8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of Earliest Event Reported): March 6, 2007

Cedar Shopping Centers, Inc.

(Exact name of registrant as specified in its charter)

Maryland (State or other jurisdiction of incorporation)	001-31817 (Commission File No.)	42-1241468 (IRS Employer Identification No.)
44 South Bayles Avenue Port Washington, NY (Address of principal executive offices)		11050-3765 (Zip Code)

(516) 767-6492
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

TABLE OF CONTENTS

	Items 2.02 and 7.01. Results of Operations and Financial Condition, and Regulation FD.
	Item 9.01. Financial Statements and Exhibits.
SIGNATURES
Press Release
Supplemental Financial Information

Items 2.02 and 7.01. Results of Operations and Financial Condition, and Regulation FD.

     The information in this Current Report on Form 8-K is furnished under Item 2.02 — “Results of Operations and Financial Condition” and Item 7.01 — “Regulation FD Disclosure”. This information, including the exhibits attached hereto, shall not be deemed “filed” for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act regardless of any general incorporation language in such filing.

     On March 6, 2007, Cedar Shopping Centers, Inc. (the “Company”) issued a press release announcing its comparative financial results for the year ended December 31, 2006. That press release also referred to certain supplemental financial information that is available on the Company’s website. The text of the press release and the supplemental financial information are attached hereto as Exhibits 99.1 and 99.2, respectively.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

99.1	Press release dated March 6, 2007.
99.2	Cedar Shopping Centers, Inc. Supplemental Financial Information for the quarter ended December 31, 2006.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.

CEDAR SHOPPING CENTERS, INC.

/s/ THOMAS J. O’KEEFFE Thomas J. O’Keeffe

Chief Financial Officer

(Principal financial officer)

Dated: March 6, 2007

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact Information:
Cedar Shopping Centers, Inc.
Leo S. Ullman, Chairman, CEO and President
516-944-4525
lsu@cedarshoppingcenters.com

CEDAR SHOPPING CENTERS, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END 2006 RESULTS

Port Washington, New York — March 6, 2007 — Cedar Shopping Centers, Inc. (NYSE: “CDR”), today reported its financial results for the quarter and full year ended December 31, 2006.

Highlights

Full Year 2006 Compared To Full Year 2005

• Revenues increased 60% to $126.5 million from $78.9 million

• Funds From Operations (FFO) increased by 62% to $42.0 million from $25.9 million. FFO per share/OP Unit grew 17.5% to $1.21 from $1.03. Net income applicable to common shareholders was $7.5 million ($0.23 per share) compared to $6.0 million ($0.25 per share)

• Total assets increased 26% and approached $1.3 billion

• Overall portfolio occupancy increased to 92.5% from 90.8%. Excluding development, redevelopment and other non-stabilized properties, occupancy was 95.5%

• Debt to total capitalization improved to 40% from 48%

• Total floating rate debt was reduced to $73.3 million from $186.4 million

Fourth Quarter 2006 Compared To Fourth Quarter 2005

• Revenues increased 38% to $34.3 million from $24.8 million

• FFO increased 41% to $11.7 million from $8.3 million. FFO per share/OP Unit grew 11% to $0.30 from $0.27. Net income applicable to common shareholders was $2.5 million ($0.07 per share) compared to $1.5 million ($0.05 per share)

Leo Ullman, Chief Executive Officer of Cedar, stated, “Our fourth quarter results capped off another solid year in 2006. For the full year 2006, we increased FFO 17.5% to $1.21, which was in the range of our original guidance to investors.”

Mr. Ullman continued, “More importantly, we continued our diligent portfolio assembly process in 2006, growing our base of shopping center anchored properties in the attractive Boston-to-Washington D.C. corridor, while selectively adding to our core Pennsylvania markets, where there are excellent competitive dynamics. We are proud to have completed the redevelopment of our Camp Hill, Pennsylvania Shopping Center in 2006, which will contribute more than $6

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million in net operating income in 2007, up from approximately $700,000 when we commenced construction in 2004. Occupancy for our total operating portfolio increased to 92.5%, up from 90.8% in 2005, due to an effective leasing effort. Our strong level of new development and redevelopment projects puts us in great position to deliver additional growth in the years to come.”

Financial and Operating Results

Cedar’s total revenues for the year ended December 31, 2006 increased 60% to $126.5 million from $78.9 million for the year ended December 31, 2005. Net income applicable to common shareholders for the year ended December 31, 2006 was $7.5 million, or $0.23 per share compared to $6.0 million, or $0.25 per share for 2005. FFO for the year ended December 31, 2006 was $42.0 million, or $1.21 per share/Operating Partnership (“OP”) Unit as compared to $25.9 million, or $1.03 per share/OP Unit for the year ended December 31, 2005.

Net cash flows provided by operating activities increased to $37.9 million for the year ended December 31, 2006, compared to $29.9 million for 2005.

The Company reported total revenues for the three months ended December 31, 2006 of $34.3 million as compared to $24.8 million for the three months ended December 31, 2005, an increase of 38%. Net income applicable to common shareholders for the three months ended December 31, 2006 was $2.5 million, or $0.07 per share compared to $1.5 million, or $0.05 per share for the three months ended December 31, 2005. FFO for the fourth quarter of 2006 increased 41% to $11.7 million, or $0.30 per share/OP Unit from $8.3 million, or $0.27 per share/OP Unit for the corresponding quarter of 2005.

Acquisition Activities

During 2006, the Company acquired thirteen shopping and convenience centers containing approximately 1.7 million square feet of gross leasable area (“GLA”) for an aggregate purchase price of approximately $177.3 million. The Company also acquired eight tracts of land for future development, aggregating approximately 179 acres, at an aggregate purchase price of approximately $32.5 million. As of the end of 2006, the Company owned 97 supermarket-anchored shopping centers and drug store-anchored convenience centers located in nine states with 10.1 million square feet of GLA. The Company expects to complete additional acquisitions of primarily supermarket-anchored shopping centers and development sites during 2007 and beyond.

Subsequent to December 31, 2006, the Company completed the purchase of two additional operating properties, aggregating approximately 152,000 square feet of GLA. The aggregate purchase price for the properties was approximately $16.8 million, including closing costs.

Development and Redevelopment Activities

The Company’s current development and redevelopment pipeline includes (i) nine owned and operating properties earmarked for redevelopment, including two de-malling candidates, and (ii)

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eleven properties for ground-up development, consisting of approximately 196 acres of land under ownership plus another 78 acres of land under contract to the Company. The total project costs for the pipeline, including original acquisition costs, are estimated at approximately $262 million.

New Leases

As of this date, annual base rents, excluding tenant reimbursements, for leases that have been signed, but where the tenants have not yet taken occupancy, encompassed approximately 226,000 square feet and amounted to approximately $3.5 million. Revenues from these leases are expected to commence during 2007 ($1.7 million) and 2008 ($1.8 million). After giving effect to such new leases, the occupancy rate for the portfolio of properties held as of December 31, 2006 would have increased from 92.5% to approximately 92.9%.

Equity and Debt Financings During 2006

The Company received $113.8 million in net proceeds from the sale of 7.5 million shares of common stock in a secondary offering concluded in December, $94.1 million in net proceeds from the settlement of the forward sales agreement and sales of common stock under registered deferred offering programs, and $118.9 million in net proceeds from mortgage financings. The proceeds were used initially to reduce the outstanding balance on the Company’s secured revolving credit facility.

Balance Sheet

The Company’s total assets as of December 31, 2006 were $1.25 billion as compared to $996.3 million as of December 31, 2005. Cedar’s pro rata share of total debt to total market capitalization ratio closed 2006 at 40%, down from 48% at the end of 2005. The pro rata share of fixed rate non-recourse debt amounted to 87% of total debt at the end of 2006, up from 62% at the end of 2005; at year end 2006, the pro rata share of total floating-rate debt had been substantially reduced to $73.3 million from $186.4 million at the end of 2005. Balances outstanding under the Company’s secured revolving credit facility declined to $68.5 million at the end of 2006 from $147.5 million at the end of 2005. The Company’s weighted average interest rate on total debt at the end of 2006 was 5.8%, unchanged from the end of 2005.

Tom O’Keeffe, CFO, stated, “We begin 2007 in a solid financial position. In addition to our improved debt profile, we reduced a substantial portion of the outstanding borrowings under our secured revolving credit facility during 2006. The $209.5 million available capacity under our credit facility, combined with our $17.9 million in available cash, and the additional liquidity that would result from joint venture financing, will allow us to continue to opportunistically expand our portfolio and finance our ongoing development and redevelopment plans.”

Guidance

The Company presently expects FFO for 2007 to be in the range of $1.25 to $1.30 per share/OP Unit. This reflects the substantial increase in the Company’s weighted average number of shares of common stock/OP Units outstanding.

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Reference to Form 10-K

For further details, interested parties are urged to review the Supplemental Financial Information for the quarter ended December 31, 2006 filed on this date and the Form 10-K as filed with the Securities and Exchange Commission for the year ended December 31, 2006.

Investor Conference Call

The Company will host a conference call on Wednesday, March 7, 2006, at 8:00 AM (EST) to discuss fourth quarter results. The U.S. dial-in number to call for this teleconference is (800) 811-8824. The international dial-in number is (913) 981-4903. A replay of the conference call will be available from March 7 at 11:00 AM through the midnight on March 21 by using U.S. dial-in number (888) 203-1112 and entering the passcode 154747 (international callers may use dial-in number (719) 457-0820 and use the same passcode indicated for U.S. callers). A live webcast of the conference call will be available online on the Company’s corporate website at www.cedarshoppingcenters.com from the morning of March 7, 2007.

About Cedar Shopping Centers, Inc.

Cedar Shopping Centers, Inc. is a self-managed real estate investment trust focused on supermarket-anchored shopping centers and drug store-anchored convenience centers, which has realized significant growth in assets and shareholder value since its public offering in October 2003. The Company presently owns and operates 99 of such primarily supermarket- and drug store-anchored centers with an aggregate of approximately 10.2 million square feet of gross leasable area, located in nine states, predominantly in the Northeast and mid-Atlantic regions. The Company also owns eleven development parcels aggregating approximately 196 acres and has entered into purchase agreements for an additional 78 acres within the same geographic areas.

Forward-Looking Statements

Statements made or incorporated by reference in this press release include certain “forward-looking statements”. Such forward-looking statements include, without limitation, statements containing the words “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import which express 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

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and debt capital in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels or at expected times; inherent risks 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 related 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.

Non-GAAP Financial Measures — FFO

     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 FFO-based measure (1) as one of several criteria 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. The following table sets forth the Company’s calculations of FFO for the years ended December 31, 2006, 2005 and 2004:

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	2006			2005			2004
Net income applicable to common shareholders	$	7,458,000		$	6,027,000		$	5,702,000
Add (deduct):
Real estate depreciation and amortization		34,741,000			20,537,000			10,622,000
Limited partners’ interest		393,000			299,000			157,000
Minority interests in consolidated joint ventures		1,202,000			1,270,000			1,229,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,746,000	)		(2,210,000	)		(2,085,000	)
Equity in income of unconsolidated joint ventures		(70,000	)		—			—
Gain on sale of interest in unconsolidated joint venture		(141,000	)		—			—
FFO from unconsolidated joint ventures		117,000			—			—
Funds from operations	$	41,954,000		$	25,923,000		$	15,625,000
FFO per common share (assuming conversion of OP Units):
Basic	$	1.21		$	1.03		$	0.91
Diluted	$	1.21		$	1.03		$	0.91
Weighted average number of common shares:
Shares used in determination of basic earnings per share		32,926,000			23,988,000			16,681,000
Additional shares assuming conversion of OP Units (basic)		1,737,000			1,202,000			450,000
Shares used in determination of basic FFO per share		34,663,000			25,190,000			17,131,000
Shares used in determination of diluted earnings per share		33,055,000			24,031,000			16,684,000
Additional shares assuming conversion of OP Units (diluted)		1,747,000			1,206,000			450,000
Shares used in determination of diluted FFO per share		34,802,000			25,237,000			17,134,000

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CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets

	December 31,
	2006			2005
Assets
Real estate:
Land	$	250,460,000		$	180,951,000
Buildings and improvements		991,517,000			800,005,000
		1,241,977,000			980,956,000
Less accumulated depreciation		(64,838,000	)		(34,499,000	)
Real estate, net		1,177,139,000			946,457,000
Investment in unconsolidated joint venture		3,644,000			—
Cash and cash equivalents		17,885,000			8,601,000
Cash at consolidated joint ventures and restricted cash		11,507,000			10,415,000
Rents and other receivables, net		12,182,000			9,093,000
Other assets		6,921,000			4,051,000
Deferred charges, net		22,441,000			17,639,000
Total assets	$	1,251,719,000		$	996,256,000
Liabilities and shareholders’ equity
Mortgage loans payable	$	499,603,000		$	380,311,000
Secured revolving credit facility		68,470,000			147,480,000
Accounts payable, accrued expenses, and other		17,435,000			16,462,000
Unamortized intangible lease liabilities		53,160,000			27,943,000
Total liabilities		638,668,000			572,196,000
Minority interests in consolidated joint ventures		9,132,000			12,339,000
Limited partners’ interest in Operating Partnership		25,969,000			20,586,000
Shareholders’ equity:
Preferred stock ($.01 par value, $25.00 per share liquidation value, 5,000,000 shares authorized, 3,550,000 shares issued and outstanding)		88,750,000			88,750,000
Common stock ($.06 par value, 50,000,000 shares authorized, 43,773,000 and 29,618,000 shares, respectively, issued and outstanding)		2,626,000			1,777,000
Treasury stock (502,000 and 443,000 shares, respectively, at cost)		(6,378,000	)		(5,416,000	)
Additional paid-in capital		564,637,000			357,000,000
Cumulative distributions in excess of net income		(71,831,000	)		(49,956,000	)
Accumulated other comprehensive income		146,000			138,000
Unamortized deferred compensation plans		—			(1,158,000	)
Total shareholders’ equity		577,950,000			391,135,000
Total liabilities and shareholders’ equity	$	1,251,719,000		$	996,256,000

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CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Income

	Years ended December 31,
	2006			2005			2004
Revenues:
Rents	$	102,981,000		$	62,748,000		$	40,110,000
Expense recoveries		22,678,000			15,764,000			10,565,000
Other		833,000			429,000			403,000
Total revenues		126,492,000			78,941,000			51,078,000
Expenses:
Operating, maintenance and management		22,380,000			14,298,000			10,751,000
Real estate and other property-related taxes		12,840,000			7,965,000			4,872,000
General and administrative		6,086,000			5,132,000			3,575,000
Depreciation and amortization		34,883,000			20,606,000			11,376,000
Total expenses		76,189,000			48,001,000			30,574,000
Operating income		50,303,000			30,940,000			20,504,000
Non-operating income and expense:
Interest expense		(32,777,000	)		(15,178,000	)		(10,239,000	)
Amortization of deferred financing costs		(1,448,000	)		(1,071,000	)		(1,025,000	)
Interest income		641,000			91,000			66,000
Equity in income of unconsolidated joint ventures		70,000			—			—
Gain on sale of interest in unconsolidated joint venture		141,000			—			—
Total non-operating income and expense		(33,373,000	)		(16,158,000	)		(11,198,000	)
Income before minority and limited partners’ interests		16,930,000			14,782,000			9,306,000
Minority interests in consolidated joint ventures		(1,202,000	)		(1,270,000	)		(1,229,000	)
Limited partners’ interest in Operating Partnership		(393,000	)		(299,000	)		(157,000	)
Net income		15,335,000			13,213,000			7,920,000
Preferred distribution requirements		(7,877,000	)		(7,186,000	)		(2,218,000	)
Net income applicable to common shareholders	$	7,458,000		$	6,027,000		$	5,702,000
Per common share:
Basic	$	0.23		$	0.25		$	0.34
Diluted	$	0.23		$	0.25		$	0.34
Dividends to common shareholders	$	29,333,000		$	20,844,000		$	13,750,000
Per common share	$	0.90		$	0.90		$	0.835
Weighted average number of common shares outstanding:
Basic		32,926,000			23,988,000			16,681,000
Diluted		33,055,000			24,031,000			16,684,000

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CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows

	Years ended December 31,
	2006			2005			2004
Cash flow from operating activities:
Net income	$	15,335,000		$	13,213,000		$	7,920,000
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		110,000			58,000			329,000
Equity in income of unconsolidated joint ventures, net		(70,000	)		—			—
Distributions from unconsolidated joint venture		44,000			—			—
Gain on sale of interest in unconsolidated joint venture		(141,000	)		—			—
Limited partners’ interest		393,000			299,000			157,000
Straight-line rents		(3,285,000	)		(2,318,000	)		(1,333,000	)
Depreciation and amortization		34,883,000			20,606,000			11,376,000
Amortization of intangible lease liabilities		(10,298,000	)		(4,129,000	)		(2,154,000	)
Other non-cash provisions		2,177,000			1,333,000			1,070,000
Increases/decreases in operating assets and liabilities:
Cash at consolidated joint ventures		520,000			(192,000	)		(190,000	)
Rents and other receivables		(3,000	)		(2,292,000	)		119,000
Other assets		(2,654,000	)		(4,110,000	)		(2,007,000	)
Accounts payable and accrued expenses		916,000			7,467,000			3,220,000
Net cash provided by operating activities		37,927,000			29,935,000			18,507,000
Cash flow from investing activities:
Expenditures for real estate and improvements		(184,362,000	)		(325,858,000	)		(168,893,000	)
Investment in unconsolidated joint venture		(1,949,000	)		—			—
Proceeds from sale of interest in unconsolidated joint venture		1,466,000			—			—
Construction escrows and other		(2,901,000	)		(1,968,000	)		620,000
Net cash (used in) investing activities		(187,746,000	)		(327,826,000	)		(168,273,000	)
Cash flow from financing activities:
Proceeds from sales of preferred and common stock		207,928,000			168,477,000			94,899,000
Proceeds from mortgage financings		118,869,000			91,350,000			44,222,000
Mortgage repayments		(47,558,000	)		(8,896,000	)		(19,601,000	)
Net (repayments) advances under line of credit		(79,010,000	)		79,280,000			51,200,000
Distributions in excess of earnings from consolidated joint venture minority interests		(176,000	)		(676,000	)		(769,000	)
Distributions to limited partners		(1,525,000	)		(809,000	)		(377,000	)
Preferred distribution requirements		(7,877,000	)		(7,211,000	)		(2,218,000	)
Distributions to common shareholders		(29,333,000	)		(20,844,000	)		(13,750,000	)
Contribution from minority interest partner		—			962,000			—
Payment of deferred financing costs		(2,215,000	)		(3,598,000	)		(2,146,000	)
Purchase/termination of interest rate hedges		—			—			609,000
Net cash provided by financing activities		159,103,000			298,035,000			152,069,000
Net increase in cash and cash equivalents		9,284,000			144,000			2,303,000
Cash and cash equivalents at beginning of year		8,601,000			8,457,000			6,154,000
Cash and cash equivalents at end of year	$	17,885,000		$	8,601,000		$	8,457,000

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EX-99.2

Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

December 31, 2006

(unaudited)

Cedar Shopping Centers, Inc.
44 South Bayles Avenue
Port Washington, NY 11050-3765
Tel: (516) 767-6492 Fax: (516) 767-6497
www.cedarshoppingcenters.com

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2006
(unaudited)

TABLE OF CONTENTS

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
Same Property Analysis	10
Leasing Activity and Occupancy Statistics	11
Tenant Concentration	12
Lease Expirations	13
Properties:
Description	14-21
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft	22-26
Debt Summary	27-29
Consolidated Joint Venture Properties	30-35

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CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2006
(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 in the public and private markets; changes in interest rates; the fact that returns from development, redevelopment and acquisition activities may not be at expected levels or at expected times; inherent risks 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, 2006.

     Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2006, 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 four consolidated joint ventures, the Company has general partnership interests of 25% and 30% 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. In addition, the Company has a 49% interest in an unconsolidated joint venture which owns a single-tenant office property.

3

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 FFO-based measure (1) as one of several criteria 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.

4

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

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2006			2006			2006			2006			2005
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	$	26.63		$	26.35		$	26.22		$	26.00		$	26.45
Common shares outstanding		43,772,802			34,944,452			34,085,652			30,239,235			29,617,935
OP Units outstanding		1,984,064			1,837,099			1,837,099			1,565,144			1,545,808
Closing market price	$	15.91		$	16.17		$	14.72		$	15.84		$	14.07
Equity market capitalization	$	822,528,000		$	688,300,000		$	621,864,000		$	596,081,000		$	532,371,000
Pro rata share of outstanding debt		547,873,000			636,385,000			516,807,000			550,379,000			491,774,000
Total market capitalization	$	1,370,401,000		$	1,324,685,000		$	1,138,671,000		$	1,146,460,000		$	1,024,145,000
Ratio of pro rata share of outstanding debt to total market capitalization		40.0	%		48.0	%		45.4	%		48.0	%		48.0	%

	Three months ended
	Dec 31, 2006		Sep 30, 2006		Jun 30, 2006		Mar 31, 2006		Dec 31, 2005
Total revenues	$	34,263,000	$	31,929,000	$	30,308,000	$	29,992,000	$	24,821,000
Net income applicable to common shareholders	$	2,539,000	$	1,785,000	$	2,134,000	$	1,000,000	$	1,455,000
Per common share (basic)	$	0.07	$	0.05	$	0.07	$	0.03	$	0.05
Per common share (diluted)	$	0.07	$	0.05	$	0.07	$	0.03	$	0.05
Dividends to common shareholders	$	8,013,000	$	7,752,000	$	6,867,000	$	6,701,000	$	6,414,000
Per common share	$	0.225	$	0.225	$	0.225	$	0.225	$	0.225
FFO	$	11,723,000	$	10,729,000	$	10,012,000	$	9,490,000	$	8,332,000
Per common share/OP unit (basic)	$	0.30	$	0.30	$	0.31	$	0.30	$	0.27
Per common share/OP unit (diluted)	$	0.30	$	0.30	$	0.31	$	0.30	$	0.27
Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		36,723,000		34,484,000		30,618,000		29,878,000		29,035,000
Additional shares for conversion of OP Units (basic)		1,924,000		1,837,000		1,632,000		1,556,000		1,545,000
Shares used in determination of FFO per share (basic)		38,647,000		36,321,000		32,250,000		31,434,000		30,580,000
Shares used in determination of diluted earnings per share		36,729,000		34,489,000		30,863,000		30,139,000		29,211,000
Additional shares for conversion of OP Units (diluted)		1,940,000		1,846,000		1,639,000		1,564,000		1,548,000
Shares used in determination of FFO per share (diluted)		38,669,000		36,335,000		32,502,000		31,703,000		30,759,000

5

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

	Years ended Dec 31,
	2006		2005
Total revenues	$	126,492,000	$	78,941,000
Net income applicable to common shareholders	$	7,458,000	$	6,027,000
Per common share (basic)	$	0.23	$	0.25
Per common share (diluted)	$	0.23	$	0.25
Dividends to common shareholders	$	21,320,000	$	14,430,000
Per common share	$	0.90	$	0.90
FFO	$	41,954,000	$	25,923,000
Per common share/OP unit (basic)	$	1.21	$	1.03
Per common share/OP unit (diluted)	$	1.21	$	1.03
Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		32,926,000		23,988,000
Additional shares for conversion of OP Units (basic)		1,737,000		1,202,000
Shares used in determination of FFO per share (basic)		34,663,000		25,190,000
Shares used in determination of diluted earnings per share		33,055,000		24,031,000
Additional shares for conversion of OP Units (diluted)		1,747,000		1,206,000
Shares used in determination of FFO per share (diluted)		34,802,000		25,237,000

	Dec 31,			Sep 30,			Jun 30,			Mar 30,			Dec 31,
	2006			2006			2006			2006			2005
Real estate, net	$	1,177,139,000		$	1,135,346,000		$	1,006,939,000		$	994,447,000		$	946,457,000
Other assets		74,580,000			70,418,000			64,689,000			64,513,000			49,799,000
Total assets	$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000		$	996,256,000
Total debt	$	568,073,000		$	656,668,000		$	537,170,000		$	569,799,000		$	527,791,000
Other liabilities		70,595,000			66,797,000			58,349,000			64,082,000			44,405,000
Minority interests in consolidated joint ventures		9,132,000			9,143,000			9,202,000			9,930,000			12,339,000
Limited partners’ interest in consolidated OP		25,969,000			23,658,000			23,812,000			20,342,000			20,586,000
Shareholders’ equity		577,950,000			449,498,000			443,095,000			394,807,000			391,135,000
Total liabilities and equity	$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000		$	996,256,000
Fixed-rate mortgages	$	494,764,000		$	396,247,000		$	368,328,000		$	366,907,000		$	338,988,000
Variable-rate mortgages		4,839,000			45,291,000			44,362,000			43,412,000			41,323,000
Total mortgages		499,603,000			441,538,000			412,690,000			410,319,000			380,311,000
Secured revolving credit facility		68,470,000			215,130,000			124,480,000			159,480,000			147,480,000
Total debt	$	568,073,000		$	656,668,000		$	537,170,000		$	569,799,000		$	527,791,000
Pro rata share of total debt	$	547,873,000		$	636,385,000		$	516,807,000		$	550,379,000		$	491,774,000
Weighted average interest rates:
Fixed-rate mortgages		5.7	%		5.7	%		5.6	%		5.7	%		5.8	%
Variable-rate mortgages		8.1	%		7.3	%		7.3	%		6.8	%		6.3	%
Total mortgages		5.7	%		5.9	%		5.8	%		5.8	%		5.9	%
Secured variable-rate revolving credit facility		6.6	%		6.7	%		6.6	%		6.1	%		5.6	%
Total debt		5.8	%		6.1	%		6.0	%		5.9	%		5.8	%

6

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets
(unaudited)

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2006			2006			2006			2006			2005
Assets:
Real estate:
Land	$	250,460,000		$	230,777,000		$	198,841,000		$	191,096,000		$	180,951,000
Buildings and improvements		991,517,000			960,963,000			856,292,000			844,110,000			800,005,000
		1,241,977,000			1,191,740,000			1,055,133,000			1,035,206,000			980,956,000
Less accumulated depreciation		(64,838,000	)		(56,394,000	)		(48,194,000	)		(40,759,000	)		(34,499,000	)
Real estate, net		1,177,139,000			1,135,346,000			1,006,939,000			994,447,000			946,457,000
Investments in unconsolidated joint ventures		3,644,000			—			—			1,346,000			—
Cash and cash equivalents		17,885,000			15,918,000			11,755,000			11,895,000			8,601,000
Cash at consolidated joint ventures		598,000			466,000			447,000			614,000			1,385,000
Other restricted cash		10,909,000			10,824,000			11,242,000			10,408,000			9,030,000
Receivables:
Rents and other, net		4,187,000			5,272,000			4,475,000			6,208,000			4,220,000
Straight-line rents		7,995,000			7,161,000			6,460,000			5,609,000			4,873,000
Other assets		6,921,000			9,430,000			10,326,000			9,060,000			4,051,000
Deferred charges, net:
Leasing costs		15,050,000			14,618,000			13,710,000			13,548,000			11,433,000
Financing costs		5,939,000			5,095,000			4,992,000			5,041,000			5,521,000
Other		1,452,000			1,634,000			1,282,000			784,000			685,000
Total assets	$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000		$	996,256,000
Liabilities and shareholders’ equity:
Mortgage loans payable	$	499,603,000		$	441,538,000		$	412,690,000		$	410,319,000		$	380,311,000
Secured revolving credit facility		68,470,000			215,130,000			124,480,000			159,480,000			147,480,000
Accounts payable and accrued expenses		11,321,000			9,788,000			7,286,000			10,476,000			12,073,000
Tenant prepayments and security deposits		6,114,000			6,267,000			4,695,000			5,251,000			4,389,000
Unamortized intangible lease liabilities		53,160,000			50,742,000			46,368,000			48,355,000			27,943,000
Total liabilities		638,668,000			723,465,000			595,519,000			633,881,000			572,196,000
Minority interests in consolidated joint ventures		9,132,000			9,143,000			9,202,000			9,930,000			12,339,000
Limited partners’ interest in consolidated OP		25,969,000			23,658,000			23,812,000			20,342,000			20,586,000
Shareholders’ equity		577,950,000			449,498,000			443,095,000			394,807,000			391,135,000
Total liabilities and equity	$	1,251,719,000		$	1,205,764,000		$	1,071,628,000		$	1,058,960,000		$	996,256,000

7

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income
(unaudited)

	Three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2006			2006			2006			2006			2005
Revenues:
Rents:
Base rents	$	23,967,000		$	22,404,000		$	20,728,000		$	20,332,000		$	17,769,000
Percentage rents		870,000			40,000			745,000			312,000			199,000
Straight-line rents		833,000			701,000			851,000			900,000			649,000
Amortization of intangible lease liabilities		2,585,000			3,042,000			2,043,000			2,628,000			1,211,000
		28,255,000			26,187,000			24,367,000			24,172,000			19,828,000
Expense recoveries		5,914,000			5,496,000			5,654,000			5,614,000			4,862,000
Other		94,000			246,000			287,000			206,000			131,000
		34,263,000			31,929,000			30,308,000			29,992,000			24,821,000
Expenses:
Operating, maintenance and management		5,620,000			5,258,000			5,334,000			6,168,000			4,065,000
Real estate and other property- related taxes		3,446,000			3,323,000			3,135,000			2,936,000			2,614,000
		9,066,000			8,581,000			8,469,000			9,104,000			6,679,000
Net operating income		25,197,000			23,348,000			21,839,000			20,888,000			18,142,000
Other income (expense):
General and administrative		(1,866,000	)		(1,431,000	)		(1,410,000	)		(1,379,000	)		(1,649,000	)
Depreciation and amortization		(9,224,000	)		(9,002,000	)		(8,060,000	)		(8,597,000	)		(7,032,000	)
Interest expense		(9,122,000	)		(8,556,000	)		(7,742,000	)		(7,357,000	)		(5,380,000	)
Amortization of deferred financing costs		(445,000	)		(341,000	)		(333,000	)		(329,000	)		(300,000	)
Interest income		249,000			155,000			121,000			116,000			40,000
Unconsolidated joint ventures:
Equity in income (loss)		110,000			—			(15,000	)		(25,000	)		—
Gain on sale of interest		—			—			141,000			—			—
Minority interests in consolidated joint ventures		(259,000	)		(324,000	)		(309,000	)		(310,000	)		(320,000	)
Limited partners’ interest in consolidated OP		(131,000	)		(95,000	)		(114,000	)		(53,000	)		(77,000	)
Net income		4,509,000			3,754,000			4,118,000			2,954,000			3,424,000
Preferred distribution requirements		(1,970,000	)		(1,969,000	)		(1,984,000	)		(1,954,000	)		(1,969,000	)
Net income applicable to common shareholders	$	2,539,000		$	1,785,000		$	2,134,000		$	1,000,000		$	1,455,000
Net operating income/Revenues		73.5	%		73.1	%		72.1	%		69.6	%		73.1	%
Expense recovery percentage (a)		65.2	%		64.0	%		66.8	%		61.7	%		72.8	%
Adjusted expense recovery percentage (a)		67.9	%		68.3	%		71.4	%		67.1	%		75.2	%

(a) The expense recovery percentage is computed by dividing expense recoveries by the sum of operating, maintenance, management and real estate and other property-related tax expenses. The adjusted expense recovery percentage eliminates the impact of the net provision for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) in the amounts of $362,000, $538,000, $551,000, $735,000 and $214,000, respectively.

8

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

	Three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2006			2006			2006			2006			2005
Net income applicable to common shareholders	$	2,539,000		$	1,785,000		$	2,134,000		$	1,000,000		$	1,455,000
Add (deduct):
Real estate depreciation and amortization		9,178,000			8,963,000			8,029,000			8,571,000			7,012,000
Limited partners’ interest		131,000			95,000			114,000			53,000			77,000
Minority interests in consolidated joint ventures		259,000			324,000			309,000			310,000			320,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(396,000	)		(438,000	)		(446,000	)		(466,000	)		(532,000	)
Equity in (income) loss of unconsolidated joint ventures		(110,000	)		—			15,000			25,000			—
Gain on sale of interest in unconsolidated joint venture		—			—			(141,000	)		—			—
FFO from unconsolidated joint ventures		122,000			—			(2,000	)		(3,000	)		—
Funds From Operations	$	11,723,000		$	10,729,000		$	10,012,000		$	9,490,000		$	8,332,000
FFO per common share, assuming conversion of OP Units:
Basic	$	0.30		$	0.30		$	0.31		$	0.30		$	0.27
Diluted	$	0.30		$	0.30		$	0.31		$	0.30		$	0.27
Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		36,723,000			34,484,000			30,618,000			29,878,000			29,035,000
Additional shares assuming conversion of OP Units (basic)		1,924,000			1,837,000			1,632,000			1,556,000			1,545,000
Shares used in determination of FFO per share (basic)		38,647,000			36,321,000			32,250,000			31,434,000			30,580,000
Shares used in determination of diluted earnings per share		36,729,000			34,489,000			30,863,000			30,139,000			29,211,000
Additional shares assuming conversion of OP Units (diluted)		1,940,000			1,846,000			1,639,000			1,564,000			1,548,000
Shares used in determination of FFO per share (diluted)		38,669,000			36,335,000			32,502,000			31,703,000			30,759,000
Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions:
First generation (a)	$	6,272,000		$	6,211,000		$	6,520,000		$	8,686,000		$	9,352,000
Second generation (b)	$	2,870,000		$	1,673,000		$	1,358,000		$	1,418,000		$	1,241,000
Capitalized interest	$	1,051,000		$	1,078,000		$	869,000		$	678,000		$	978,000
Scheduled debt amortization payments:
Stated contract amounts	$	1,475,000		$	1,343,000		$	1,229,000		$	1,569,000		$	797,000
Carrying value amounts	$	1,784,000		$	1,639,000		$	1,535,000		$	1,849,000		$	1,013,000
Straight-line rents	$	812,000		$	680,000		$	825,000		$	872,000		$	614,000
Amortization of intangible lease liabilities	$	2,569,000		$	3,019,000		$	2,022,000		$	2,609,000		$	1,184,000
Non-real estate amortization	$	484,000		$	374,000		$	356,000		$	348,000		$	295,000
Stock-based compensation charged to operating expenses	$	282,000		$	176,000		$	158,000		$	113,000		$	106,000

	As of
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
	2006		2006		2006		2006		2005
Land held for development and other real estate out of service (at cost) (c)	$	61,822,000	$	55,490,000	$	55,897,000	$	60,038,000	$	55,875,000

(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.

9

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis

	Three months ended Dec 31,						Year ended Dec 31,
	2006			2005			2006			2005
The number of properties that were owned throughout each of the comparative periods		71			71			30			30
Revenues:
Rents:
Base rents	$	17,110,000		$	16,120,000		$	47,285,000		$	42,963,000
Percentage rents		420,000			153,000			825,000			505,000
Straight-line rents		502,000			579,000			1,490,000			1,954,000
Amortization of intangible lease liabilities		1,087,000			1,121,000			4,244,000			3,529,000
		19,119,000			17,973,000			53,844,000			48,951,000
Expense recoveries (a)		4,027,000			4,359,000			11,796,000			12,757,000
Other		27,000			46,000			315,000			122,000
Total revenues		23,173,000			22,378,000			65,955,000			61,830,000
Operating expenses (a):
Operating, maintenance and management		3,179,000			3,241,000			10,898,000			10,130,000
Real estate and other propertry-related taxes		2,372,000			2,178,000			6,066,000			5,739,000
Total expenses		5,551,000			5,419,000			16,964,000			15,869,000
Net operating income	$	17,622,000		$	16,959,000		$	48,991,000		$	45,961,000
Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	990,000			6.1	%	$	4,322,000			10.1	%
Percentage rents		267,000			174.5	%		320,000			63.4	%
Straight-line rents		(77,000	)		-13.3	%		(464,000	)		-23.7	%
Amortrization of intangible lease liabilities		(34,000	)		-3.0	%		715,000			20.3	%
		1,146,000			6.4	%		4,893,000			10.0	%
Expense recoveries		(332,000	)		-7.6	%		(961,000	)		-7.5	%
Other		(19,000	)		-41.3	%		193,000			158.2	%
Total revenues		795,000			3.6	%		4,125,000			6.7	%
Expenses:
Operating, maintenance and management		(62,000	)		-1.9	%		768,000			7.6	%
Real estate and other propertry-related taxes		194,000			8.9	%		327,000			5.7	%
Total expenses		132,000			2.4	%		1,095,000			6.9	%
Net operating income	$	663,000			3.9	%	$	3,030,000			6.6	%

(a) Expense recoveries are based principally on property-level operating expenses. The net provision for doubtful accounts (a non-recoverable expense included in operating, maintenance and management) amounted to $237,000, $193,000, $1,573,000 and $647,000, respectively.

10

CEDAR SHOPPING CENTERS, INC.
Leasing Activity and Occupancy Statistics

	Three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2006			2006			2006			2006			2005
Renewals
Number of leases		17			14			8			25			7
Aggregate square feet		51,000			28,000			23,000			138,000			19,000
Average square feet		3,000			2,000			2,875			5,520			2,714
Average expiring base rent psf	$	16.28		$	14.10		$	13.08		$	9.69		$	15.09
Average new base rent psf	$	16.84		$	15.99		$	13.92		$	10.01		$	16.21
% increase in base rent		3.44	%		13.40	%		6.42	%		3.30	%		7.42	%
New leases
Number of leases		20			20			17			14			23
Aggregate square feet		134,000			123,000			119,000			51,000			157,000
Average square feet		6,700			6,150			7,000			3,643			6,826
Average new base rent psf	$	13.07		$	15.71		$	13.87		$	8.22		$	12.79
Terminated leases
Number of leases		20			26			17			8			10
Aggregate square feet		38,000			141,000			51,000			16,000			29,000
Average square feet		1,900			5,423			3,000			2,000			2,900
Average old base rent psf	$	14.51		$	10.33		$	14.92		$	14.48		$	18.47

	As of
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2006			2006			2006			2006			2005
Occupancy statistics
Stabilized properties:
Wholly-owned		95.2	%		94.1	%		95.0	%		94.7	%		95.1	%
Consolidated joint ventures		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Total stabilized properties		95.5	%		94.4	%		95.3	%		95.1	%		95.5	%
Development/redevelopment and other non-stabilized properties		64.4	%		62.9	%		73.3	%		73.5	%		71.8	%
Total operating portfolio		92.5	%		91.4	%		92.1	%		91.1	%		90.8	%

11

CEDAR SHOPPING CENTERS, INC.
Tenant Concentration
As of December 31, 2006
(unaudited)

	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/Stop & Shop		17		1,036,000		10.3	%	$	13,654,000	$	13.18		13.9	%
SuperValu/Farm Fresh/Shop ’n Save/Shaw’s/Acme		12		713,000		7.1	%		6,301,000		8.84		6.4	%
Discount Drug Mart		13		332,000		3.3	%		3,072,000		9.25		3.1	%
LA Fitness		4		168,000		1.7	%		2,422,000		14.42		2.5	%
CVS/Eckerd		15		161,000		1.6	%		2,358,000		14.65		2.4	%
Staples		7		151,000		1.5	%		2,063,000		13.66		2.1	%
Food Lion/Hannaford		7		248,000		2.5	%		2,021,000		8.15		2.1	%
A&P/Super Fresh		2		116,000		1.2	%		1,540,000		13.28		1.6	%
Boscov’s		2		347,000		3.4	%		1,471,000		4.24		1.5	%
Ukrop’s Super Markets		2		106,000		1.1	%		1,423,000		13.42		1.5	%
Sub-total top ten tenants		81		3,378,000		33.6	%		36,325,000		10.75		37.0	%
Remaining tenants		964		5,933,000		59.0	%		61,754,000		10.41		63.0	%
Sub-total all tenants		1,045		9,311,000		92.5	%		98,079,000		10.53		100.0	%
Vacant space (b)		n/a		750,000		7.5	%		n/a		n/a		n/a
Total (including vacant space)		1,045		10,061,000		100.0	%	$	98,079,000	$	9.75		n/a

(a)	Based on annualized base rent.
(b)	Includes vacant space at properties undergoing development and/or redevelopment activities.

12

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of December 31, 2006
(unaudited)

												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		63		143,000		1.5	%	$	1,733,000	$	12.12		1.8	%
2007		150		435,000		4.7	%		5,782,000		13.29		5.9	%
2008		155		762,000		8.2	%		8,774,000		11.51		8.9	%
2009		160		865,000		9.3	%		8,624,000		9.97		8.8	%
2010		124		1,135,000		12.2	%		10,557,000		9.30		10.8	%
2011		108		733,000		7.9	%		7,849,000		10.71		8.0	%
2012		62		490,000		5.3	%		4,731,000		9.66		4.8	%
2013		29		255,000		2.7	%		2,494,000		9.78		2.5	%
2014		30		535,000		5.7	%		4,856,000		9.08		5.0	%
2015		33		391,000		4.2	%		4,028,000		10.30		4.1	%
2016		35		448,000		4.8	%		4,385,000		9.79		4.5	%
Thereafter		96		3,119,000		33.5	%		34,266,000		10.99		34.9	%
		1,045		9,311,000		100.0	%		98,079,000		10.53		100.0	%
Vacant space (a)		n/a		750,000		n/a			n/a		n/a		n/a
Total portfolio		1,045		10,061,000		n/a		$	98,079,000	$	9.75		n/a

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

     At December 31, 2006, the Company had a portfolio of 97 properties totaling approximately 10.1 million square feet of GLA, including 93 wholly-owned properties comprising approximately 9.6 million square feet and four properties owned through joint ventures comprising approximately 485,000 square feet. The portfolio of wholly-owned properties was comprised of (1) 86 “stabilized” properties (those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2006), with an aggregate of 8.6 million square feet of GLA, which were approximately 95% leased, (2) three development/redevelopment properties with an aggregate of 650,000 square feet of GLA, which were approximately 61% leased, and (3) four non-stabilized properties with an aggregate of 305,000 square feet of GLA, which are presently being re-tenanted and which were approximately 71% leased. The four properties owned in joint venture are all “stabilized” properties and have a 100% occupancy percentage. The entire 97 property portfolio was approximately 93% leased at December 31, 2006.

13

CEDAR SHOPPING CENTERS, INC.
Property Description
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
Wholly-Owned Stabilized Properties (1):
Academy Plaza	PA	2001	100%		152,878	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%		468,462	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%		129,915	1972/2005	Weis Markets		52,720	2/29/2016
Carrolton Discount Drug Mart Plaza	OH	2005	100%		40,480	2000	Discount Drug Mart		25,480	3/31/2016
Clyde Discount Drug Mart Plaza	OH	2005	100%		34,592	2002	Discount Drug Mart		24,592	3/31/2019
Coliseum Marketplace	VA	2005	100%		105,181	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	9/30/2008
							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 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

14

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
Dover Discount Drug Mart Plaza	OH	2005	100%		38,409	2002	Discount Drug Mart		24,516	3/31/2013
East Chestnut	PA	2005	100%		21,180	1996
Elmhurst Square	VA	2006	100%		66,250	1961-1983	Food Lion		38,272	9/30/2011
Fairfield Plaza	CT	2005	100%		71,979	2001/2005	TJ Maxx		25,257	8/31/2013
							Staples		20,388	10/31/2019
Family Dollar at Akron	OH	2005	100%		6,900	2000	Family Dollar		6,900	12/31/2009
Fieldstone Marketplace	MA	2005	100%		193,970	1988/2003	Shaw’s Supermarket		68,000	2/29/2024
							Flagship Cinema		41,975	10/31/2023
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%		302,169	1987/2005	Stop & Shop		75,000	4/30/2026
							Marshalls		26,890	1/31/2009
Gabriel Brothers Plaza	OH	2005	100%		81,891	1970’s/2004	Gabriel Brothers		57,193	5/31/2014
Gahanna Discount Drug Mart Plaza	OH	2006	100%		48,667	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%		195,181	1960/2005	LA Fitness		44,796	4/30/2020
							Marshalls		30,000	5/31/2010
							Staples		24,060	5/31/2012

15

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
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
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
Kingston Plaza	NY	2006	100%		18,347
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%		105,081	1973/1998	Safeway		53,684	7/31/2018
Majestic Plaza	MI	2005	100%		79,180	1960’s/2003	A&P		54,650	8/31/2022
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
Meadows Marketplace	PA	2004	100%		85,930	2005	Giant Foods		65,507	10/31/2025
Mechanicsburg Giant	PA	2005	100%		51,500	2003	Giant Foods		51,500	8/31/2024
Ontario Discount Drug Mart Plaza	OH	2005	100%		38,423	2002	Discount Drug Mart		25,525	3/31/2018

16

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
Oak Ridge	VA	2006	100%		38,700	2000	Food Lion		33,000	5/31/2019
Oakhurst Plaza	PA	2006	100%		110,669	1980/2001	Giant Foods		62,320	1/31/2019
Oakland Mills	MD	2005	100%		58,224	1960’s/2004	Food Lion		43,470	11/30/2018
Palmyra Shopping Center	PA	2005	100%		112,328	1960/1995	Weis Markets		46,181	3/31/2010
Pennsboro Commons	PA	2005	100%		109,784	1999	Giant Foods		68,624	8/10/2019
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	10/31/2008
							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
Rite Aid at Massillon	OH	2005	100%		10,125	1999	Rite Aid		10,125	1/31/2020
River View Plaza I, II and III	PA	2003	100%		244,225	1991/1998	United Artists Theatre		77,700	12/31/2018
							Pep Boys		22,000	9/30/2014
Shaw’s Plaza	MA	2006	100%		176,609	1968/1998	Shaw’s		60,748	2/28/2023
							Marshall’s		25,752	1/31/2008

17

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
Shelby Discount Drug Mart Plaza	OH	2005	100%		36,596	2002	Discount Drug Mart		24,596	3/31/2019
Shoppes at Salem Run	VA	2005	100%		15,100	2005
Shore Mall	NJ	2006	100%		620,968	1960/1980	Boscov’s		172,200	9/19/2018
							Value City		144,000	4/30/2009
							Burlington Coat Factory		85,000	11/30/2009
							K&G		33,295	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
Staples at Oswego	NY	2005	100%		23,884	2000	Staples		23,884	2/28/2015
Stonehedge Square	PA	2006	100%		90,126	1990/2006	Nell’s Market		51,786	5/31/2026
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

18

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
The Point	PA	2000	100%		255,447	1972/2001	Burlington Coat Factory		76,665	1/31/2011
							Giant Foods		55,000	7/31/2021
							Staples		24,000	8/31/2013
							AC Moore		20,000	7/31/2008
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%		85,777	2005	Stop & Shop		74,977	9/30/2025
Townfair Center	PA	2004	100%		203,531	2002	Lowe’s Home Centers		95,173	12/31/2015
							Shop ’n Save		50,000	2/28/2012
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		29,421	11/30/2008
							Trexlertown Fitness Club		28,870	2/28/2010
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	10/31/2007
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%		191,189	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%		155,842	1972/2000	Wal-Mart		95,482	1/31/2020
							NAMCO		20,000	1/31/2011

19

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
Washington Center Shoppes	NJ	2001	100%		154,240	1979/1995	Acme Markets		66,046	12/2/2020
							Powerhouse Gym		20,742	12/31/2012
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
Total Wholly-Owned Stabilized Properties					8,621,656
Properties Owned in Joint Venture (2)
Fairview Plaza	PA	2003	30%		69,579	1992	Giant Foods		59,237	2/28/2017
Halifax Plaza	PA	2003	30%		54,150	1994	Giant Foods		32,000	10/31/2019
Loyal Plaza	PA	2002	25%		293,825	1969/2000	K-Mart		102,558	8/31/2011
							Giant Foods		66,935	10/31/20019
							Staples		20,555	11/30/2014
Newport Plaza	PA	2003	30%		66,789	1996	Giant Foods		43,400	5/31/2021
Total Consolidated Joint Ventures					484,343
Total Stabilized Properties					9,105,999
Development/Redevelopment and Other Non-Stabilized Properties (1):
Centerville Discount Drug Mart Plaza	OH	2005	100%		49,494	2000	Discount Drug Mart		24,012	3/31/2016
Columbia Mall	PA	2005	100%		351,866	1988	Sears		64,264	10/24/2013
							Bon-Ton		45,000	10/31/2008
							JC Penney		34,076	10/31/2008
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
Huntingdon Plaza	PA	2004	100%		151,697	1972 - 2003	Peebles		22,060	1/31/2018
Lake Raystown Plaza	PA	2004	100%		145,727	1995	Giant Foods		61,435	10/31/2026

20

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2006

				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
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		Lease expiration
Onatario Discount Drug Mart Plaza	OH	2005	100%		38,373	2002	Discount Drug Mart		25,475	3/31/2018
Value City Shopping Center	MI	2005	100%		117,000	1950’s/2003	Value City		85,000	1/31/2008
Total Non-Stabilized Properties					955,157
Total Portfolio (3):					10,061,156

(1)	“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2006. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, Ontario Discount Drug Mart Plaza, and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.
(2)	The terms of the respective joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company.
(3)	In addition, the Company has a 49% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

21

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of December 31, 2006

															Gross
					Financial statement carrying value										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 (1):
Academy Plaza	PA		100	%	$	2,406,000	$	10,631,000	$	13,037,000	$	1,395,000	$	11,642,000		152,878		86.3	%	$	12.24
Annie Land Plaza	VA		100	%		809,000		3,857,000		4,666,000		52,000		4,614,000		42,500		100.0	%		9.10
Camp Hill	PA		100	%		4,460,000		59,352,000		63,812,000		2,965,000		60,847,000		468,462		97.6	%		12.50
Carbondale Plaza	PA		100	%		1,586,000		9,883,000		11,469,000		948,000		10,521,000		129,915		83.4	%		5.54
Carrolton Discount Drug Mart Plaza	OH		100	%		713,000		3,332,000		4,045,000		217,000		3,828,000		40,480		100.0	%		7.92
Clyde Discount Drug Mart Plaza	OH		100	%		451,000		2,329,000		2,780,000		163,000		2,617,000		34,592		82.7	%		8.85
Coliseum Marketplace	VA		100	%		3,443,000		16,573,000		20,016,000		959,000		19,057,000		105,181		100.0	%		14.35
Columbus Crossing	PA		100	%		4,579,000		19,140,000		23,719,000		1,767,000		21,952,000		142,166		100.0	%		16.04
CVS at Bradford	PA		100	%		291,000		1,468,000		1,759,000		91,000		1,668,000		10,722		100.0	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		103,000		2,282,000		10,195		100.0	%		17.49
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		88,000		2,094,000		10,125		100.0	%		16.50
CVS at Portage Trail	OH		100	%		341,000		1,603,000		1,944,000		85,000		1,859,000		10,722		100.0	%		13.00
CVS at Westfield	NY		100	%		339,000		1,558,000		1,897,000		75,000		1,822,000		10,125		100.0	%		15.74
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,794,000		3,357,000		302,000		3,055,000		38,409		100.0	%		8.14
East Chestnut	PA		100	%		800,000		3,699,000		4,499,000		338,000		4,161,000		21,180		100.0	%		16.26
Elmhurst Square	VA		100	%		1,359,000		5,944,000		7,303,000		—		7,303,000		66,250		100.0	%		8.47
Fairfield Plaza	CT		100	%		2,051,000		8,837,000		10,888,000		417,000		10,471,000		71,979		93.8	%		13.79
Family Dollar at Zanesville	OH		100	%		82,000		569,000		651,000		100,000		551,000		6,900		100.0	%		8.70
Fieldstone Marketplace	MA		100	%		5,229,000		21,403,000		26,632,000		790,000		25,842,000		193,970		100.0	%		10.19
FirstMerit Bank at Akron	OH		100	%		169,000		737,000		906,000		43,000		863,000		3,200		100.0	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,304,000		1,568,000		4,000		1,564,000		18,300		100.0	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,124,000		72,941,000		4,881,000		68,060,000		302,169		93.7	%		19.48
Gabriel Brothers Plaza	OH		100	%		947,000		3,707,000		4,654,000		165,000		4,489,000		81,891		92.6	%		4.93
Gahanna Discount Drug Mart Plaza	OH		100	%		1,379,000		5,385,000		6,764,000		45,000		6,719,000		48,667		87.7	%		14.05
General Booth Plaza	VA		100	%		1,935,000		9,505,000		11,440,000		695,000		10,745,000		73,320		100.0	%		11.82
Gold Star Plaza	PA		100	%		1,646,000		6,519,000		8,165,000		166,000		7,999,000		71,729		97.8	%		9.01
Golden Triangle	PA		100	%		2,320,000		15,140,000		17,460,000		1,468,000		15,992,000		195,181		85.3	%		10.76
Hamburg Commons	PA		100	%		1,153,000		9,743,000		10,896,000		565,000		10,331,000		99,580		100.0	%		6.40
Hannaford Plaza	MA		100	%		1,874,000		8,453,000		10,327,000		85,000		10,242,000		102,459		94.9	%		7.61
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,535,000		4,305,000		192,000		4,113,000		32,259		100.0	%		10.21

22

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2006

															Gross
					Financial statement carrying value										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.
Jordan Lane	CT		100	%		4,291,000		20,871,000		25,162,000		837,000		24,325,000		181,735		96.0	%		9.39
Kempsville Crossing	VA		100	%		2,207,000		11,000,000		13,207,000		763,000		12,444,000		94,477		100.0	%		10.81
Kenley Village	MD		100	%		726,000		3,533,000		4,259,000		490,000		3,769,000		51,894		100.0	%		7.89
Kingston Plaza	NY		100	%		2,827,000		2,223,000		5,050,000		5,000		5,045,000		18,347		84.1	%		26.53
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		333,000		7,305,000		41,000		100.0	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,763,000		15,458,000		560,000		14,898,000		68,200		94.7	%		17.00
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,400,000		4,104,000		231,000		3,873,000		38,576		100.0	%		9.27
Long Reach Village	MD		100	%		1,715,000		8,554,000		10,269,000		106,000		10,163,000		105,081		91.4	%		10.50
Majestic Plaza	MI		100	%		2,352,000		9,223,000		11,575,000		380,000		11,195,000		79,180		85.5	%		15.75
McCormick Place	OH		100	%		847,000		4,038,000		4,885,000		324,000		4,561,000		46,000		100.0	%		8.34
McDonalds/Waffle House at Medina	OH		100	%		737,000		132,000		869,000		13,000		856,000		6,000		100.0	%		11.70
Meadows Marketplace	PA		100	%		1,914,000		11,082,000		12,996,000		270,000		12,726,000		85,930		91.1	%		14.17
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		472,000		14,396,000		51,500		100.0	%		20.90
Oak Ridge Shopping Center	VA		100	%		959,000		4,254,000		5,213,000		13,000		5,200,000		38,700		100.0	%		10.25
Oakhurst Plaza	PA		100	%		4,538,000		18,177,000		22,715,000		287,000		22,428,000		110,669		100.0	%		14.09
Oakland Mills	MD		100	%		1,611,000		6,312,000		7,923,000		371,000		7,552,000		58,224		100.0	%		12.20
Palmyra Shopping Center	PA		100	%		1,490,000		6,575,000		8,065,000		361,000		7,704,000		112,328		96.3	%		5.38
Pennsboro Commons	PA		100	%		3,608,000		14,263,000		17,871,000		612,000		17,259,000		109,784		95.6	%		13.97
Pickerington Discount Drug Mart Plaza	OH		100	%		1,186,000		5,396,000		6,582,000		340,000		6,242,000		47,810		89.7	%		11.88
Pine Grove Plaza	NJ		100	%		1,622,000		6,499,000		8,121,000		610,000		7,511,000		79,306		100.0	%		10.75
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,820,000		7,062,000		462,000		6,600,000		50,283		100.0	%		12.05
Pondside Plaza	NY		100	%		365,000		1,617,000		1,982,000		113,000		1,869,000		19,340		100.0	%		8.20
Port Richmond Village	PA		100	%		2,942,000		12,341,000		15,283,000		1,596,000		13,687,000		154,908		97.1	%		12.23
Powell Discount Drug Mart Plaza	OH		100	%		1,379,000		6,131,000		7,510,000		437,000		7,073,000		49,772		96.9	%		12.06
Rite Aid at Massillon	OH		100	%		442,000		2,014,000		2,456,000		97,000		2,359,000		10,125		100.0	%		17.91
River View Plaza I, II and III	PA		100	%		9,718,000		43,618,000		53,336,000		4,216,000		49,120,000		244,225		80.2	%		18.17
Shaw’s Plaza	MA		100	%		5,780,000		24,930,000		30,710,000		380,000		30,330,000		176,609		98.6	%		10.02
Shelby Discount Drug Mart Plaza	OH		100	%		671,000		3,266,000		3,937,000		245,000		3,692,000		36,596		100.0	%		9.40
Shoppes at Salem Run	VA		100	%		1,076,000		4,263,000		5,339,000		130,000		5,209,000		15,100		100.0	%		22.66
Shore Mall	NJ		100	%		7,180,000		38,877,000		46,057,000		1,120,000		44,937,000		620,968		96.6	%		7.48
Smithfield Plaza	VA		100	%		1,049,000		5,220,000		6,269,000		290,000		5,979,000		45,544		100.0	%		10.04
South Philadelphia	PA		100	%		8,222,000		37,691,000		45,913,000		3,769,000		42,144,000		283,415		98.1	%		13.03
St James Square	MD		100	%		586,000		4,444,000		5,030,000		315,000		4,715,000		39,903		100.0	%		11.23
Staples at Oswego	NY		100	%		635,000		3,000,000		3,635,000		183,000		3,452,000		23,884		100.0	%		11.99

23

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2006

															Gross
					Financial statement carrying value										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.
Stonehedge Square	PA		100	%		2,732,000		11,614,000		14,346,000		201,000		14,145,000		90,126		94.0	%		11.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		430,000		8,208,000		67,216		100.0	%		9.40
Sunset Crossing	PA		100	%		2,150,000		9,011,000		11,161,000		809,000		10,352,000		74,142		92.8	%		14.41
Swede Square	PA		100	%		2,268,000		8,477,000		10,745,000		1,157,000		9,588,000		98,792		100.0	%		13.64
The Brickyard	CT		100	%		6,465,000		28,699,000		35,164,000		2,257,000		32,907,000		274,553		100.0	%		8.95
The Commons	PA		100	%		3,098,000		14,048,000		17,146,000		1,601,000		15,545,000		175,121		92.7	%		9.87
The Point	PA		100	%		2,996,000		21,903,000		24,899,000		3,404,000		21,495,000		255,447		92.5	%		10.85
The Point at Carlisle Plaza	PA		100	%		2,235,000		11,110,000		13,345,000		725,000		12,620,000		182,859		92.0	%		6.99
The Shops at Suffolk Downs	MA		100	%		3,564,000		11,116,000		14,680,000		448,000		14,232,000		85,777		90.9	%		10.58
Townfair Center	PA		100	%		3,022,000		14,197,000		17,219,000		1,464,000		15,755,000		203,531		95.6	%		7.65
Trexler Mall	PA		100	%		6,934,000		31,680,000		38,614,000		1,139,000		37,475,000		339,363		96.4	%		8.25
Trexlertown Plaza	PA		100	%		5,261,000		23,869,000		29,130,000		398,000		28,732,000		241381		82.7	%		10.65
Ukrops at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		404,000		15,567,000		63,000		100.0	%		16.44
Ukrops at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		54,000		6,928,000		43,000		100.0	%		9.01
Valley Plaza	MD		100	%		1,950,000		7,967,000		9,917,000		711,000		9,206,000		191,189		100.0	%		4.45
Virginia Center Commons	VA		100	%		992,000		3,860,000		4,852,000		157,000		4,695,000		9,763		100.0	%		31.56
Virginia Little Creek	VA		100	%		1,650,000		8,350,000		10,000,000		456,000		9,544,000		69,620		100.0	%		10.52
Wal-Mart Center	CT		100	%		—		11,848,000		11,848,000		988,000		10,860,000		155,842		94.9	%		5.64
Washington Center Shoppes	NJ		100	%		1,811,000		8,219,000		10,030,000		1,209,000		8,821,000		154,240		97.5	%		7.64
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,905,000		4,909,000		120,000		4,789,000		55,775		100.0	%		7.28
Total Wholly-Owned Stabilized Properties						198,596,000		908,816,000		1,107,412,000		58,027,000		1,049,385,000		8,621,656		95.2	%		10.84
Properties Owned in Joint Venture (2)
Fairview Plaza	PA		30	%		1,811,000		7,438,000		9,249,000		744,000		8,505,000		69,579		100.0	%		11.73
Halifax Plaza	PA		30	%		1,102,000		4,704,000		5,806,000		460,000		5,346,000		54,150		100.0	%		11.00
Loyal Plaza	PA		25	%		3,853,000		17,051,000		20,904,000		2,089,000		18,815,000		293,825		100.0	%		7.57
Newport Plaza	PA		30	%		1,316,000		5,452,000		6,768,000		534,000		6,234,000		66,789		100.0	%		10.90
Total Consolidated Joint Ventures						8,082,000		34,645,000		42,727,000		3,827,000		38,900,000		484,343		100.0	%		9.01
Total Stabilized Properties						206,678,000		943,461,000		1,150,139,000		61,854,000		1,088,285,000		9,105,999		95.5	%		10.74

24

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2006

															Gross
					Financial statement carrying value											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.
Development/Redevelopment and Other Non-Stabilized Properties (1):
Centerville Discount Drug Mart Plaza	OH		100	%		780,000		3,627,000		4,407,000		261,000		4,146,000		49,494			72.3	%		10.98
Columbia Mall	PA		100	%		2,855,000		16,334,000		19,189,000		766,000		18,423,000		351,866			66.3	%		7.57
Dunmore Shopping Center	PA		100	%		565,000		2,243,000		2,808,000		154,000		2,654,000		101,000			66.2	%		3.35
Huntingdon Plaza	PA		100	%		933,000		4,614,000		5,547,000		410,000		5,137,000		151,697			45.0	%		6.58
Lake Raystown Plaza	PA		100	%		2,231,000		13,775,000		16,006,000		1,032,000		14,974,000		145,727			65.4	%		15.26
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,645,000		4,454,000		240,000		4,214,000		38,373			79.4	%		8.32
Value City Shopping Center	MI		100	%		189,000		1,326,000		1,515,000		121,000		1,394,000		117,000			72.6	%		1.98
Total Non-Stabilized Properties						8,362,000		45,564,000		53,926,000		2,984,000		50,942,000		955,157			64.4	%		7.66
Total Operating Portfolio						215,040,000		989,025,000		1,204,065,000		64,838,000		1,139,227,000		10,061,156			92.5	%	$	10.53
Land Held For Development:
Bergestrasse	PA		100	%		1,640,000		5,000		1,645,000		—		1,645,000	7.70		acres
Blue Mountain Common	PA		100	%		13,742,000		394,000		14,136,000		—		14,136,000	34.00		acres
Columbia Mall	PA		100	%		1,466,000		114,000		1,580,000		—		1,580,000	46.00		acres
Halifax Plaza	PA		100	%		1,107,000		706,000		1,813,000		—		1,813,000	14.00		acres
Kinderhook	NY		100	%		1,678,000		12,000		1,690,000		—		1,690,000	2.60		acres
Pine Grove Plaza	NJ		100	%		388,000		—		388,000		—		388,000	2.80		acres
The Shops at Suffolk Downs	MA		100	%		4,016,000		276,000		4,292,000		—		4,292,000	0.84		acres
Shore Mall	NJ		100	%		2,018,000		—		2,018,000		—		2,018,000	50.00		acres
Trexlertown Plaza	PA		100	%		8,087,000		285,000		8,372,000		—		8,372,000	34.90		acres
Trindle Spring	PA		100	%		1,028,000		46,000		1,074,000		—		1,074,000	2.10		acres
Washington Center Shoppes	NJ		100	%		250,000		654,000		904,000		—		904,000	1.00		acres
Total Land Held For Development						35,420,000		2,492,000		37,912,000		—		37,912,000	195.94		acres
Total Carrying Value					$	250,460,000	$	991,517,000	$	1,241,977,000	$	64,838,000	$	1,177,139,000
Unconsolidated Joint Venture (3)													$	3,644,000

25

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft. (Continued)
As of December 31, 2006

(1)	“Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties as of December 31, 2006. Centerville Discount Drug Mart Plaza, Dunmore Shopping Center, Ontario Discount Drug Mart Plaza, and Value City Shopping Center are being re-tenanted, are non-stabilized, and are not designated as development/redevelopment properties.
(2)	The terms of the respective joint venture agreements provide, among other things, that the minority interest partners receive certain preference returns on their investments prior to any distributions to the Company.
(3)	The Company has a 49% interest in an unconsolidated joint venture which owns a single-tenant office property located in Philadelphia, PA.

26

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of December 31, 2006
(unaudited)

					Carrying value amounts							Stated contract amounts
								Balances							Balances
	Percent			Maturity	Int.			Dec 31		Dec 31		Int.			Dec 31		Dec 31
Property	Owned			Date	rate			2006		2005		rate			2006		2005
Fixed-rate mortgages:
The Point		100.0	%	Sep 2012		7.6	%	$	18,566,000	$	18,928,000		7.6	%	$	18,566,000	$	18,928,000
Academy Plaza		100.0	%	Mar 2013		7.3	%		9,952,000		10,121,000		7.3	%		9,952,000		10,121,000
Port Richmond Village		100.0	%	Apr 2008		7.2	%		10,781,000		10,965,000		7.2	%		10,781,000		10,965,000
Washington Center Shoppes		100.0	%	Nov 2007		7.5	%		5,571,000		5,663,000		7.5	%		5,571,000		5,663,000
Red Lion (a)		20.0	%	Feb 2010		8.9	%		—		16,310,000		8.9	%		—		16,310,000
Loyal Plaza		25.0	%	Jun 2011		7.2	%		13,204,000		13,374,000		7.2	%		13,204,000		13,374,000
Fairview Plaza		30.0	%	Feb 2013		5.7	%		5,772,000		5,859,000		5.7	%		5,772,000		5,859,000
Halifax Plaza		30.0	%	Feb 2010		6.8	%		3,920,000		4,010,000		6.8	%		3,920,000		4,010,000
Newport Plaza		30.0	%	Feb 2010		6.8	%		5,018,000		5,127,000		6.8	%		5,018,000		5,127,000
Pine Grove Plaza		100.0	%	Mar 2006		8.5	%		—		388,000		0.0	%		—		500,000
Pine Grove Plaza		100.0	%	Sep 2015		5.0	%		6,090,000		6,178,000		5.0	%		6,090,000		6,178,000
Golden Triangle		100.0	%	Apr 2008		6.0	%		9,264,000		9,633,000		7.4	%		9,116,000		9,371,000
Townfair Center		100.0	%	Mar 2008		6.0	%		9,656,000		9,916,000		7.0	%		9,556,000		9,726,000
Franklin Village Plaza		100.0	%	Nov 2011		4.8	%		43,500,000		43,500,000		4.8	%		43,500,000		43,500,000
Centerville Discount Drug Mart		100.0	%	May 2015		5.2	%		2,935,000		2,977,000		5.2	%		2,935,000		2,977,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		2,035,000		2,064,000		5.2	%		2,035,000		2,064,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		1,023,000		1,099,000		7.1	%		937,000		997,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,701,000		1,783,000		7.5	%		1,491,000		1,545,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,393,000		1,478,000		7.1	%		1,261,000		1,326,000
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		1,095,000		1,174,000		7.8	%		964,000		1,020,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,226,000		2,258,000		5.2	%		2,226,000		2,258,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,280,000		2,371,000		7.4	%		1,969,000		2,023,000
Fairfield Plaza		100.0	%	Jul 2015		5.0	%		5,366,000		5,444,000		5.0	%		5,366,000		5,444,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,480,000		2,516,000		5.2	%		2,480,000		2,516,000
McCormick Place		100.0	%	Jul 2008		5.2	%		2,275,000		2,414,000		7.4	%		2,207,000		2,299,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,290,000		2,322,000		5.2	%		2,290,000		2,322,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,361,000		4,425,000		5.0	%		4,361,000		4,425,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,672,000		4,739,000		5.2	%		4,672,000		4,739,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,210,000		1,226,000		5.6	%		1,210,000		1,226,000
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,476,000		4,540,000		5.2	%		4,476,000		4,540,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,711,000		1,795,000		7.7	%		1,471,000		1,524,000
Shelby Discount Drug Mart		100.0	%	May 2015		5.2	%		2,290,000		2,322,000		5.2	%		2,290,000		2,322,000
Staples at Oswego		100.0	%	May 2015		5.3	%		2,354,000		2,387,000		5.3	%		2,354,000		2,387,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,952,000		13,180,000		6.1	%		12,229,000		12,354,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,784,000		5,902,000		6.1	%		5,496,000		5,567,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,565,000		6,703,000		6.1	%		6,239,000		6,324,000
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		10,099,000		10,324,000		6.1	%		9,546,000		9,692,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		10,456,000		10,697,000		5.5	%		10,229,000		10,437,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,689,000		3,758,000		6.1	%		3,504,000		3,544,000
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,978,000		5,090,000		6.1	%		4,732,000		4,804,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		5,254,000		5,363,000		6.1	%		4,993,000		5,060,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		522,000		546,000		8.0	%		438,000		453,000
Wal-Mart Center		100.0	%	Nov 2015		5.1	%		6,081,000		6,168,000		5.1	%		6,081,000		6,168,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,669,000		13,845,000		5.5	%		13,669,000		13,845,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		5,139,000		5,200,000		5.5	%		5,139,000		5,200,000
Trexler Mall		100.0	%	May 2014		5.4	%		22,701,000		23,057,000		5.5	%		22,472,000		22,794,000
Fieldstone Marketplace		100.0	%	Jul 2014		5.4	%		19,658,000		19,849,000		6.0	%		18,914,000		19,000,000
Pennsboro Commons		100.0	%	Mar 2016		5.5	%		11,433,000		—		5.5	%		11,433,000		—
Shore Mall		100.0	%	Aug 2008		5.8	%		31,015,000		—		7.0	%		30,390,000		—
Shore Mall		100.0	%	Jan 2009		5.7	%		2,408,000		—		0.0	%		2,643,000		—
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,952,000		—		7.3	%		2,760,000		—
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		13,895,000		—		5.6	%		14,200,000		—
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,389,000		—		6.1	%		5,389,000		—
Carbondale Plaza		100.0	%	Oct 2016		6.1	%		5,394,000		—		6.1	%		5,394,000		—
Long Reach Village		100.0	%	Mar 2014		5.7	%		4,921,000		—		5.7	%		4,921,000		—

27

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of December 31, 2006
(unaudited)

					Carrying value amounts							Stated contract amounts
								Balances							Balances
	Percent			Maturity	Int.			Dec 31		Dec 31		Int.			Dec 31		Dec 31
Property	Owned			Date	rate			2006		2005		rate			2006		2005
Meadows Marketplace		100.0	%	Nov 2016		5.6	%		10,763,000		—		5.6	%		10,763,000		—
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,195,000		—		5.8	%		5,195,000		—
Carrolton Discount Drug Mart		100.0	%	Dec 2016		5.6	%		2,440,000		—		5.6	%		2,440,000		—
Gabriel Brothers Plaza		100.0	%	Dec 2016		5.6	%		3,200,000		—		5.6	%		3,200,000		—
Hudson Discount Drug Mart		100.0	%	Dec 2016		5.7	%		2,575,000		—		5.7	%		2,575,000		—
Westlake Discount Drug Mart		100.0	%	Dec 2016		5.6	%		3,346,000		—		5.6	%		3,346,000		—
Oak Ridge		100.0	%	May 2015		5.5	%		3,580,000		—		5.5	%		3,580,000		—
Elmhurst Square		100.0	%	Dec 2014		5.4	%		4,244,000		—		5.4	%		4,244,000		—
Camp Hill (c)		100.0	%	Jan 2017		5.5	%		65,000,000		—		5.5	%		65,000,000		—
Total fixed-rate mortgages				6.9 years		5.7	%		494,764,000		338,988,000		5.9	%	$	489,195,000	$	332,828,000
				[weighted averages]								[weighted average]
Variable-rate mortgages:
LA Fitness Facility (a)		100.0	%	Dec 2007		8.1	%		4,839,000		4,878,000
Camp Hill (c)		100.0	%	Apr 2008		7.2	%		—		36,445,000
Total variable-rate mortgages				1.0 years		8.1	%		4,839,000		41,323,000
				[weighted averages]
Total mortgages				6.8 years		5.7	%		499,603,000		380,311,000
				[weighted averages]
Secured revolving credit				Jan 2009
facility (b)		100.0	%	2.1 years		6.6	%		68,470,000		147,480,000
				[weighted averages]
Total debt				6.3 years		5.8	%	$	568,073,000	$	527,791,000
				[weighted averages]
Pro rata share of total debt								$	547,873,000	$	491,774,000

28

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of December 31, 2006
(unaudited)

Maturity					Secured
schedule	Scheduled		Balloon		revolving
by year	amortization		payments		credit facility (b)		Total
2007	$	7,917,000	$	10,327,000			$	18,244,000
2008		7,049,000		60,194,000				67,243,000
2009		6,078,000		1,542,000	$	68,470,000		76,090,000
2010		6,222,000		8,324,000				14,546,000
2011		6,397,000		55,786,000				62,183,000
2012		7,153,000		15,901,000				23,054,000
2013		6,590,000		35,871,000				42,461,000
2014		5,462,000		85,733,000				91,195,000
2015		3,979,000		55,979,000				59,958,000
2016		2,880,000		46,158,000				49,038,000
2017		1,074,000		60,468,000				61,542,000
2018		888,000		965,000				1,853,000
2019		542,000		—				542,000
2020		73,000		—				73,000
2021		36,000		15,000				51,000
	$	62,340,000	$	437,263,000	$	68,470,000	$	568,073,000

(a)	As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. On May 23, 2006, the Company sold its interest in the Red Lion partnership and acquired the remaining 50% interest in the LA Fitness Facility partnership.
(b)	The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2009.
(c)	In December 2006, the Company arranged permanent financing at the Camp Hill property and repaid the outstanding construction financing.

29

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties
(unaudited)

				As of December 31, 2006
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total
Loyal Plaza		75	%	$	18,814,619	$	(13,203,587	)	$	1,029,413		$	5,243,385	$	1,397,060	$	6,640,445
Fairview Plaza (d)		70	%		8,504,823		(5,771,737	)		(107,658	)		1,596,660		1,028,768		2,625,428
Halifax Plaza (d)		70	%		5,347,148		(3,920,000	)		127,662			1,165,877		388,933		1,554,810
Newport Plaza (d)		70	%		6,233,537		(5,018,184	)		378,802			1,126,180		467,975		1,594,155
				$	38,900,127	$	(27,913,508	)	$	1,428,219		$	9,132,102	$	3,282,736	$	12,414,838

				As of September 30, 2006
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total
Loyal Plaza		75	%	$	18,868,441	$	(13,247,934	)	$	1,214,624		$	5,275,958	$	1,559,173	$	6,835,131
Fairview Plaza (d)		70	%		8,551,783		(5,794,194	)		(122,458	)		1,602,227		1,032,904		2,635,131
Halifax Plaza (d)		70	%		5,375,441		(3,942,500	)		77,606			1,153,558		356,989		1,510,547
Newport Plaza (d)		70	%		6,267,607		(5,045,484	)		362,344			1,110,649		473,818		1,584,467
				$	39,063,272	$	(28,030,112	)	$	1,532,116		$	9,142,392	$	3,422,884	$	12,565,276

				As of June 30, 2006
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total
Loyal Plaza		75	%	$	19,003,100	$	(13,288,889	)	$	1,090,243		$	5,242,703	$	1,561,751	$	6,804,454
Fairview Plaza (d)		70	%		8,595,465		(5,815,423	)		(158,015	)		1,592,875		1,029,152		2,622,027
Halifax Plaza (d)		70	%		5,401,514		(3,965,000	)		124,736			1,212,996		348,254		1,561,250
Newport Plaza (d)		70	%		6,298,399		(5,072,784	)		414,659			1,153,608		486,666		1,640,274
				$	39,298,478	$	(28,142,096	)	$	1,471,623		$	9,202,182	$	3,425,823	$	12,628,005

30

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)

				As of March 31, 2006
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total
Loyal Plaza		75	%	$	19,137,754	$	(13,329,083	)	$	1,011,858		$	5,212,817	$	1,607,712	$	6,820,529
Fairview Plaza (d)		70	%		8,634,920		(5,836,340	)		(179,189	)		1,592,714		1,026,677		2,619,391
Halifax Plaza (d)		70	%		5,426,527		(3,987,500	)		103,011			1,197,702		344,336		1,542,038
Newport Plaza (d)		70	%		6,332,453		(5,100,084	)		347,933			1,119,893		460,409		1,580,302
LA Fitness Facility (f)		50	%		5,723,513		(4,870,230	)		253,503			806,444		300,342		1,106,786
				$	45,255,167	$	(33,123,237	)	$	1,537,116		$	9,929,570	$	3,739,476	$	13,669,046

				As of December 31, 2005
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total
Loyal Plaza		75	%	$	19,279,062	$	(13,373,758	)	$	1,322,219		$	5,211,000	$	2,016,523	$	7,227,523
Red Lion (f)		80	%		18,364,848		(16,310,014	)		1,720,818			2,411,397		1,364,255		3,775,652
Fairview Plaza (d)		70	%		8,686,016		(5,858,777	)		(233,195	)		1,564,351		1,029,693		2,594,044
Halifax Plaza (d)		70	%		5,453,408		(4,010,000	)		41,126			1,163,630		320,904		1,484,534
Newport Plaza (d)		70	%		6,368,100		(5,127,384	)		254,933			1,063,636		432,013		1,495,649
LA Fitness Facility (f)		50	%		5,749,656		(4,878,220	)		464,655			925,137		410,954		1,336,091
				$	63,901,090	$	(49,558,153	)	$	3,570,556		$	12,339,151	$	5,574,342	$	17,913,493

31

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)

				Three months ended December 31, 2006
				Property-level operations															Share of property net income
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Property	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income			Regular		Preference		Cedar (b)
Loyal Plaza		75	%	$	720,383	$	206,184			$	142,872	$	371,327	$	255,039	$	116,288		$	87,216	$	29,072	$	—
Fairview Plaza (d)		70	%		230,918		42,818				48,221		139,879		84,704		55,175	)
																		)
Halifax Plaza (d)		70	%		212,096		44,581				29,355		138,160		70,892		67,268	)		130,615		11,195	$	44,783
																		)
Newport Plaza (d)		70	%		244,209		57,221				34,206		152,782		88,632		64,150	)
				$	1,407,606	$	350,804	$	—	$	254,654	$	802,148	$	499,267	$	302,881		$	217,831	$	40,267	$	44,783

				Three months ended September 30, 2006
				Property-level operations															Share of property net income
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Property	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income			Regular		Preference		Cedar (b)
Loyal Plaza		75	%	$	705,058	$	112,960	$	23,676	$	138,586	$	429,836	$	247,721	$	182,115		$	136,586	$	45,529	$	—
Fairview Plaza (d)		70	%		251,526		36,609		6,980		48,109		159,828		85,022		74,806	)
																		)
Halifax Plaza (d)		70	%		180,877		37,099		4,916		29,350		109,512		70,708		38,804	)		130,993		11,226	$	44,914
																		)
Newport Plaza (d)		70	%		247,980		46,322		6,181		34,138		161,339		87,816		73,523	)
				$	1,385,441	$	232,990	$	41,753	$	250,183	$	860,515	$	491,267	$	369,248		$	267,579	$	56,755	$	44,914

				Three months ended June 30, 2006
				Property-level operations															Share of property net income
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Property	percent			Revenues		expenses		mgt. fees		amortization		income		inc/exp (e)		Net income			Regular		Preference		Cedar (b)
Loyal Plaza		75	%	$	727,461	$	147,122	$	17,023	$	138,569	$	424,747	$	246,001	$	178,746		$	134,060	$	44,687		$	—
Fairview Plaza (d)		70	%		238,625		36,749		6,817		47,937		147,122		84,410		62,712	)
																		)
Halifax Plaza (d)		70	%		186,970		36,352		5,385		29,364		115,869		78,256		37,613	)		101,139		8,669			34,676
																		)
Newport Plaza (d)		70	%		224,894		52,234		6,550		34,054		132,056		87,897		44,159	)
LA Fitness (f)		50	%		105,658		511		3,170		16,561		85,416		51,773		33,643			16,822		3,870			12,952
				$	1,483,608	$	272,968	$	38,945	$	266,485	$	905,210	$	548,337	$	356,873		$	252,020	$	57,225		$	47,628

32

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)

				Three months ended March 31, 2006
				Property-level operations															Share of property net income
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Property	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income			Regular		Preference		Cedar (b)
Loyal Plaza		75	%	$	726,566	$	187,395	$	21,756	$	145,376	$	372,039	$	250,222	$	121,817		$	91,363	$	30,454	$	—
Fairview Plaza (d)		70	%		273,667		30,773		6,886		52,383		183,625		83,806		99,819	)
																		)
Halifax Plaza (d)		70	%		187,480		36,131		5,475		29,348		116,526		69,852		46,674	)		139,893		11,992		47,962
																		)
Newport Plaza (d)		70	%		232,705		51,682		6,365		35,647		139,011		85,657		53,354	)
LA Fitness (f)		50	%		185,400		898		5,562		29,059		149,881		90,845		59,036			29,518		6,789		22,729
				$	1,605,818	$	306,879	$	46,044	$	291,813	$	961,082	$	580,382	$	380,700		$	260,774	$	49,235	$	70,691

				Three months ended December 31, 2005
				Property-level operations																Share of property net income
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op						<<< Partners >>>
Property	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (e)		Net income				Regular			Preference		Cedar (b)
Loyal Plaza		75	%	$	757,156	$	133,068	$	26,228	$	138,559	$	459,301	$	252,883	$	206,418			$	154,814		$	51,605	$	—
Red Lion (f)		80	%		638,887		203,332		18,967		107,272		309,316		385,873		(76,557	)			(61,247	)		—		(15,310	)
Fairview Plaza (d)		70	%		266,408		49,246		5,795		47,612		163,755		85,968		77,787		)
																			)
Halifax Plaza (d)		70	%		210,738		41,251		6,940		29,348		133,199		72,290		60,909		)		124,457			10,670		42,669
																			)
Newport Plaza (d)		70	%		218,224		46,819		7,530		34,054		129,821		90,721		39,100		)
LA Fitness (f)		50	%		185,400		907		5,562		26,872		152,059		86,946		65,113				32,557			7,488		25,069
				$	2,276,813	$	474,623	$	71,022	$	383,717	$	1,347,451	$	974,681	$	372,770			$	250,581		$	69,762	$	52,428

33

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)

								Three months ended December 31, 2006
	Partners’							Share of FFO (a)
Property	percent			Cedar				Partners		Cedar (b)		Total
Loyal Plaza		75	%		25	%		$	192,912	$	66,247	$	259,159
Fairview Plaza (d)		70	%		30	%	)
							)
Halifax Plaza (d)		70	%		30	%	)		202,608		95,767		298,375
							)
Newport Plaza (d)		70	%		30	%	)
								$	395,520	$	162,014	$	557,534

								Three months ended September 30, 2006
	Partners’							Share of FFO (a)
Property	percent			Cedar				Partners		Cedar (b)		Total
Loyal Plaza		75	%		25	%		$	235,990	$	84,710	$	320,700
Fairview Plaza (d)		70	%		30	%	)
							)
Halifax Plaza (d)		70	%		30	%	)		202,785		95,943		298,728
							)
Newport Plaza (d)		70	%		30	%	)
								$	438,775	$	180,653	$	619,428

								Three months ended June 30, 2006
	Partners’							Share of FFO (a)
Property	percent			Cedar				Partners		Cedar (b)		Total
Loyal Plaza		75	%		25	%		$	233,621	$	83,695	$	317,316
Fairview Plaza (d)		70	%		30	%	)
							)
Halifax Plaza (d)		70	%		30	%	)		181,124		74,714		255,838
							)
Newport Plaza (d)		70	%		30	%	)
LA Fitness (f)		50	%		50	%			31,257		18,948		50,205
								$	446,002	$	177,357	$	623,359

34

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties (Continued)
(unaudited)

								Three months ended March 31, 2006
	Partners’							Share of FFO (a)
Property	percent			Cedar				Partners		Cedar (b)		Total
Loyal Plaza		75	%		25	%		$	198,535	$	68,658	$	267,193
Fairview Plaza (d)		70	%		30	%	)
							)
Halifax Plaza (d)		70	%		30	%	)		212,128		105,098		317,226
							)
Newport Plaza (d)		70	%		30	%	)
LA Fitness (f)		50	%		50	%			54,848		33,247		88,095
								$	465,511	$	207,003	$	672,514

								Three months ended December 31, 2005
	Partners’							Share of FFO (a)
Property	percent			Cedar				Partners		Cedar (b)		Total
Loyal Plaza		75	%		25	%		$	252,983	$	91,994	$	344,977
Red Lion (f)		80	%		20	%			24,570		6,143		30,713
Fairview Plaza (d)		70	%		30	%	)
							)
Halifax Plaza (d)		70	%		30	%	)		197,778		91,035		288,813
							)
Newport Plaza (d)		70	%		30	%	)
LA Fitness (f)		50	%		50	%			56,793		35,192		91,985
								$	532,124	$	224,364	$	756,488

(a)	The Partners’ and Cedar’s respective shares of equity 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.
(b)	Includes limited partners’ share.
(c)	Equity includes net receivable/payable balances on open account between joint venture and wholly-owned entities.
(d)	As each of these three properties is under an umbrella partnership, any shortfall in required preference returns with respect to any one of the properties will be offset by excess cash flow from any of the other properties.
(e)	Non-operating income and expense consists principally of interest expense and amortization of deferred financing costs.
(f)	As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. On May 23, 2006, Cedar sold its interest in the Red Lion partnership and acquired the remaining 50% interest in the LA Fitness facility. The results shown above for the LA Fitness facility are for the periods prior to its becoming a wholly-owned property.

35