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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 2008
(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; the continuing availability of suitable acquisitions, and 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; changes in interest rates; the fact that returns from development, redevelopment and acquisition 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 of current leases; and the financial flexibility to repay or refinance debt obligations when due.

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, 2007 and Form 10-Q for the quarter ended September 30, 2008.

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 September 30, 2008, the Company owned a 95.7% 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. With respect to its ten consolidated operating joint ventures, the Company has general partnership interests of 20% (nine properties) and 75% (one property) and, as the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined, pursuant to EITF 04-05, that such partnerships should be included in the consolidated financial statements. The Company’s three 60%-owned joint ventures for development projects in Limerick, Pottsgrove and Stroudsburg,

Pennsylvania, are consolidated as they are deemed to be variable interest entities and the Company is the primary income or loss beneficiary in each case. In addition, the Company has a 76.3% interest in an unconsolidated joint venture (increased from 49% effective April 1, 2008) which owns a single-tenant office property.

Use of Funds From Operations (“FFO”) as a Non-GAAP Financial Measure

Funds From Operations (“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 an equity REIT’s operating performance. The Company presents FFO because the Company considers it 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. 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 Loan Agreement relating to the Company’s secured revolving credit facility. 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 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). 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.

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Equity market capitalization (end of period):
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding		3,550,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	22.00		$	24.40		$	23.12		$	23.50		$	25.26

Common shares outstanding		44,488,703			44,487,817			44,460,886			44,237,907			44,230,766
OP Units outstanding		2,018,537			2,019,623			2,029,623			2,032,881			1,981,778
Closing market price	$	13.22		$	11.72		$	11.68		$	10.23		$	13.62

Equity market capitalization	$	692,926,000		$	631,687,000		$	625,085,000		$	556,775,000		$	719,088,000
Pro rata share of outstanding debt		862,261,000			840,488,000			812,884,000			746,024,000			803,990,000

Total market capitalization	$	1,555,187,000		$	1,472,175,000		$	1,437,969,000		$	1,302,799,000		$	1,523,078,000

Ratio of pro rata share of outstanding debt to total market capitalization		55.4	%		57.1	%		56.5	%		57.3	%		52.8	%


	Three months ended
	Sep 30, 2008			Jun 30, 2008			Mar 31, 2008			Dec 31, 2007			Sep 30, 2007

Total revenues	$	43,322,000		$	42,915,000		$	43,635,000		$	43,462,000		$	37,845,000
Net income applicable to common shareholders	$	3,277,000		$	1,224,000		$	3,112,000		$	3,591,000		$	3,925,000
Per common share (basic)	$	0.07		$	0.03		$	0.07		$	0.08		$	0.09
Per common share (diluted)	$	0.07		$	0.03		$	0.07		$	0.08		$	0.09
Dividends to common shareholders	$	10,010,000		$	10,003,000		$	10,004,000		$	9,952,000		$	9,952,000
Per common share	$	0.225		$	0.225		$	0.225		$	0.225		$	0.225
FFO	$	14,440,000		$	14,417,000		$	13,717,000		$	15,569,000		$	14,150,000
Per common share/OP unit (basic)	$	0.31		$	0.31		$	0.30		$	0.34		$	0.31
Per common share/OP unit (diluted)	$	0.31		$	0.31		$	0.30		$	0.34		$	0.31

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,488,000			44,464,000			44,458,000			44,234,000			44,231,000
Additional shares for conversion of OP Units (basic)		2,019,000			2,029,000			2,030,000			1,989,000			1,982,000

Shares used in determination of FFO per share (basic)		46,507,000			46,493,000			46,488,000			46,223,000			46,213,000


Shares used in determination of diluted earnings per share		44,490,000			44,466,000			44,459,000			44,236,000			44,234,000
Additional shares for conversion of OP Units (diluted)		2,020,000			2,029,000			2,030,000			1,989,000			1,981,000

Shares used in determination of FFO per share (diluted)		46,510,000			46,495,000			46,489,000			46,225,000			46,215,000

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data (Continued)


	Nine months ended Sep 30,
	2008		2007

Total revenues	$	129,872,000	$	110,986,000
Net income applicable to common shareholders	$	7,613,000	$	10,501,000
Per common share (basic)	$	0.17	$	0.24
Per common share (diluted)	$	0.17	$	0.24
Dividends to common shareholders	$	30,017,000	$	29,823,000
Per common share	$	0.675	$	0.675
FFO	$	42,574,000	$	40,621,000
Per common share/OP unit (basic)	$	0.92	$	0.88
Per common share/OP unit (diluted)	$	0.92	$	0.88

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,470,000		44,179,000
Additional shares for conversion of OP Units (basic)		2,026,000		1,984,000

Shares used in determination of FFO per share (basic)		46,496,000		46,163,000


Shares used in determination of diluted earnings per share		44,472,000		44,183,000
Additional shares for conversion of OP Units (diluted)		2,026,000		1,993,000

Shares used in determination of FFO per share (diluted)		46,498,000		46,176,000


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Real estate, net	$	1,573,137,000		$	1,565,145,000		$	1,531,160,000		$	1,494,158,000		$	1,410,410,000
Investment in unconsolidated joint venture		4,902,000			4,791,000			3,775,000			3,757,000			3,718,000
Other assets		92,098,000			84,683,000			94,483,000			97,069,000			88,509,000

Total assets	$	1,670,137,000		$	1,654,619,000		$	1,629,418,000		$	1,594,984,000		$	1,502,637,000


Total debt	$	957,551,000		$	934,648,000		$	903,691,000		$	851,514,000		$	823,935,000
Other liabilities		91,894,000			92,134,000			91,053,000			97,225,000			78,807,000
Minority interests in consolidated joint ventures		58,792,000			58,688,000			57,669,000			62,402,000			10,321,000
Limited partners’ interest in Operating Partnership		24,162,000			24,414,000			25,388,000			25,689,000			25,352,000
Shareholders’ equity		537,738,000			544,735,000			551,617,000			558,154,000			564,222,000

Total liabilities and equity	$	1,670,137,000		$	1,654,619,000		$	1,629,418,000		$	1,594,984,000		$	1,502,637,000


Fixed-rate mortgages	$	641,499,000		$	677,281,000		$	676,951,000		$	656,320,000		$	632,268,000
Variable-rate mortgages		41,362,000			2,977,000			—			4,754,000			4,777,000

Total mortgages		682,861,000			680,258,000			676,951,000			661,074,000			637,045,000
Secured revolving credit facilities		274,690,000			254,390,000			226,740,000			190,440,000			186,890,000

Total debt	$	957,551,000		$	934,648,000		$	903,691,000		$	851,514,000		$	823,935,000


Pro rata share of total debt	$	862,261,000		$	840,488,000		$	812,884,000		$	746,024,000		$	803,990,000


Weighted average interest rates:
Fixed-rate mortgages		5.7	%		5.8	%		5.8	%		5.7	%		5.7	%
Variable-rate mortgages		5.4	%		4.4	%		—			7.7	%		7.9	%
Total mortgages		5.7	%		5.8	%		5.8	%		5.7	%		5.8	%
Secured variable-rate revolving credit facilities		4.1	%		3.6	%		4.0	%		6.2	%		6.7	%
Total debt		5.2	%		5.2	%		5.3	%		5.8	%		6.0	%

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Assets:
Real estate:
Land	$	369,473,000		$	369,813,000		$	349,295,000		$	315,599,000		$	298,815,000
Buildings and improvements		1,339,489,000			1,320,355,000			1,296,114,000			1,282,180,000			1,203,973,000

		1,708,962,000			1,690,168,000			1,645,409,000			1,597,779,000			1,502,788,000
Less accumulated depreciation		(135,825,000	)		(125,023,000	)		(114,249,000	)		(103,621,000	)		(92,378,000	)

Real estate, net		1,573,137,000			1,565,145,000			1,531,160,000			1,494,158,000			1,410,410,000

Investment in unconsolidated joint venture		4,902,000			4,791,000			3,775,000			3,757,000			3,718,000

Cash and cash equivalents		5,989,000			7,203,000			14,434,000			20,307,000			21,148,000
Restricted cash		14,015,000			16,260,000			16,042,000			14,857,000			12,248,000
Cash at consolidated joint ventures		3,961,000			3,248,000			3,130,000			2,982,000			558,000
Receivables:
Rents and other receivables, net		7,861,000			6,920,000			9,149,000			7,640,000			5,086,000
Straight-line rents receivable		13,582,000			12,927,000			12,157,000			11,446,000			10,681,000
Other assets		12,850,000			6,472,000			10,402,000			9,778,000			10,749,000
Deferred charges, net:
Leasing costs		19,496,000			20,094,000			19,299,000			19,417,000			17,032,000
Financing costs		11,078,000			8,982,000			7,290,000			7,941,000			6,837,000
Other		3,266,000			2,577,000			2,580,000			2,701,000			4,170,000

Total assets	$	1,670,137,000		$	1,654,619,000		$	1,629,418,000		$	1,594,984,000		$	1,502,637,000


Liabilities and shareholders’ equity:
Mortgage loans payable	$	682,861,000		$	680,258,000		$	676,951,000		$	661,074,000		$	637,045,000
Secured revolving credit facility		274,690,000			254,390,000			226,740,000			190,440,000			186,890,000
Accounts payable and accrued expenses		17,145,000			13,602,000			12,585,000			17,036,000			14,296,000
Tenant prepayments and security deposits		9,500,000			9,810,000			10,668,000			9,032,000			8,459,000
Unamortized intangible lease liabilities		65,249,000			68,722,000			67,800,000			71,157,000			56,052,000

Total liabilities		1,049,445,000			1,026,782,000			994,744,000			948,739,000			902,742,000


Minority interests in consolidated joint ventures		58,792,000			58,688,000			57,669,000			62,402,000			10,321,000
Limited partners’ interest in Operating Partnership		24,162,000			24,414,000			25,388,000			25,689,000			25,352,000

Shareholders’ equity		537,738,000			544,735,000			551,617,000			558,154,000			564,222,000

Total liabilities and equity	$	1,670,137,000		$	1,654,619,000		$	1,629,418,000		$	1,594,984,000		$	1,502,637,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income


	Three months ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Revenues:
Rents:
Base rents	$	30,274,000		$	30,251,000		$	29,897,000		$	29,166,000		$	26,886,000
Percentage rents		609,000			127,000			372,000			885,000			492,000
Straight-line rents		655,000			770,000			711,000			765,000			880,000
Amortization of intangible lease liabilities		3,473,000			3,504,000			3,400,000			3,268,000			2,526,000

		35,011,000			34,652,000			34,380,000			34,084,000			30,784,000
Expense recoveries		7,800,000			8,088,000			9,048,000			8,171,000			6,946,000
Other		511,000			175,000			207,000			1,207,000			115,000

		43,322,000			42,915,000			43,635,000			43,462,000			37,845,000

Expenses:
Operating, maintenance and management		6,974,000			7,114,000			8,210,000			6,596,000			5,692,000
Real estate and other property- related taxes		4,994,000			4,758,000			4,701,000			4,915,000			3,953,000

		11,968,000			11,872,000			12,911,000			11,511,000			9,645,000


Net operating income		31,354,000			31,043,000			30,724,000			31,951,000			28,200,000

Other income (expense):
General and administrative		(2,654,000	)		(2,323,000	)		(2,191,000	)		(1,976,000	)		(1,847,000	)
Depreciation and amortization		(11,996,000	)		(14,007,000	)		(11,529,000	)		(12,239,000	)		(10,140,000	)
Interest expense		(12,480,000	)		(12,192,000	)		(12,048,000	)		(12,608,000	)		(10,819,000	)
Amortization of deferred financing costs		(801,000	)		(504,000	)		(514,000	)		(474,000	)		(423,000	)
Capitalization of interest expense and financing costs		2,038,000			1,417,000			1,178,000			1,076,000			1,201,000
Interest income		35,000			77,000			158,000			208,000			82,000
Equity in income of unconsolidated joint venture		310,000			222,000			150,000			171,000			150,000
Minority interests in consolidated joint ventures		(412,000	)		(482,000	)		(706,000	)		(387,000	)		(333,000	)
Limited partners’ interest in consolidated OP		(148,000	)		(56,000	)		(143,000	)		(161,000	)		(177,000	)


Net income		5,246,000			3,195,000			5,079,000			5,561,000			5,894,000

Preferred distribution requirements		(1,969,000	)		(1,971,000	)		(1,967,000	)		(1,970,000	)		(1,969,000	)


Net income applicable to common shareholders		3,277,000			1,224,000			3,112,000			3,591,000			3,925,000


Net operating income/Revenues		72	%		72	%		70	%		74	%		75	%
Expense recovery percentage (a)		75	%		79	%		78	%		77	%		77	%


(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 $412,000, $535,000, $139,000, $230,000 and $60,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

CEDAR SHOPPING CENTERS, INC.
Funds From Operations (“FFO”) And Other Financial Information


	Three months ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Net income applicable to common shareholders	$	3,277,000		$	1,224,000		$	3,112,000		$	3,591,000		$	3,925,000
Add (deduct):
Real estate depreciation and amortization		11,921,000			13,939,000			11,461,000			12,171,000			10,080,000
Limited partners’ interest		148,000			56,000			143,000			161,000			177,000
Minority interests in consolidated joint ventures		412,000			482,000			706,000			387,000			333,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,368,000	)		(1,417,000	)		(1,781,000	)		(774,000	)		(448,000	)
Equity in (income) of unconsolidated joint venture		(310,000	)		(222,000	)		(150,000	)		(171,000	)		(150,000	)
FFO from unconsolidated joint venture		360,000			355,000			226,000			204,000			233,000

Funds From Operations	$	14,440,000		$	14,417,000		$	13,717,000		$	15,569,000		$	14,150,000

FFO per common share, assuming OP Unit conversion:
Basic	$	0.31		$	0.31		$	0.30		$	0.34		$	0.31

Diluted	$	0.31		$	0.31		$	0.30		$	0.34		$	0.31

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		44,488,000			44,464,000			44,458,000			44,234,000			44,231,000
Additional shares assuming conversion of OP Units (basic)		2,019,000			2,029,000			2,030,000			1,989,000			1,982,000

Shares used in determination of FFO per share (basic)		46,507,000			46,493,000			46,488,000			46,223,000			46,213,000


Shares used in determination of diluted earnings per share		44,490,000			44,466,000			44,459,000			44,236,000			44,234,000
Additional shares assuming conversion of OP Units (diluted)		2,020,000			2,029,000			2,030,000			1,989,000			1,981,000

Shares used in determination of FFO per share (diluted)		46,510,000			46,495,000			46,489,000			46,225,000			46,215,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions:
First generation (a)	$	20,360,000		$	28,858,000		$	31,270,000		$	3,296,000		$	4,991,000

Second generation (b)	$	1,089,000		$	1,247,000		$	1,205,000		$	1,536,000		$	1,306,000

Capitalized interest and financing costs	$	2,038,000		$	1,417,000		$	1,176,000		$	1,072,000		$	1,201,000

Scheduled debt amortization payments:
Stated contract amounts	$	1,678,000		$	1,728,000		$	1,785,000		$	1,785,000		$	1,759,000

Carrying value amounts	$	1,877,000		$	1,956,000		$	1,982,000		$	2,050,000		$	2,113,000

Straight-line rents	$	501,000		$	588,000		$	539,000		$	697,000		$	865,000

Amortization of intangible lease liabilities	$	3,349,000		$	3,377,000		$	3,237,000		$	3,229,000		$	2,508,000

Non-real estate amortization	$	477,000		$	438,000		$	442,000		$	133,000		$	478,000

Stock-based compensation charged to operations	$	897,000		$	607,000		$	734,000		$	(150,000	)	$	302,000


	As of
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
	2008		2008		2008		2007		2007

Land held for development and other real estate out of service (at cost) (c)	$	147,797,000	$	134,496,000	$	111,135,000	$	68,093,000	$	66,955,000


(a)		First generation refers to expenditures related to development/redevelopment and expansion properties.

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

(c)		Real estate out of service includes land under development, land held for future development, and the applicable portions of development/redevelopment and expansion properties.

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


	Three months ended
	Sep 30			Jun 30			Mar 31			Dec 31			Sep 30
	2008			2008			2008			2007			2007

Cash flow from operating activities:
Net income	$	5,246,000		$	3,195,000		$	5,079,000		$	5,561,000		$	5,894,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash provisions:
Earnings in excess of distributions of consolidated joint venture minority interests		412,000			482,000			467,000			121,000			68,000
Equity in income of unconsolidated joint venture		(310,000	)		(222,000	)		(150,000	)		(171,000	)		(150,000	)
Distributions from unconsolidated joint venture		200,000			302,000			132,000			132,000			132,000
Limited partners’ interest		148,000			56,000			143,000			161,000			177,000
Straight-line rents receivable		(655,000	)		(770,000	)		(711,000	)		(765,000	)		(880,000	)
Depreciation and amortization		11,996,000			14,007,000			11,529,000			12,239,000			10,140,000
Amortization of intangible lease liabilities		(3,473,000	)		(3,504,000	)		(3,400,000	)		(3,268,000	)		(2,526,000	)
Amortization relating to stock-based compensation		897,000			607,000			734,000			(150,000	)		302,000
Amortization of deferred financing costs		428,000			396,000			403,000			81,000			423,000
Increases/decreases in operating assets and liabilities:
Cash at consolidated joint ventures		(713,000	)		(118,000	)		(148,000	)		(976,000	)		(47,000	)
Rents and other receivables, net		(941,000	)		2,229,000			(1,509,000	)		(1,649,000	)		(446,000	)
Other		(5,036,000	)		539,000			(272,000	)		1,078,000			(5,320,000	)
Accounts payable and accrued expenses		2,672,000			(1,056,000	)		(86,000	)		2,279,000			4,164,000

Net cash provided by operating activities		10,871,000			16,143,000			12,211,000			14,673,000			11,931,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(20,562,000	)		(20,483,000	)		(29,956,000	)		(53,483,000	)		(41,368,000	)
Purchase of consolidated joint venture minority interests		—			—			(17,454,000	)		—			—
Investment in unconsolidated joint venture		(3,000	)		(1,094,000	)		—			—			—
Construction escrows and other		544,000			(237,000	)		(1,062,000	)		(3,894,000	)		(559,000	)

Net cash (used in) investing activities		(20,021,000	)		(21,814,000	)		(48,472,000	)		(57,377,000	)		(41,927,000	)


Cash flow from financing activities:
Net advances from lines of credit		20,300,000			27,650,000			36,300,000			3,550,000			47,900,000
Redemption of Operating Partnership Units		—			(122,000	)		—			—			—
Proceeds from mortgage financings		53,385,000			62,000			27,500,000			8,800,000			2,693,000
Mortgage repayments		(50,782,000	)		(14,911,000	)		(25,147,000	)		(7,709,000	)		(4,343,000	)
Contributions from minority interest partners, net of joint venture cash at date of formation		(9,000	)		276,000			3,993,000			50,733,000			—
Distributions in excess of earnings from consolidated joint venture minority interests		—			—			(27,000	)		—			—
Distributions to limited partners		(455,000	)		(456,000	)		(457,000	)		(452,000	)		(446,000	)
Preferred distribution requirements		(1,969,000	)		(1,968,000	)		(1,970,000	)		(1,970,000	)		(1,969,000	)
Distributions to common shareholders		(10,010,000	)		(10,003,000	)		(10,004,000	)		(9,952,000	)		(9,952,000	)
Payments/refund of deferred financing costs, net		(2,524,000	)		(2,088,000	)		200,000			(1,137,000	)		(997,000	)

Net cash provided by (used in) financing activities		7,936,000			(1,560,000	)		30,388,000			41,863,000			32,886,000


Net (decrease) increase in cash and cash equivalents		(1,214,000	)		(7,231,000	)		(5,873,000	)		(841,000	)		2,890,000
Cash and cash equivalents at beginning of period		7,203,000			14,434,000			20,307,000			21,148,000			18,258,000

Cash and cash equivalents at end of period	$	5,989,000		$	7,203,000		$	14,434,000		$	20,307,000		$	21,148,000

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended Sep 30,						Nine months ended Sep 30,
	2008			2007			2008			2007

The number of properties that were owned throughout each of the comparative periods		105			105			96			96


Revenues:
Rents:
Base rents	$	26,587,000		$	26,377,000		$	73,589,000		$	73,024,000
Percentage rents		475,000			492,000			959,000			1,302,000
Straight-line rents		524,000			864,000			1,405,000			2,417,000
Amortization of intangible lease liabilities		2,472,000			2,382,000			6,835,000			6,964,000

		30,058,000			30,115,000			82,788,000			83,707,000
Expense recoveries (a)		6,595,000			6,817,000			20,002,000			20,147,000
Other		499,000			113,000			566,000			514,000

Total revenues		37,152,000			37,045,000			103,356,000			104,368,000


Operating expenses (a):
Operating, maintenance and management		5,569,000			5,338,000			16,999,000			16,592,000
Real estate and other property-related taxes		4,049,000			3,789,000			11,139,000			10,561,000

Total expenses		9,618,000			9,127,000			28,138,000			27,153,000


Net operating income	$	27,534,000		$	27,918,000		$	75,218,000		$	77,215,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	210,000			0.8	%	$	565,000			0.8	%
Percentage rents		(17,000	)		-3.5	%		(343,000	)		-26.3	%
Straight-line rents		(340,000	)		-39.4	%		(1,012,000	)		-41.9	%
Amortization of intangible lease liabilities		90,000			3.8	%		(129,000	)		-1.9	%

		(57,000	)		-0.2	%		(919,000	)		-1.1	%
Expense recoveries		(222,000	)		-3.3	%		(145,000	)		-0.7	%
Other		386,000			341.6	%		52,000			10.1	%

Total revenues		107,000			0.3	%		(1,012,000	)		-1.0	%


Expenses:
Operating, maintenance and management		231,000			4.3	%		407,000			2.5	%
Real estate and other property-related taxes		260,000			6.9	%		578,000			5.5	%

Total expenses		491,000			5.4	%		985,000			3.6	%


Net operating income	$	(384,000	)		-1.4	%	$	(1,997,000	)		-2.6	%


Percent occupied at end of period		91.9	%		93.1	%		91.6	%		92.9	%


Expense recovery percentage (a)		73.7	%		77.1	%		75.9	%		78.0	%


(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-recoverabele expenses, principally the net provision for doubtful accounts in the amounts ofr $336,000, $59,000, $800,000 and $619,000, respectively.

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


	Three months ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Renewals

Number of leases		27			29			42			32			21
Aggregate square feet		84,000			78,000			188,000			106,000			55,000
Average square feet		3,111			2,690			4,476			3,313			2,619
Average expiring base rent psf	$	15.73		$	13.10		$	11.24		$	10.61		$	12.97
Average new base rent psf	$	16.90		$	14.03		$	12.25		$	11.55		$	13.98
% increase in base rent		7.44	%		7.10	%		8.99	%		8.86	%		7.79	%

New leases

Number of leases		22			5			9			7			11
Aggregate square feet		94,000			16,000			30,000			20,000			31,000
Average square feet		4,273			3,200			3,333			2,857			2,818
Average new base rent psf	$	16.39		$	19.43		$	20.46		$	12.49		$	17.04

Terminated leases

Number of leases		16			15			13			14			13
Aggregate square feet		49,000			75,000			122,000			81,000			38,000
Average square feet		3,063			5,000			9,385			5,786			2,923
Average old base rent psf	$	14.41		$	10.66		$	5.50		$	9.95		$	16.02


	As of
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2008			2008			2008			2007			2007

Occupancy statistics

Stabilized properties:
Wholly-owned		95	%		96	%		96	%		96	%		96	%
Consolidated joint ventures		98	%		96	%		96	%		98	%		100	%

Total stabilized properties		96	%		96	%		96	%		96	%		96	%


Development/redevelopment and other non-stabilized properties		66	%		68	%		68	%		67	%		68	%


Total operating portfolio		92	%		92	%		92	%		93	%		93	%


(a)		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, as in premises in low-density population areas, as compared to premises in major urban or suburban areas.

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

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of September 30, 2008


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

Top ten tenants (a):
Giant Foods (c)		19		1,137,000		9.5	%	$	16,731,000	$	14.72		13.8	%
Discount Drug Mart		18		454,000		3.8	%		4,261,000		9.39		3.5	%
Farm Fresh (c)		6		364,000		3.0	%		3,768,000		10.35		3.1	%
Stop & Shop (c)		5		325,000		2.7	%		3,494,000		10.75		2.9	%
Shaw’s (c)		4		241,000		2.0	%		2,676,000		11.10		2.2	%
CVS		13		137,000		1.1	%		2,490,000		18.18		2.1	%
LA Fitness		4		168,000		1.4	%		2,421,000		14.41		2.0	%
Staples		7		151,000		1.3	%		2,091,000		13.85		1.7	%
Food Lion (c)		7		243,000		2.0	%		1,921,000		7.91		1.6	%
Rite Aid		13		141,000		1.2	%		1,696,000		12.03		1.4	%

Sub-total top ten tenants		96		3,361,000		28.1	%		41,549,000		12.36		34.3	%

Remaining tenants		1,107		7,685,000		64.2	%		79,643,000		10.36		65.7	%

Sub-total all tenants		1,203		11,046,000		92.3	%		121,192,000		10.97		100.0	%

Vacant space (b)		n/a		925,000		7.7	%		n/a		n/a		n/a

Total (including vacant space)		1,203		11,971,000		100.0	%	$	121,192,000	$	10.12		n/a


(a)		Based on annualized base rent.

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

(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, Shop ‘n Save (GLA of 53,000; annualized base rent of $505,000), Shaw’s and Acme (GLA of 172,000; annualized base rent of $731,000), and (3) Food Lion and Hannaford (GLA of 43,000; annualized base rent of $405,000).


Total Revenues By State	Three months ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
State	2008		2008		2008		2007		2007

Pennsylvania	$	20,703,000	$	20,309,000	$	20,715,000	$	22,119,000	$	20,627,000
Massachusetts		5,804,000		5,918,000		6,084,000		5,339,000		3,710,000
Connecticut		3,762,000		3,645,000		3,501,000		3,467,000		3,039,000
Ohio		3,210,000		3,290,000		3,271,000		3,038,000		2,615,000
New Jersey		3,095,000		3,253,000		3,332,000		3,086,000		2,767,000
Virginia		2,598,000		2,607,000		2,616,000		2,483,000		2,624,000
Maryland		2,088,000		1,934,000		2,025,000		1,870,000		1,465,000
New York		1,625,000		1,553,000		1,542,000		1,507,000		495,000
Michigan		437,000		406,000		549,000		553,000		503,000

	$	43,322,000	$	42,915,000	$	43,635,000	$	43,462,000	$	37,845,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of September 30, 2008


												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		86		184,000		1.7	%	$	2,511,000	$	13.65		2.1	%
2008		48		149,000		1.3	%		1,972,000		13.23		1.6	%
2009		189		1,095,000		9.9	%		10,128,000		9.25		8.4	%
2010		176		1,302,000		11.8	%		12,749,000		9.79		10.5	%
2011		141		926,000		8.4	%		9,929,000		10.72		8.2	%
2012		155		802,000		7.3	%		8,900,000		11.10		7.3	%
2013		116		732,000		6.6	%		8,356,000		11.42		6.9	%
2014		47		719,000		6.5	%		6,523,000		9.07		5.4	%
2015		45		520,000		4.7	%		5,409,000		10.40		4.5	%
2016		37		539,000		4.9	%		5,466,000		10.14		4.5	%
2017		33		497,000		4.5	%		6,337,000		12.75		5.2	%
2018		36		800,000		7.2	%		8,530,000		10.66		7.0	%
Thereafter		94		2,781,000		25.2	%		34,382,000		12.36		28.4	%


		1,203		11,046,000		100.0	%		121,192,000		10.97		100.0	%

Vacant space (a)		n/a		925,000		n/a			n/a		n/a		n/a


Total portfolio (b)		1,203		11,971,000		n/a		$	121,192,000	$	10.12		n/a


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

(b)		At September 30, 2008, the Company had a portfolio of 119 operating properties totaling approximately 12.0 million square feet of GLA, including 109 wholly-owned properties comprising approximately 10.8 million square feet and ten properties owned in joint venture comprising approximately 1.2 million square feet. The entire 119 property portfolio was approximately 92% leased at September 30, 2008.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of September 30, 2008


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

Wholly-Owned Stabilized Properties: ^(a)
Academy Plaza	PA	2001	100%	151,977	1965/1998	Acme Markets	50,918	9/30/2018

Annie Land Plaza	VA	2006	100%	42,500	1999	Food Lion	29,000	4/30/2019

Camp Hill	PA	2002	100%	472,458	1958/2005	Boscov’s	167,597	9/30/2010
						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	1/31/2011
						Staples	20,000	6/30/2015

Carbondale Plaza	PA	2004	100%	124,565	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

Carrollton Discount Drug Mart Plaza	OH	2005	100%	40,480	2000	Discount Drug Mart	25,480	3/31/2016

Centerville Discount Drug Mart Plaza	OH	2005	100%	49,287	2000	Discount Drug Mart	24,012	3/31/2016

Circle Plaza	PA	2007	100%	92,171	1979/1991	K-Mart	92,171	11/30/2009

Clyde Discount Drug Mart Plaza	OH	2005	100%	34,592	2002	Discount Drug Mart	24,592	3/31/2019

Coliseum Marketplace	VA	2005	100%	98,515	1987/2005	Farm Fresh	57,662	1/31/2021

Columbus Crossing	PA	2003	100%	142,166	2001	Super Fresh	61,506	9/30/2020
						Old Navy	25,000	1/31/2014
						AC Moore	22,000	9/30/2011

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

CVS at Westfield	NY	2005	100%	10,125	2000	CVS	10,125	1/31/2023

Dover Discount Drug Mart Plaza	OH	2005	100%	38,409	2002	Discount Drug Mart	24,516	3/31/2013

Elmhurst Square	VA	2006	100%	66,250	1961-1983	Food Lion	38,272	9/30/2011

Enon Discount Drug Mart Plaza	OH	2007	100%	42,876	2005-2006	Discount Drug Mart	24,596	3/31/2022

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2008


				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

Fairfield Plaza	CT	2005	100%		72,279	2001/2005	TJ Maxx		25,257	8/31/2013
							Staples		20,388	10/31/2019

Fairview Plaza ^(b)	PA	2003	100%		69,579	1992	Giant Foods		59,237	2/28/2017

Family Dollar at Zanesville	OH	2005	100%		6,900	2000	Family Dollar		6,900	12/31/2009

FirstMerit Bank at Akron	OH	2005	100%		3,200	1996	FirstMerit Bank		3,200	12/31/2011

FirstMerit Bank at Cuyahoga Falls	OH	2006	100%		18,300	1973/2003	FirstMerit Bank		18,300	3/31/2010

Franklin Village Plaza	MA	2004	100%		301,741	1987/2005	Stop & Shop		75,000	4/30/2026
							Marshalls		26,890	1/31/2014

Gabriel Brothers Plaza	OH	2005	100%		83,740	1970’s/2004	Gabriel Brothers		57,193	5/31/2014

Gahanna Discount Drug Mart Plaza	OH	2006	100%		48,080	2003	Discount Drug Mart		24,592	3/31/2020

General Booth Plaza	VA	2005	100%		73,320	1985	Farm Fresh		53,758	1/31/2014

Gold Star Plaza	PA	2006	100%		71,729	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	5/31/2010
							Staples		24,060	5/31/2012

Groton Shopping Center	CT	2007	100%		117,986	1969	TJ Maxx		30,000	5/31/2011

Grove City Discount Drug Mart Plaza	OH	2007	100%		40,848	2005	Discount Drug Mart		24,596	3/31/2020

Halifax Plaza ^(b)	PA	2003	100%		54,150	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

Hilliard Discount Drug Mart Plaza	OH	2007	100%		40,988	2003	Discount Drug Mart		24,592	3/31/2020

Hills & Dales Discount Drug Mart Plaza	OH	2007	100%		33,553	1992-2007	Discount Drug Mart		23,608	3/31/2023

Hudson Discount Drug Mart Plaza	OH	2005	100%		32,259	2000	Discount Drug Mart		32,259	3/31/2017

Jordan Lane	CT	2005	100%		181,735	1969/1991	Stop & Shop		60,632	9/30/2010
							AJ Wright		39,280	3/31/2015
							Friendly Fitness		20,283	8/31/2014

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	2/11/2009

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	5/31/2009

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2008


				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

Kingston Plaza	NY	2006	100%		18,337	2006

LA Fitness Facility	PA	2002	100%		41,000	2003	LA Fitness		41,000	12/31/2018

Liberty Marketplace	PA	2005	100%		68,200	2003	Giant Foods		55,000	9/30/2023

Lodi Discount Drug Mart Plaza	OH	2005	100%		38,576	2003	Discount Drug Mart		24,596	3/31/2019

Long Reach Village	MD	2006	100%		104,880	1973/1998	Safeway		53,684	7/31/2018

Loyal Plaza ^(b)	PA	2002	100%		293,825	1969/2000	K-Mart		102,558	8/31/2011
							Giant Foods		66,935	10/31/2019
							Staples		20,555	11/30/2014

Mason Discount Drug Mart Plaza	OH	2008	100%		52,896	2005/2007	Discount Drug Mart		24,596	3/31/2021

McCormick Place	OH	2005	100%		46,000	1995	Sam Levin Furniture		46,000	11/30/2011

McDonalds / Waffle House at Medina	OH	2005	100%		6,000	2003

Mechanicsburg Giant	PA	2005	100%		51,500	2003	Giant Foods		51,500	8/31/2024

Newport Plaza ^(b)	PA	2003	100%		66,789	1996	Giant Foods		43,400	5/31/2021

Oak Ridge	VA	2006	100%		38,700	2000	Food Lion		33,000	5/31/2019

Oakhurst Plaza	PA	2006	100%		111,869	1980/2001	Giant Foods		62,320	1/31/2019

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	3/31/2010

Pickerington Discount Drug Mart Plaza	OH	2005	100%		47,810	2002	Discount Drug Mart		25,852	3/31/2018

Pine Grove Plaza	NJ	2003	100%		79,306	2001/2002	Peebles		24,963	1/31/2022

Polaris Discount Drug Mart Plaza	OH	2005	100%		50,283	2001	Discount Drug Mart		25,855	3/31/2017

Pondside Plaza	NY	2005	100%		19,340	2003

Port Richmond Village	PA	2001	100%		154,908	1988	Thriftway		40,000	10/31/2013
							Pep Boys		20,615	2/28/2009

Powell Discount Drug Mart Plaza	OH	2005	100%		49,772	2001	Discount Drug Mart		25,852	3/31/2018

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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2008


				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

River View Plaza I, II and III	PA	2003	100%		244,225	1991/1998	United Artists Theatre		77,700	12/31/2018
							Pep Boys		22,000	9/30/2014
							Avalon Carpet		25,000	1/31/2012

Shaw’s Plaza	MA	2006	100%		176,609	1968/1998	Shaw’s		60,748	2/28/2023
							Marshall's		25,752	1/31/2013

Shoppes at Salem Run	VA	2005	100%		15,100	2005

Shore Mall	NJ	2006	100%		602,263	1960/1980	Boscov’s		172,200	9/19/2018
							Burlington Coat Factory		144,000	4/30/2009
							Burlington Coat Factory		85,000	11/30/2009
							K&G		25,000	2/28/2017

Smithfield Plaza	VA	2005	100%		45,544	1988	Farm Fresh		45,544	1/31/2014

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
							Nat'l Wholesale Liquidators		30,000	1/31/2016
							Modell's		20,000	1/31/2018

St. James Square	MD	2005	100%		39,903	2000	Food Lion		33,000	11/14/2020

Stadium Plaza	MI	2005	100%		77,688	1960’s/2003	A&P		54,650	8/31/2022

Staples at Oswego	NY	2005	100%		23,884	2000	Staples		23,884	2/28/2015

Stop & Shop Plaza	CT	2008	100%		54,510	2006	Stop & Shop		54,510	11/30/2026

Suffolk Plaza	VA	2005	100%		67,216	1984	Farm Fresh		67,216	1/31/2014

Sunset Crossing	PA	2003	100%		74,142	2002	Giant Foods		54,332	6/30/2022

Swede Square	PA	2003	100%		98,792	1980/2004	LA Fitness		37,200	6/30/2016

The Brickyard	CT	2004	100%		274,553	1990	Sam’s Club		109,755	1/31/2010
							Home Depot		103,003	1/31/2010
							Syms		38,000	3/31/2010

The Commons	PA	2004	100%		175,121	2003	Elder Beerman		54,500	1/31/2017
							Shop ’n Save		52,654	10/7/2015

The Point	PA	2000	100%		250,697	1972/2001	Burlington Coat Factory		76,665	1/31/2011
							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	1/25/2010
							Office Max		22,645	10/1/2012
							Dunham Sports		21,300	1/31/2016

The Shops at Suffolk Downs	MA	2005	100%		85,829	2005	Stop & Shop		74,977	9/30/2025

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2008


				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

Timpany Plaza	MA	2007	100%		183,775	1970’s-1989	Stop & Shop		59,947	12/31/2009
							Big Lots		28,027	1/31/2011
							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	2/28/2010

Ukrop’s at Fredericksburg	VA	2005	100%		63,000	1997	Ukrop’s Supermarket		63,000	8/4/2017

Ukrop’s at Glen Allen	VA	2005	100%		43,000	2000	Ukrop’s Supermarket		43,000	2/15/2010

Valley Plaza	MD	2003	100%		190,939	1975/1994	K-Mart		95,810	9/30/2009
							Ollie’s Bargain Outlet		41,888	3/31/2011
							Tractor Supply		32,095	5/31/2010

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%		155,739	1972/2000	Wal-Mart		95,482	1/31/2020
							NAMCO		20,000	1/31/2011

Washington Center Shoppes	NJ	2001	100%		157,290	1979/1995	Acme Markets		66,046	12/2/2020

West Bridgewater Plaza	MA	2007	100%		133,039	1970/2007	Shaw’s		57,315	2/28/2027
							Big Lots		25,000	1/31/2014

Westlake Discount Drug Mart Plaza	OH	2005	100%		55,775	2005	BG Storage		31,295	1/31/2016
							Discount Drug Mart		24,480	3/31/2021

Yorktowne Plaza	MD	2007	100%		158,982	1970/2000	Food Lion		37,692	12/31/2020

Total Wholly-Owned Stabilized Properties					9,800,163

Properties Owned in Joint Venture: ^(c)
Homburg Joint Venture:
Aston Center	PA	2002	20%		55,000	2005	Giant Foods		55,000	11/30/2025

Ayr Town Center	PA	2002	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%		89,138	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%		108,584	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%		67,850	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

Total Consolidated Joint Ventures					833,380

Total Stabilized Properties					10,633,543

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 2008


				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

Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall ^(c)	PA	2005	75%		343,055	1988	Sears		64,264	10/24/2013
							Bon-Ton		45,000	10/31/2013
							JC Penney		34,076	10/31/2013

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

Fairview Commons	PA	2007	100%		59,578	1976/2003

Huntingdon Plaza	PA	2004	100%		147,197	1972 - 2003	Peebles		22,060	1/31/2018

Lake Raystown Plaza	PA	2004	100%		145,727	1995	Giant Foods		61,435	10/31/2026

Ontario Discount Drug Mart Plaza	OH	2005	100%		38,623	2002	Discount Drug Mart		25,475	3/31/2018

Shelby Discount Drug Mart Plaza	OH	2005	100%		36,596	2002	Discount Drug Mart		24,596	3/31/2019

Townfair Center	PA	2004	100%		203,531	2002	Lowe’s Home Centers		95,173	12/31/2015

Trexlertown Plaza	PA	2006	100%		241,381	1990/2005	Redner’s		47,900	10/31/2010
							Big Lots		33,824	1/31/2012
							Tractor Supply		22,670	10/31/2020
							Sears		22,500	10/31/2012


Total Non-Stabilized Properties					1,337,868


Total Portfolio ^(d)					11,971,411


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2008. Dunmore Shopping Center, East Chestnut, Fairview Commons, Ontario Discount Drug Mart Plaza and Shelby Discount Drug Mart Plaza are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		On March 18, 2008, the Company acquired the remaining minority interests in Fairview Plaza, Halifax Plaza, Loyal Plaza and Newport Plaza, all previously owned in joint venture.

(c)		On January 3, 2008, the Company entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall and adjacent land parcels.

(d)		In addition, the Company has a 76.3% interest (increased from 49% effective April 1, 2008) in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of September 30, 2008


													Gross
			Financial statement carrying values										leasable					Average
		Percent			Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State	owned	Land		improvements		cost		depreciation		value		("GLA")		occupied			leased sq. ft.

Wholly-Owned Stabilized Properties: ^(a)
Academy Plaza	PA	100%	$	2,406,000	$	10,687,000	$	13,093,000	$	1,909,000	$	11,184,000		151,977		82	%	$	12.41
Annie Land Plaza	VA	100%		809,000		3,856,000		4,665,000		315,000		4,350,000		42,500		97	%		9.19
Camp Hill	PA	100%		4,424,000		59,672,000		64,096,000		5,842,000		58,254,000		472,458		98	%		12.68
Carbondale Plaza	PA	100%		1,586,000		10,789,000		12,375,000		1,442,000		10,933,000		124,565		87	%		5.54
Carll’s Corner	NJ	100%		3,011,000		15,283,000		18,294,000		493,000		17,801,000		129,582		92	%		8.37
Carman’s Plaza	NY	100%		8,495,000		34,465,000		42,960,000		1,230,000		41,730,000		194,481		95	%		16.41
Carrollton Discount Drug Mart Plaza	OH	100%		713,000		3,339,000		4,052,000		426,000		3,626,000		40,480		100	%		8.04
Centerville Discount Drug Mart Plaza	OH	100%		1,219,000		5,445,000		6,664,000		573,000		6,091,000		49,287		93	%		11.13
Circle Plaza	PA	100%		562,000		2,885,000		3,447,000		94,000		3,353,000		92,171		100	%		2.74
Clyde Discount Drug Mart Plaza	OH	100%		673,000		3,223,000		3,896,000		356,000		3,540,000		34,592		100	%		9.60
Coliseum Marketplace	VA	100%		3,586,000		17,160,000		20,746,000		2,049,000		18,697,000		98,515		100	%		15.43
Columbus Crossing	PA	100%		4,579,000		19,249,000		23,828,000		2,726,000		21,102,000		142,166		97	%		15.93
CVS at Bradford	PA	100%		291,000		1,482,000		1,773,000		187,000		1,586,000		10,722		100	%		12.80
CVS at Celina	OH	100%		418,000		1,967,000		2,385,000		211,000		2,174,000		10,195		100	%		17.49
CVS at Erie	PA	100%		399,000		1,783,000		2,182,000		182,000		2,000,000		10,125		100	%		16.50
CVS at Kinderhook	NY	100%		2,500,000		1,106,000		3,606,000		35,000		3,571,000		13,225		100	%		20.70
CVS at Portage Trail	OH	100%		341,000		1,603,000		1,944,000		178,000		1,766,000		10,722		100	%		13.00
CVS at Westfield	NY	100%		339,000		1,558,000		1,897,000		154,000		1,743,000		10,125		100	%		15.74
Dover Discount Drug Mart Plaza	OH	100%		563,000		2,803,000		3,366,000		533,000		2,833,000		38,409		100	%		8.36
Elmhurst Square	VA	100%		1,371,000		6,228,000		7,599,000		487,000		7,112,000		66,250		95	%		8.35
Enon Discount Drug Mart Plaza	OH	100%		1,015,000		3,877,000		4,892,000		138,000		4,754,000		42,876		94	%		10.25
Fairfield Plaza	CT	100%		2,202,000		9,393,000		11,595,000		981,000		10,614,000		72,279		91	%		13.42
Fairview Plaza ^(b)	PA	100%		2,129,000		8,716,000		10,845,000		1,137,000		9,708,000		69,579		100	%		12.22
Family Dollar at Zanesville	OH	100%		81,000		570,000		651,000		206,000		445,000		6,900		100	%		8.70
FirstMerit Bank at Akron	OH	100%		168,000		736,000		904,000		88,000		816,000		3,200		100	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH	100%		264,000		1,304,000		1,568,000		104,000		1,464,000		18,300		100	%		6.03
Franklin Village Plaza	MA	100%		13,817,000		59,736,000		73,553,000		8,253,000		65,300,000		301,741		93	%		19.50
Gabriel Brothers Plaza	OH	100%		947,000		3,912,000		4,859,000		503,000		4,356,000		83,740		100	%		5.50
Gahanna Discount Drug Mart Plaza	OH	100%		1,738,000		6,765,000		8,503,000		554,000		7,949,000		48,080		91	%		15.06
General Booth Plaza	VA	100%		1,935,000		9,540,000		11,475,000		1,350,000		10,125,000		73,320		98	%		11.82
Gold Star Plaza	PA	100%		1,644,000		6,539,000		8,183,000		634,000		7,549,000		71,729		96	%		8.98
Golden Triangle	PA	100%		2,320,000		19,319,000		21,639,000		2,669,000		18,970,000		202,943		98	%		12.04
Groton Shopping Center	CT	100%		3,073,000		12,344,000		15,417,000		674,000		14,743,000		117,986		97	%		10.47
Grove City Discount Drug Mart Plaza	OH	100%		945,000		3,709,000		4,654,000		188,000		4,466,000		40,848		94	%		12.90
Halifax Plaza ^(b)	PA	100%		1,416,000		5,936,000		7,352,000		713,000		6,639,000		54,150		100	%		11.07
Hamburg Commons	PA	100%		1,153,000		9,792,000		10,945,000		981,000		9,964,000		99,580		100	%		6.44
Hannaford Plaza	MA	100%		1,874,000		8,644,000		10,518,000		672,000		9,846,000		102,459		92	%		7.59
Hilliard Discount Drug Mart Plaza	OH	100%		1,200,000		4,554,000		5,754,000		188,000		5,566,000		40,988		100	%		13.32
Hills & Dales Discount Drug Mart Plaza	OH	100%		786,000		2,967,000		3,753,000		100,000		3,653,000		33,553		100	%		10.06
Hudson Discount Drug Mart Plaza	OH	100%		770,000		3,593,000		4,363,000		399,000		3,964,000		32,259		100	%		10.71
Jordan Lane	CT	100%		4,291,000		21,349,000		25,640,000		2,181,000		23,459,000		181,735		98	%		9.65
Kempsville Crossing	VA	100%		2,207,000		11,128,000		13,335,000		1,589,000		11,746,000		94,477		99	%		10.90
Kenley Village	MD	100%		726,000		3,548,000		4,274,000		829,000		3,445,000		51,894		100	%		7.97
Kings Plaza	MA	100%		2,415,000		11,805,000		14,220,000		530,000		13,690,000		168,243		99	%		6.07
Kingston Plaza	NY	100%		2,891,000		2,345,000		5,236,000		112,000		5,124,000		18,337		100	%		26.76
LA Fitness Facility	PA	100%		2,462,000		5,176,000		7,638,000		634,000		7,004,000		41,000		100	%		18.09
Liberty Marketplace	PA	100%		2,695,000		12,820,000		15,515,000		1,291,000		14,224,000		68,200		89	%		17.45
Lodi Discount Drug Mart Plaza	OH	100%		704,000		3,455,000		4,159,000		491,000		3,668,000		38,576		88	%		8.83
Long Reach Village	MD	100%		1,721,000		8,678,000		10,399,000		806,000		9,593,000		104,880		91	%		10.76
Loyal Plaza ^(b)	PA	100%		4,511,000		22,260,000		26,771,000		3,315,000		23,456,000		293,825		100	%		7.78
Mason Discount Drug Mart Plaza	OH	100%		1,557,000		6,065,000		7,622,000		198,000		7,424,000		52,896		90	%		14.48
McCormick Place	OH	100%		847,000		4,056,000		4,903,000		634,000		4,269,000		46,000		100	%		8.50
McDonalds/Waffle House at Medina	OH	100%		737,000		132,000		869,000		26,000		843,000		6,000		100	%		12.45

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2008


													Gross
			Financial statement carrying values										leasable					Average
		Percent			Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State	owned	Land		improvements		cost		depreciation		value		(“GLA”)		occupied			leased sq. ft.

Mechanicsburg Giant	PA	100%		2,709,000		12,159,000		14,868,000		1,054,000		13,814,000		51,500		100	%		20.90
Newport Plaza ^(b)	PA	100%		1,722,000		8,069,000		9,791,000		840,000		8,951,000		66,789		100	%		10.90
Oak Ridge	VA	100%		960,000		4,272,000		5,232,000		264,000		4,968,000		38,700		100	%		10.31
Oakhurst Plaza	PA	100%		4,539,000		18,188,000		22,727,000		1,424,000		21,303,000		111,869		89	%		14.35
Oakland Commons	CT	100%		2,504,000		15,677,000		18,181,000		785,000		17,396,000		89,850		100	%		10.71
Oakland Mills	MD	100%		1,611,000		6,312,000		7,923,000		930,000		6,993,000		58,224		100	%		12.64
Palmyra Shopping Center	PA	100%		1,488,000		6,621,000		8,109,000		881,000		7,228,000		112,108		94	%		5.40
Pickerington Discount Drug Mart Plaza	OH	100%		1,305,000		5,961,000		7,266,000		708,000		6,558,000		47,810		100	%		12.25
Pine Grove Plaza	NJ	100%		1,622,000		6,507,000		8,129,000		900,000		7,229,000		79,306		100	%		9.98
Polaris Discount Drug Mart Plaza	OH	100%		1,242,000		5,844,000		7,086,000		900,000		6,186,000		50,283		90	%		12.04
Pondside Plaza	NY	100%		365,000		1,627,000		1,992,000		231,000		1,761,000		19,340		100	%		8.20
Port Richmond Village	PA	100%		2,942,000		12,389,000		15,331,000		2,182,000		13,149,000		154,908		91	%		12.99
Powell Discount Drug Mart Plaza	OH	100%		1,384,000		6,168,000		7,552,000		799,000		6,753,000		49,772		97	%		12.18
Price Chopper Plaza	MA	100%		3,849,000		18,489,000		22,338,000		537,000		21,801,000		101,824		88	%		10.93
Rite Aid at Massillon	OH	100%		442,000		2,014,000		2,456,000		203,000		2,253,000		10,125		100	%		17.91
River View Plaza I, II and III	PA	100%		9,718,000		44,029,000		53,747,000		6,160,000		47,587,000		244,225		90	%		17.79
Shaw’s Plaza	MA	100%		5,780,000		25,125,000		30,905,000		1,842,000		29,063,000		176,609		96	%		10.70
Shoppes at Salem Run	VA	100%		1,076,000		4,265,000		5,341,000		340,000		5,001,000		15,100		100	%		23.16
Shore Mall	NJ	100%		7,179,000		39,211,000		46,390,000		3,392,000		42,998,000		602,263		95	%		7.78
Smithfield Plaza	VA	100%		1,049,000		5,220,000		6,269,000		647,000		5,622,000		45,544		100	%		10.04
South Philadelphia	PA	100%		8,222,000		38,415,000		46,637,000		6,151,000		40,486,000		283,415		93	%		13.26
St. James Square	MD	100%		688,000		4,361,000		5,049,000		607,000		4,442,000		39,903		100	%		11.32
Stadium Plaza	MI	100%		2,443,000		9,779,000		12,222,000		904,000		11,318,000		77,688		100	%		15.28
Staples at Oswego	NY	100%		635,000		3,000,000		3,635,000		375,000		3,260,000		23,884		100	%		11.99
Stop & Shop Plaza	CT	100%		—		11,296,000		11,296,000		303,000		10,993,000		54,510		100	%		15.59
Suffolk Plaza	VA	100%		1,402,000		7,236,000		8,638,000		961,000		7,677,000		67,216		100	%		9.40
Sunset Crossing	PA	100%		2,150,000		9,121,000		11,271,000		1,242,000		10,029,000		74,142		92	%		14.73
Swede Square	PA	100%		2,273,000		9,864,000		12,137,000		1,832,000		10,305,000		98,792		100	%		13.73
The Brickyard	CT	100%		6,465,000		28,718,000		35,183,000		4,304,000		30,879,000		274,553		100	%		8.97
The Commons	PA	100%		3,098,000		14,076,000		17,174,000		2,459,000		14,715,000		175,121		84	%		9.58
The Point	PA	100%		2,996,000		21,950,000		24,946,000		4,554,000		20,392,000		250,697		92	%		11.05
The Point at Carlisle Plaza	PA	100%		2,233,000		11,290,000		13,523,000		1,603,000		11,920,000		182,859		89	%		6.86
The Shops at Suffolk Downs	MA	100%		3,564,000		11,428,000		14,992,000		1,049,000		13,943,000		85,829		100	%		11.76
Timpany Plaza	MA	100%		3,401,000		16,189,000		19,590,000		631,000		18,959,000		183,775		95	%		6.38
Trexler Mall	PA	100%		6,932,000		32,359,000		39,291,000		3,014,000		36,277,000		339,363		98	%		8.61
Ukrop’s at Fredericksburg	VA	100%		3,213,000		12,758,000		15,971,000		1,056,000		14,915,000		63,000		100	%		16.44
Ukrop’s at Glen Allen	VA	100%		6,769,000		213,000		6,982,000		142,000		6,840,000		43,000		100	%		9.01
Valley Plaza	MD	100%		1,950,000		8,170,000		10,120,000		1,074,000		9,046,000		190,939		97	%		4.52
Virginia Center Commons	VA	100%		992,000		3,863,000		4,855,000		409,000		4,446,000		9,763		100	%		31.83
Virginia Little Creek	VA	100%		1,639,000		8,350,000		9,989,000		1,020,000		8,969,000		69,620		100	%		10.52
Wal-Mart Center	CT	100%		—		11,848,000		11,848,000		1,508,000		10,340,000		155,739		98	%		6.36
Washington Center Shoppes	NJ	100%		2,061,000		10,175,000		12,236,000		1,882,000		10,354,000		157,290		80	%		8.64
West Bridgewater Plaza	MA	100%		2,767,000		14,596,000		17,363,000		534,000		16,829,000		133,039		91	%		9.30
Westlake Discount Drug Mart Plaza	OH	100%		1,004,000		3,905,000		4,909,000		313,000		4,596,000		55,775		100	%		7.28
Yorktowne Plaza	MD	100%		5,924,000		25,273,000		31,197,000		1,140,000		30,057,000		158,982		95	%		13.60

Total Wholly-Owned Stabilized Properties				231,833,000		1,075,726,000		1,307,559,000		116,676,000		1,190,883,000		9,800,163		95	%		10.89

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2008


																Gross
						Financial statement carrying values										leasable						Average
			Percent					Buildings and		Total		Accumulated		Net book		area			Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		(“GLA”)			occupied			leased sq. ft.
Properties Owned in Joint Venture:
Homburg Joint Venture:
Aston Center	PA			20	%		4,319,000		17,070,000		21,389,000		710,000		20,679,000		55,000			100	%		24.70
Ayr Town Center	PA			20	%		2,442,000		9,748,000		12,190,000		458,000		11,732,000		55,600			100	%		15.83
Fieldstone Marketplace	MA			20	%		5,229,000		21,428,000		26,657,000		2,206,000		24,451,000		193,970			100	%		11.01
Meadows Marketplace	PA			20	%		1,914,000		11,336,000		13,250,000		771,000		12,479,000		89,138			93	%		15.34
Parkway Plaza	PA			20	%		4,647,000		19,421,000		24,068,000		972,000		23,096,000		106,628			100	%		14.49
Pennsboro Commons	PA			20	%		3,608,000		14,296,000		17,904,000		1,558,000		16,346,000		108,584			95	%		13.87
Scott Town Center	PA			20	%		2,959,000		11,800,000		14,759,000		605,000		14,154,000		67,933			95	%		16.49
Spring Meadow Shopping Center	PA			20	%		4,112,000		16,429,000		20,541,000		718,000		19,823,000		67,850			100	%		19.90
Stonehedge Square	PA			20	%		2,698,000		11,633,000		14,331,000		945,000		13,386,000		88,677			94	%		11.25

Total Consolidated Joint Ventures							31,928,000		133,161,000		165,089,000		8,943,000		156,146,000		833,380			98	%		14.73

Total Stabilized Properties							263,761,000		1,208,887,000		1,472,648,000		125,619,000		1,347,029,000		10,633,543			96	%		11.20


Development/Redevelopment and Other Non-Stabilized Properties: ^(a)
Columbia Mall ^(c)	PA			75	%		2,855,000		16,932,000		19,787,000		1,718,000		18,069,000		343,055			64	%		6.96
Dunmore Shopping Center	PA			100	%		565,000		2,245,000		2,810,000		311,000		2,499,000		101,000			66	%		3.54
East Chestnut	PA			100	%		800,000		3,700,000		4,500,000		585,000		3,915,000		21,180			62	%		14.84
Fairview Commons	PA			100	%		858,000		3,472,000		4,330,000		329,000		4,001,000		59,578			77	%		5.04
Huntingdon Plaza	PA			100	%		933,000		5,380,000		6,313,000		565,000		5,748,000		147,197			53	%		6.55
Lake Raystown Plaza	PA			100	%		2,231,000		14,968,000		17,199,000		1,573,000		15,626,000		145,727			63	%		15.48
Ontario Discount Drug Mart Plaza	OH			100	%		809,000		3,664,000		4,473,000		443,000		4,030,000		38,623			79	%		8.32
Shelby Discount Drug Mart Plaza	OH			100	%		671,000		3,276,000		3,947,000		476,000		3,471,000		36,596			78	%		8.92
Townfair Center	PA			100	%		3,022,000		14,577,000		17,599,000		2,397,000		15,202,000		203,531			63	%		6.73
Trexlertown Plaza	PA			100	%		5,262,000		25,390,000		30,652,000		1,802,000		28,850,000		241,381			76	%		10.53

Total Non-Stabilized Properties							18,006,000		93,604,000		111,610,000		10,199,000		101,411,000		1,337,868			66	%		8.39


Total Operating Portfolio							281,767,000		1,302,491,000		1,584,258,000		135,818,000		1,448,440,000		11,971,411			92	%	$	10.97


Land Under/Held For Development:

Bergstrasse	PA			100	%		1,640,000		132,000		1,772,000		—		1,772,000		7.70	acres
Blue Mountain Commons	PA			100	%		14,065,000		10,482,000		24,547,000		—		24,547,000		34.00	acres
Northside Commons	PA			100	%		3,379,000		343,000		3,722,000		—		3,722,000		15.92	acres
Columbia Mall ^(c)	PA			75	%		1,465,000		358,000		1,823,000		—		1,823,000		46.21	acres
Crossroads II ^(d)	PA			60	%		17,671,000		3,351,000		21,022,000		—		21,022,000		18.23	acres
CVS at Naugatuck	CT			100	%		711,000		450,000		1,161,000		—		1,161,000		1.40	acres
Halifax Commons	PA			100	%		872,000		82,000		954,000		—		954,000		4.37	acres
Halifax Plaza	PA			100	%		1,503,000		1,115,000		2,618,000		—		2,618,000		12.83	acres
Heritage Crossing ^(e)	PA			60	%		—		1,000		1,000		—		1,000		—	acres
Liberty Marketplace	PA			100	%		1,564,000		11,000		1,575,000		—		1,575,000		15.51	acres
Pine Grove Plaza	NJ			100	%		388,000		33,000		421,000		—		421,000		2.66	acres
Shore Mall	NJ			100	%		2,018,000		25,000		2,043,000		—		2,043,000		50.00	acres
The Brickyard	CT			100	%		1,171,000		75,000		1,246,000		—		1,246,000		1.95	acres
The Shops at Suffolk Downs	MA			100	%		4,016,000		874,000		4,890,000		—		4,890,000		6.51	acres
Trexlertown Plaza	PA			100	%		8,089,000		1,972,000		10,061,000		—		10,061,000		37.28	acres
Trindle Spring	PA			100	%		1,148,000		229,000		1,377,000		—		1,377,000		2.10	acres
Upland Square ^(f)	PA			60	%		27,456,000		16,698,000		44,154,000		—		44,154,000		112.85	acres
Wyoming	MI			100	%		550,000		—		550,000		—		550,000		12.32	acres
Various projects in progress		N/A		100	%		—		767,000		767,000		7,000		760,000		—	acres


Total Land Held For Development							87,706,000		36,998,000		124,704,000		7,000		124,697,000		381.82	acres


Total Carrying Value						$	369,473,000	$	1,339,489,000	$	1,708,962,000	$	135,825,000	$	1,573,137,000


Unconsolidated Joint Venture ^(g)														$	4,902,000

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2008

Notes:


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of September 30, 2008. Dunmore Shopping Center, East Chestnut, Fairview Commons, Ontario Discount Drug Mart Plaza and Shelby Discount Drug Mart Plaza are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.

(b)		On March 18, 2008, the Company acquired the remaining minority interests in Fairview Plaza, Halifax Plaza, Loyal Plaza and Newport Plaza, all previously owned in joint venture.

(c)		On January 3, 2008, the Company entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall and adjacent land parcels.

(d)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 137,000 sq. ft. shopping center in Stroudsburg, PA., and is to receive a preferred rate of return on its investment, if earned.

(e)		The Company has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of an estimated 54,000 sq. ft. shopping center in Limerick, PA., and is to receive a preferred rate of return on its investment, if earned.

(f)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 700,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment, if earned.

(g)		The Company has a 76.3% interest (increased from 49% effective April 1, 2008) in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

CEDAR SHOPPING CENTERS, INC.
Development Pipeline Status (a)
As of September 30, 2008
(Dollars in millions)


							Cash
		Owner-			Est. Total		Invest-		Balance		Est. Delivery															Est. NOI
		ship			Project		ment		To Comp-		Dates		Land Area		GLA		Leasing Status									At 100%
Property	Location	%			Cost		To Date		letion		Anchor(s)	Balance	Acres		Sq. Ft.		% Signed			% LOI			Principal Tenants	Sq. Ft.		Occupancy		Est. Yield (b)			Discussion

Operating Properties Under Redevelopment:
Carbondale Plaza	Carbondale, PA		100	%	$	10.1	$	7.9	$	2.2	1st half '09	1st half '09		14.8		131,000		88	%		12	%	Weis Markets		53,000	$	1.4		13.6% - 14.1	%	Construction of new CVS store (formerly in-line); development of outparcel
																							CVS		13,200
Halifax Plaza (Expansion)	Halifax, PA		100	%		11.9		2.6		9.3	2nd half '09	1st half '10		13.5		87,000		17	%		63	%	Supermarket		55,000		1.1		8.6% - 9.1	%	This represents only costs of land purchase for ground-up development of new supermarket, ancillary in-line retail and outparcels adjacent to existing center and moving drug store to new off-premises site. It does not include cost of back-filling the original supermarket.
Huntingdon Plaza	Huntingdon, PA		100	%		8.1		6.3		1.7	2nd half '09	1st half '10		16.7		147,000		47	%		0	%	Peebles		22,000		0.7		8.8% - 9.3	%	Backfilling former Ames and Bi-Lo stores; new outparcel
																							VixMax Holdings		8,000
																							dba Sears Dealer
Lake Raystown Plaza	Huntingdon, PA		100	%		20.9		16.1		4.8	2nd half '09	1st half '10		15.5		146,000		63	%		0	%	Giant Food Stores		62,000		1.8		8.4% - 8.9	%	This represents total of land acquisition for ground-up development of new supermarket (completed in 2nd half '06); purchase cost of original center; backfilling former store and construction of additional retail; and potential lodging development/sale and outparcels.
Newport Plaza	Newport, PA		100	%		8.4		6.8		1.6	1st half '09	2nd half '09		16.4		83,000		77	%		18	%	Giant Food Stores		54,000		0.9		10.5% - 11.0	%	Ground-up expansion of existing supermarket by 25,000 sq. ft. ancillary in-line retail and outparcel. This includes purchase price of the original center.
The Shops at Suffolk Downs	Revere, MA		100	%		9.0		4.9		4.1	1st half '09	2nd half '09		6.5		34,000		19	%		34	%	Dollar Tree Famous Footwear Game Stop		9,500 6,500 2,000		0.5		5.0% - 5.5	%	This represents costs only for completing construction of in-line store next to new Stop & Shop (owned) and Target (non-owned) and ground-up development of new separate multi-tenant 36,000 sq.ft. retail building. It does not include purchase price for the Stop & Shop premises.
Total Operating

Properties — Redevelopment						68.3		44.7		23.6				83.3		628,000		58	%(c)		15	%(c)			285,200		6.4		9.7% (c) 10.2%	(c)

*Ground-Up Development Properties:*
Blue Mountain Commons	Harrisburg, PA		100	%		38.1		24.5		13.6	1st half '09	1st half '10		34.0		130,000		80	%		15	%	Giant Food Stores PNC Bank		97,700 3,400		3.1		8.5% - 9.0	%	Ground-up development of new large prototype supermarket, bank and food service outparcels and fuel service facility; development/sale/ground lease of back 12 acres.
Northside Commons	Cambelltown, PA		100	%		12.9		3.7		9.1	2nd half '09	1st half '10		15.9		82,000		59	%		17	%	Redner's		48,000		0.8		5.9% - 6.4	%	Ground-up development of new supermarket ancillary in-line retail and outparcel(s).
Halifax Commons	Halifax, PA		100	%		4.6		1.0		3.6	1st half '09	2nd half '09		4.4		23,000		63	%		9	%	Rite-Aid		15,000		0.4		9.0% - 9.5	%	Development of new small multi-tenant property anchored by drug store moved from Halifax Plaza.
CVS at Naugatuck	Naugatuck, CT		100	%		2.6		1.2		1.4	2nd half '08	1st half '09		1.4		13,000		100	%		0	%	CVS		13,224		0.3		12.5% - 13.0	%	Ground-up development of new CVS free-standing store.
Crossroads II	Stroudsburg, PA		60	%		36.9		21.0		15.9	1st half '10	2nd half '10		18.2		133,000		62	%		12	%	Giant Food Stores		76,000		2.9		7.6% - 8.1	%	Ground-up joint venture development of new supermarket, in-line retail and outparcel(s).
Heritage Crossing	Limerick, PA		60	%		14.5		0.2		14.3	1st half '09	2nd half '09		14.2		53,553		28	%		30	%	Walgreens		14,820		1.3		8.7% 9.2	%	Ground-up joint venture development.
Upland Square	Pottstown, PA		60	%		98.1		44.5		53.6	2nd half '09	1st half '10		112.9		686,000		53	%		22	%	Target		135,000		8.1		8.1% - 8.6	%	Ground-up joint venture development of "big box" center. Target store owned by Target.
																							Giant Food Stores		76,000
																							LA Fitness		45,000
																							Best Buy		30,000
																							Bed Bath & Beyond		25,000
																							Staples		18,000
																							PetCo		14,000

Total Ground-Up Development Properties						207.7		96.1		111.6				201.0		1,120,553		57	%(c)		19	%(c)			611,144		16.8		7.9% (c) 8.4%	(c)

Total Redevelopment & Ground-Up					$	276.0	$	140.8	$	135.2				284.3		1,748,553		57	%(c)		18	%(c)			896,344	$	23.2


(a)		The above chart does not include certain development properties previously listed on the Company’s website/PowerPoint, including, without limitation, the Shore Mall property (Egg Harbor Township, NJ), Trexlertown Plaza (Magungie Townships, PA), Faxon Lumber Site (Williamsport, PA) and Trindle Plaza (Carlisle, PA). While development of these properties is being actively pursued, the plans for these properties are not yet sufficiently determined for status reporting purposes.

(b)		Estimated Yield is the estimated initial NOI on a cash basis at full occupancy divided by the estimated total project cost. Estimated cash NOI, constituting a forward-looking measure, does not include certain GAAP (non-cash) revenue measures, such as straight-line rents and amortization of intangible lease liabilities, the amounts of which are not determinable in the absence of executed leases with tenants in-place and paying rent. Management believes such measures would be generally immaterial.

(c)		Weighted average.

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of September 30, 2008


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30		Dec 31		Int.			Sep 30		Dec 31
Property	Owned			Date	rate			2008		2007		rate			2008		2007
Fixed-rate mortgages:
Academy Plaza		100.0	%	Mar 2013		7.3	%		9,627,000	$	9,770,000		7.3	%		9,627,000	$	9,770,000
Aston Center		20.0	%	Nov 2015		5.5	%		13,090,000		13,252,000		5.9	%		12,787,000		12,915,000
Ayr Town Center		20.0	%	Jun 2015		5.5	%		7,380,000		7,467,000		5.6	%		7,322,000		7,402,000
Camp Hill Shopping Center		100.0	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carbondale ^(a)		100.0	%	Oct 2016		6.1	%		—		5,328,000		6.1	%		—		5,328,000
Carll’s Corner		100.0	%	Nov 2012		5.6	%		6,052,000		6,132,000		5.6	%		6,052,000		6,132,000
Carman’s Plaza		100.0	%	Oct 2016		6.3	%		33,316,000		33,299,000		6.2	%		33,500,000		33,500,000
Carrollton Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		2,386,000		2,410,000		5.6	%		2,386,000		2,410,000
Centerville Discount Drug Mart		100.0	%	May 2015		5.2	%		2,856,000		2,890,000		5.2	%		2,856,000		2,890,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		1,981,000		2,005,000		5.2	%		1,981,000		2,005,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,540,000		12,718,000		6.1	%		11,992,000		12,095,000
Crossroads II		60.0	%	Dec 2008		7.1	%		4,316,000		—		7.1	%		4,316,000		—
Crossroads II		60.0	%	Dec 2008		8.5	%		1,000,000		—		8.5	%		1,000,000		—
Crossroads II		60.0	%	Dec 2008		5.0	%		425,000		—		5.0	%		425,000		—
CVS at Bradford		100.0	%	Mar 2017		5.2	%		883,000		944,000		7.1	%		821,000		872,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,550,000		1,616,000		7.5	%		1,386,000		1,433,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,235,000		1,304,000		7.1	%		1,136,000		1,191,000
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		954,000		1,018,000		7.8	%		859,000		908,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,167,000		2,193,000		5.2	%		2,167,000		2,193,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,114,000		2,186,000		7.4	%		1,863,000		1,910,000
Elmhurst Square Shopping Center		100.0	%	Dec 2014		5.4	%		4,132,000		4,181,000		5.4	%		4,132,000		4,181,000
Fairfield Plaza		100.0	%	Jul 2015		5.0	%		5,219,000		5,283,000		5.0	%		5,219,000		5,283,000
Fairview Plaza ^(b)		100.0	%	Feb 2013		5.7	%		5,608,000		5,680,000		5.7	%		5,608,000		5,680,000
Fieldstone Marketplace		20.0	%	Jul 2014		5.4	%		19,084,000		19,333,000		6.0	%		18,522,000		18,693,000
Franklin Village Plaza		100.0	%	Nov 2011		4.8	%		43,500,000		43,500,000		4.8	%		43,500,000		43,500,000
Gabriel Brothers Plaza		100.0	%	Dec 2016		5.6	%		3,130,000		3,160,000		5.6	%		3,130,000		3,160,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,085,000		5,133,000		5.8	%		5,085,000		5,133,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,571,000		5,663,000		6.1	%		5,362,000		5,421,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,651,000		2,783,000		7.3	%		2,504,000		2,617,000
Golden Triangle ^(c)		100.0	%	Apr 2008		6.0	%		—		8,878,000		7.4	%		—		8,841,000
Golden Triangle ^(c)		100.0	%	Feb 2018		6.0	%		21,346,000		—		6.0	%		21,346,000		—
Groton Shopping Center		100.0	%	Oct 2015		6.2	%		11,719,000		11,665,000		5.3	%		12,200,000		12,200,000
Halifax Plaza ^(b)		100.0	%	Feb 2010		6.8	%		3,763,000		3,830,000		6.8	%		3,763,000		3,830,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,272,000		5,324,000		6.1	%		5,272,000		5,324,000
Hudson Discount Drug Mart Plaza		100.0	%	Dec 2016		5.7	%		2,520,000		2,544,000		5.7	%		2,520,000		2,544,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,339,000		13,483,000		5.5	%		13,339,000		13,483,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,313,000		6,422,000		6.1	%		6,077,000		6,148,000
King’s Plaza		100.0	%	Jul 2014		6.0	%		7,965,000		8,051,000		6.0	%		7,965,000		8,051,000
LA Fitness Facility ^(c)		100.0	%	Jan 2013		5.4	%		5,936,000		—		5.4	%		5,936,000		—
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		9,686,000		9,865,000		6.1	%		9,270,000		9,391,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,414,000		2,443,000		5.2	%		2,414,000		2,443,000
Long Reach Village		100.0	%	Mar 2014		5.7	%		4,792,000		4,848,000		5.7	%		4,792,000		4,848,000
Loyal Plaza ^(b)		100.0	%	Jun 2011		7.2	%		12,878,000		13,021,000		7.2	%		12,878,000		13,021,000
McCormick Place		100.0	%	Aug 2017		6.1	%		2,661,000		2,683,000		6.1	%		2,661,000		2,683,000
Meadows Marketplace		20.0	%	Nov 2016		5.6	%		10,522,000		10,627,000		5.6	%		10,522,000		10,627,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		10,011,000		10,205,000		5.5	%		9,838,000		10,009,000
Newport Plaza ^(b)		100.0	%	Feb 2010		6.8	%		4,827,000		4,909,000		6.8	%		4,828,000		4,909,000
Oak Ridge Shopping Center		100.0	%	May 2015		5.5	%		3,520,000		3,554,000		5.5	%		3,520,000		3,554,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		5,015,000		5,069,000		5.5	%		5,015,000		5,069,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,229,000		2,255,000		5.2	%		2,229,000		2,255,000
Parkway Plaza		20.0	%	May 2017		5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20.0	%	Mar 2016		5.5	%		11,162,000		11,280,000		5.5	%		11,162,000		11,280,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2008


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30		Dec 31		Int.			Sep 30		Dec 31
Property	Owned			Date	rate			2008		2007		rate			2008		2007

Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,242,000		4,294,000		5.0	%		4,242,000		4,294,000
Pine Grove Plaza		100.0	%	Sep 2015		5.0	%		5,925,000		5,997,000		5.0	%		5,925,000		5,997,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,548,000		4,602,000		5.2	%		4,548,000		4,602,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,180,000		1,193,000		5.6	%		1,180,000		1,193,000
Port Richmond Village ^(d)		100.0	%	Apr 2008		7.2	%		—		10,584,000		7.2	%		—		10,584,000
Port Richmond Village ^(d)		100.0	%	Aug 2013		6.5	%		14,981,000		—		6.5	%		14,981,000		—
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,358,000		4,409,000		5.2	%		4,358,000		4,409,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,556,000		1,624,000		7.7	%		1,368,000		1,414,000
Scott Town Center		20.0	%	Aug 2015		5.5	%		8,820,000		8,903,000		4.9	%		9,063,000		9,174,000
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		13,969,000		13,937,000		5.6	%		14,200,000		14,200,000
Shelby Discount Drug Mart Plaza		100.0	%	May 2015		5.2	%		2,229,000		2,255,000		5.2	%		2,229,000		2,255,000
Shore Mall ^(e)		100.0	%	Aug 2008		5.8	%		—		30,083,000		7.0	%		—		29,835,000
Shore Mall		100.0	%	Jan 2009		5.7	%		1,656,000		1,987,000		0.0	%		1,681,000		2,093,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,562,000		3,617,000		6.1	%		3,428,000		3,461,000
Spring Meadow Shoppping Center		20.0	%	Nov 2014		5.5	%		13,004,000		13,176,000		5.9	%		12,742,000		12,881,000
Staples at Oswego		100.0	%	May 2015		5.3	%		2,293,000		2,320,000		5.3	%		2,293,000		2,320,000
Stonehedge Square		20.0	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000
Stop & Shop Plaza		100.0	%	Apr 2017		6.2	%		7,000,000		—		6.2	%		7,000,000		—
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,773,000		4,862,000		6.1	%		4,595,000		4,655,000
The Point		100.0	%	Sep 2012		7.6	%		17,862,000		18,175,000		7.6	%		17,862,000		18,175,000
Timpany Plaza		100.0	%	Jan 2014		5.6	%		8,599,000		8,725,000		6.1	%		8,379,000		8,472,000
Townfair Center ^(f)		100.0	%	Mar 2008		6.0	%		—		9,384,000		7.0	%		—		9,373,000
Trexler Mall		100.0	%	May 2014		5.4	%		22,040,000		22,328,000		5.5	%		21,868,000		22,132,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		5,055,000		5,141,000		6.1	%		4,866,000		4,921,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		478,000		497,000		8.0	%		410,000		422,000
Wal-Mart Center		100.0	%	Nov 2015		5.1	%		5,920,000		5,991,000		5.1	%		5,920,000		5,991,000
Washington Center Shoppes		100.0	%	Dec 2012		5.9	%		8,719,000		8,800,000		5.9	%		8,719,000		8,800,000
West Bridgewater		100.0	%	Sep 2016		6.5	%		10,898,000		10,888,000		6.2	%		11,000,000		11,000,000
Westlake Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		3,272,000		3,304,000		5.6	%		3,272,000		3,304,000
Yorktowne Plaza		100.0	%	Jul 2014		6.1	%		20,818,000		21,040,000		6.0	%		20,850,000		21,076,000


Total fixed-rate mortgages				6.3 years		5.7	%		641,499,000		656,320,000		5.8	%	$	638,064,000	$	652,165,000

				[weighted average]								[weighted average]
Variable-rate mortgages:
Crossroads II		60.0	%	Dec 2008		4.6	%		321,000		—
Crossroads II		60.0	%	Dec 2008		4.6	%		2,738,000		—
Shore Mall ^(e)		100.0	%	Sep 2011		5.9	%		21,000,000		—
Upland Square		60.0	%	Sep 2011		5.0	%		17,303,000		—
LA Fitness Facility ^(c)		100.0	%						—		4,754,000


Total variable-rate mortgages				2.7 years		5.4	%		41,362,000		4,754,000

				[weighted average]


Total mortgages				6.1 years		5.7	%		682,861,000		661,074,000

				[weighted average]

Secured revolving credit facilties:
Stabilized property facility ^(g)				Jan 2009		3.9	%		230,690,000		190,440,000
Development property facility ^(g)				Jun 2011		4.7	%		44,000,000		—


		100.0	%	0.7 years		4.1	%		274,690,000		190,440,000

				[weighted average]


Total debt				4.5 years		5.2	%	$	957,551,000	$	851,514,000

				[weighted average]
Pro rata share of total debt								$	862,261,000	$	746,024,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2008


Maturity					Secured
schedule	Scheduled		Balloon		revolving
by year	amortization		payments		credit facilities^(g)		Total

2008	$	2,122,000	$	8,800,000			$	10,922,000
2009		8,329,000		1,542,000	$	230,690,000		240,561,000
2010		8,750,000		8,324,000				17,074,000
2011		9,106,000		94,089,000		44,000,000		147,195,000
2012		10,114,000		29,638,000				39,752,000
2013		9,363,000		54,945,000				64,308,000
2014		7,622,000		130,489,000				138,111,000
2015		5,412,000		92,331,000				97,743,000
2016		3,792,000		85,188,000				88,980,000
2017		1,725,000		90,612,000				92,337,000
2018		921,000		18,972,000				19,893,000
2019		548,000		—				548,000
2020		73,000		—				73,000
2021		37,000		17,000				54,000


	$	67,914,000	$	614,947,000	$	274,690,000	$	957,551,000


(a)		Repaid in September 2008.

(b)		On March 18, 2008, the Company acquired the remaining minority interests in Fairview Plaza, Halifax Plaza, Loyal Plaza and Newport Plaza, all previously owned in joint venture.

(c)		Refinanced in January 2008.

(d)		Repaid in April 2008; refinanced in July 2008.

(e)		Refinanced in August 2008.

(f)		Repaid in March 2008.

(g)		The Company has the option to extend each of the facilities for one year beyond their respective scheduled maturity dates.

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Balance Sheet Information


				As of September 30, 2008
						Mortgage			Other assets/
	Partners'			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total

Homburg		80	%	$	156,145,335	$	(106,062,518	)	$	6,419,345		$	53,301,842		$	3,200,320	$	56,502,162
WP Realty (c )		25	%		19,892,499		—			(1,056,987	)		4,205,948			14,629,564		18,835,512
Fameco I (d)		40	%		44,153,571		(17,303,031	)		1,682,203			1,048,000			27,484,743		28,532,743
Fameco II (e)		40	%		21,021,646		(8,800,418	)		(2,462,034	)		244,499			9,514,695		9,759,194
Hirshland (f)		40	%		1,085		—			200,000			(8,556	)		209,641		201,085


				$	241,214,136	$	(132,165,967	)	$	4,782,527		$	58,791,733		$	55,038,963	$	113,830,696


				As of June 30, 2008
						Mortgage			Other assets/
	Partners'			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total

Homburg		80	%	$	157,223,806	$	(106,387,913	)	$	4,990,722		$	52,946,428		$	2,880,187	$	55,826,615
WP Realty (c )		25	%		19,967,887		—			(1,474,302	)		4,149,674			14,343,911		18,493,585
Fameco I (d)		40	%		35,345,662		(13,908,207	)		22,101			1,048,000			20,411,556		21,459,556
Fameco II (e)		40	%		20,313,003		(8,718,400	)		(1,744,352	)		543,389			9,306,862		9,850,251


				$	232,850,358	$	(129,014,520	)	$	1,794,169		$	58,687,491		$	46,942,516	$	105,630,007


				As of March 31, 2008
						Mortgage			Other assets/
	Partners'			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total

Homburg		80	%	$	158,265,086	$	(106,708,897	)	$	3,789,663		$	52,543,040		$	2,802,812	$	55,345,852
WP Realty (c )		25	%		19,939,889		—			(1,741,210	)		4,078,277			14,120,402		18,198,679
Fameco I (d)		40	%		30,990,857		(13,600,458	)		2,001			1,048,000			16,344,400		17,392,400


				$	209,195,832	$	(120,309,355	)	$	2,050,454		$	57,669,317		$	33,267,614	$	90,936,931


				As of December 31, 2007
						Mortgage			Other assets/
	Partners'			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total

Homburg		80	%	$	159,284,980	$	(107,038,752	)	$	3,456,488		$	52,169,276		$	3,533,440	$	55,702,716
Kimco (g)		70% - 75	%		38,229,678		(27,439,112	)		1,761,633			9,184,536			3,367,663		12,552,199
Fameco I (d)		40	%		5,158,480		—			(91,759	)		1,048,000			4,018,721		5,066,721


				$	202,673,138	$	(134,477,864	)	$	5,126,362		$	62,401,812		$	10,919,824	$	73,321,636


				As of September 30, 2007
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total

Kimco (g)		70% - 75	%	$	38,463,174	$	(27,560,316	)	$	1,737,453		$	9,273,154		$	3,367,157	$	12,640,311
Fameco I (d)		40	%		4,570,949		—			(241,054	)		1,048,000			3,281,895		4,329,895


				$	43,034,123	$	(27,560,316	)	$	1,496,399		$	10,321,154		$	6,649,052	$	16,970,206

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Income Statement Information


				Three months ended September 30, 2008
				Property-level operations																	Share of property net income (a)
	Partners'					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income		Regular			Preference		Cedar (b)

Homburg		80	%	$	3,936,380	$	712,011	$	112,530	$	1,142,039	$	1,969,800	$	1,525,530		$	444,270	$	355,416		$	—	$	88,854
WP Realty (c )		25	%		754,175		383,033		—		169,546		201,596		(23,498	)		225,094		56,274			—		168,821
Fameco I (d)		40	%		—		—		—		—		—		—			—		—			—		—
Fameco II (e)		40	%		—		—		—		—		—		—			—		—			—		—
Hirshland (f)		40	%		—		—		—		—		—		—			—		—			—		—

				$	4,690,555	$	1,095,044	$	112,530	$	1,311,585	$	2,171,396	$	1,502,032		$	669,364	$	411,690		$	—	$	257,675


				Three months ended June 30, 2008
				Property-level operations																	Share of property net income (a)
	Partners'					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income		Regular			Preference		Cedar (b)

Homburg		80	%	$	3,904,638	$	658,110	$	98,176	$	1,130,663	$	2,017,689	$	1,512,825		$	504,864	$	403,891		$	—	$	100,973
WP Realty (c )		25	%		724,064		380,494		—		124,960		218,610		(92,250	)		310,860		77,715			—		233,145
Fameco I (d)		40	%		—		—		—		—		—		—			—		—			—		—
Fameco II (e)		40	%		—		—		—		—		—		—			—		—			—		—

				$	4,628,702	$	1,038,604	$	98,176	$	1,255,623	$	2,236,299	$	1,420,575		$	815,724	$	481,606		$	—	$	334,118


				Three months ended March 31, 2008
				Property-level operations																	Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income		Regular			Preference		Cedar (b)

Homburg		80	%	$	4,055,880	$	812,059	$	109,634	$	1,146,300	$	1,987,887	$	1,516,072		$	471,815	$	377,452		$	—	$	94,363
WP Realty (c )		25	%		758,175		381,997		—		166,393		209,785		(116,732	)		326,517		81,629			—		244,888
Kimco (g)		70% - 75	%		1,195,802		260,353		31,272		230,476		673,701		388,956			284,745		242,662			4,488		37,595
Fameco I (d)		40	%		—		—		—		—		—		—			—		—			—		—

				$	6,009,857	$	1,454,409	$	140,906	$	1,543,169	$	2,871,373	$	1,788,296		$	1,083,077	$	701,743		$	4,488	$	376,846


				Three months ended December 31, 2007
				Property-level operations																	Share of property net income (a)
	Partners'					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income		Regular			Preference		Cedar (b)

Homburg		80	%	$	1,136,057	$	220,002	$	33,813	$	319,459	$	562,783	$	438,125		$	124,658	$	99,726		$	—	$	24,932
Kimco (g)		70% - 75	%		1,438,120		316,804		49,111		258,435		813,770		479,889			333,881		240,654			46,395		46,832
Fameco I (d)		40	%		—		—		—		—		—		—			—		—			—		—

				$	2,574,177	$	536,806	$	82,924	$	577,894	$	1,376,553	$	918,014		$	458,539	$	340,380		$	46,395	$	71,764


				Three months ended September 30, 2007
				Property-level operations																	Share of property net income (a)
	Partners'					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income		Regular			Preference		Cedar (b)

Kimco (g)		70% - 75	%	$	1,419,661	$	255,960	$	38,620	$	256,827	$	868,254	$	484,819		$	383,435	$	277,111		$	56,089	$	50,235
Fameco I (d)		40	%		—		—		—		—		—		—			—		—			—		—

				$	1,419,661	$	255,960	$	38,620	$	256,827	$	868,254	$	484,819		$	383,435	$	277,111		$	56,089	$	50,235

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

FFO Allocation


				Three months ended September 30, 2008
	Partners'			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total

Homburg		80	%	$	1,269,047	$	317,262	$	1,586,309
WP Realty (c )		25	%	$	98,660		295,980	$	394,640
Fameco I (d)		40	%		—		—		—
Fameco II (e)		40	%		—		—		—
Hirshland (f)		40	%		—		—		—

				$	1,367,707	$	613,242	$	1,980,949


				Three months ended June 30, 2008
	Partners'			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total

Homburg		80	%	$	1,308,422	$	327,105	$	1,635,527
WP Realty (c )		25	%	$	108,955		326,865	$	435,820
Fameco I (d)		40	%		—		—		—
Fameco II (e)		40	%		—		—		—

				$	1,417,377	$	653,970	$	2,071,347


				Three months ended March 31, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total

Homburg		80	%	$	1,294,491	$	323,623	$	1,618,114
WP Realty (c )		25	%	$	123,228		369,682	$	492,910
Kimco (g)		70% - 75	%		363,138		245,759		608,897
Fameco I (d)		40	%		—		—		—

				$	1,780,857	$	939,064	$	2,719,921


				Three months ended December 31, 2007
	Partners'			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total

Homburg		80	%	$	355,293	$	88,824	$	444,117
Kimco (g)		70% - 75	%		417,884		174,431		592,315
Fameco I (d)		40	%		—		—		—

				$	773,177	$	263,255	$	1,036,432


				Three months ended September 30, 2007
	Partners'			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total

Kimco (g)		70% - 75	%	$	448,782	$	191,480	$	640,262
Fameco I (d)		40	%		—		—		—

				$	448,782	$	191,480	$	640,262

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

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 (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners. Equity also includes net receivable/payable balances on open account between joint venture and wholly-owned entities.

(b)		Includes limited partners’ share. Cedar’s equity in the Homburg joint venture includes the excess of the jont venture partner’s contribution over the underlying net book value of the properties owned prior to their contribution to the joint venture in December 2007.

(c)		On January 3, 2008, Cedar entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall property and adjacent land parcels.

(d)		Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 700,000 sq. ft. shopping center (Upland Square) in Pottsgrove, PA, and is to receive a preferred rate of return on its investment, if earned.

(e)		Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 137,000 sq. ft. shopping center (Crossroads II) in Stroudsburg, 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 acquisition, construction and development of an estimated 54,000 sq. ft. shopping center (Heritage Crossing) in Limerick, PA and is to receive a preferred rate of return on its investment, if earned.

(g)		On March 18, 2008, Cedar acquired Kimco’s minority interests in the joint venture properties (Fairview Plaza, Halifax Plaza, Loyal Plaza and Newport Plaza). The amounts shown are for the periods prior to their becoming wholly-owned properties.

(h)		Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.


Disclosures			3-4
Summary Financial Data			5-6
Consolidated Balance Sheets			7
Consolidated Net Operating Income			8
Funds From Operations (“FFO”) and Other Financial Information			9
Consolidated Statements of Cash Flows			10
Same Property Analysis			11
Leasing Activity and Occupancy Statistics			12
Tenant and State Concentration			13
Lease Expirations			14
Properties:
Description			15-20
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft			21-24
Status of Development Projects			25
Debt Summary			26-28
Consolidated Joint Venture Properties			29-32