Exhibit 99.2

CEDAR REALTY TRUST, INC.
Supplemental Financial Information
September 30, 2011
(unaudited)

TABLE OF CONTENTS


Consolidated Financial Information
Consolidated Balance Sheets			3
Consolidated Statements of Operations			4
Supporting Schedules to Consolidated Statements			5
Funds from Operations and Additional Disclosures			6
Earnings Before Interest, Taxes, Depreciation and Amortization			7
Summary of Outstanding Debt			8-9
Summaries of Debt Maturities			10

Consolidated Operating Portfolio Information
Real Estate Summary			11-13
Leasing Activity			14
Tenant Concentration			15
Lease Expirations			16
Same-Property Analysis			17
Significant 2011 Acquisitions and Dispositions			18

Unconsolidated Cedar/RioCan Joint Venture
Combined Balance Sheets			20
Combined Statements of Operations			21
Real Estate Summary			22
Summary of Outstanding Debt			23
Summary of Debt Maturities			24

Properties Held for Sale/Conveyance
Real Estate Summary			26-27
Summary of Outstanding Debt			28
Summary of Debt Maturities			29

Portfolio Map			30

Non-GAAP Financial Disclosures			31

Forward-Looking Statements

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”). In addition, statements made or incorporated by reference herein may include certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1934 and Section 21E of the Securities Exchange Act of 1934 and, as such, may involve known and unknown risks, uncertainties and other factors which may cause the Company’s actual results, performance or achievements to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements, which are based on certain assumptions and describe the Company’s future plans, strategies and expectations, are generally identifiable by use of the words “may”, “will”, “should”, “estimates”, “projects”, “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import, or the negative thereof. Factors which could have a material adverse effect on the operations and future prospects of the Company include, but are not limited to, those set forth under the headings “Risk Factors” in the Company’s Annual Report on Form 10-K and “Forward-Looking Statements” in the Company’s Quarterly Report on Form 10-Q. Accordingly, 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 September 30, 2011.

CEDAR REALTY TRUST, INC.
Consolidated Balance Sheets


	September 30,			December 31,
	2011			2010
Assets:
Real estate
Land	$	271,907,000		$	261,673,000
Buildings and improvements		1,088,396,000			1,028,443,000

		1,360,303,000			1,290,116,000
Less accumulated depreciation		(183,274,000	)		(157,803,000	)

Real estate, net		1,177,029,000			1,132,313,000
Real estate held for sale/conveyance		242,844,000			348,743,000
Investment in unconsolidated joint ventures		45,087,000			52,466,000
Cash and cash equivalents		11,642,000			14,166,000
Restricted cash		13,750,000			12,493,000
Receivables		28,730,000			26,387,000
Other assets and deferred charges, net		37,463,000			33,867,000
Assets relating to real estate held for sale/conveyance		2,322,000			2,052,000

Total assets	$	1,558,867,000		$	1,622,487,000


Liabilities and equity:
Mortgage loans payable	$	590,965,000		$	550,525,000
Mortgage loans payable — real estate held for sale/conveyance		148,114,000			156,991,000
Secured revolving credit facilities		166,317,000			132,597,000
Accounts payable and accrued liabilities		36,080,000			29,026,000
Unamortized intangible lease liabilities		36,423,000			40,253,000
Liabilities relating to real estate held for sale/conveyance		6,909,000			7,571,000

Total liabilities		984,808,000			916,963,000


Limited partners’ interest in Operating Partnership		4,715,000			7,053,000

Commitments and contingencies		—			—

Equity:
Cedar Realty Trust, Inc. shareholders’ equity:
Preferred stock		158,575,000			158,575,000
Common stock and other shareholders’ equity		348,441,000			471,491,000

Total Cedar Realty Trust, Inc. shareholders’ equity		507,016,000			630,066,000

Noncontrolling interests:
Minority interests in consolidated joint ventures		56,793,000			62,050,000
Limited partners’ interest in Operating Partnership		5,535,000			6,355,000

Total noncontrolling interests		62,328,000			68,405,000

Total equity		569,344,000			698,471,000

Total liabilities and equity	$	1,558,867,000		$	1,622,487,000

CEDAR REALTY TRUST, INC.
Consolidated Statements of Operations


	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
Revenues:
Rents	$	26,504,000		$	24,384,000		$	78,156,000		$	77,565,000
Expense recoveries		6,271,000			5,735,000			20,365,000			19,637,000
Other		685,000			1,591,000			2,138,000			1,926,000

Total revenues		33,460,000			31,710,000			100,659,000			99,128,000

Expenses:
Operating, maintenance and management		6,430,000			5,674,000			20,780,000			18,993,000
Real estate and other property-related taxes		4,147,000			3,986,000			12,307,000			12,151,000
General and administrative		2,899,000			2,421,000			8,115,000			6,738,000
Management transition charges		—			—			6,530,000			—
Impairment charges		7,419,000			155,000			7,419,000			2,272,000
Acquisition transaction costs and terminated projects		—			2,043,000			1,169,000			3,365,000
Depreciation and amortization		9,801,000			8,846,000			27,844,000			26,942,000

Total expenses		30,696,000			23,125,000			84,164,000			70,461,000


Operating income		2,764,000			8,585,000			16,495,000			28,667,000
Non-operating income and expense:
Interest expense, including amortization of deferred financing costs		(10,475,000	)		(10,523,000	)		(31,155,000	)		(33,174,000	)
Write-off of deferred financing costs		—			(2,552,000	)		—			(2,552,000	)
Interest income		41,000			3,000			216,000			12,000
Unconsolidated joint ventures:
Equity in income (loss)		327,000			(288,000	)		1,152,000			547,000
Write-off of investment		—			—			(7,961,000	)		—
Gain on sale of land parcel		130,000			—			130,000			—

Total non-operating income and expense		(9,977,000	)		(13,360,000	)		(37,618,000	)		(35,167,000	)


Loss before discontinued operations		(7,213,000	)		(4,775,000	)		(21,123,000	)		(6,500,000	)

Discontinued operations:
Income from operations		619,000			318,000			2,821,000			1,408,000
Impairment charges		(64,671,000	)		(34,000	)		(87,287,000	)		(3,276,000	)
Gain on sales		—			—			502,000			170,000

Total discontinued operations		(64,052,000	)		284,000			(83,964,000	)		(1,698,000	)

Net loss		(71,265,000	)		(4,491,000	)		(105,087,000	)		(8,198,000	)

Less, net loss (income) attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		3,285,000			194,000			3,332,000			(194,000	)
Limited partners’ interest in Operating Partnership		1,455,000			196,000			2,294,000			488,000

Total net loss (income) attributable to noncontrolling interests		4,740,000			390,000			5,626,000			294,000


Net loss attributable to Cedar Realty Trust, Inc.		(66,525,000	)		(4,101,000	)		(99,461,000	)		(7,904,000	)

Preferred distribution requirements		(3,580,000	)		(2,679,000	)		(10,621,000	)		(6,617,000	)

Net loss attributable to common shareholders	$	(70,105,000	)	$	(6,780,000	)	$	(110,082,000	)	$	(14,521,000	)


Per common share attributable to common shareholders (basic and diluted):
Continuing operations	$	(0.09	)	$	(0.10	)	$	(0.40	)	$	(0.20	)
Discontinued operations		(0.96	)	$	0.00		$	(1.27	)		(0.03	)

	$	(1.05	)	$	(0.10	)	$	(1.67	)	$	(0.23	)


Weighted average number of common shares outstanding:
Basic		66,800,000			65,835,000			66,253,000			62,999,000

Diluted		66,800,000			65,835,000			66,253,000			63,025,000

CEDAR REALTY TRUST, INC.
Supporting Schedules to Consolidated Statements

Balance Sheets Detail


	September 30, 2011		December 31, 2010
Investment in unconsolidated joint ventures
Cedar/RioCan	$	45,087,000	$	46,618,000
Philadelphia redevelopment property		—		5,848,000

	$	45,087,000	$	52,466,000


Receivables
Rents and other tenant receivables, net	$	9,456,000	$	7,048,000
Straight-line rents		13,335,000		12,471,000
Loans and other receivables, and joint venture settlements		5,939,000		6,868,000

	$	28,730,000	$	26,387,000


Other assets and deferred charges, net
Lease origination costs, net	$	13,496,000	$	13,282,000
Prepaid expenses		9,922,000		5,258,000
Financing costs, net		6,688,000		9,623,000
Investments and cumulative mark-to-market adjustments related to stock-based compensation		3,421,000		2,101,000
Property and other deposits		1,370,000		1,527,000
Leasehold improvements, furniture and fixtures		1,037,000		525,000
Intangible lease assets		820,000		—
Other, net		709,000		1,551,000

	$	37,463,000	$	33,867,000

Statements of Operations Detail


	Three months ended September 30,
	2011		2010
Rents
Base rents	$	24,122,000	$	22,418,000
Percentage rent		301,000		223,000
Straight-line rents		191,000		65,000
Amortization of intangible lease liabilities		1,890,000		1,678,000

	$	26,504,000	$	24,384,000


	Nine months ended September 30,
	2011		2010
Rents
Base rents	$	72,200,000	$	69,716,000
Percentage rent		686,000		538,000
Straight-line rents		946,000		1,259,000
Amortization of intangible lease liabilities		4,324,000		6,052,000

	$	78,156,000	$	77,565,000

CEDAR REALTY TRUST, INC.
Funds from Operations and Additional Disclosures


	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
Net loss attributable to the Company’s common shareholders	$	(70,105,000	)	$	(6,780,000	)	$	(110,082,000	)	$	(14,521,000	)
Real estate depreciation and amortization		11,393,000			11,831,000			32,926,000			35,486,000
Noncontrolling interests:
Limited partners’ interest		(1,455,000	)		(196,000	)		(2,294,000	)		(488,000	)
Minority interests in consolidated joint ventures		(3,285,000	)		(194,000	)		(3,332,000	)		194,000
Minority interests’ share of FFO applicable to consolidated joint ventures		418,000			(1,340,000	)		(2,146,000	)		(4,717,000	)
Impairment charges and write-off of joint venture interest		70,210,000			189,000			100,371,000			5,548,000
Gain on sales of discontinued operations		—			—			(502,000	)		(170,000	)
Equity in (income) loss of unconsolidated joint ventures		(327,000	)		288,000			(1,152,000	)		(547,000	)
FFO from unconsolidated joint ventures		1,374,000			146,000			4,438,000			1,566,000

Funds From Operations (“FFO”)		8,223,000			3,944,000			18,227,000			22,351,000
Adjustments for items affecting comparability:
Management transition charges and employee termination costs		—			—			6,875,000			—
Accelerated write-off of deferred financing costs		—			2,552,000			—			2,552,000
Stock-based compensation mark-to-market adjustments		(39,000	)		(2,000	)		(740,000	)		(377,000	)
Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture (a)		11,000			2,991,000			1,477,000			4,782,000

Recurring Funds From Operations (“Recurring FFO”)	$	8,195,000		$	9,485,000		$	25,839,000		$	29,308,000


FFO per diluted share:	$	0.12		$	0.06		$	0.26		$	0.34


Recurring FFO per diluted share:	$	0.12		$	0.14		$	0.37		$	0.45



Weighted average number of diluted common shares:
Common shares		69,759,000			65,835,000			68,368,000			63,025,000
OP Units		1,415,000			1,892,000			1,415,000			1,941,000

		71,174,000			67,727,000			69,783,000			64,966,000


Additional Disclosures (Pro-Rata Share):
Straight-line rents	$	313,000		$	150,000		$	1,282,000		$	1,335,000
Amortization of intangible lease liabilities		2,097,000			1,957,000			5,007,000			6,597,000
Non-real estate amortization		1,172,000			1,610,000			3,414,000			4,133,000
Stock-based compensation other than mark-to-market adjustments		978,000			856,000			4,789,000			2,446,000
Maintenance capital expenditures		1,123,000			1,321,000			2,176,000			2,906,000
Development and redevelopment capital expenditures		12,911,000			3,659,000			25,461,000			13,889,000
Capitalized interest and financing costs		895,000			597,000			2,036,000			2,210,000
NOI attributable to RioCan properties prior to dates of transfer		—			—			—			1,905,000


(a)		The amounts for the three and nine months ended September 30, 2010 are principally fees paid to the Company’s investment advisor related to Cedar/RioCan joint venture transactions. The Company’s share of acquisition costs from the Cedar/RioCan joint venture are $11,000, $773,000, $183,000 and $892,000, respectively.

CEDAR REALTY TRUST, INC.
Earnings Before Interest, Taxes, Depreciation and Amortization


	Three months ended September 30,						Nine months ended September 30,
	2011			2010			2011			2010
EBITDA Calculation

(Loss) from continuing operations	$	(7,213,000	)	$	(4,775,000	)	$	(21,123,000	)	$	(6,500,000	)
Add (deduct):
Interest expense and amortization of financing costs, net		10,475,000			10,523,000			31,155,000			33,174,000
Accelerated write-off of deferred financing costs		—			2,552,000			—			2,552,000
Depreciation and amortization		9,801,000			8,846,000			27,844,000			26,942,000
Minority interests share of consolidated joint venture EBITDA		(3,204,000	)		(3,084,000	)		(9,560,000	)		(9,863,000	)
Discontinued operations:
Income from operations		619,000			318,000			2,821,000			1,408,000
Interest expense and amortization of financing costs, net		2,469,000			2,036,000			6,866,000			6,134,000
Depreciation and amortization		1,645,000			3,034,000			5,236,000			8,695,000
Pro-rata share attributable to Cedar/RioCan joint venture:

Depreciation and amortization		1,068,000			333,000			3,096,000			692,000
Interest expense		968,000			467,000			2,786,000			833,000

EBITDA		16,628,000			20,250,000			49,121,000			64,067,000
Adjustments for items affecting comparability:
Stock-based compensation mark-to-market adjustments		(39,000	)		(2,000	)		(740,000	)		(377,000	)
Impairment charges and write-off of investment in unconsolidated joint venture		7,419,000			155,000			15,380,000			2,272,000
Management transition charges		—			—			6,530,000			—
Acquisition transaction costs and terminated projects, including Company share from the Cedar/RioCan joint venture (a)		11,000			2,816,000			1,352,000			4,257,000

Adjusted EBITDA	$	24,019,000		$	23,219,000		$	71,643,000		$	70,219,000


Adjusted EBITDA annualized	$	96,076,000		$	92,876,000		$	95,524,000		$	93,625,000


Pro-rata share of outstanding debt (b)	$	854,337,000		$	747,291,000		$	854,337,000		$	747,291,000


Fixed charges
Interest expense	$	12,671,000		$	11,404,000		$	36,642,000		$	36,776,000
Interest expense — consolidated minority interests share		(1,675,000	)		(1,706,000	)		(4,983,000	)		(5,034,000	)
Interest expense — unconsolidated Cedar/RioCan joint venture		968,000			467,000			2,786,000			833,000

Interest Expense	$	11,964,000		$	10,165,000		$	34,445,000		$	32,575,000
Preferred dividend requirements		3,580,000			2,679,000			10,621,000			6,617,000
Pro-rata share of scheduled mortgage repayments		2,237,000			1,892,000			6,554,000			5,503,000

Fixed charges	$	17,781,000		$	14,736,000		$	51,620,000		$	44,695,000



Debt and Coverage Ratios
Debt to Adjusted EBITDA		8.9	x		8.0	x		8.9	x		8.0	x
Interest coverage ratio (Adjusted EBIDTA / Interest expense )		2.0	x		2.3	x		2.1	x		2.2	x
Fixed charge coverage ratio (Adjusted EBITDA / Fixed charges )		1.4	x		1.6	x		1.4	x		1.6	x


(a)		The Company’s share of acquisition costs from the Cedar/RioCan joint venture are $11,000, $773,000, $183,000 and $892,000, respectively.

(b)		Includes debt from properties “held for sale/conveyance.”

CEDAR REALTY TRUST, INC.
Summary of Outstanding Debt


					Stated contract amounts
	Percent			Maturity	Interest			September 30,		December 31,
Property	Owned			Date	rate (a)			2011		2010
Fixed-rate mortgages:
Consolidated Properties:
The Point		100	%	Sep 2012		7.6	%	$	16,413,000	$	16,807,000
Carll’s Corner		100	%	Nov 2012		5.6	%		5,689,000		5,786,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,355,000		8,452,000
LA Fitness Facility		100	%	Jan 2013		5.4	%		5,568,000		5,666,000
Fairview Plaza		100	%	Feb 2013		5.7	%		5,283,000		5,370,000
Academy Plaza		100	%	Mar 2013		7.3	%		8,958,000		9,139,000
General Booth Plaza		100	%	Aug 2013		6.1	%		5,095,000		5,166,000
Kempsville Crossing		100	%	Aug 2013		6.1	%		5,754,000		5,841,000
Port Richmond Village		100	%	Aug 2013		6.5	%		14,227,000		14,428,000
Smithfield Plaza		100	%	Aug 2013		6.1	%		3,277,000		3,317,000
Suffolk Plaza		100	%	Aug 2013		6.1	%		4,322,000		4,395,000
Virginia Little Creek		100	%	Aug 2013		6.1	%		4,612,000		4,680,000
Timpany Plaza		100	%	Jan 2014		6.1	%		7,954,000		8,067,000
Trexler Mall		100	%	May 2014		5.5	%		20,677,000		20,993,000
Coliseum Marketplace		100	%	Jul 2014		6.1	%		11,515,000		11,642,000
Fieldstone Marketplace		20	%	Jul 2014		6.0	%		17,735,000		17,945,000
King’s Plaza		100	%	Jul 2014		6.0	%		7,574,000		7,678,000
Liberty Marketplace		100	%	Jul 2014		6.1	%		8,718,000		8,865,000
Yorktowne Plaza		100	%	Jul 2014		6.0	%		19,817,000		20,092,000
Mechanicsburg Giant		100	%	Nov 2014		5.5	%		9,069,000		9,274,000
Elmhurst Square Shopping Center		100	%	Dec 2014		5.4	%		3,912,000		3,970,000
Newport Plaza		100	%	Jan 2015		6.0	%		5,501,000		5,583,000
New London Mall		40	%	Apr 2015		4.9	%		27,365,000		27,365,000
Carbondale Plaza		100	%	May 2015		6.4	%		4,884,000		4,951,000
Oak Ridge Shopping Center		100	%	May 2015		5.5	%		3,365,000		3,407,000
Pine Grove Plaza		100	%	Sep 2015		5.0	%		5,604,000		5,688,000
Groton Shopping Center		100	%	Oct 2015		5.3	%		11,709,000		11,843,000
Wal-Mart Center		100	%	Nov 2015		5.1	%		5,607,000		5,690,000
Jordan Lane		100	%	Dec 2015		5.5	%		12,688,000		12,860,000
Oakland Mills		100	%	Jan 2016		5.5	%		4,771,000		4,835,000
Smithfield Plaza		100	%	May 2016		6.2	%		6,912,000		6,976,000
West Bridgewater		100	%	Sep 2016		6.2	%		10,752,000		10,848,000
Carman’s Plaza		100	%	Oct 2016		6.2	%		33,500,000		33,500,000
Hamburg Commons		100	%	Oct 2016		6.1	%		5,038,000		5,101,000
Meadows Marketplace		20	%	Nov 2016		5.6	%		10,046,000		10,172,000
San Souci Plaza		40	%	Dec 2016		6.2	%		27,200,000		27,200,000
Camp Hill Shopping Center		100	%	Jan 2017		5.5	%		65,000,000		65,000,000
Golden Triangle		100	%	Feb 2018		6.0	%		20,467,000		20,702,000
East Chestnut		100	%	Apr 2018		5.2	%		1,645,000		1,704,000
Townfair Center		100	%	Jul 2018		5.2	%		16,450,000
Gold Star Plaza		100	%	May 2019		7.3	%		1,982,000		2,123,000
Kingston Plaza		100	%	Jul 2019		5.3	%		514,000		522,000
Halifax Plaza		100	%	Apr 2020		6.3	%		4,195,000		4,252,000
Swede Square		100	%	Nov 2020		5.5	%		10,488,000		10,588,000
Colonial Commons		100	%	Feb 2021		5.5	%		27,842,000		—
Virginia Little Creek		100	%	Sep 2021		8.0	%		351,000		367,000
Metro Square		100	%	Nov 2029		7.5	%		8,805,000		8,964,000

Total Fixed-Rate Mortgages				4.5 years		5.9	%		527,205,000		487,814,000

				*weighted average*

CEDAR REALTY TRUST, INC.
Summary of Outstanding Debt (Continued)


					Stated contract amounts
	Percent			Maturity	Interest			September 30,			December 31,
Property	Owned			Date	rate (a)			2011			2010
Variable-rate mortgages:
Upland Square		60	%	Nov 2011 (b)		3.5	%		63,768,000			62,577,000


Total mortgages at stated contract amounts				4.0 years		5.6	%		590,973,000			550,391,000
				*weighted average*
Unamortized discount/premium									(8,000	)		134,000

Total mortgage debt (including unamortized discount/premium)									590,965,000			550,525,000


Revolving Credit Facilities:
Stabilized properties		100	%	Jan 2012		5.5	%		74,035,000			29,535,000
Development properties		100	%	Jun 2012		2.4	%		92,282,000			103,062,000

				0.5 years		3.8	%		166,317,000			132,597,000

				*weighted average*
Total Consolidated Debt (Excluding Held for Sale/Conveyance Mortgage Debt)				3.3 years		5.2	%	$	757,282,000			683,122,000

				*weighted average*


Pro-rata share of total debt reconciliation:
Total consolidated debt (excluding held for sale/conveyance mortgage debt)								$	757,282,000		$	683,122,000
Less pro-rata share attributable to consolidated joint venture minority interests									(54,739,000	)		(54,735,000	)
Plus pro-rata share attributable to properties held for sale/conveyance (c)									88,002,000			91,260,000
Plus pro-rata share attributable to the unconsolidated Cedar/RioCan Joint Venture (d)									63,792,000			58,680,000

Pro-rata share of total debt								$	854,337,000		$	778,327,000


Pro-rata share of fixed debt								$	605,352,000		$	562,153,000
Pro-rata share of variable debt								$	248,985,000		$	216,174,000

Pro-rata share of total debt								$	854,337,000		$	778,327,000


Percentage of pro-rata fixed debt									71	%		72	%
Percentage of pro-rata variable debt									29	%		28	%

									100	%		100	%


(a)		Effective rate as of September 30, 2011.

(b)		Subsequent to September 30, 2011, the Company concluded a two-year extension of this facility.

(c)		See “Summary of Outstanding Debt — Held for Sale Properties.”

(d)		See “Summary of Outstanding Joint Venture Debt.”

CEDAR REALTY TRUST, INC.
Summaries of Debt Maturities
As of September 30, 2011


Consolidated Properties Including Properties Held for Sale
Maturity	Cedar pro-rata share of:							JV Partners pro-rata share of:
schedule	Scheduled		Balloon					Scheduled		Balloon
by year	Amortization		Payments			Total		Amortization		Payments		Total		Consolidated Total

2011	$	2,077,000	$	63,768,000	(a)	$	65,845,000	$	480,000	$	—	$	480,000	$	66,325,000
2012		9,686,000		227,720,000	(b)		237,406,000		1,247,000		—		1,247,000		238,653,000
2013		8,856,000		54,945,000			63,801,000		1,442,000		—		1,442,000		65,243,000
2014		7,375,000		89,421,000			96,796,000		1,312,000		22,571,000		23,883,000		120,679,000
2015		5,843,000		79,295,000			85,138,000		951,000		36,783,000		37,734,000		122,872,000
2016		4,901,000		80,657,000			85,558,000		486,000		31,275,000		31,761,000		117,319,000
2017		3,484,000		67,072,000			70,556,000		151,000		17,184,000		17,335,000		87,891,000
2018		2,693,000		32,905,000			35,598,000		41,000		—		41,000		35,639,000
2019		2,105,000		5,630,000			7,735,000		36,000		892,000		928,000		8,663,000
2020		1,459,000		12,169,000			13,628,000		—		—		—		13,628,000
Thereafter		5,629,000		22,855,000			28,484,000		—		—		—		28,484,000


	$	54,108,000	$	736,437,000		$	790,545,000	$	6,146,000	$	108,705,000	$	114,851,000	$	905,396,000


Consolidated Properties Excluding Properties Held for Sale
Maturity	Cedar pro-rata share of:							JV Partners pro-rata share of:
schedule	Scheduled		Balloon					Scheduled		Balloon
by year	Amortization		Payments			Total		Amortization		Payments		Total		Consolidated Total

2011	$	1,707,000	$	63,768,000	(a)	$	65,475,000	$	269,000	$	—	$	269,000	$	65,744,000
2012		8,141,000		195,955,000	(b)		204,096,000		276,000		—		276,000		204,372,000
2013		7,196,000		54,945,000			62,141,000		302,000		—		302,000		62,443,000
2014		5,629,000		87,154,000			92,783,000		151,000		13,502,000		13,653,000		106,436,000
2015		4,396,000		56,385,000			60,781,000		125,000		16,419,000		16,544,000		77,325,000
2016		3,722,000		71,520,000			75,242,000		150,000		23,545,000		23,695,000		98,937,000
2017		2,616,000		60,478,000			63,094,000		—		—		—		63,094,000
2018		1,980,000		32,905,000			34,885,000		—		—		—		34,885,000
2019		1,600,000		407,000			2,007,000		—		—		—		2,007,000
2020		1,427,000		12,169,000			13,596,000		—		—		—		13,596,000
Thereafter		5,588,000		22,855,000			28,443,000		—		—		—		28,443,000


	$	44,002,000	$	658,541,000		$	702,543,000	$	1,273,000	$	53,466,000	$	54,739,000	$	757,282,000


(a)		Represents property-specific construction financing, due on November 26, 2011. Subsequent to September 30, 2011, the Company concluded a two-year extension of this facility.

(b)		Includes $74.0 million applicable to the stabilized property credit facility, due in January 2012, as to which the Company has a one-year extension option, in addition to $92.3 million applicable to the development property credit facility, due in June 2012.

CEDAR REALTY TRUST, INC.
Real Estate Summary
As of September 30, 2011


											Average
		Percent			Year			%			base rent per		Major Tenants (a)
Property Description	State	owned			acquired	GLA		occupied			leased sq. ft.		Name	GLA
Connecticut
Groton Shopping Center	CT		100	%	2007		117,986		92.7	%	$	10.94	TJ Maxx		30,000
Jordan Lane	CT		100	%	2005		181,730		97.7	%		10.87	Stop & Shop		60,632
													CW Price		39,280
													Retro Fitness		20,283
New London Mall	CT		40	%	2009		259,293		98.5	%		13.66	Shoprite		64,017
													Marshalls		30,354
													Homegoods		25,432
													Petsmart		23,500
													AC Moore		20,932
													Eliassen		19,902
Oakland Commons	CT		100	%	2007		89,850		100.0	%		11.02	Shaw’s		54,661
													Bristol Ten Pin		35,189
Southington Shopping Center	CT		100	%	2003		155,842		98.7	%		6.72	Wal-Mart		95,482
													NAMCO		20,000
The Brickyard	CT		100	%	2004		274,553		57.9	%		8.56	Home Depot		103,003

													Syms		38,000

Total Connecticut							1,079,254		87.6	%		10.58


Maryland
Kenley Village	MD		100	%	2005		51,894		76.6	%		9.20	Food Lion		29,000
Metro Square	MD		100	%	2008		71,896		100.0	%		18.68	Shoppers Food Warehouse		58,668
Oakland Mills	MD		100	%	2005		58,224		100.0	%		13.44	Food Lion		43,470
San Souci Plaza	MD		40	%	2009		264,134		90.1	%		10.12	Shoppers Food Warehouse		61,466
													Marshalls		27,000

													Maximum Health and Fitness		15,612
St. James Square	MD		100	%	2005		39,903		100.0	%		11.36	Food Lion		33,000
Valley Plaza	MD		100	%	2003		190,939		97.2	%		4.75	K-Mart		95,810
													Ollie’s Bargain Outlet		41,888
													Tractor Supply		32,095
Yorktowne Plaza	MD		100	%	2007		158,982		95.7	%		13.75	Food Lion		37,692

Total Maryland							835,972		94.0	%		10.60


Massachusetts
Fieldstone Marketplace	MA		20	%	2005		193,970		95.8	%		11.01	Shaw’s		68,000
													Flagship Cinema		41,975
													New Bedford Wine and Spirits		15,180
Kings Plaza	MA		100	%	2007		168,243		98.8	%		6.24	Work Out World		42,997
													CW Price		28,504
													Ocean State Job Lot		20,300
													Savers		19,339
Norwood Shopping Center	MA		100	%	2006		102,459		98.2	%		7.69	Hannaford Brothers		42,598
													Rocky’s Ace Hardware		18,830
													Dollar Tree		16,798
Price Chopper Plaza	MA		100	%	2007		101,824		91.1	%		10.87	Price Chopper		58,545
The Shops at Suffolk Downs	MA		100	%	2005		121,251		100.0	%		12.33	Stop & Shop		74,977
Timpany Plaza	MA		100	%	2007		183,775		91.8	%		6.45	Stop & Shop		59,947
													Big Lots		28,027
													Gardner Theater		27,576
West Bridgewater Plaza	MA		100	%	2007		133,039		96.9	%		8.55	Shaw’s		57,315

													Big Lots		25,000
													Planet Fitness		15,000
Total Massachusetts							1,004,561		96.0	%		8.87


New Jersey
Carll’s Corner	NJ		100	%	2007		129,582		88.5	%		8.90	Acme Markets		55,000
													Peebles		18,858
Pine Grove Plaza	NJ		100	%	2003		86,089		94.4	%		10.52	Peebles		24,963
Washington Center Shoppes	NJ		100	%	2001		157,394		92.8	%		8.80	Acme Markets		66,046

													Planet Fitness		20,742
Total New Jersey							373,065		91.7	%		9.24


New York
Carman’s Plaza	NY		100	%	2007		194,806		90.5	%		16.81	Pathmark		52,211
													Extreme Fitness		27,598
													Home Goods		25,806
													Department of Motor Vehicle		19,310
Kingston Plaza	NY		100	%	2006		5,324		100.0	%		26.67	Taco Bell		2,924

Total New York							200,130		90.8	%		17.10

CEDAR REALTY TRUST, INC.
Real Estate Summary (Continued)
As of September 30, 2011


											Average
		Percent			Year			%			base rent per		Major Tenants (a)
Property Description	State	owned			acquired	GLA		occupied			leased sq. ft.		Name	GLA
Pennsylvania
Academy Plaza	PA		100	%	2001		151,977		81.2	%		13.18	Acme Markets		50,918
Camp Hill	PA		100	%	2002		472,717		98.8	%		13.44	Boscov’s		167,597
													Giant Foods		92,939
													LA Fitness		45,000
													Orthopedic Inst of PA		40,904
													Barnes & Noble		24,908
													Staples		20,000
Carbondale Plaza	PA		100	%	2004		121,135		91.8	%		6.93	Weis Markets		52,720
													Peebles		18,000
Circle Plaza	PA		100	%	2007		92,171		100.0	%		2.74	K-Mart		92,171
Colonial Commons	PA		100	%	2011		474,765		84.1	%		12.60	Giant Foods		67,815
													Dick’s Sporting Goods		56,000
													L.A. Fitness		41,325
													Ross Dress For Less		30,000
													Marshalls		27,000
													JoAnn Fabrics		25,500
													David’s Furniture		24,970
													Office Max		23,500
Crossroads II	PA		60	%(b)	2008		133,188		86.3	%		19.86	Giant Foods		76,415
East Chestnut	PA		100	%	2005		21,180		100.0	%		13.21	Rite Aid		11,180
Fairview Commons	PA		100	%	2007		59,578		66.9	%		6.92	Giant Foods		17,264
Fairview Plaza	PA		100	%	2003		69,579		100.0	%		12.31	Giant Foods		59,237
Fort Washington	PA		100	%	2002		41,000		100.0	%		19.90	LA Fitness		41,000
Gold Star Plaza	PA		100	%	2006		71,720		82.2	%		8.69	Redner’s		48,920
Golden Triangle	PA		100	%	2003		202,943		97.4	%		12.27	LA Fitness		44,796
													Marshalls		30,000
													Staples		24,060
													Just Cabinets		18,665
													Aldi		15,242
Halifax Plaza	PA		100	%	2003		51,510		100.0	%		12.00	Giant Foods		32,000
Hamburg Commons	PA		100	%	2004		99,580		98.8	%		6.49	Redner’s		56,780
													Peebles		19,683
Huntington Plaza	PA		100	%	2004		137,405		57.7	%		6.84	Peebles		22,060
Lake Raystown Plaza	PA		100	%	2004		140,159		92.9	%		12.46	Giant Foods		61,435
													Tractor Supply		32,711
Liberty Marketplace	PA		100	%	2005		68,200		91.2	%		17.45	Giant Foods		55,000
Meadows Marketplace	PA		20	%	2004		91,518		98.2	%		15.36	Giant Foods		67,907
Mechanicsburg Giant	PA		100	%	2005		51,500		100.0	%		21.78	Giant Foods		51,500
Newport Plaza	PA		100	%	2003		64,489		93.7	%		11.44	Giant Foods		43,400
Northside Commons	PA		100	%	2008		64,710		96.1	%		9.88	Redner’s Market		48,519
Palmyra Shopping Center	PA		100	%	2005		110,970		84.9	%		5.53	Weis Markets		46,181
													Rite Aid		18,104
Port Richmond Village	PA		100	%	2001		154,908		96.5	%		13.58	Thriftway		40,000
													Pep Boys		20,615
													City Stores, Inc.		15,200
River View Plaza I, II and III	PA		100	%	2003		244,034		87.6	%		18.18	United Artists		77,700
													Avalon Carpet		25,000
													Pep Boys		22,000
													Staples		18,000
South Philadelphia	PA		100	%	2003		283,415		82.3	%		14.01	Shop Rite		54,388
													Ross Dress For Less		31,349
													Bally’s Total Fitness		31,000
													Modell’s		20,000
Swede Square	PA		100	%	2003		100,816		93.8	%		15.03	LA Fitness		37,200
The Commons	PA		100	%	2004		203,022		87.5	%		9.96	Bon-Ton		54,500
													Shop ’n Save		52,654
													TJ Maxx		24,000
The Point	PA		100	%	2000		268,037		96.9	%		12.36	Burlington Coat Factory		76,665
													Giant Foods		73,042
													Staples		24,000
													AC Moore		24,890
Townfair Center	PA		100	%	2004		218,662		95.4	%		8.49	Lowe’s Home Centers		95,173
													Giant Eagle		83,821
													Michael’s Store		17,592

CEDAR REALTY TRUST, INC.
Real Estate Summary (Continued)
As of September 30, 2011


											Average
		Percent			Year			%			base rent per		Major Tenants (a)
Property Description	State	owned			acquired	GLA		occupied			leased sq. ft.		Name	GLA
Trexler Mall	PA		100	%	2005		339,363		98.5	%		8.93	Kohl’s		90,230
													Bon-Ton		62,000
													Giant Foods		56,753
													Lehigh Wellness Partners		30,594
													Trexlertown Fitness Club		28,870
Trexlertown Plaza	PA		100	%	2006		241,381		71.4	%		10.65	Redner’s		47,900
													Big Lots		33,824
													Tractor Supply		22,670
													Sears		22,500
Upland Square	PA		60%	(b)	2007		382,578		92.8	%		16.47	Giant Foods		78,900

													Carmike Cinema		45,276
													LA Fitness		42,000
													Best Buy		30,000
													Bed, Bath & Beyond		24,721
													TJ Maxx		25,000
													A.C. Moore		21,600
													Staples		18,336
Total Pennsylvania							5,228,210		90.2	%		12.36


Virginia
Annie Land Plaza	VA		100	%	2006		42,500		97.2	%		9.29	Food Lion		29,000
Coliseum Marketplace	VA		100	%	2005		103,069		87.3	%		16.42	Farm Fresh		57,662
Elmhurst Square	VA		100	%	2006		66,250		89.1	%		9.18	Food Lion		38,272
General Booth Plaza	VA		100	%	2005		73,320		95.1	%		12.57	Farm Fresh		53,758
Kempsville Crossing	VA		100	%	2005		94,477		98.7	%		11.11	Farm Fresh		73,878
Martin’s at Glen Allen	VA		100	%	2005		43,000		100.0	%		9.73	Martin’s		43,000
Oak Ridge Shopping Center	VA		100	%	2006		38,700		100.0	%		10.62	Food Lion		33,000
Smithfield Plaza	VA		100	%	2005/2008		134,664		95.3	%		9.24	Farm Fresh		45,544
													Maxway		21,600
													Peebles		21,600
Suffolk Plaza	VA		100	%	2005		67,216		100.0	%		9.40	Farm Fresh		67,216
Ukrop’s at Fredericksburg	VA		100	%	2005		63,000		100.0	%		17.42	Ukrop’s Supermarket		63,000
Virginia Little Creek	VA		100	%	2005		69,620		100.0	%		11.12	Farm Fresh		66,120

Total Virginia							795,816		95.9	%		11.58



Total Operating Portfolio, (Excludes Held for Sale/Conveyance Properties)							9,517,008		91.4	%		11.53


Total Cedar/RioCan Unconsolidated Joint Venture (c)			20	%			3,707,968		96.9	%		13.22


Total Managed Portfolio							13,224,976		92.9	%		12.02


(a)		Major tenants are determined as tenants with 15,000 or more sq.ft of GLA, tenants at single-tenant properties, or the largest tenant at a property.

(b)		The Company has included 100% of this joint venture’s debt and results of operations in its pro-rata calculations, based on a loan guaranty and/or the terms of the related joint venture agreement.

(c)		See “Joint Venture Real Estate Summary”, for details of the Cedar/RioCan portfolio.

CEDAR REALTY TRUST, INC.
Leasing Activity

Renewal leases (a)


					Contractual		Prior		Annual					Weighted
Quarter	Leases		Aggregate		Rent Per		Rent Per		Increase		Cash Basis			Average
ended	Signed		GLA		Sq. Ft (b)		Sq. Ft (c)		in Rent		% Increase			Lease Term

9/30/2011		28		203,000	$	10.53	$	10.01		104,000		5.1	%	6.2 yrs
6/30/2011		23		64,000		13.05		12.43		40,000		5.0	%	3.7 yrs
3/31/2011		26		359,000		8.96		8.45		183,000		6.0	%	4.2 yrs
12/31/2010		47		450,000		9.44		8.99		203,000		5.0	%	7.1 yrs

		124		1,076,000	$	9.70	$	9.21	$	530,000		5.4	%	5.8 yrs

New Leases


					Contractual
Quarter	Leases		Aggregate		Rent Per		Average
ended	Signed		GLA		Sq. Ft (b)		Lease Term

9/30/2011		32		183,000	$	14.02	8.9 yrs
6/30/2011		11		36,000		17.57	7.7 yrs
3/31/2011		11		43,000		11.87	10.4 yrs
12/31/2010		15		119,000		12.23	16.2 yrs

		69		381,000	$	13.55	11.2 yrs

Renewal and New Leases

Contractual

Quarter

Leases

Aggregate

Rent Per

Average

ended

Signed

GLA

Sq. Ft (b)

Lease Term

9/30/2011

386,000

12.18

7.5 yrs

6/30/2011

100,000

14.68

5.1 yrs

3/31/2011

402,000

9.27

4.9 yrs

12/31/2010

569,000

10.02

9.0 yrs

193

1,457,000

10.71

7.2 yrs


(a)		Includes leases that renewed with no increase pursuant to their terms. The renewal results, excluding such leases with no contractual increase, would have been as followed:


Quarter	Leases		Aggregate		Cash Basis
ended	Signed		GLA		% Increase

9/30/2011		25		174,000		5.8	%
6/30/2011		20		58,000		6.0	%
3/31/2011		17		303,000		7.4	%
12/31/2010		44		174,000		9.6	%

		106		709,000		7.4	%


(b)		Contractual rent per sq. ft. represents the minimum cash rent under the new lease for the first 12 months of the term.

(c)		Prior rent per sq. ft. represents the minimum cash rent under the prior lease for the last 12 months of the previous term.

CEDAR REALTY TRUST, INC.
Tenant Concentration (By Annualized Base Rent)
As of September 30, 2011


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA			base rent		per sq. ft.		base rents
Top twenty tenants (a):
Giant Foods		15		883,000		9.3	%	$	12,770,000	$	14.46		12.8	%
LA Fitness		6		251,000		2.6	%		4,028,000		16.05		4.0	%
Farm Fresh		6		364,000		3.8	%		3,909,000		10.74		3.9	%
Shaw’s		3		180,000		1.9	%		2,323,000		12.91		2.3	%
Food Lion		7		243,000		2.6	%		1,921,000		7.91		1.9	%
Stop & Shop		3		196,000		2.1	%		1,802,000		9.19		1.8	%
Dollar Tree		19		187,000		2.0	%		1,800,000		9.63		1.8	%
Staples		5		104,000		0.9	%		1,718,000		18.80		1.7	%
Shop Rite		2		118,000		1.2	%		1,663,000		14.09		1.7	%
Redner’s		4		202,000		2.1	%		1,501,000		7.43		1.5	%
United Artists		1		78,000		0.8	%		1,456,000		18.67		1.5	%
Shoppers Food Warehouse		2		120,000		1.3	%		1,237,000		10.31		1.2	%
Ukrop’s		1		63,000		0.7	%		1,098,000		17.43		1.1	%
Carmike Cinema		1		45,000		0.5	%		1,019,000		22.64		1.0	%
Rite Aid		7		83,000		0.9	%		995,000		11.99		1.0	%
Giant Eagle		1		84,000		0.9	%		922,000		10.98		0.9	%
Marshalls		4		114,000		1.2	%		819,000		7.18		0.8	%
Dick’s Sporting Goods		1		56,000		0.6	%		812,000		14.50		0.8	%
Home Depot		1		103,000		1.1	%		773,000		7.50		0.8	%
Acme Markets		3		172,000		1.8	%		756,000		4.40		0.8	%

Sub-total top twenty tenants		92		3,646,000		38.3	%		43,322,000		11.88		43.3	%

Remaining tenants		770		5,032,000		52.9	%		56,735,000		11.27		56.7	%

Sub-total all tenants (b)		862		8,678,000		91.2	%	$	100,057,000	$	11.53		100.0	%


Vacant space		N/A		839,000		8.8	%

Total		862		9,517,000		100.0	%


(a)		Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, and (2) Farm Fresh, Shaw’s , Shop ‘n Save (GLA of 53,000 and annualized base rent of $532,000) , Shoppers Food Warehouse, and Acme.

(b)		Comprised of large tenants (greater than 15,000 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		6,133,000		70.7	%	$	60,682,000	$	9.89		60.6	%
Small tenants		2,545,000		29.3	%		39,375,000		15.47		39.4	%

Total		8,678,000		100.0	%	$	100,057,000	$	11.53		100.0	%

CEDAR REALTY TRUST, INC.
Lease Expirations
As of September 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		21		67,000		0.8	%	$	964,000	$	14.39		1.0	%
2011		37		145,000		1.7	%		2,050,000		14.14		2.0	%
2012		108		442,000		5.1	%		5,067,000		11.46		5.1	%
2013		114		548,000		6.3	%		7,133,000		13.02		7.1	%
2014		124		1,129,000		13.0	%		10,103,000		8.95		10.1	%
2015		133		1,236,000		14.2	%		13,335,000		10.79		13.3	%
2016		102		976,000		11.2	%		10,348,000		10.60		10.3	%
2017		54		729,000		8.4	%		8,791,000		12.06		8.8	%
2018		36		423,000		4.9	%		5,893,000		13.93		5.9	%
2019		26		330,000		3.8	%		3,737,000		11.32		3.7	%
2020		32		906,000		10.4	%		8,283,000		9.14		8.3	%
2021		27		398,000		4.6	%		5,687,000		14.29		5.7	%
2022		4		34,000		0.4	%		388,000		11.41		0.4	%
Thereafter		44		1,315,000		15.2	%		18,278,000		13.90		18.3	%


All tenants		862		8,678,000		100.0	%	$	100,057,000	$	11.53		100.0	%


Vacant space		N/A		839,000		N/A


Total Portfolio		862		9,517,000		N/A

CEDAR REALTY TRUST, INC.
Same-Property Analysis (a)


	Three months ended September 30,						Percent
	2011			2010			Change

Property rental revenues (b)	$	25,237,000		$	24,931,000			1.2	%
Property operating expenses (c)		7,160,000			7,178,000			(0.3	%)

Net operating income	$	18,077,000		$	17,753,000			1.8	%


Occupancy		93.9	%		93.2	%


	Nine months ended September 30,						Percent
	2011			2010			Change

Property rental revenues (b)	$	77,181,000		$	76,286,000			1.2	%
Property operating expenses (c)		23,635,000			23,147,000			2.1	%

Net operating income	$	53,546,000		$	53,139,000			0.8	%


Occupancy		93.9	%		93.2	%


(a)		Same properties include only those properties that were owned and operated throughout the comparative periods (64 properties for all periods presented), and excludes (i) ground-up developments and redevlopment properties, and (ii) properties purchased, sold or treated as “held for sale/conveyance”.

(b)		Excludes the effect of straight-line rent adjustments and amortization of lease intangibles.

(c)		Property operating expenses include intercompany management fee expense.

CEDAR REALTY TRUST, INC.
Cedar/RioCan Joint Venture
Combined Balance Sheets


	September 30, 2011		December 31, 2010
Assets:
Real estate, net	$	536,662,000	$	524,447,000
Cash and cash equivalents		11,215,000		5,934,000
Restricted cash		3,488,000		4,464,000
Rent and other receivables		3,365,000		2,074,000
Straight-line rent		2,282,000		1,000,000
Deferred charges, net		6,959,000		13,269,000
Other assets		13,166,000		8,514,000


Total assets	$	577,137,000	$	559,702,000


Liabilities and partners’ capital:
Mortgage loans payable	$	318,960,000	$	293,400,000
Due to Cedar		1,626,000		6,036,000
Unamortized lease liability		23,483,000		24,573,000
Other liabilities		7,966,000		7,738,000

Total liabilities		352,035,000		331,747,000

Preferred stock		97,000		97,000

Partners’ capital:
RioCan		179,918,000		181,239,000
Cedar		45,087,000		46,619,000


Total partners’ capital		225,005,000		227,858,000


Total liabilities and partners’ capital	$	577,137,000	$	559,702,000

CEDAR REALTY TRUST, INC.
Cedar/RioCan Joint Venture
Combined Statements of Operations


	Three months ended September 30,
	2011		2010

Revenues	$	15,538,000	$	6,812,000
Property operating and other expenses		1,361,000		629,000
Management fees		501,000		228,000
Real estate taxes		1,826,000		841,000
Acquisition transaction costs		55,000		3,867,000
General and administrative		87,000		56,000
Depreciation and amortization		5,339,000		1,665,000
Interest and other non-operating expenses, net		4,835,000		2,335,000


Net income (loss)	$	1,534,000	$	(2,809,000	)


RioCan		1,207,000		(2,243,000	)
Cedar		327,000		(566,000	)

	$	1,534,000	$	(2,809,000	)


	Nine months ended September 30,
	2011		2010

Revenues	$	46,827,000	$	15,058,000
Property operating and other expenses		5,327,000		1,837,000
Management fees		1,451,000		503,000
Real estate taxes		5,377,000		1,659,000
Acquisition transaction costs		913,000		4,461,000
General and administrative		219,000		155,000
Depreciation and amortization		15,479,000		3,460,000
Interest and other non-operating expenses, net		13,914,000		4,166,000


Net income (loss)	$	4,147,000	$	(1,183,000	)


RioCan		3,318,000		(946,000	)
Cedar		829,000		(237,000	)

	$	4,147,000	$	(1,183,000	)

CEDAR REALTY TRUST, INC.
Cedar/RioCan Joint Venture
Real Estate Summary — As of September 30, 2011


										Average
	Percent owned						%			base rent per		Major Tenants (a)
Property Description	by Cedar			State	GLA		occupied			leased sq. ft.		Name	GLA
Connecticut
Montville Commons		20	%	CT		117,916		94.1	%	$	15.31	Stop & Shop		63,000
Stop & Shop Plaza		20	%	CT		54,510		100.0	%		15.59	Stop & Shop		54,510

Total Connecticut						172,426		95.9	%		15.40


Maryland
Marlboro Crossroads		20	%	MD		67,975		100.0	%		15.02	Giant Foods		60,951
Northwoods Crossing		20	%	MD		159,562		100.0	%		11.70	BJ’s Wholesale Club		115,367
												Tractor Supply		19,097

Total Maryland						227,537		100.0	%		12.69


Massachusetts
Franklin Village Plaza		20	%	MA		304,277		93.2	%		19.61	Stop & Shop		75,000
												Marshalls		26,890
												Team Fitness		15,807
Raynham Commons		20	%	MA		176,609		97.7	%		11.57	Shaw’s		60,748
												Marshall’s		25,752
												JoAnn Fabrics		15,775

Total Massachusetts						480,886		94.9	%		16.57


New Jersey
Cross Keys Place		20	%	NJ		148,173		100.0	%		16.20	Sports Authority		42,000
												Bed Bath & Beyond		35,005
												AC Moore		21,305
												Old Navy		19,234
												Petco		16,500
Sunrise Plaza		20	%	NJ		261,060		97.1	%		7.95	Home Depot		130,601
												Kohl’s Department Store		96,171
												Staples		20,388

Total New Jersey						409,233		98.2	%		10.99


Pennsylvania
Blue Mountain Commons		20	%	PA		123,353		90.6	%		25.60	Giant Foods		97,707
Columbus Crossing		20	%	PA		142,166		100.0	%		16.32	Super Fresh		61,506
												Old Navy		25,000
												AC Moore		22,000
Creekview Plaza		20	%	PA		136,423		100.0	%		15.36	Giant Foods		48,966
												L.A. Fitness		38,000
												Bed Bath & Beyond		25,000
Exeter Commons		20	%	PA		361,321		97.9	%		12.84	Lowe’s		171,069
												Giant Foods		81,715
												Staples		18,008
Gettysburg Marketplace		20	%	PA		82,784		100.0	%		18.75	Giant Foods		66,674
Loyal Plaza		20	%	PA		293,825		98.3	%		8.04	K-Mart		102,558
												Giant Foods		66,935
												Staples		20,555
Monroe Marketplace		20	%	PA		340,930		96.2	%		10.52	Giant Food		76,000
												Kohl’s Department Store		68,430
												Dick’s Sporting Goods		51,119
												Best Buy		22,504
												Bed Bath & Beyond		21,324
												Michael’s		20,649
												Pet Smart		18,156
Northland Center		20	%	PA		108,260		94.6	%		11.00	Giant Foods		65,075
Pitney Road Plaza		20	%	PA		45,915		100.0	%		19.75	Best Buy		45,915
Sunset Crossing		20	%	PA		74,142		88.7	%		14.50	Giant Foods		54,332
Town Square Plaza		20	%	PA		127,678		100.0	%		13.00	Giant Foods		73,327
												A.C. Moore		21,600
												Pet Smart		18,343
York Marketplace		20	%	PA		305,410		97.0	%		8.56	Lowe’s		125,353
												Giant Foods		74,600
												Office Max		23,500
												Super Shoes		20,000

Total Pennsylvania						2,142,207		97.2	%		12.65


Virginia
New River Valley		20	%	VA		164,663		96.1	%		13.78	Best Buy		30,041
												Ross Stores		30,037
												Bed Bath & Beyond		24,152
												Staples		20,443
												Petsmart		17,878
												Old Navy		15,413
Towne Crossing		20	%	VA		111,016		91.7	%		15.43	Bed Bath & Beyond		40,000
												Michael’s		20,000

Total Virginia						275,679		94.3	%		14.42


Total Cedar/RioCan Joint Venture						3,707,968		96.9	%	$	13.22


(a)		Major tenants are determined as tenants with 15,000 or more sq.ft of GLA.

CEDAR REALTY TRUST, INC.
Cedar/RioCan Joint Venture
Summary of Oustanding Debt


		Stated contract amounts
	Maturity	Interest			September 30,		December 31,
Property	Date	rate (a)			2011		2010

Shaw’s Plaza	Mar 2014		5.6	%		14,200,000		14,200,000
Columbus Crossing	Jun 2014		6.8	%		16,384,000		16,604,000
Blue Mountain Commons	Jul 2015		5.0	%		17,447,000		17,646,000
Sunset Crossing	Jul 2015		5.0	%		4,183,000		4,231,000
Town Square Plaza	Jul 2015		5.0	%		10,799,000		10,922,000
Creekview Plaza	Oct 2015		4.8	%		14,238,000		14,398,000
Monroe Marketplace	Oct 2015		4.8	%		22,784,000		23,040,000
New River Valley	Oct 2015		4.8	%		14,962,000		15,127,000
Pitney Road Valley	Oct 2015		4.8	%		6,001,000		6,068,000
Sunrise Plaza	Oct 2015		4.8	%		13,543,000		13,695,000
Northwoods Crossing	Feb 2016		6.4	%		14,275,000		—
Franklin Village	Aug 2016		4.1	%		43,938,000		43,500,000
Stop & Shop Plaza	Apr 2017		6.2	%		6,890,000		6,950,000
Exeter Commons	Aug 2020		5.3	%		29,545,000		29,863,000
Cross Keys Place	Dec 2020		5.1	%		14,452,000		14,600,000
Gettysburg Marketplace	Dec 2020		5.0	%		10,804,000		10,918,000
Marlboro Crossroads	Dec 2020		5.1	%		6,805,000		6,875,000
Northland Center	Dec 2020		5.0	%		6,232,000		6,298,000
Towne Crossings	Dec 2020		5.0	%		10,342,000		10,450,000
York Marketplace	Dec 2020		5.0	%		15,893,000		16,060,000
Montville Commons	Jan 2021		5.8	%		10,425,000		—
Loyal Plaza	Jul 2021		5.0	%		14,768,000		12,388,000

Total mortgages at stated contract amounts	5.3 years		5.1	%	$	318,910,000	$	293,833,000
	*weighted average*
Unamortized premium/discount						50,000		(432,000	)


Total mortgage debt (including unamortized discount)					$	318,960,000	$	293,401,000


Cedar’s pro-rata share of total debt					$	63,792,000	$	58,680,000


(a)		Effective rate as of September 30, 2011.

CEDAR REALTY TRUST, INC.
Cedar/RioCan Joint Venture
Summary of Debt Maturities
As of September 30, 2011


Maturity	Cedar pro-rata share of:						RioCan pro-rata share of:
schedule	Scheduled		Balloon				Scheduled		Balloon				Cedar/RioCan
by year	Amortization		Payments		Total		Amortization		Payments		Total		Total

2011	$	735,000	$	—	$	735,000	$	2,939,000	$	—	$	2,939,000	$	3,674,000
2012		989,000		—		989,000		3,955,000		—		3,955,000		4,944,000
2013		1,043,000		—		1,043,000		4,174,000		—		4,174,000		5,217,000
2014		1,020,000		5,941,000		6,961,000		4,078,000		23,763,000		27,841,000		34,802,000
2015		723,000		19,411,000		20,134,000		2,893,000		77,642,000		80,535,000		100,669,000
2016		3,052,000		7,990,000		11,042,000		12,207,000		31,960,000		44,167,000		55,209,000
2017		460,000		1,271,000		1,731,000		1,838,000		5,085,000		6,923,000		8,654,000
2018		465,000		—		465,000		1,861,000		—		1,861,000		2,326,000
2019		503,000		—		503,000		2,014,000		—		2,014,000		2,517,000
2020		187,000		15,758,000		15,945,000		750,000		63,034,000		63,784,000		79,729,000
Thereafter		—		4,244,000		4,244,000		—		16,975,000		16,975,000		21,219,000

	$	9,177,000	$	54,615,000	$	63,792,000	$	36,709,000	$	218,459,000	$	255,168,000	$	318,960,000

CEDAR REALTY TRUST, INC.
Summary of Real Estate Held for Sale/Conveyance
As of September 30, 2011


										Average
		Percent					%			base rent per		Major Tenants (a)
Property Description	State	owned			GLA		occupied			leased sq. ft.		Name	GLA
Ohio Discount Drug Mart Portfolio
Centerville Discount Drug Mart Plaza	OH		100	%		49,287		67.0	%	$	11.28	Discount Drug Mart		24,012
Clyde Discount Drug Mark Plaza	OH		100	%		34,592		100.0	%		9.08	Discount Drug Mart		24,592
Gahanna Discount Drug Mart Plaza	OH		100	%		48,667		85.7	%		14.10	Discount Drug Mart		24,592
Grove City Discount Drug Mart Plaza	OH		100	%		40,848		64.5	%		10.95	Discount Drug Mart		24,596
Hilliard Discount Drug Mart Plaza	OH		100	%		40,988		80.3	%		10.61	Discount Drug Mart		24,592
Lodi Discount Drug Mart Plaza	OH		100	%		38,576		87.7	%		8.68	Discount Drug Mart		24,596
Mason Discount Drug Mart Plaza	OH		100	%		52,896		82.3	%		13.94	Discount Drug Mart		24,596
Ontario Discount Drug Mart Plaza	OH		100	%		38,623		78.9	%		8.32	Discount Drug Mart		25,475
Pickerington Discount Drug Mart Plaza	OH		100	%		47,810		85.3	%		11.52	Discount Drug Mart		25,852
Polaris Discount Drug Mart Plaza	OH		100	%		50,283		94.4	%		12.01	Discount Drug Mart		25,855
Shelby Discount Drug Mart Plaza	OH		100	%		36,596		78.1	%		8.76	Discount Drug Mart		24,596
Westlake Discount Drug Mart Plaza	OH		100	%		55,775		88.0	%		5.83	BG Storage		31,295
												Discount Drug Mart		24,480

Total Ohio Discount Drug Mart Portfolio						534,941		82.7	%		10.50


Single-Tenant/Triple-Net-Lease Properties
CVS at Bradford	OH		100	%		10,722		100.0	%		12.80	CVS		10,722
CVS at Celina	OH		100	%		10,195		100.0	%		18.54	CVS		10,195
CVS at Erie	OH		100	%		10,125		100.0	%		16.50	CVS		10,125
CVS at Kingston	NY		100	%		13,013		100.0	%		27.22	CVS		13,013
CVS at Kinderhook	NY		100	%		13,225		100.0	%		20.70	CVS		13,225
CVS at Naugatuck	CT		50	%		13,225		100.0	%		35.01	CVS		13,225
CVS at Portage Trail	OH		100	%		10,722		100.0	%		13.00	CVS		10,722
FirstMerit Bank at Akron	OH		100	%		3,200		100.0	%		23.51	FirstMerit Bank		3,200
FirstMerit Bank at Cuyahoga Falls	OH		100	%		18,300		100.0	%		6.03	FirstMerit Bank		18,300
McCormick Place	OH		100	%		46,000		100.0	%		8.50	Sam Levin Furniture		46,000
Rite Aid at Massillon	OH		100	%		10,125		100.0	%		18.99	Rite Aid		10,125

Total Single-Tenant/Triple-Net-Lease Properties						158,852		100.0	%		15.69


Malls
Columbia Mall	PA		75	%		348,358		84.8	%		5.31	Sears		64,264
												Dunham Sports		61,178
												Bon-Ton		45,000
												J.C. Penny		34,076
Shore Mall	NJ		100	%		459,058		98.7	%		7.83	Boscov’s		179,600
												Commercial Food Bank of New Jersey		144,000
												Burlington Coat Factory		85,000
The Point at Carlisle	PA		100	%		182,859		85.6	%		7.72	Bon-Ton		59,925
												Office Max		22,645
												Dunham Sports		21,300
												Dollar Tree		16,300

Total Malls						990,275		91.4	%		6.99


Other Non-Core Assets
Dunmore Shopping Center	PA		100	%		101,000		66.2	%		3.69	Enyon Furniture Outlet		40,000
												Big Lots		26,902
Heritage Crossing	PA		60%	(b)		39,048		72.0	%		23.45	Walgreens		14,748
Oakhurst Plaza	PA		100	%		111,869		61.9	%		14.67	Gold’s Gym		28,499
Roosevelt II	PA		100	%		180,088		0.0	%		—	Vacant		N/A
Shoppes at Salem Run	VA		100	%		15,100		39.7	%		26.36	Dunkin Donuts		3,000
Stadium Plaza	MI		100	%		77,688		100.0	%		7.81	Hobby Lobby Stores		54,650
Virginia Center Commons	VA		100	%		9,763		100.0	%		34.85	T-Mobile		2,100

Total Other Non-Core Assets						534,556		48.2	%		11.75

CEDAR REALTY TRUST, INC.
Summary of Real Estate Held for Sale/Conveyance (continued)
As of September 30, 2011


										Average
		Percent					%			base rent per		Major Tenants (a)
Property Description	State	owned			GLA		occupied			leased sq. ft.		Name	GLA
Homburg Joint Venture:
Aston Center	PA		20	%		55,000		100.0	%		25.45	Giant Foods		55,000
Ayr Town Center	PA		20	%		58,000		94.5	%		15.36	Giant Foods		52,400
Parkway Plaza	PA		20	%		111,028		92.6	%		14.59	Giant Foods		71,335
Pennsboro Commons	PA		20	%		107,384		86.5	%		14.61	Giant Foods		68,624
Scott Town Center	PA		20	%		67,933		94.1	%		18.21	Giant Foods		54,333
Spring Meadow Shopping Center	PA		20	%		70,350		100.0	%		20.23	Giant Foods		67,400
Stonehedge Square	PA		20	%		88,677		97.1	%		12.14	Nell's Market		51,687

Total Homburg Joint Venture						558,372		94.2	%		16.60


Total Properties Held for Sale						2,776,996		82.5	%	$	11.01


Land Parcels Previously Acquired for Development

Seven land parcels in Pennsylvania	PA		100	%		84	acres
Shore Mall	NJ		100	%		50	acres
Trindle Springs	NY		100	%		2	acres
Wyoming	MI		100	%		12	acres

Total Land Parcels Previously Acquired for Development						148	acres


(a)		Major tenants are determined as tenants with 15,000 or more sq.ft. of GLA, tenants at single-tenant properties, or the largest tenant at a property.

(b)		The Company has included 100% of this joint venture’s result of operations in its-pro-rata calculations, based on the terms of the related joint venture agreement.

CEDAR REALTY TRUST, INC.
Properties Held for Sale/Conveyance — Summary of Outstanding Debt


						Stated contract amounts
	Percent			Maturity		Interest			September 30,		December 31,
Property	Owned			Date		rate (a)			2011		2010
Fixed-rate mortgages:
Roosevelt II		100	%	Mar 2012			6.5	%	$	12,865,000	$	12,940,000
Spring Meadow Shopping Center		20	%	Nov 2014			5.9	%		12,111,000		12,279,000
Centerville DDM		100	%	May 2015			5.2	%		2,702,000		2,743,000
Clyde DDM		100	%	May 2015			5.2	%		1,875,000		1,903,000
Lodi DDM		100	%	May 2015			5.2	%		2,285,000		2,319,000
Ontario DDM		100	%	May 2015			5.2	%		2,110,000		2,141,000
Polaris DDM		100	%	May 2015			5.2	%		4,305,000		4,369,000
Shelby DDM		100	%	May 2015			5.2	%		2,109,000		2,141,000
Ayr Town Center		20	%	Jun 2015			5.6	%		6,959,000		7,056,000
Pickerington DDM		100	%	Jul 2015			5.0	%		4,011,000		4,072,000
Scott Town Center		20	%	Aug 2015			4.9	%		8,566,000		8,697,000
Aston Center		20	%	Nov 2015			5.9	%		12,202,000		12,358,000
Pennsboro Commons		20	%	Mar 2016			5.5	%		10,627,000		10,769,000
Gahanna DDM		100	%	Nov 2016			5.8	%		4,866,000		4,924,000
Westlake DDM		100	%	Dec 2016			5.6	%		3,127,000		3,165,000
CVS at Bradford		100	%	Mar 2017			7.1	%		586,000		649,000
Parkway Plaza		20	%	May 2017			5.5	%		14,300,000		14,300,000
Stonehedge Square		20	%	Jul 2017			6.2	%		8,700,000		8,700,000
CVS at Portage Trail		100	%	Aug 2017			7.8	%		633,000		694,000
McCormick Place		100	%	Aug 2017			6.1	%		2,559,000		2,587,000
CVS at Erie		100	%	Nov 2018			7.1	%		881,000		950,000
CVS at Kingston		100	%	Jul 2019			5.3	%		3,077,000		3,128,000
CVS at Kinderhook		100	%	Jul 2019			5.3	%		2,389,000		2,429,000
CVS at Naugatuck		50	%	Nov 2019			5.3	%		2,362,000		2,402,000
CVS at Celina		100	%	Jan 2020			7.5	%		1,143,000		1,210,000
Rite Aid at Massillon		100	%	Jan 2020			7.7	%		1,134,000		1,201,000
Fairfield Plaza (b)		100	%		n/a		n/a			—		5,009,000

Total fixed-rate mortgages				4.3 years			5.7	%		128,484,000		135,135,000
				*weighted average*
Variable-rate mortgage:
Shore Mall		100	%	Sept 2012			5.9	%		18,900,000		21,000,000


Total mortgages at stated contract amounts				3.9 years			5.7	%		147,384,000		156,135,000
				*weighted average*
Unamortized premium										730,000		856,000


Total mortgages									$	148,114,000	$	156,991,000


Cedar’s pro-rata share of total mortgages									$	88,002,000	$	91,260,000


(a)		Rate in effect as of September 30, 2011.

(b)		Property was sold during 2011.

CEDAR REALTY TRUST, INC.
Properties Held for Sale/Conveyance — Summary of Debt Maturities
As of September 30, 2011


Maturity	Cedar pro-rata share of:						JV Partners pro-rata share of:
schedule	Scheduled		Balloon				Scheduled		Balloon
by year	Amortization		Payments		Total		Amortization		Payments		Total		Total

2011	$	370,000	$	—	$	370,000	$	211,000	$	—	$	211,000	$	581,000
2012		1,545,000		31,765,000		33,310,000		971,000		—		971,000		34,281,000
2013		1,660,000		—		1,660,000		1,140,000		—		1,140,000		2,800,000
2014		1,746,000		2,267,000		4,013,000		1,161,000		9,069,000		10,230,000		14,243,000
2015		1,447,000		22,910,000		24,357,000		826,000		20,364,000		21,190,000		45,547,000
2016		1,179,000		9,137,000		10,316,000		336,000		7,730,000		8,066,000		18,382,000
2017		868,000		6,594,000		7,462,000		151,000		17,184,000		17,335,000		24,797,000
2018		704,000		—		704,000		41,000		—		41,000		745,000
2019		505,000		5,223,000		5,728,000		36,000		892,000		928,000		6,656,000
2020		41,000		—		41,000		—		—		—		41,000
Thereafter		41,000		—		41,000		—		—		—		41,000

	$	10,106,000	$	77,896,000	$	88,002,000	$	4,873,000	$	55,239,000	$	60,112,000	$	148,114,000

CEDAR REALTY TRUST, INC.
Non-GAAP Financial Disclosures

Use of Funds From Operations (“FFO”)

FFO is a widely-recognized non-GAAP financial measure for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO is useful to investors as it captures 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, along with GAAP net income, when trying to understand a REIT’s operating performance. The Company considers FFO an important supplemental measure of its operating performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of REITs.

The Company computes FFO in accordance with the “White Paper” published by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income applicable to 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). In addition, NAREIT has recently clarified its computation of FFO so as to exclude impairment charges for all periods presented. FFO does not represent cash generated from operating activities and should not be considered as an alternative to net income applicable to common shareholders or to cash flow from operating activities. FFO is not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO is a measure used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another.

The Company also presents “Recurring FFO”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as management transition charges and employee termination costs, the accelerated write-off of deferred financing costs, mark-to-market adjustments related to stock-based compensation, impairment charges, the write-off of the interest in an unconsolidated joint venture, acquisition transaction costs, and costs related to terminated projects.

Use of Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”)

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 excluding interest expense and amortization of deferred financing costs, and depreciation and amortization, from income from continuing operations.

The Company also presents “Adjusted EBITDA”, which excludes certain items that are not indicative of the results provided by the Company’s operating portfolio and that affect the comparability of the Company’s period-over-period performance, such as mark-to-market adjustments relating to stock-based compensation, impairment charges and the write-off of the interest in an unconsolidated joint venture, management transition charges, and acquisition transaction costs, and costs related to terminated projects. The ratios of debt to Adjusted EBITDA, Adjusted EBITDA to interest expense, and Adjusted EBITDA to fixed charges 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.