Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

September 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
September 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	11-17
Debt Summary	18-19
Consolidated Joint Ventures Information	20-21
Tenant Concentration Schedule	22
Lease Expiration Schedule	23

Cedar Shopping Centers, Inc.
Supplemental Financial Information
September 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 September 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 September 30, 2005, the Company owned a 94.9% 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)

		September 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	$	26.00		$	26.39
Common shares outstanding		28,508,935			19,350,981
OP Units outstanding		1,545,808			454,469
Closing market price	$	14.47		$	14.30
Equity market capitalization	$	527,192,000		$	345,234,000
Pro rata share of outstanding debt		334,264,000			212,142,000
Total capitalization	$	861,456,000		$	557,376,000
Ratio of pro rata share of outstanding debt to total capitalization		38.8	%		38.1	%
Ratio of pro rata share of outstanding debt to capitalization without Preferred Stock		43.5	%		42.8	%
		Three months ended September 30
		2005			2004
Total revenues	$	20,551,000		$	12,447,000
Net income applicable to common shareholders	$	1,636,000		$	1,208,000
Per common share	$	0.06		$	0.07
Dividends to common shareholders	$	5,049,000		$	3,703,000
Per common share	$	0.225		$	0.225
FFO	$	7,237,000		$	3,691,000
Per common share/OP unit	$	0.27		$	0.22
Average number of common shares:
Shares used in determination of earnings per share		25,390,000			16,456,000
Additional shares assuming conversion of OP Units		1,578,000			454,000
Shares used in determination of FFO per share		26,968,000			16,910,000
		Nine months ended September 30,
		2005			2004
Total revenues	$	54,120,000		$	36,358,000
Net income applicable to common shareholders	$	4,456,000		$	4,454,000
Per common share	$	0.20		$	0.70
Dividends to common shareholders	$	14,430,000		$	10,038,000
Per common share	$	0.675		$	0.610
FFO	$	17,591,000		$	11,313,000
Per common share/OP unit	$	0.75		$	0.67
Average number of common shares:
Shares used in determination of earnings per share		22,305,000			16,456,000
Additional shares assuming conversion of OP Units		1,088,000			449,000
Shares used in determination of FFO per share		23,393,000			16,905,000

5

Cedar Shopping Centers, Inc.
Summary Financial Data
(unaudited)
(continued)

		September 30,			December 31,
		2005			2004
Real estate, net		775,517,000			505,325,000
Other assets		46,351,000			31,835,000
Total assets	$	821,868,000		$	537,160,000
Total debt	$	370,397,000		$	248,630,000
Other liabilities		37,338,000			34,239,000
Minority interests		12,403,000			11,995,000
Limited partners' interest in OP		20,488,000			6,542,000
Shareholders' equity		381,242,000			235,754,000
Total liabilities and equity	$	821,868,000		$	537,160,000
Fixed-rate mortgages	$	271,974,000		$	161,475,000
Variable-rate mortgages		38,023,000			18,955,000
Total mortgages		309,997,000			180,430,000
Secured revolving credit facility		60,400,000			68,200,000
Total debt	$	370,397,000		$	248,630,000
Pro rata share of total debt	$	334,264,000		$	212,142,000
Weighted average interest rates:
Fixed-rate mortgages		5.9	%		6.5	%
Variable-rate mortgages		5.8	%		4.7	%
Total mortgages		5.9	%		6.3	%
Secured variable-rate revolving credit facility		5.3	%		3.9	%
Total debt		5.8	%		5.7	%

6

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

		September 30, 2005									December 31, 2004
					Joint venture			Wholly-owned						Joint venture			Wholly-owned
		Total			properties			properties			Total			properties			properties
Assets:
Real estate:
Land	$	146,248,000		$	14,409,000		$	131,839,000		$	97,617,000		$	14,409,000		$	83,208,000
Buildings and improvements		657,544,000			54,038,000			603,506,000			423,735,000			54,083,000			369,652,000
		803,792,000			68,447,000			735,345,000			521,352,000			68,492,000			452,860,000
Less accumulated depreciation		(28,275,000	)		(4,169,000	)		(24,106,000	)		(16,027,000	)		(3,055,000	)		(12,972,000	)
Real estate, net		775,517,000			64,278,000			711,239,000			505,325,000			65,437,000			439,888,000
Cash and cash equivalents		10,690,000			—			10,690,000			8,457,000			—			8,457,000
Cash at joint ventures		1,205,000			1,205,000			—			1,193,000			1,193,000			—
Construction / improvement and other
escrows		5,159,000			1,313,000			3,846,000			5,912,000			1,408,000			4,504,000
Receivables:
Rents and other, net		3,759,000			377,000			3,382,000			1,929,000			216,000			1,713,000
Straight-line rents		4,225,000			794,000			3,431,000			2,554,000			668,000			1,886,000
Other assets		6,988,000			519,000			6,469,000			2,379,000			271,000			2,108,000
Deferred charges, net:
Leasing costs		8,828,000			333,000			8,495,000			6,163,000			226,000			5,937,000
Financing costs		4,512,000			580,000			3,932,000			2,994,000			675,000			2,319,000
Other		985,000			—			985,000			254,000			—			254,000
Total assets	$	821,868,000		$	69,399,000		$	752,469,000		$	537,160,000		$	70,094,000		$	467,066,000
Liabilities and shareholders' equity:
Mortgage loans payable	$	309,997,000		$	49,723,000		$	260,274,000		$	180,430,000		$	50,224,000		$	130,206,000
Secured revolving credit facility		60,400,000			—			60,400,000			68,200,000			—			68,200,000
Accounts payable and accrued expenses		6,939,000			338,000			6,601,000			5,549,000			464,000			5,085,000
Tenant advance payments and security deposits		4,823,000			424,000			4,399,000			3,463,000			533,000			2,930,000
Unamortized intangible lease liabilities		25,576,000			1,078,000			24,498,000			25,227,000			1,185,000			24,042,000
Total liabilities		407,735,000			51,563,000			356,172,000			282,869,000			52,406,000			230,463,000
Minority interests		12,403,000			12,403,000			—			11,995,000			11,995,000			—
Limited partners' interest in consolidated OP		20,488,000			277,000			20,211,000			6,542,000			154,000			6,388,000
Equity (a)		381,242,000			5,156,000			376,086,000			235,754,000			5,539,000			230,215,000
Total liabilities and equity	$	821,868,000		$	69,399,000		$	752,469,000		$	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 September 30, 2005									Three months ended September 30, 2004
		Total			Joint venture			Wholly-owned			Total			Joint venture			Wholly-owned
Revenues:
Rents:
Base rents	$	14,425,000		$	1,787,000		$	12,638,000		$	9,178,000		$	1,770,000		$	7,408,000
Percentage rents		152,000			3,000			149,000			70,000			1,000			69,000
Straight-line rents		735,000			48,000			687,000			260,000			63,000			197,000
Amortization of intangible lease liabilities		1,074,000			36,000			1,038,000			579,000			32,000			547,000
		16,386,000			1,874,000			14,512,000			10,087,000			1,866,000			8,221,000
Expense recoveries		4,011,000			591,000			3,420,000			2,253,000			331,000			1,922,000
Other		154,000			—			154,000			107,000			—			107,000
Total revenues		20,551,000			2,465,000			18,086,000			12,447,000			2,197,000			10,250,000
Expenses:
Operating, maintenance and management		3,661,000			493,000			3,168,000			2,349,000			305,000			2,044,000
Real estate and other property-related taxes		1,961,000			220,000			1,741,000			1,363,000			220,000			1,143,000
General and administrative		1,317,000			—			1,317,000			706,000			—			706,000
Depreciation and amortization		5,643,000			384,000			5,259,000			2,911,000			346,000			2,565,000
Total expenses		12,582,000			1,097,000			11,485,000			7,329,000			871,000			6,458,000
Operating income		7,969,000			1,368,000			6,601,000			5,118,000			1,326,000			3,792,000
Non-operating income and expense:
Interest expense		(3,517,000	)		(965,000	)		(2,552,000	)		(2,462,000	)		(946,000	)		(1,516,000	)
Amortization of deferred financing costs		(335,000	)		(33,000	)		(302,000	)		(247,000	)		(32,000	)		(215,000	)
Interest income		19,000			5,000			14,000			17,000			—			17,000
Total non-operating income and expense		(3,833,000	)		(993,000	)		(2,840,000	)		(2,692,000	)		(978,000	)		(1,714,000	)
Income before minority and limited partners' interests		4,136,000			375,000			3,761,000			2,426,000			348,000			2,078,000
Minority interests		(307,000	)		(307,000	)		—			(274,000	)		(274,000	)		—
Limited partners' interest		(224,000	)		(4,000	)		(220,000	)		(33,000	)		(2,000	)		(31,000	)
Net income		3,605,000			64,000			3,541,000			2,119,000			72,000			2,047,000
Preferred distribution requirements		(1,969,000	)		—			(1,969,000	)		(911,000	)		—			(911,000	)
Net income applicable to common shareholders	$	1,636,000		$	64,000		$	1,572,000		$	1,208,000		$	72,000		$	1,136,000
Per common share	$	0.06		$	—		$	0.06		$	0.07		$	0.00		$	0.07
Average number of common shares outstanding		25,390,000			25,390,000			25,390,000			16,456,000			16,456,000			16,456,000

8

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Income Information
(unaudited)

		Nine months ended September 30, 2005									Nine months ended September 30, 2004
		Total			Joint venture		Wholly-owned				Total			Joint venture		Wholly-owned
Revenues:
Rents:
Base rents	$	37,958,000		$	5,467,000		$	32,491,000		$	26,001,000		$	5,256,000		$	20,745,000
Percentage rents		375,000			8,000			367,000			374,000			20,000			354,000
Straight-line rents		1,669,000			127,000			1,542,000			905,000			204,000			701,000
Amortization of intangible lease liabilities		2,918,000			107,000			2,811,000			1,555,000			114,000			1,441,000
		42,920,000			5,709,000			37,211,000			28,835,000			5,594,000			23,241,000
Expense recoveries		10,902,000			1,381,000			9,521,000			7,188,000			1,257,000			5,931,000
Other		298,000			—			298,000			335,000			11,000			324,000
Total revenues		54,120,000			7,090,000			47,030,000			36,358,000			6,862,000			29,496,000
Expenses:
Operating, maintenance and management		10,233,000			1,135,000			9,098,000			7,746,000			1,056,000			6,690,000
Real estate and other property-related taxes		5,351,000			661,000			4,690,000			3,707,000			655,000			3,052,000
General and administrative		3,483,000			—			3,483,000			2,333,000			—			2,333,000
Depreciation and amortization		13,574,000			1,147,000			12,427,000			7,978,000			1,027,000			6,951,000
Total expenses		32,641,000			2,943,000			29,698,000			21,764,000			2,738,000			19,026,000
Operating income		21,479,000			4,147,000			17,332,000			14,594,000			4,124,000			10,470,000
Non-operating income and expense:
Interest expense		(9,798,000	)		(2,892,000	)		(6,906,000	)		(7,561,000	)		(2,949,000	)		(4,612,000	)
Amortization of deferred financing costs		(771,000	)		(101,000	)		(670,000	)		(736,000	)		(96,000	)		(640,000	)
Interest income		51,000			12,000			39,000			48,000			—			48,000
Total non-operating income and expense		(10,518,000	)		(2,981,000	)		(7,537,000	)		(8,249,000	)		(3,045,000	)		(5,204,000	)
Income before minority and limited partners' interests		10,961,000			1,166,000			9,795,000			6,345,000			1,079,000			5,266,000
Minority interests		(950,000	)		(950,000	)		—			(858,000	)		(858,000	)		—
Limited partners' interest		(338,000	)		(10,000	)		(328,000	)		(122,000	)		(6,000	)		(116,000	)
Net income		9,673,000			206,000			9,467,000			5,365,000			215,000			5,150,000
Preferred distribution requirements		(5,217,000	)		—			(5,217,000	)		(911,000	)		—			(911,000	)
Net income applicable to common shareholders	$	4,456,000		$	206,000		$	4,250,000		$	4,454,000		$	215,000		$	4,239,000
Per common share	$	0.20		$	0.01		$	0.19		$	0.27		$	0.01		$	0.26
Average number of common shares outstanding		22,305,000			22,305,000			22,305,000			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 September 30						Nine months ended September 30
	2005			2004			2005			2004
Net income applicable to common shareholders (a)	$	1,636,000		$	1,208,000		$	4,456,000		$	4,454,000
Add (deduct):
Depreciation and amortization		5,624,000			2,671,000			13,525,000			7,369,000
Limited partners' interest		224,000			33,000			338,000			122,000
Minority interests		307,000			274,000			950,000			858,000
Minority interests' share of FFO		(554,000	)		(495,000	)		(1,678,000	)		(1,490,000	)
Funds from operations	$	7,237,000		$	3,691,000		$	17,591,000		$	11,313,000
FFO per common share (assuming conversion of OP Units)	$	0.27		$	0.22		$	0.75		$	0.67
Average number of common shares:
Shares used in determination of earnings per share		25,390,000			16,456,000			22,305,000			16,456,000
Additional shares assuming conversion of OP Units		1,578,000			454,000			1,088,000			449,000
Shares used in determination of FFO per share		26,968,000			16,910,000			23,393,000			16,905,000

(a) "Net income applicable to common shareholders" includes income from amortization of intangible lease liabilities of $1,074,000, $579,000, $2,918,000 and $1,555,000, respectively. The minority interests' share of such amortization was $26,000, $36,000, $80,000 and $111,000, 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, $236,000, $0 and $596,000, respectively (included in amortization expense). Minority interests did not share in such charge.

10

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of September 30, 2005

									Average base		Major tenants [>=20,000 SF of GLA]
	Year	Percent		Gross leasable	Year built/ year	Number of	Percent		rent per
Property	acquired	owned (2)		area "GLA"	last renovated	tenants	occupied		leased SF		Name	SF	Lease expiration
STABILIZED PROPERTIES (1):
The Point Shopping Center	2000	100	%	255,447	1972/2001	18	93	%	$	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	%		11.36	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
Loyal Plaza	2002	25	%	293,825	1969/2000	26	100	%		7.50	K-Mart	102,558	08/31/2011
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	16	100	%		10.60	Peebles	24,963	01/31/2022
Pemberton Township, NJ
Swede Square	2003	100	%	98,792	1980/2004	16	88	%		13.16	LA Fitness	37,200	06/30/2016
East Norriton, PA

11

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

				Gross
				leasable	Year built/	Number			Average	Major tenants [>=20,000 SF of GLA]
	Year	Percent		area	year last	of	Percent		base rent per
Property	acquired	owned (2)		" GLA"	renovated	tenants	occupied		leased SF	Name	SF	Lease expiration
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	20	86	%	16.64	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	15	85	%	10.47	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	19	94	%	9.92	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	12	98	%	7.74	Lowe's Home Centers	95,173	12/31/2015
White Township, PA										Shop 'n Save	50,000	02/08/2012
Carbondale Plaza	2004	100	%	129,915	1972	10	100	%	4.57	Weis Markets	52,720	02/29/2016
Carbondale, PA										Peebles	39,600	01/31/2016
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 September 30, 2005
(continued) 

				Gross
				leasable		Year built/	Number			Average	Major tenants [>=20,000 SF of GLA]
	Year	Percent		area		year last	of	Percent		base rent per
Property	acquired	owned (2)		"GLA"		renovated	tenants	occupied		leased SF	Name	SF	Lease expiration
Franklin Village Plaza	2004	100	%	303,772	(3)	1987/1989	61	89	%	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 Syms	103,003	10/31/2010
												38,000	03/31/2010
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
East Chestnut	2005	100	%	20,680		1996	4	100	%	16.65
Lancaster, PA

13

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

				Gross
				leasable	Year built/	Number			Average	Major tenants [>=20,000 SF of GLA]
	Year	Percent		area	year last	of	Percent		base rent per
Property	acquired	owned (2)		"GLA"	renovated	tenants	occupied		leased SF	Name	SF	Lease expiration
Fairfield Plaza	2005	100	%	71,979	2001/2005	8	100	%	13.51	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	9	93	%	11.94	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
Powell Discount Drug Mart Plaza	2005	100	%	49,782	2001	11	100	%	11.96	Discount Drug Mart	25,852	04/10/2017
Powell, OH

14

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

				Gross
				leasable	Year built/	Number			Average	Major tenants [>=20,000 SF of GLA]
	Year	Percent		area	year last	of	Percent		base rent per
Property	acquired	owned (2)		"GLA"	renovated	tenants	occupied		leased SF	Name	SF	Lease expiration
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
Coliseum Marketplace	2005	100	%	105,181	1987/2005	7	89	%	13.25	Farm Fresh	57,662	01/31/2021
Hampton, VA
General Booth Plaza	2005	100	%	73,320	1985	13	100	%	11.68	Farm Fresh	53,758	12/31/2013
Virginia Beach, VA
Kempsville Crossing	2005	100	%	97,477	1985	14	99	%	1028	Farm Fresh	58,968	01/31/2014
Virginia Beach, VA
Liberty Marketplace	2005	100	%	68,200	2003	6	96	%	16.97	Giant Foods	55,000	09/30/2023
DuBois, PA
Mechanicsburg Giant	2005	100	%	51,500	2003	1	100	%	20.90	Giant Foods	51,500	06/30/2024
Mechanicsburg, PA
Smithfield Plaza	2005	100	%	45,544	1988	1	100	%	10.04	Farm Fresh	45,544	01/31/2014
Smithfield, VA
Suffolk Plaza	2005	100	%	67,216	1984	1	100	%	9.40	Farm Fresh	67,216	01/31/2014
Suffolk, VA
Virginia Little Creek	2005	100	%	69,620	1966/2001	2	100	%	10.41	Farm Fresh	66,120	01/31/2014
Norfolk, VA
Oakland Mills	2005	100	%	58,224	1960's/2004	8	100	%	12.01	Food Lion	43,470	11/30/2018
Columbia, MD

15

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

				Gross
				leasable	Year built/		Number				Average	Major tenants [>=20,000 SF of GLA]
	Year	Percent		area	year last		of	Percent			base rent per
Property	acquired	owned(2)		"GLA"	renovated		tenants	occupied			leased SF	Name	SF	Lease expiration
The Point at Carlisle Plaza	2005	100	%	182,719	1965/1984		23	87	%		7.28	Bon-Ton	59,925	01/25/2010
Carlisle, PA												Office Max	22,645	10/01/2012
												Dunham Sports	21,300	01/31/2016
The Shops at Suffolk Downs	2005	100	%	85,777	2005		2	91	%		10.58	Stop & Shop	74,977	09/30/2025
Revere, MA
Majestic Plaza	2005	100	%	79,180	1960	's	3	85	%		15.58	Farmer Jack	54,650	08/31/2022
East Lansing, MI
				5,615,184			582	96	%		10.85
DEVELOPMENT/REDEVELOPMENT AND OTHER NON-STABILIZED PROPERTIES:
Camp Hill	2002	100	%	419,047	1958/2005		23	76	%		8.70	Boscov's	167,597	09/30/2010
Camp Hill, PA												Giant Foods	42,070	01/31/2011
												Barnes & Noble	24,908	01/31/2011
Red Lion	2002	20	%	224,269	1970/2000		16	67	%		12.42	Best Buy Stores	46,000	01/31/2014
Philadelphia, Pa												Staples	23,942	07/31/2015
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		7	71	%		6.32
Hamburg, PA
Meadows Marketplace	2004	100	%	91,250	2005		N/A	—			N/A	Giant Foods (4)	66,000	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
Dunmore Shopping Center	2005	100	%	101,000	1962		2	66	%		3.35	Eynon Outlet	40,000	02/28/2014
Dunmore, PA												Big Lots	26,902	01/31/2007
Value City Shopping Center	2005	100	%	117,000	1950	's	3	74	%		1.95	Value City Stores	85,000	01/31/2008
Wyoming, MI
				1,252,825			71	64	%		7.90
TOTAL PORTFOLIO				6,868,009			653	90	%	$	10.47

16

CEDAR SHOPPING CENTERS, INC.
Property Summary
As of September 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 store of approximately 66,000 sq. ft. at Meadows Marketplace. Development activities have commenced and are expected to cost approximately $10 million (including the cost of the land); the Giant Foods Store was competed in October 2005. At present, it is anticipated that this property will contain a total of approximately 91,000 sq. ft. of GLA.

17

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

							Balances				Pro rata share
				Int. rate
	Percent		Maturity	Sep 30			Sep 30		Dec 31		Sep 30		Dec 31
Property	Owned		Date	2005			2005		2004		2005		2004
Fixed-rate mortgages:
The Point	100.0	%	Sep 2012	7.63	%	$	19,015,000	$	19,264,000	$	19,015,000	$	19,264,000
Academy Plaza	100.0	%	Mar 2013	7.28	%		10,162,000		10,278,000		10,162,000		10,278,000
Port Richmond Village	100.0	%	Apr 2008	7.17	%		11,009,000		11,135,000		11,009,000		11,135,000
Washington Center Shoppes	100.0	%	Nov 2007	7.53	%		5,686,000		5,749,000		5,686,000		5,749,000
Red Lion	20.0	%	Feb 2010	8.86	%		16,349,000		16,459,000		3,270,000		3,292,000
Loyal Plaza	25.0	%	Jun 2011	7.18	%		13,415,000		13,532,000		3,354,000		3,383,000
Fairview Plaza	30.0	%	Feb 2013	5.71	%		5,880,000		5,941,000		1,764,000		1,782,000
Halifax Plaza	30.0	%	Feb 2010	6.83	%		4,033,000		4,100,000		1,210,000		1,230,000
Newport Plaza	30.0	%	Feb 2010	6.83	%		5,155,000		5,237,000		1,546,000		1,571,000
Pine Grove Plaza	100.0	%	Sep 2015	4.98	%		6,200,000		5,738,000		6,200,000		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	%		9,723,000		9,987,000		9,723,000		9,987,000
Townfair Center	100.0	%	Mar 2008	6.00	%		9,981,000		10,167,000		9,981,000		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	%		2,987,000		—		2,987,000		—
Clyde Discount Drug Mart	100.0	%	May 2015	5.19	%		2,071,000		—		2,071,000		—
CVS at Bradford	100.0	%	Mar 2017	5.16	%		1,117,000		—		1,117,000		—
CVS at Celina	100.0	%	Jan 2020	5.16	%		1,803,000		—		1,803,000		—
CVS at Erie	100.0	%	Nov 2018	5.16	%		1,499,000		—		1,499,000		—
CVS at Portage Trail	100.0	%	Aug 2017	5.00	%		1,186,000		—		1,186,000		—
Dover Discount Drug Mart	100.0	%	May 2015	5.20	%		2,265,000		—		2,265,000		—
East Chestnut	100.0	%	Apr 2018	5.16	%		2,393,000		—		2,393,000		—
Fairfield Plaza	100.0	%	Jul 2015	5.00	%		5,463,000		—		5,463,000		—
Lodi Discount Drug Mart	100.0	%	May 2015	5.19	%		2,524,000		—		2,524,000		—
McCormick Place	100.0	%	Jul 2008	5.15	%		2,448,000		—		2,448,000		—
Ontario Discount Drug Mart	100.0	%	May 2015	5.20	%		2,330,000		—		2,330,000		—
Pickerington Discount Drug Mart	100.0	%	Jul 2015	5.00	%		4,441,000		—		4,441,000		—
Polaris Discount Drug Mart	100.0	%	May 2015	5.20	%		4,755,000		—		4,755,000		—
Pondside Plaza	100.0	%	May 2015	5.55	%		1,230,000		—		1,230,000		—
Powell Discount Drug Mart	100.0	%	May 2015	5.20	%		4,556,000		—		4,556,000		—
Rite Aid at Massillon	100.0	%	Jan 2020	5.00	%		1,815,000		—		1,815,000		—
Shelby Discount Drug Mart	100.0	%	May 2015	5.19	%		2,330,000		—		2,330,000		—
Staples at Oswego	100.0	%	May 2015	5.30	%		2,395,000		—		2,395,000		—
Coliseum Marketplace	100.0	%	Jul 2014	5.19	%		13,236,000		—		13,236,000		—
General Booth Plaza	100.0	%	Aug 2013	5.17	%		5,931,000		—		5,931,000		—
Kempsville Crossing	100.0	%	Aug 2013	5.17	%		6,737,000		—		6,737,000		—
Liberty Marketplace	100.0	%	Jul 2014	5.19	%		10,380,000		—		10,380,000		—
Mechanicsburg Giant	100.0	%	Nov 2014	5.20	%		10,755,000		—		10,755,000		—
Virginia Little Creek	100.0	%	Aug 2013	5.17	%		5,390,000		—		5,390,000		—
Virginia Little Creek	100.0	%	Sep 2021	5.22	%		547,000		—		547,000		—
Smithfield Plaza	100.0	%	Aug 2013	5.17	%		3,776,000		—		3,776,000		—
Suffolk Plaza	100.0	%	Aug 2013	5.17	%		5,118,000		—		5,118,000		—
			6.9 years	5.94	%		271,974,000		161,475,000		238,286,000		127,464,000
			[wtd-avg maturity]	[wtd-avg rate]
Variable-rate mortgages:
LA Fitness Facility	50.0	%	Dec 2007	6.59	%		4,891,000		4,955,000		2,446,000		2,478,000
Camp Hill	100.0	%	Apr 2008	5.69	%		33,132,000		14,000,000		33,132,000		14,000,000
Total variable-rate mortgages			2.5 years	5.81	%		38,023,000		18,955,000		35,578,000		16,478,000
			[wtd-avg maturity]	[wtd-avg rate]
Total mortgages			6.3 years	5.92	%		309,997,000		180,430,000		273,864,000		143,942,000
			[wtd-avg maturity]	[wtd-avg rate]

18

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

							Balances				Pro rata share
					Int. rate
	Percent		Maturity		Sep 30			Sep 30		Dec 31		Sep 30		Dec 31
Property	Owned		Date		2005			2005		2004		2005		2004
Secured revolving credit facility (a)	100.0	%	Jan 2007		5.32	%		60,400,000		68,200,000		60,400,000		68,200,000
Secured revolving credit facility			1.3 years		5.32	%		60,400,000		68,200,000		60,400,000		68,200,000
			[wtd-avg maturity	]	[wtd-avg rate	]
Total debt			5.5 years		5.83	%	$	370,397,000	$	248,630,000	$	334,264,000	$	212,142,000
			[wtd-avg maturity	]	[wtd-avg rate]

Maturity						Secured
schedule		Scheduled		Balloon		revolving
by year		amortization		payments		credit facility (a)		Total
2005	$	1,108,000						1,108,000
2006		4,640,000	$	388,000				5,028,000
2007		4,855,000		10,225,000	$	60,400,000		75,480,000
2008		4,131,000		63,832,000				67,963,000
2009		4,085,000		—				4,085,000
2010		3,904,000		23,883,000				27,787,000
2011		3,942,000		55,786,000				59,728,000
2012		3,829,000		15,901,000				19,730,000
2013		2,988,000		35,871,000				38,859,000
2014		2,293,000		27,242,000				29,535,000
2015		1,235,000		36,154,000				37,389,000
2016		871,000		—				871,000
2017		775,000		—				775,000
2018		565,000		964,000				1,529,000
2019		409,000		—				409,000
2020		73,000		—				73,000
2021		31,000		17,000				48,000
	$	39,734,000	$	270,263,000	$	60,400,000	$	370,397,000

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

19

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

			As of September 30, 2005
						Mortgage			Other assets/			Equity (a)
	Partners'			Real estate,		loans			liabilities,
Property	percent			net		payable			net			Partners		Cedar (b)(c)		Total
Loyal Plaza	75	%	$	19,413,731	$	(13,415,054	)	$	1,040,456		$	5,124,582	$	1,914,551	$	7,039,133
Red Lion	80	%		18,471,055		(16,349,375	)		1,728,331			2,472,644		1,377,367		3,850,011
Fairview Plaza (d)	70	%		8,732,555		(5,879,990	)		(248,975	)		1,600,233		1,003,357		2,603,590
Halifax Plaza (d)	70	%		5,482,745		(4,032,500	)		55,011			1,193,588		311,668		1,505,256
Newport Plaza (d)	70	%		6,402,154		(5,154,684	)		278,755			1,096,419		429,806		1,526,225
LA Fitness Facility	50	%		5,773,611		(4,891,254	)		428,815			915,093		396,079		1,311,172
			$	64,275,851	$	(49,722,857	)	$	3,282,393		$	12,402,559	$	5,432,828	$	17,835,387

			For the nine months ended September 30, 2005
			Property-level operations														Share of property net income
																	<<< Partners >>>
	Partners'					Operating		Depreciation/		Operating		Non-op
Property	percent			Revenues		expenses		amortization		income		inc/exp (e)		Net income			Regular		Preference		Cedar (b)
Loyal Plaza	75	%	$	2,229,152	$	636,510	$	407,457	$	1,185,185	$	823,287	$	361,898		$	271,424	$	90,475	$	—
Red Lion	80	%		2,358,691		731,143		323,311		1,304,237		1,157,802		146,435			117,148		—		29,287
Fairview Plaza (d)	70	%		690,453		115,198		142,124		433,131		256,771		176,360	)
															)
Halifax Plaza (d)	70	%		574,507		127,628		88,043		358,836		217,551		141,285	)		319,481		27,384		109,537
															)
Newport Plaza (d)	70	%		681,292		168,239		102,131		410,922		272,165		138,757	)
LA Fitness Facility	50	%		556,200		16,951		84,261		454,988		253,235		201,753			100,877		23,202		77,675
			$	7,090,295	$	1,795,669	$	1,147,327	$	4,147,299	$	2,980,811	$	1,166,488		$	808,929	$	141,060	$	216,499

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Consolidated Joint Ventures Information
(unaudited)
(continued)

							Share of FFO (a)
	Partners'
Property	percent		Cedar				Partners		Cedar (b)		Total
Loyal Plaza	75	%	25	%		$	573,049	$	196,306	$	769,355
Red Lion	80	%	20	%			375,797		93,949		469,746
Fairview Plaza (d)	70	%	30	%	)
					)
Halifax Plaza (d)	70	%	30	%	)		554,071		234,628		788,699
					)
Newport Plaza (d)	70	%	30	%	)
LA Fitness Facility	50	%	50	%			175,407		110,607		286,014
						$	1,678,324	$	635,490	$	2,313,814

(a)	The Partners/Cedar 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 payments by 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.

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CEDAR SHOPPING CENTERS, INC.
Tenant Concentration Schedule
As of September 30, 2005
(unaudited)
								Annualized	Percentage
	Number		Percentage			Annualized		base rents	annualized
Tenant	of stores	Sq ft	Sq ft			base rents		per sq ft	base rents
Giant Foods/Stop & Shop	12	648,695	9.45	%	$	7,804,525	$	12.03	12.08	%
Farm Fresh/Shop 'n Save	8	466,832	6.80	%		4,621,911		9.90	7.15	%
Staples	8	174,829	2.55	%		2,261,073		12.93	3.50	%
Discount Drug Mart	9	232,563	3.39	%		2,082,403		8.95	3.22	%
LA Fitness	3	122,996	1.79	%		1,743,072		14.17	2.70	%
Wal-Mart/Sam's Club	2	205,237	2.99	%		1,367,563		6.66	2.12	%
United Artists Theatre Group	1	77,700	1.13	%		1,332,769		17.15	2.06	%
CVS	8	79,757	1.16	%		1,153,171		14.46	1.78	%
Farmer Jack	1	54,650	0.80	%		890,017		16.29	1.38	%
Food Lion	3	105,470	1.54	%		854,790		8.10	1.32	%
Sub-total top ten tenants	55	2,168,729	31.58	%		24,111,294		11.12	37.31	%
Remaining tenants	598	4,004,925	58.31	%		40,515,006		10.12	62.69	%
Sub-total all tenants	653	6,173,654	89.89	%		64,626,300		10.47	100.00	%
Vacant (a)	N/A	694,355	10.11	%		N/A		N/A	N/A
Total (including vacant)	653	6,868,009	100.00	%	$	64,626,300	$	9.41	N/A

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

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CEDAR SHOPPING CENTERS, INC.
Lease Expiration Schedule
As of September 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
	19	55,012	0.80	%	M-T-M	$	808,594	$	14.70	1.25	%
	29	87,972	1.28	%	2005		1,019,474		11.59	1.58	%
	95	318,892	4.64	%	2006		4,616,509		14.48	7.14	%
	91	319,493	4.65	%	2007		4,174,545		13.07	6.46	%
	95	488,280	7.11	%	2008		5,872,398		12.03	9.09	%
	102	522,931	7.61	%	2009		5,468,691		10.46	8.46	%
	48	704,486	10.26	%	2010		5,378,878		7.64	8.32	%
	27	484,118	7.05	%	2011		3,569,859		7.37	5.52	%
	24	231,911	3.38	%	2012		2,428,438		10.47	3.76	%
	20	230,047	3.35	%	2013		2,575,984		11.20	3.99	%
	25	447,179	6.51	%	2014		4,494,017		10.05	6.95	%
	12	265,917	3.87	%	2015		2,493,668		9.38	3.86	%
	587	4,156,238	60.52	%			42,901,055		10.32	66.38	%
	66	2,017,416	29.37	%	Thereafter		21,725,245		10.77	33.62	%
	653	6,173,654	89.89	%			64,626,300		10.47	100.00	%
	N/A	694,355	10.11	%	Vacant (a)		N/A		N/A	N/A
					Total
	653	6,868,009	100.00	%	portfolio	$	64,626,300	$	9.41	N/A

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

23