Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

June 30, 2005

(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
June 30, 2005
(unaudited)

TABLE OF CONTENTS

Disclosures	3-4
Summary Financial Data	5-6
Consolidated Balance Sheets Information (wholly-owned and joint venture properties)	7
Consolidated Statements of Income Information (wholly-owned and joint venture properties)	8-9
Reconciliation of Net Income Applicable to Common Shareholders to Funds From Operations (“FFO”)	10
Property Summary	11-16
Debt Summary	17-18
Consolidated Joint Ventures Information	19-20
Tenant Concentration Schedule	21
Lease Expiration Schedule	22

2

Cedar Shopping Centers, Inc.
Supplemental Financial Information
June 30, 2005

(unaudited)

Disclosures

Forward Looking Statements

Statements made or incorporated by reference in the 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 belief, expectations, or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, 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 a difference 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 tenants; the continuing availability of shopping center 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; the Company’s potential inability to realize the level of proceeds from property sales as initially expected; 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, 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 refinance debt obligations when due.

Basis of Presentation

The information contained in the Supplemental Financial Information is unaudited and does not purport to disclose all items required by GAAP. The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2004 and Form 10-Q for the quarter ended June 30, 2005.

Cedar Shopping Centers Partnership, L.P. (the “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. As of June 30, 2005, the Company owned a 93.2% economic interest in, and is the sole general partner of, the OP. The limited partners’ interest in the OP 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 joint ventures, the Company has general partnership interests ranging from 20% to 50% and, since the Company is the sole general partner and exercises substantial operating control over these entities, such partnerships are included in the consolidated financial statements.

3

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

Funds From Operations (“FFO”) is a widely-recognized measure of REIT performance. 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 depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Adjustments for unconsolidated partnerships and joint ventures are computed to reflect FFO on the same basis. In computing FFO, the Company does not add back to net income applicable to common shareholders the amortization of costs incurred in connection with its financing or hedging activities, or depreciation of non-real estate assets, but does add back to net income applicable to common shareholders those items that are defined as “extraordinary” under GAAP. FFO does not represent cash generated from operating activities in accordance with GAAP and should not be considered as an alternative to net income applicable to common shareholders (determined in accordance with GAAP) as an indication of the Company’s performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. Since the NAREIT White Paper only provides guidelines for computing FFO, the computation of FFO may vary from one company to another. FFO is not necessarily indicative of cash available to fund ongoing cash needs.

4

Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
		June 30,			December 31,
		2005			2004
Equity market capitalization (end of period):
8-7/8% Series A Cumulative Redeemable
Preferred Stock shares outstanding		3,550,000			2,350,000
Closing market price	$	26.70		$	26.39
Common shares outstanding		22,340,981			19,350,981
OP Units outstanding		1,638,562			454,469
Closing market price	$	14.75		$	14.30
Equity market capitalization	$	448,483,000		$	345,234,000
Pro rata share of outstanding debt		252,271,000			212,142,000
Total capitalization	$	700,754,000		$	557,376,000
Ratio of pro rata share of outstanding debt
to total capitalization		36.0	%		38.1	%
Ratio of pro rata share of outstanding debt
to capitalization without Preferred Stock		41.6	%		42.8	%
		Three months ended June 30,
		2005			2004
Total revenues	$	17,047,000		$	12,640,000
Net income applicable to common shareholders	$	1,466,000		$	1,903,000
Per common share	$	0.07		$	0.12
Dividends to common shareholders	$	5,027,000		$	3,703,000
Per common share	$	0.225		$	0.225
FFO	$	5,484,000		$	4,253,000
Per common share/OP unit	$	0.23		$	0.25
Average number of common shares:
Shares used in determination of earnings per share		22,175,000			16,456,000
Additional shares assuming conversion of OP Units		1,230,000			454,000
Shares used in determination of FFO per share		23,405,000			16,910,000
		Six months ended June 30,
		2005			2004
Total revenues	$	33,569,000		$	23,912,000
Net income applicable to common shareholders	$	2,820,000		$	3,246,000
Per common share	$	0.14		$	0.20
Dividends to common shareholders	$	9,381,000		$	6,335,000
Per common share	$	0.450		$	0.385
FFO	$	10,354,000		$	7,622,000
Per common share/OP unit	$	0.48		$	0.45
Average number of common shares:
Shares used in determination of earnings per share		20,763,000			16,456,000
Additional shares assuming conversion of OP Units		842,000			447,000
Shares used in determination of FFO per share		21,605,000			16,903,000

5

Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
(continued)
		June 30,			December 31,
		2005			2004
Real estate, net		617,928,000			505,325,000
Other assets		37,129,000			31,835,000
Total assets	$	655,057,000		$	537,160,000
Total debt	$	288,517,000		$	248,630,000
Other liabilities		32,570,000			34,239,000
Minority interests		11,929,000			11,995,000
Limited partners’ interest in OP		21,899,000			6,542,000
Shareholders’ equity		300,142,000			235,754,000
Total liabilities and equity	$	655,057,000		$	537,160,000
Fixed-rate mortgages	$	210,330,000		$	161,475,000
Variable-rate mortgages		34,787,000			18,955,000
Total mortgages		245,117,000			180,430,000
Secured revolving credit facility		43,400,000			68,200,000
Total debt	$	288,517,000		$	248,630,000
Pro rata share of total debt	$	252,271,000		$	212,142,000
Weighted average interest rates:
Fixed-rate mortgages		6.2	%		6.5	%
Variable-rate mortgages		5.3	%		4.7	%
Total mortgages		6.1	%		6.3	%
Secured variable rate revolving credit facility		4.8	%		3.9	%
Total debt		5.9	%		5.7	%

6

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets Information
(unaudited)
	June 30, 2005									December 31, 2004
					Joint venture			Wholly-owned						Joint venture			Wholly-owned
		Total			properties			properties			Total			properties			properties
Assets:
Real estate:
Land	$	117,784,000		$	14,408,000		$	103,376,000		$	97,617,000		$	14,409,000		$	83,208,000
Buildings and improvements		523,431,000			54,031,000			469,400,000			423,735,000			54,083,000			369,652,000
		641,215,000			68,439,000			572,776,000			521,352,000			68,492,000			452,860,000
Less accumulated           depreciation		(23,287,000	)		(3,795,000	)		(19,492,000	)		(16,027,000	)		(3,055,000	)		(12,972,000	)
Real estate, net		617,928,000			64,644,000			553,284,000			505,325,000			65,437,000			439,888,000
Cash and cash equivalents		7,105,000			—			7,105,000			8,457,000			—			8,457,000
Cash at joint ventures		1,350,000			1,350,000			—			1,193,000			1,193,000			—
Construction / improvement and other escrows		5,119,000			1,300,000			3,819,000			5,912,000			1,408,000			4,504,000
Receivables:
Rents and other, net		3,809,000			264,000			3,545,000			1,929,000			216,000			1,713,000
Straight-line rents		3,490,000			746,000			2,744,000			2,554,000			668,000			1,886,000
Other assets		5,159,000			263,000			4,896,000			2,379,000			271,000			2,108,000
Deferred charges, net:
Leasing costs		6,557,000			340,000			6,217,000			6,163,000			226,000			5,937,000
Financing costs		3,719,000			612,000			3,107,000			2,994,000			675,000			2,319,000
Other		821,000			—			821,000			254,000			—			254,000
Total assets	$	655,057,000		$	69,519,000		$	585,538,000		$	537,160,000		$	70,094,000		$	467,066,000
Liabilities and shareholders’ equity:
Mortgage loans payable	$	245,117,000		$	49,883,000		$	195,234,000		$	180,430,000		$	50,224,000		$	130,206,000
Secured revolving credit facility		43,400,000			—			43,400,000			68,200,000			—			68,200,000
Accounts payable and accrued expenses		5,420,000			528,000			4,892,000			5,549,000			464,000			5,085,000
Tenant advance payments and security deposits		3,209,000			261,000			2,948,000			3,463,000			533,000			2,930,000
Unamortized intangible lease liabilities		23,941,000			1,113,000			22,828,000			25,227,000			1,185,000			24,042,000
Total liabilities		321,087,000			51,785,000			269,302,000			282,869,000			52,406,000			230,463,000
Minority interests		11,929,000			11,929,000			—			11,995,000			11,995,000			—
Limited partners’ interest in consolidated OP		21,899,000			395,000			21,504,000			6,542,000			154,000			6,388,000
Equity (a)		300,142,000			5,410,000			294,732,000			235,754,000			5,539,000			230,215,000
Total liabilities and equity	$	655,057,000		$	69,519,000		$	585,538,000		$	537,160,000		$	70,094,000		$	467,066,000
(a) Equity includes net receivable/payable balances, on open account, between joint venture and wholly-owned properties.

7

		CEDAR SHOPPING CENTERS, INC.
		Consolidated Statements of Income Information
		(unaudited)
		Three months ended June 30, 2005									Three months ended June 30, 2004
		Total			Joint venture			Wholly-owned			Total			Joint venture			Wholly-owned
Revenues:
Rents:
Base rents	$	12,284,000		$	1,839,000		$	10,445,000		$	8,816,000		$	1,749,000		$	7,067,000
Percentage rents		22,000			1,000			21,000			187,000			3,000			184,000
Straight-line rents		442,000			32,000			410,000			385,000			63,000			322,000
Amortization of intangible
lease liabilities		937,000			35,000			902,000			551,000			41,000			510,000
		13,685,000			1,907,000			11,778,000			9,939,000			1,856,000			8,083,000
Expense recoveries		3,218,000			333,000			2,885,000			2,575,000			532,000			2,043,000
Other		144,000			—			144,000			126,000			8,000			118,000
Total revenues		17,047,000			2,240,000			14,807,000			12,640,000			2,396,000			10,244,000
Expenses:
Operating, maintenance
and management		2,545,000			223,000			2,322,000			2,657,000			356,000			2,301,000
Real estate and other property-
related taxes		1,915,000			221,000			1,694,000			1,244,000			217,000			1,027,000
General and administrative		1,197,000			—			1,197,000			985,000			—			985,000
Depreciation and amortization		4,188,000			382,000			3,806,000			2,592,000			374,000			2,218,000
Total expenses		9,845,000			826,000			9,019,000			7,478,000			947,000			6,531,000
Operating income		7,202,000			1,414,000			5,788,000			5,162,000			1,449,000			3,713,000
Non-operating income and expense:
Interest expense		(3,144,000	)		(945,000	)		(2,199,000	)		(2,575,000	)		(907,000	)		(1,668,000	)
Amortization of deferred financing costs		(230,000	)		(32,000	)		(198,000	)		(242,000	)		(32,000	)		(210,000	)
Interest income		27,000			4,000			23,000			27,000			1,000			26,000
Total non-operating income and expense		(3,347,000	)		(973,000	)		(2,374,000	)		(2,790,000	)		(938,000	)		(1,852,000	)
Income before minority and
limited partners’ interests		3,855,000			441,000			3,414,000			2,372,000			511,000			1,861,000
Minority interests		(353,000	)		(353,000	)		—			(416,000	)		(416,000	)		—
Limited partners’ interest		(82,000	)		(5,000	)		(77,000	)		(53,000	)		(3,000	)		(50,000	)
Net income		3,420,000			83,000			3,337,000			1,903,000			92,000			1,811,000
Preferred distribution requirements		(1,954,000	)		—			(1,954,000	)		—			—			—
Net income applicable to
common shareholders	$	1,466,000		$	83,000		$	1,383,000		$	1,903,000		$	92,000		$	1,811,000
Per common share	$	0.07		$	—		$	0.07		$	0.12		$	0.01		$	0.11
Average number of common
shares outstanding		22,175,000			22,175,000			22,175,000			16,456,000			16,456,000			16,456,000

8

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Income Information
(unaudited)
		Six months ended June 30, 2005									Six months ended June 30, 2004
		Total			Joint venture			Wholly-owned			Total			Joint venture			Wholly-owned
Revenues:
Rents:
Base rents	$	23,533,000		$	3,680,000		$	19,853,000		$	16,823,000		$	3,486,000		$	13,337,000
Percentage rents		223,000			5,000			218,000			304,000			19,000			285,000
Straight-line rents		934,000			79,000			855,000			645,000			141,000			504,000
Amortization of intangible
lease liabilities		1,844,000			71,000			1,773,000			976,000			82,000			894,000
		26,534,000			3,835,000			22,699,000			18,748,000			3,728,000			15,020,000
Expense recoveries		6,891,000			790,000			6,101,000			4,935,000			926,000			4,009,000
Other		144,000			—			144,000			229,000			9,000			220,000
Total revenues		33,569,000			4,625,000			28,944,000			23,912,000			4,663,000			19,249,000
Expenses:
Operating, maintenance
and management		6,572,000			642,000			5,930,000			5,397,000			750,000			4,647,000
Real estate and other property-
related taxes		3,390,000			441,000			2,949,000			2,344,000			435,000			1,909,000
General and administrative		2,166,000			—			2,166,000			1,627,000			—			1,627,000
Depreciation and amortization		7,931,000			763,000			7,168,000			5,067,000			681,000			4,386,000
Total expenses		20,059,000			1,846,000			18,213,000			14,435,000			1,866,000			12,569,000
Operating income		13,510,000			2,779,000			10,731,000			9,477,000			2,797,000			6,680,000
Non-operating income and expense:
Interest expense		(6,281,000	)		(1,927,000	)		(4,354,000	)		(5,099,000	)		(2,003,000	)		(3,096,000	)
Amortization of deferred financing costs		(436,000	)		(68,000	)		(368,000	)		(489,000	)		(64,000	)		(425,000	)
Interest income		32,000			7,000			25,000			30,000			2,000			28,000
Total non-operating income and expense		(6,685,000	)		(1,988,000	)		(4,697,000	)		(5,558,000	)		(2,065,000	)		(3,493,000	)
Income before minority and
limited partners’ interests		6,825,000			791,000			6,034,000			3,919,000			732,000			3,187,000
Minority interests		(643,000	)		(643,000	)		—			(584,000	)		(584,000	)		—
Limited partners’ interest		(114,000	)		(6,000	)		(108,000	)		(89,000	)		(4,000	)		(85,000	)
Net income		6,068,000			142,000			5,926,000			3,246,000			144,000			3,102,000
Preferred distribution requirements		(3,248,000	)		—			(3,248,000	)		—			—			—
Net income applicable to
common shareholders	$	2,820,000		$	142,000		$	2,678,000		$	3,246,000		$	144,000		$	3,102,000
Per common share	$	0.14		$	0.01		$	0.13		$	0.20		$	0.01		$	0.19
Average number of common
shares outstanding		20,763,000			20,763,000			20,763,000			16,456,000			16,456,000			16,456,000

9

CEDAR SHOPPING CENTERS, INC.
Reconciliation of Net Income to
Funds From Operations (“FFO”)
(unaudited)
		Three months ended June 30,						Six months ended June 30,
		2005			2004			2005			2004
Net income applicable to common shareholders (1)	$	1,466,000		$	1,903,000		$	2,820,000		$	3,246,000
Add (deduct):
Depreciation and amortization		4,171,000			2,506,000			7,901,000			4,698,000
Limited partners’ interest		82,000			53,000			114,000			89,000
Minority interests		353,000			416,000			643,000			584,000
Minority interests’ share of FFO		(588,000	)		(625,000	)		(1,124,000	)		(995,000
Funds from operations	$	5,484,000		$	4,253,000		$	10,354,000		$	7,622,000
FFO per common share (assuming conversion
of OP Units	$	0.23		$	0.25		$	0.48		$	0.45
Average number of common shares:
Shares used in determination of earnings per share		22,175,000			16,456,000			20,763,000			16,456,000
Additional shares assuming conversion of OP Units		1,230,000			454,000			842,000			447,000
Shares used in determination of FFO per share		23,405,000			16,910,000			21,605,000			16,903,000
(1) Net income applicable to common shareholders includes income from amortization of intangible lease liabilities of $937,000,
$551,000, $1,844,000 and $976,000, respectively. The minority interests’ share of such amortization was $27,000, $31,000, $54,000 and
$63,000, respectively. Net income applicable to common shareholders also includes a charge for the ineffective portion of the
change in the fair value of the Company’s derivative financial instruments of $0, $80,000, $0 and $360,000, respectively (included
in amortization expense). Minority interests did not share in such charge.

10

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 2005
	Year acquired	Percent owned (2)		Gross leasable area “GLA”	Year built/ year last renovated	Number of tenants	Percent occupied			Average base rent per leased SF
											Major tenants [>=20,000 SF of GLA]
Property											Name	SF	Lease expiration
STABILIZED PROPERTIES (1):
The Point Shopping Center	2000	100	%	255,447	1972/2001	19	94	%	$	10.36	Giant Foods	55,000	07/31/2021
Harrisburg, PA											Burlington Coat Factory	76,665	01/31/2011
											Staples	24,000	08/31/2013
											A.C. Moore	20,000	07/31/2008
Academy Plaza	2001	100	%	152,878	1965/1998	33	99	%		11.33	Acme Markets	50,918	09/31/2018
Philadelphia, PA											Raising Horizons Charter School	20,092	08/31/2005
Port Richmond Village	2001	100	%	154,908	1988	29	97	%		12.05	Thriftway	40,000	10/31/2008
Philadelphia, PA											Pep Boys	20,615	02/28/2009
Washington Center Shoppes	2001	100	%	153,260	1979/1995	29	99	%		7.60	Acme Markets	66,046	12/02/2020
Washington Township, NJ											Powerhouse Gym	20,742	12/31/2012
Red Lion	2002	20	%	224,269	1970/2000	17	87	%		12.32	Best Buy Stores	46,000	01/31/2014
Philadelphia, PA											Sports Authority	43,825	08/15/2005
											Staples	23,942	07/31/2015
Loyal Plaza	2002	25	%	293,825	1969/2000	26	100	%		7.45	K-Mart	102,558	08/31/2006
Williamsport, PA											Giant Foods	66,935	10/31/2019
											Staples	20,555	11/30/2014
LA Fitness Facility	2002	50	%	41,000	2003	1	100	%		18.09	LA Fitness	41,000	12/31/2018
Fort Washington, PA
Fairview Plaza	2003	30	%	69,579	1992	5	97	%		11.40	Giant Foods	59,237	02/28/2017
New Cumberland, PA
Halifax Plaza	2003	30	%	54,150	1994	9	100	%		10.89	Giant Foods	32,000	10/31/2019
Halifax, PA
Newport Plaza	2003	30	%	66,789	1996	9	100	%		10.12	Giant Foods	43,400	05/31/2021
Newport, PA
Pine Grove Plaza	2003	100	%	79,306	2001/2002	14	95	%		10.39	Peebles	24,963	01/31/2022
Pemberton Township, NJ

11

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 2005
(continued)

Property	Year acquired	Percent owned (2)		Gross leasable area “GLA”	Year built/ year last renovated	Number of tenants	Percent occupied			Average base rent per leased SF
											Major tenants [>=20,000 SF of GLA]
											Name	SF	Lease expiration
Swede Square	2003	100	%	98,792	1980/2004	16	88	%	$	13.16	LA Fitness	37,200	06/30/2016
East Norriton, PA
Valley Plaza	2003	100	%	191,189	1975/1994	7	100	%		4.39	K-Mart	95,810	09/30/2009
Hagerstown, MD											Ollie’s	41,888	03/31/2011
											Tractor Supply	32,095	05/31/2010
Wal-Mart Center	2003	100	%	155,842	1972/2000	8	95	%		5.51	Wal-Mart	95,482	01/31/2020
Southington, CT											Namco	20,000	01/31/2011
South Philadelphia	2003	100	%	283,415	1950/2003	25	96	%		12.78	Shop Rite	54,388	09/30/2018
Philadelphia, PA											Bally’s Total Fitness	31,000	05/31/2017
											Ross Stores	31,349	01/31/2013
											National Wholesale Liquidators	26,000	01/31/2016
											Modell’s	20,000	01/31/2018
											Strauss Discount Auto	20,000	11/30/2013
River View Plaza I, II and III	2003	100	%	244,225	1991/1998	21	88	%		16.66	United Artists	77,700	12/31/2018
Philadelphia, PA											Pep Boys	22,000	09/30/2014
Columbus Crossing	2003	100	%	142,166	2001	9	100	%		15.22	Super Fresh Supermarket	61,506	09/30/2020
Philadelphia, PA											Old Navy	25,000	09/30/2008
											A.C. Moore	22,000	09/30/2011
Sunset Crossing	2003	100	%	74,142	2002	6	96	%		14.43	Giant Foods	54,332	06/30/2022
Dickson City, PA
Golden Triangle	2003	100	%	191,581	1960/2005	16	86	%		10.51	LA Fitness	44,796	04/30/2020
Lancaster, PA											Marshalls	30,000	05/31/2010
											Staples	24,060	05/31/2012
											Artesian Outlet	22,000	04/30/2009
The Commons	2004	100	%	175,121	2000 – 2003	21	98	%		10.03	Elder-Beerman Stores	54,500	01/31/2017
DuBois, PA											Shop ’n Save	52,654	10/07/2015
Townfair Center	2004	100	%	203,531	1995 – 2002	11	97	%		7.68	Lowe’s Home Centers	95,173	12/31/2015
White Township, PA											Shop ’n Save	50,000	02/08/2012
Lake Raystown Plaza	2004	100	%	84,292	1995	9	100	%		8.58	Giant Foods	39,244	07/31/2015
Huntingdon, PA

12

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 2005
(continued)	Year acquired	Percent owned (2)		Gross leasable area “GLA”	Year built/ year last renovated	Number of tenants	Percent occupied			Average base rent per leased SF
											Major tenants [>=20,000 SF of GLA]
Property											Name	SF	Lease expiration
Franklin Village Plaza	2004	100	%	303,772 (3)	1987/1989	63	92	%	$	18.19	Stop & Shop (3)	75,000	10/31/2025
Franklin, MA											Marshalls	26,890	01/31/2009
The Brickyard	2004	100	%	274,553	1989 – 1990	5	98	%		8.73	Sam’s Club	109,755	10/31/2010
Berlin, CT											The Home Depot	103,003	10/31/2010
											Syms	38,000	03/31/2010
Carbondale Plaza	2004	100	%	129,915	1972	10	83	%		5.49	Weis Markets	52,720	02/29/2016
Carbondale, PA											Peebles	39,600	01/31/2016
Kenley Village	2005	100	%	51,894	1988	11	100	%		7.54	Food Lion	29,000	02/11/2009
Hagerstown, MD
St. James Square	2005	100	%	39,903	2000	4	93	%		10.97	Food Lion	33,000	11/14/2020
Hagerstown, MD
Carrolton Discount Drug Mart Plaza	2005	100	%	40,355	2000	4	100	%		7.92	Discount Drug Mart	25,355	03/31/2016
Carrolton, OH
Clyde Discount Drug Mart Plaza	2005	100	%	33,852	2002	2	82	%		9.08	Discount Drug Mart	23,852	03/31/2019
Clyde, OH
CVS at Bradford	2005	100	%	10,722	1996	1	100	%		12.80
Bradford, PA
CVS at Celina	2005	100	%	10,195	1998	1	100	%		16.50
Celina, OH
CVS at Erie	2005	100	%	10,125	1997	1	100	%		16.39
Erie, PA
CVS at Portage Trail	2005	100	%	10,125	1996	1	100	%		13.77
Akron, OH
CVS at Westfield	2005	100	%	10,125	2000	1	100	%		15.74
Westfield, NY
Dover Discount Drug Mart Plaza	2005	100	%	38,409	2002	7	100	%		9.01	Discount Drug Mart	24,516	03/31/2013
Dover, OH

13

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 2005
(continued)	Year acquired	Percent owned (2)		Gross leasable area “GLA”	Year built/ year last renovated	Number of tenants	Percent occupied			Average base rent per leased SF
											Major tenants [>=20,000 SF of GLA]
Property											Name	SF	Lease expiration
East Chestnut	2005	100	%	20,680	1996	4	100	%	$	16.65
Lancaster, PA
Fairfield Plaza	2005	100	%	71,979	2001/2005	6	86	%		12.97	TJ Maxx	25,257	08/31/2013
New Milford, CT											Staples	20,388	10/31/2019
Family Dollar at Zanesville	2005	100	%	6,900	2000	1	100	%		8.70
Zanesville, OH
FirstMerit Bank at Akron	2005	100	%	3,200	1996	1	100	%		23.51
Akron, OH
Hudson Discount Drug Mart Plaza	2005	100	%	32,259	2000	1	100	%		10.19	Discount Drug Mart	32,259	03/31/2017
Hudson, OH
Lodi Discount Drug Mart Plaza	2005	100	%	38,576	2003	5	100	%		9.27	Discount Drug Mart	24,596	03/31/2019
Lodi, OH
McCormick Place	2005	100	%	46,000	1995	2	100	%		8.48	Sam Levin Furniture	40,000	12/31/2011
North Olmsted, OH
McDonalds and Waffle House at Medina	2005	100	%	6,000	2003	2	100	%		11.70
Medina, OH
Ontario Discount Drug Mart Plaza	2005	100	%	38,423	2002	3	95	%		6.93	Discount Drug Mart	25,525	03/31/2016
Mansfield, OH
Pickerington Discount Drug Mart Plaza	2005	100	%	47,810	2002	10	100	%		12.01	Discount Drug Mart	25,852	08/31/2017
Pickerington, OH
Polaris Discount Drug Mart Plaza	2005	100	%	50,289	2001	13	100	%		12.02	Discount Drug Mart	25,861	03/31/2017
Lewis Center, OH
Pondside Plaza	2005	100	%	19,340	2003	4	100	%		8.20
Geneseo, NY

14

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 2005
(continued)	Year acquired	Percent owned (2)		Gross leasable area “GLA”	Year built/ year last renovated	Number of tenants	Percent occupied			Average base rent per leased SF
											Major tenants [>=20,000 SF of GLA]
Property											Name	SF	Lease expiration
Powell Discount Drug Mart Plaza	2005	100	%	49,782	2001	10	97	%		11.90	Discount Drug Mart	25,852	04/10/2017
Powell, OH
Rite Aid at Massillon	2005	100	%	10,125	1999	1	100	%		17.91
Massillon, OH
Shelby Discount Drug Mart Plaza	2005	100	%	36,596	2002	5	100	%		9.16	Discount Drug Mart	24,596	03/31/2019
Shelby, OH
Staples at Oswego	2005	100	%	23,884	2000	1	100	%		10.90	Staples	23,884	02/28/2015
Oswego, NY
				4,855,495		521	95	%		10.80
DEVELOPMENT/REDEVELOPMENT PROPERTIES:
Camp Hill	2002	100	%	419,047	1958/2005	24	77	%		8.73	Boscov’s	167,597	09/30/2010
Camp Hill, PA											Giant Foods	42,070	01/31/2011
											Barnes & Noble	24,908	01/31/2011
Huntingdon Plaza	2004	100	%	151,277	1972 – 2003	13	50	%		6.52	Peebles	22,060	01/31/2018
Huntingdon, PA
Hamburg Commons	2004	100	%	99,488	1988 – 1993	6	71	%		6.32
Hamburg, PA
Meadows Marketplace	2004	100	%	91,250	2005	N/A	—			N/A	Giant Foods (4)	65,000	09/30/2025
South Hanover Township, PA
Centerville Discount Drug Mart Plaza	2005	100	%	49,494	2000	7	72	%		10.61	Discount Drug Mart	24,012	03/31/2016
Centerville, OH
				810,556		50	62	%		8.19
TOTAL PORTFOLIO				5,666,051		571	90	%	$	10.54

15

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of June 30, 2005
(continued)

(1)	“Stabilized properties” are those properties, with no development/redevelopment activities, having an occupancy rate of at least 80%.
(2)	Other than the partnership owning the Red Lion property, the terms of the several joint venture agreements provide, among other things, that the minority interest partners receive certain preferential returns on their investments prior to any distributions to the Company.
(3)	Stop & Shop is presently constructing an addition to its existing 55,000 sq. ft. store which will increase the size to 75,000 sq. ft. Upon completion, which is estimated to be in November 2005, the extended lease term will run for 20 years from that date. The total GLA for the shopping center includes approximately 15,000 sq. ft. which will result from the Stop & Shop expansion.
(4)	Giant Foods has signed a 20-year lease for a 65,000 sq. ft. store at Meadows Marketplace. Development activities have commenced, are expected to cost approximately $10 million (including the cost of the land), and are projected to be competed in October 2005. At present, it is anticipated that this property will contain a total of approximately 91,000 sq. ft. of GLA.

16

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of June 30, 2005
(unaudited)

	Percent Owned		Maturity Date	Int. rate Jun 30 2005		Balances					Pro rata share
						Jun 30 2005			Dec 31 2004		Jun 30 2005		Dec 31 2004
Property
Fixed-rate mortgages:
The Point	100.0	%	Sep 2012	7.63	%	$	19,099,000	$	19,264,000	$	19,099,000	$	19,264,000
Academy Plaza	100.0	%	Mar 2013	7.28	%		10,200,000		10,278,000		10,200,000		10,278,000
Port Richmond Village	100.0	%	Apr 2008	7.17	%		11,051,000		11,135,000		11,051,000		11,135,000
Washington Center Shoppes	100.0	%	Nov 2007	7.53	%		5,706,000		5,749,000		5,706,000		5,749,000
Red Lion	20.0	%	Feb 2010	8.86	%		16,384,000		16,459,000		3,277,000		3,292,000
Loyal Plaza	25.0	%	Jun 2011	7.18	%		13,453,000		13,532,000		3,363,000		3,383,000
Fairview Plaza	30.0	%	Feb 2013	5.71	%		5,900,000		5,941,000		1,770,000		1,782,000
Halifax Plaza	30.0	%	Feb 2010	6.83	%		4,055,000		4,100,000		1,217,000		1,230,000
Newport Plaza	30.0	%	Feb 2010	6.83	%		3,753,000		3,792,000		1,126,000		1,138,000
Newport Plaza	30.0	%	Feb 2010	6.83	%		1,429,000		1,445,000		429,000		433,000
Pine Grove Plaza	100.0	%	Apr 2010	6.24	%		5,663,000		5,738,000		5,663,000		5,738,000
Pine Grove Plaza	100.0	%	Mar 2006	8.50	%		388,000		388,000		388,000		388,000
Golden Triangle	100.0	%	Apr 2008	6.00	%		9,811,000		9,987,000		9,811,000		9,987,000
Townfair Center	100.0	%	Mar 2008	6.00	%		10,042,000		10,167,000		10,042,000		10,167,000
Franklin Village Plaza	100.0	%	Nov 2011	4.81	%		43,500,000		43,500,000		43,500,000		43,500,000
Centerville Discount Drug Mart	100.0	%	May 2015	5.15	%		2,997,000		—		2,997,000		—
Clyde Discount Drug Mart	100.0	%	May 2015	5.19	%		2,078,000		—		2,078,000		—
CVS at Bradford	100.0	%	Mar 2017	5.16	%		1,136,000		—		1,136,000		—
CVS at Celina	100.0	%	Jan 2020	5.16	%		1,824,000		—		1,824,000		—
CVS at Erie	100.0	%	Nov 2018	5.16	%		1,520,000		—		1,520,000		—
CVS at Portage Trail	100.0	%	Aug 2017	5.00	%		1,220,000		—		1,220,000		—
Dover Discount Drug Mart	100.0	%	May 2015	5.20	%		2,273,000		—		2,273,000		—
East Chestnut	100.0	%	Apr 2018	5.16	%		2,417,000		—		2,417,000		—
Fairfield Plaza	100.0	%	Jul 2015	5.00	%		5,475,000		—		5,475,000		—
Lodi Discount Drug Mart	100.0	%	May 2015	5.19	%		2,532,000		—		2,532,000		—
McCormick Place	100.0	%	Jul 2008	5.15	%		2,483,000		—		2,483,000		—
Ontario Discount Drug Mart	100.0	%	May 2015	5.20	%		2,338,000		—		2,338,000		—
Pickerington Discount Drug Mart	100.0	%	Jul 2015	5.00	%		4,450,000		—		4,450,000		—
Polaris Discount Drug Mart	100.0	%	May 2015	5.20	%		4,770,000		—		4,770,000		—
Pondside Plaza	100.0	%	May 2015	5.55	%		1,234,000		—		1,234,000		—
Powell Discount Drug Mart	100.0	%	May 2015	5.20	%		4,570,000		—		4,570,000		—
Rite Aid at Massillon	100.0	%	Jan 2020	5.00	%		1,838,000		—		1,838,000		—
Shelby Discount Drug Mart	100.0	%	May 2015	5.19	%		2,338,000		—		2,338,000		—
Staples at Oswego	100.0	%	May 2015	5.30	%		2,403,000		—		2,403,000		—
Total fixed-rate debt			6.5 years	6.20	%		210,330,000		161,475,000		176,538,000		127,464,000
			[wtd-avg maturity]	[wtd-avg rate]
Variable-rate mortgages:
LA Fitness Facility	50.0	%	Dec 2007	6.25	%		4,909,000		4,955,000		2,455,000		2,478,000
Camp Hill	100.0	%	Apr 2008	5.18	%		29,878,000		14,000,000		29,878,000		14,000,000
Total variable rate mortgages			2.7 years	5.33	%		34,787,000		18,955,000		32,333,000		16,478,000
			[wtd-avg maturity]	[wtd-avg rate]
Total mortgages			6.0 years	6.08	%		245,117,000		180,430,000		208,871,000		143,942,000
			[wtd-avg maturity]	[wtd-avg rate]
Secured revolving credit facility	100.0	%	Jan 2007	4.81	%		43,400,000		68,200,000		43,400,000		68,200,000
Secured revolving credit facility			1.6 years	4.81	%		43,400,000		68,200,000		43,400,000		68,200,000
			[wtd-avg maturity]	[wtd-avg rate]
Total debt			5.3 years	5.89	%	$	288,517,000	$	248,630,000	$	252,271,000	$	212,142,000
			[wtd-avg maturity]	[wtd-avg rate]

17

CEDAR SHOPPING CENTERS, INC. Debt Summary As of June 30, 2005 (unaudited) (continued)
		Mortgage debt
Maturity schedule by year	Scheduled amortization		Balloon payments		Secured revolving credit facility (a)		Total
2005	$	1,610,000	$	—			$	1,610,000
2006		3,374,000		431,000				3,805,000
2007		3,587,000		10,225,000	$	43,400,000		57,212,000
2008		2,826,000		60,582,000				63,408,000
2009		2,718,000		—				2,718,000
2010		2,368,000		28,833,000				31,201,000
2011		2,309,000		55,786,000				58,095,000
2012		2,140,000		15,901,000				18,041,000
2013		1,514,000		13,711,000				15,225,000
2014		1,546,000		—				1,546,000
2015		1,118,000		31,050,000				32,168,000
2016		845,000		—				845,000
2017		749,000		—				749,000
2018		528,000		966,000				1,494,000
2019		367,000		—				367,000
2020		33,000		—				33,000
	$	27,632,000	$	217,485,000	$	43,400,000	$	288,517,000

(a) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2007.

18

CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information

(unaudited)				As of June 30, 2005
Property	Partners’ percent			Real estate, net		Mortgage loans payable			Other assets liabilities, net			Equity (a)
												Partners		Cedar (b)(c)		Total
Loyal Plaza	75	%	$	19,548,400	$	(13,452,979	)	$	1,235,183		$	4,755,496	$	2,575,108	$	7,330,604
Red Lion	80	%		18,570,837		(16,383,930	)		1,641,943			2,481,759		1,347,091		3,828,850
Fairview Plaza (d)	70	%		8,778,974		(5,899,979	)		(318,904	)		1,567,652		992,439		2,560,091
Halifax Plaza (d)	70	%		5,512,083		(4,055,000	)		(87,953	)		1,159,084		210,046		1,369,130
Newport Plaza (d)	70	%		6,436,208		(5,181,984	)		114,837			1,063,509		305,552		1,369,061
LA Fitness Facility	50	%		5,797,566		(4,909,501	)		387,580			901,124		374,521		1,275,645
			$	64,644,068	$	(49,883,373	)	$	2,972,686		$	11,928,624	$	5,804,757	$	17,733,381

			For the six months ended June 30, 2005
				Property-level operations												Share of property net income
	Partners’				Operating		Depreciation/		Operating		Non-op					<<< Partners>>>
Property	percent		Revenues		expenses		amortization		income		inc/exp (e)		Net income			Regular			Preference	Cedar (b)
Loyal Plaza	75	%	$	1,413,059	$	360,267	$	268,912	$	783,880	$	549,069	$	234,811		$	176,108	$	58,703	$	—
Red Lion	80	%		1,546,391		459,867		215,118		871,406		769,941		101,465			81,172		—		20,293
Fairview Plaza (d)	70	%		452,680		54,062		94,624		303,994		170,503		133,491	)
															)
Halifax Plaza (d)	70	%		383,808		84,366		58,696		240,746		144,862		95,884	)		227,379		19,491		77,957
															)
Newport Plaza (d)	70	%		458,124		113,096		68,077		276,951		181,499		95,452	)
LA Fitness Facility	50	%		370,800		10,490		57,390		302,920		172,662		130,258			65,129		14,980		50,149
			$	4,624,862	$	1,082,148	$	762,817	$	2,779,897	$	1,988,536	$	791,361		$	549,788	$	93,174	$	148,399

19

CEDAR SHOPPING CENTERS, INC
Consolidated Joint Ventures Information
(unaudited)
(continued)

	Partners’						Share of FFO (a)
Property	percent		Cedar			Partners		Cedar (b)		Total
Loyal Plaza	75	%	25	%		$	375,607	$	128,117	$	503,724
Red Lion	80	%	20	%			253,266		63,316		316,582
Fairview Plaza (d)	70	%	30	%	)
					)
Halifax Plaza (d)	70	%	30	%	)		379,697		166,529		546,226
					)
Newport Plaza (d)	70	%	30	%	)
LA Fitness Facility	50	%	50	%			115,424		72,224		187,648
						$	1,123,994	$	430,186	$	1,554,180

(a) The Partners/Cedar shares of equity and FFO, as presented, differ from amountscalculated using the stated ownership percentages because of (1) non-proportionateinitial investments (per the respective joint venture agreements), and (2) theeffect of preference returns to joint venture partners.

(b) Includes limited partners’ share.

(c) Equity includes net receivable/payable balances, on open account, between jointventure and wholly-owned entities.

(d) As each of these three properties is under an umbrella partnership, any shortfallin required preference payments by any one of the properties will be offset by excesscash flow from any of the other properties.

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

20

CEDAR SHOPPING CENTERS, INC.

Tenant Concentration Schedule

As of June 30, 2005

(unaudited)

Tenant	Number of stores	Sq ft	Percentage Sq ft		Annualized base rents			Annualized base rents per sq ft	Percentage Annualized base rents
Giant Foods/Stop & Shop	9	467,218	8.25	%	$	5,032,211	$	10.77	9.31	%
Staples	8	174,829	3.09	%		2,261,073		12.93	4.18	%
Discount Drug Mart	9	232,563	4.10	%		2,082,403		8.95	3.85	%
LA Fitness	3	122,996	2.17	%		1,743,072		14.17	3.22	%
Wal-Mart/Sam’s Club	2	205,237	3.62	%		1,367,563		6.66	2.53	%
United Artists Theatre Group	1	77,700	1.37	%		1,332,769		17.15	2.47	%
CVS	8	79,757	1.41	%		1,153,171		14.46	2.13	%
Shop ’n Save	2	102,654	1.81	%		854,151		8.32	1.58	%
Boscov’s	1	167,597	2.96	%		742,071		4.43	1.37	%
Home Depot	1	103,003	1.82	%		721,021		7.00	1.33	%
Sub-total top ten tenants	44	1,733,554	30.60	%		17,289,505		9.97	31.98	%
Remaining tenants	527	3,393,815	59.90	%		36,767,530		10.83	68.02	%
Sub-total all tenants	571	5,127,369	90.49	%		54,057,036		10.54	100.00	%
Vacant (a)	N/A	538,682	9.51	%		N/A		N/A	N/A
Total (including vacant)	571	5,666,051	100.00	%	$	54,057,036	$	9.54	N/A

(a) Includes locations presently undergoing development and/or redevelopment activities.

21

CEDAR SHOPPING CENTERS, INC.
Lease Expiration Schedule
As of June 30, 2005
(unaudited)

Number of tenants	Sq ft	Percentage of total sq ft		Year leases expire		Annualized expiring base rents		Annualized expiring per sq ft	Percentage Annualized expiring base rents
15	59,825	1.06	%	M-T-M	$	874,210	$	14.61	1.62	%
44	174,847	3.09	%	2005		2,082,161		11.91	3.85	%
83	369,739	6.53	%	2006		4,369,052		11.82	8.08	%
79	280,309	4.95	%	2007		3,881,902		13.85	7.18	%
78	370,417	6.54	%	2008		5,028,009		13.57	9.30	%
91	485,456	8.57	%	2009		4,996,724		10.29	9.24	%
36	603,839	10.66	%	2010		4,747,772		7.86	8.78	%
25	379,210	6.69	%	2011		3,254,883		8.58	6.02	%
22	205,466	3.63	%	2012		2,159,334		10.51	3.99	%
17	169,989	3.00	%	2013		1,907,932		11.22	3.53	%
19	153,340	2.71	%	2014		1,972,325		12.86	3.65	%
10	258,673	4.57	%	2015		2,324,253		8.99	4.30	%
519	3,511,110	61.97	%			37,598,557		10.71	69.55	%
52	1,616,259	28.53	%	Thereafter		16,458,479		10.18	30.45	%
571	5,127,369	90.49	%			54,057,036		10.54	100.00	%
N/A	538,682	9.51	%	Vacant (a)		N/A		N/A	N/A
				Total
571	5,666,051	100.00	%	portfolio	$	54,057,036	$	9.54	N/A

(a) Includes locations presently undergoing development and/or redevelopment activities.

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