,387,000		6.1	%		3,290,000		3,317,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,843,000		6,877,000		6.2	%		6,933,000		6,976,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,421,000		4,488,000		6.1	%		4,347,000		4,395,000
Swede Square		100	%	Nov 2020		5.5	%		10,521,000		10,588,000		` 5.5	%		10,521,000		10,588,000
The Point		100	%	Sep 2012		7.6	%		16,547,000		16,807,000		7.6	%		16,547,000		16,807,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,093,000		8,190,000		6.1	%		7,991,000		8,067,000
Trexler Mall		100	%	May 2014		5.4	%		20,866,000		21,093,000		5.5	%		20,781,000		20,993,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,714,000		4,779,000		6.1	%		4,634,000		4,680,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		402,000		416,000		8.0	%		356,000		367,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,634,000		5,690,000		5.1	%		5,634,000		5,690,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,387,000		8,452,000		5.9	%		8,387,000		8,452,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,717,000		10,776,000		6.2	%		10,783,000		10,848,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		19,891,000		20,073,000		6.0	%		19,908,000		20,092,000

									441,452,000		417,091,000					440,150,000		415,543,000

Homburg Joint Venture:
Aston Center		20	%	Nov 2015		5.5	%		12,435,000		12,561,000		5.9	%		12,254,000		12,358,000
Ayr Town Center		20	%	Jun 2015		5.5	%		7,024,000		7,093,000		5.6	%		6,991,000		7,056,000
Fieldstone Marketplace		20	%	Jul 2014		5.4	%		18,092,000		18,281,000		6.0	%		17,804,000		17,945,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,087,000		10,172,000		5.6	%		10,087,000		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	%		10,674,000		10,769,000		5.5	%		10,674,000		10,769,000
Scott Town Center		20	%	Aug 2015		5.5	%		8,468,000		8,538,000		4.9	%		8,609,000		8,697,000
Spring Meadow Shopping Center		20	%	Nov 2014		5.5	%		12,307,000		12,441,000		5.9	%		12,167,000		12,279,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000

									102,087,000		102,855,000					101,586,000		102,276,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of June 30, 2011


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Jun 30,		Dec 31,		Int.			Jun 30,		Dec 31,
Property	Owned			Date	rate			2011		2010		rate			2011		2010
PCP Joint Venture:
New London Mall		40	%	Apr 2015		6.1	%		26,236,000		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

									53,436,000		53,287,000					54,565,000		54,565,000


Other:
CVS at Naugatuck		50	%	Nov 2019		5.3	%		2,375,000		2,402,000		5.3	%		2,375,000		2,402,000

Total Consolidated Joint Ventures									157,898,000		158,544,000					158,526,000		159,243,000

Total fixed-rate mortgages				4.7 years		5.8	%		599,350,000		575,635,000					598,676,000		574,786,000

				[weighted average]
Variable-rate mortgages:
Shore Mall		100	%	Sep 2011		5.9	%		21,000,000		20,991,000
Upland Square		60	%	Sep 2011		3.5	%		63,768,000		62,577,000

Total variable-rate mortgages				0.2 years		4.1	%		84,768,000		83,568,000


Total mortgages				4.2 years		5.6	%		684,118,000		659,203,000

				[weighted average]
Secured revolving credit facilities (a):
Stabilized property facility		100	%	Jan 2012		5.5	%		64,035,000		29,535,000
Development property facility		100	%	Jun 2012		2.5	%		103,062,000		103,062,000

				0.8 years		3.6	%		167,097,000		132,597,000

				[weighted average]

Total debt				3.5 year		5.2	%	$	851,215,000	$	791,800,000

				[weighted average]
Pro rata share of consolidated debt								$	736,296,000	$	676,343,000


Mortgage loans payable — Cedar/RioCan joint venture:
Blue Mountain Commons		20	%	Jul 2015		5.0	%	$	17,514,000	$	17,646,000
Columbus Crossing		20	%	Jun 2014		6.8	%		16,657,000		16,815,000
Creekview Plaza		20	%	Oct 2015		4.8	%		14,291,000		14,398,000
Cross Keys Place		20	%	Dec 2020		5.1	%		14,502,000		14,600,000
Exeter Commons		20	%	Aug 2020		5.3	%		29,652,000		29,863,000
Franklin Village		20	%	Nov 2011		4.8	%		43,292,000		42,988,000
Gettysburg Marketplace		20	%	Dec 2020		5.0	%		10,842,000		10,918,000
Loyal Plaza		20	%	Jun 2011		7.2	%		14,800,000		12,456,000
Marlboro Crossroads		20	%	Dec 2020		5.1	%		6,828,000		6,875,000
Monroe Marketplace		20	%	Oct 2015		4.8	%		22,869,000		23,040,000
Montville Commons		20	%	Jan 2021		5.8	%		10,456,000		—
New River Valley		20	%	Oct 2015		4.8	%		15,014,000		15,127,000
Northland Center		20	%	Dec 2020		5.0	%		6,254,000		6,298,000
Northwoods Crossing		20	%	Feb 2016		6.4	%		14,367,000		—
Pitney Road Valley		20	%	Oct 2015		4.8	%		6,020,000		6,070,000
Shaw’s Plaza		20	%	Mar 2014		6.0	%		14,030,000		13,958,000
Stop & Shop Plaza		20	%	Apr 2017		6.2	%		6,948,000		6,992,000
Sunset Crossing		20	%	Jul 2015		5.0	%		4,200,000		4,231,000
Sunrise Plaza		20	%	Oct 2015		4.8	%		13,593,000		13,695,000
Town Square Plaza		20	%	Jul 2015		5.0	%		10,841,000		10,922,000
Towne Crossings		20	%	Dec 2020		5.0	%		10,377,000		10,450,000
York Marketplace		20	%	Dec 2020		5.0	%		15,948,000		16,058,000

Total mortgages loans payable — Cedar/RioCan joint venture								$	319,295,000	$	293,400,000


Pro rata share of total debt (managed properties)								$	800,155,000	$	735,023,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of June 30, 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	$	3,919,000	$	589,000	$	84,768,000	(b)	$	—	$	—	$	89,276,000
2012		8,816,000		1,247,000		29,638,000			—		167,097,000		206,798,000
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


	$	51,068,000	$	6,255,000	$	518,090,000		$	108,705,000	$	167,097,000	$	851,215,000


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	$	687,000	$	2,747,000		8,700,000			34,799,000			$	46,933,000	(c)
2012		835,000		3,338,000		—			—				4,173,000
2013		883,000		3,533,000		—			—				4,416,000
2014		870,000		3,482,000		5,941,000			23,763,000				34,056,000
2015		627,000		2,508,000		19,411,000			77,642,000				100,188,000
2016		2,946,000		11,789,000		—			—				14,735,000
2017		464,000		1,855,000		1,271,000			5,085,000				8,675,000
2018		465,000		1,861,000		—			—				2,326,000
2019		503,000		2,014,000		—			—				2,517,000
2020		253,000		1,012,000		15,758,000			63,034,000				80,057,000
Thereafter		—		—		4,244,000			16,975,000				21,219,000

	$	8,533,000	$	34,139,000	$	55,325,000		$	221,298,000			$	319,295,000


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	$	4,606,000	$	3,336,000	$	93,468,000	(b)	$	34,799,000	$	—	$	136,209,000
2012		9,651,000		4,585,000		29,638,000			—		167,097,000		210,971,000
2013		8,774,000		4,974,000		54,945,000			—		—		68,693,000
2014		7,226,000		4,794,000		95,363,000			46,334,000		—		153,717,000
2015		5,702,000		3,460,000		80,886,000			114,425,000		—		204,473,000
2016		7,246,000		12,275,000		73,452,000			31,275,000		—		124,248,000
2017		3,494,000		2,006,000		66,045,000			22,269,000		—		93,814,000
2018		2,955,000		1,902,000		18,972,000			—		—		23,829,000
2019		2,608,000		2,050,000		5,630,000			892,000		—		11,180,000
2020		1,712,000		1,012,000		27,927,000			63,034,000		—		93,685,000
Thereafter		5,627,000		—		27,089,000			16,975,000		—		49,691,000


	$	59,601,000	$	40,394,000	$	573,415,000		$	330,003,000	$	167,097,000	$	1,170,510,000


(a)		Includes $64.0 million applicable to the stabilized property credit facility, due in January 2012, as to which the Company has a one-year extension option.

(b)		Incudes $63.8 million of property-specific construction financing, due in September 2011, as to which the Company has a one-year extension option.

(c)		In August 2011, the Cedar/RioCan joint venture refinanced an existing $43.3 million mortgage maturing in November 2011, with a new fixed-rate mortgage maturing in 2016.

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

Balance Sheet Information


						Mortgage
	Partners’			Real estate,		loans			Other assets/			Equity (a)
	percent			net		payable			liabilities,			Partners			Cedar (b)		Total
				As of June 30, 2011
Consolidated
Homburg		80	%	$	146,281,378	$	(102,087,094	)	$	6,717,998		$	50,119,799		$	792,482	$	50,912,282
PCP (c)		60	%		68,157,578		(53,435,895	)		(2,025,585	)		7,567,001			5,129,097		12,696,098
Fameco I (e)		40	%		85,467,733		(63,767,943	)		4,517,791			1,048,000			25,169,581		26,217,581
Fameco II (f)		40	%		42,001,093		—			(5,470,923	)		—			36,530,171		36,530,171
Hirshland (g)		40	%		10,784,429		—			2,673,490			(81,472	)		13,539,390		13,457,919
Other		50	%		2,637,660		(2,375,004	)		209,779			61,036			411,398		472,435

					355,329,871		(221,665,937	)		6,622,550			58,714,365			81,572,120		140,286,485
*Held for Sale*
WP Realty (d )		25	%		10,174,835		—			(573,463	)		1,584,183			8,017,189		9,601,372

				$	365,504,706	$	(221,665,937	)	$	6,049,088		$	60,298,548		$	89,589,309	$	149,887,857


Unconsolidated (Managed)
Cedar/RioCan (h)		80	%	$	538,947,978	$	(319,295,380	)		8,775,368		$	182,366,710		$	46,061,257	$	228,427,966


				As of March 31, 2011
Consolidated
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	)		7,166,375			60,180,812			81,225,705		141,406,517
*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	)	$	6,459,984		$	61,736,360		$	89,340,334	$	151,076,694


Unconsolidated (Managed)
Cedar/RioCan (h)		80	%	$	519,840,137	$	(303,151,265	)		82,218		$	172,707,751		$	44,063,339	$	216,771,090


				As of Dec 31, 2010
Consolidated
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 (Managed)
Cedar/RioCan (h)		80	%	$	524,447,542	$	(293,399,838	)		(3,189,767	)	$	181,239,408		$	46,618,529	$	227,857,937


				As of Sep 30, 2010
Consolidated
Homburg		80	%	$	148,684,767	$	(103,231,740	)	$	7,111,145		$	51,499,952		$	1,064,220	$	52,564,172
PCP (c)		60	%		70,465,928		(53,210,898	)		(2,573,649	)		8,764,044			5,917,336		14,681,380
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 (Managed)
Cedar/RioCan (h)		80	%	$	399,325,143	$	(228,805,858	)		9,909,439		$	142,244,640		$	38,184,084	$	180,428,724


				As of June 30, 2010
Consolidated
Homburg		80	%	$	149,680,832	$	(103,591,953	)		7,503,955			52,393,045			1,199,789		53,592,834
PCP (c)		60	%		71,631,534		(53,134,532	)		(2,511,195	)		9,548,936			6,436,871		15,985,807
Fameco I (e)		40	%		83,214,297		(62,546,785	)		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 (Managed)
Cedar/RioCan (h)		80	%	$	195,179,001	$	(93,339,694	)		6,740,006		$	87,109,960		$	21,469,083	$	108,579,043

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)
				Three months ended June 30, 2011
Consolidated
Homburg		80	%	$	3,861,325	$	798,492	$	143,807	$	2,919,025	$	1,034,055	$	1,460,485	$	424,485		$	338,346		$	86,139
PCP (c)		60	%		1,905,329		499,849		59,022		1,346,457		722,513		855,281		(231,336	)		(128,110	)		(103,226	)
Fameco I (e)		40	%		1,604,810		357,506		30,493		1,216,811		434,749		735,563		46,499			—			46,499
Fameco II (f)		40	%		706,482		220,642		12,321		473,519		182,662		—		290,857			—			290,857
Hirshland (g)		40	%		193,940		29,006		—		164,934		43,970		—		120,964			—			120,964
Other		50	%		126,878		61,576		—		65,302		17,655		32,314		15,333			7,666			7,666

					8,398,763		1,967,072		245,643		6,186,049		2,435,605		3,083,643		666,802			217,903			448,899
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—		—		(955,949	)		(239,869	)		(716,080	)

				$	8,398,763	$	1,967,072	$	245,643	$	6,186,049	$	2,435,605	$	3,083,643	$	(289,147	)	$	(21,966	)	$	(267,181	)


Unconsolidated (Managed)
Cedar/RioCan (h)		80	%	$	15,296,486	$	3,125,725		483,037	$	11,687,725	$	5,177,480		5,535,316	$	974,929		$	779,943		$	194,986


				Three months ended March 31, 2011
Consolidated
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	)

					8,637,702		2,244,740		247,663		6,145,296		2,660,774		3,050,201		434,321			165,343			268,978
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—		—		(761,147	)		(190,287	)		(570,860	)

				$	8,637,702	$	2,244,740	$	247,663	$	6,145,296	$	2,660,774	$	3,050,201	$	(326,826	)	$	(24,944	)	$	(301,882	)

Unconsolidated (Managed)
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


				Three months ended Dec 31, 2010
Consolidated
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		(66,328	)		—			(66,328	)
Fameco II (f)		40	%		672,939		134,298		—		538,641		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		254,278		6,432,953		2,594,740		3,036,490		801,723			167,042			634,681
*Held for sale*
WP Realty (d )		25	%		—		—		—		—		—		—		(8,765,032	)		(2,192,453	)		(6,572,579	)

				$	8,717,983	$	2,030,751	$	254,278	$	6,432,953	$	2,594,740	$	3,036,490	$	(7,963,309	)	$	(2,025,411	)	$	(5,937,898	)

Unconsolidated (Managed)
Cedar/RioCan (h)		80	%	$	15,136,008	$	2,947,349		416,038		11,772,621	$	60,632,172		6,410,019		(700,570	)	$	(572,515	)	$	(128,055	)


				Three months ended Sep 30, 2010
Consolidated
Homburg		80	%	$	3,857,958	$	805,741	$	139,931	$	2,912,286	$	1,137,983	$	1,490,483		283,820		$	226,795		$	57,025
PCP (c)		60	%		1,866,162		613,239		52,429		1,200,493		958,427		890,310		(648,244	)		(388,947	)		(259,297	)
Fameco I (e)		40	%		1,482,813		373,207		34,520		1,075,086		387,270		335,013		352,803			—			352,803
Fameco II (f)		40	%		621,225		127,034		—		494,191		167,278		—		326,913			—			326,913
Hirshland (g)		40	%		205,432		46,757		—		158,675		39,208		—		119,467			—			119,467
Other		50	%		118,860		51,679		3,606		63,574		17,656		33,215		12,703			5,355			7,348

					8,152,450		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	)		(94,081	)

				$	8,152,450	$	2,017,657	$	230,486	$	5,904,305	$	2,707,822	$	2,749,021	$	316,566		$	(193,612	)	$	510,178

Unconsolidated (Managed)
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	)	$	(565,787	)


				Three months ended June 30, 2010
Consolidated
Homburg		80	%	$	3,906,284	$	783,822	$	155,689	$	2,966,773	$	1,055,807	$	1,479,027		431,939		$	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	%		125,444		59,857		3,266		62,321		17,656		22,288		22,377			11,219			11,158

					8,369,784		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	)

				$	8,369,784	$	1,882,249	$	238,693	$	6,248,844	$	3,528,546	$	2,688,772	$	(57,954	)	$	(87,037	)	$	29,083

Unconsolidated (Managed)
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		$	193,456

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
	percent			Three months ended June 30, 2011									Three months ended June 30, 2011
Consolidated
Homburg		80	%	$	1,166,832		$	291,708		$	1,458,540		$	2,335,220	$	583,805	$	2,919,025
PCP (c)		60	%		294,706			196,471			491,177			807,874		538,583		1,346,457
Fameco I (e)		40	%		—			481,248			481,248			—		1,216,811		1,216,811
Fameco II (f)		40	%		—			473,519			473,519			—		473,519		473,519
Hirshland (g)		40	%		—			168,745			168,745			—		164,934		164,934
Other		50	%		16,494			16,494			32,988			32,651		32,651		65,302

					1,478,032			1,628,185			3,106,218			3,175,746		3,010,304		6,186,049
*Held for Sale*
WP Realty (d )		25	%		(241,411	)		(724,233	)		(965,644	)		—		—		—

				$	1,236,621		$	903,953		$	2,140,574		$	3,175,746	$	3,010,304	$	6,186,049

Unconsolidated (Managed)
Cedar/RioCan (h)		80	%	$	5,392,563		$	1,348,141		$	6,740,704		$	9,350,180	$	2,337,545	$	11,687,725


				Three months ended March 31, 2011									Three months ended March 31, 2011
Consolidated
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			551,960			838,825		559,217		1,398,042
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			15,624			23,897		23,897		47,794

					1,526,369			1,572,080			3,098,449			3,209,878		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		$	3,209,878	$	2,935,420	$	6,145,298

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


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

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


				Three months ended Sep 30, 2010									Three months ended Sep 30, 2010
Consolidated
Homburg		80	%	$	1,137,442		$	284,361		$	1,421,803		$	2,329,829	$	582,457	$	2,912,286
PCP (c)		60	%		186,110			124,076			310,186			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			1,616,423			2,955,155			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		$	1,620,921		$	2,961,152		$	3,083,411	$	2,826,891	$	5,910,302

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


				Three months ended June 30, 2010									Three months ended June 30, 2010
Consolidated
Homburg		80	%	$	1,190,197		$	297,549		$	1,487,746		$	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

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

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 initial contribution over the underlying net book value of the properties owned prior to their contribution to the joint venture.

(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 the Cedar/RioCan joint venture, an unconsolidated joint venture which the Company manages. The joint venture owns 22 properties as of June 30, 2011.

(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 $790,000, $68,000, $2.6 million, $3.9 million and $0.6 million, respectively. The amounts for June 30,2011, December 31, 2010 and September 30, 2010 include$150,000, $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 , (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 the Cedar/RioCan joint venture properties.

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

(e)		Includes, where appropriate, impairments, management transition charges, write off of investment in unconsolidated joint venture, acquisition transactions costs, and/or terminated projects