Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

March 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

March 31, 2006

(unaudited)

TABLE OF CONTENTS

Disclosures	3-4
Summary Financial Data	5-6
Consolidated Balance Sheets Information (wholly-owned and consolidated joint venture properties)	7
Consolidated Statements of Income Information (wholly-owned and consolidated joint venture properties)	8
Reconciliation of Net Income Applicable to Common Shareholders to Funds From Operations (“FFO”)	9
Property Summary	10-16
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

March 31, 2006

(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 beliefs, 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 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; 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 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, 2005 and Form 10-Q for the quarter ended March 31, 2006.

Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership”) 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 March 31, 2006, the Company owned a 95.1% 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 consolidated joint ventures, the Company has general partnership interests ranging from 25% to 50% 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. Further, pursuant to EITF 04-05, the Company deconsolidated the Red Lion joint venture as of January 1, 2006 and is recognizing its share of the venture’s results under the equity method from that date forward.

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 financial performance or to cash flow from operating activities (determined in accordance with GAAP) as a measure of liquidity. As 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)

	March 31, 2006			December 31, 2005
Equity market capitalization (end of period):
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding		3,550,000			3,550,000
Closing market price	$	26.00		$	26.45
Common shares outstanding		30,239,235			29,617,935
OP Units outstanding		1,565,144			1,545,808
Closing market price	$	15.84		$	14.07
Equity market capitalization	$	596,081,000		$	532,371,000
Pro rata share of outstanding debt		550,379,000			491,774,000
Total capitalization	$	1,146,460,000		$	1,024,145,000
Ratio of pro rata share of outstanding debt to total capitalization		48.0	%		48.0	%
Ratio of pro rata share of outstanding debt to capitalization without Preferred Stock		52.2	%		52.9	%

	Three months ended March 31,
	2006		2005
Total revenues	$	29,992,000	$	16,522,000
Net income applicable to common shareholders	$	1,000,000	$	1,354,000
Per common share	$	0.03	$	0.07
Dividends to common shareholders	$	6,701,000	$	4,354,000
Per common share	$	0.225	$	0.225
FFO	$	9,490,000	$	4,870,000
Per common share/OP unit	$	0.30	$	0.25
Weighted average number of common shares:
Shares used in determination of earnings per share		29,878,000		19,351,000
Additional shares assuming conversion of OP Units		1,556,000		454,000
Shares used in determination of FFO per share		31,434,000		19,805,000

5

Cedar Shopping Centers, Inc.

Summary Financial Data

(unaudited)

(continued)

	March 31, 2006			December 31, 2005
Real estate, net		994,447,000			946,457,000
Other assets		64,513,000			49,799,000
Total assets	$	1,058,960,000		$	996,256,000
Total debt	$	569,799,000		$	527,791,000
Other liabilities		64,082,000			44,405,000
Minority interests in consolidated joint ventures		9,930,000			12,339,000
Limited partners’ interest in Operating Partnership		20,342,000			20,586,000
Shareholders’ equity		394,807,000			391,135,000
Total liabilities and equity	$	1,058,960,000		$	996,256,000
Fixed-rate mortgages	$	366,907,000		$	338,988,000
Variable-rate mortgages		43,412,000			41,323,000
Total mortgages		410,319,000			380,311,000
Secured revolving credit facility		159,480,000			147,480,000
Total debt	$	569,799,000		$	527,791,000
Pro rata share of total debt	$	550,379,000		$	491,774,000
Weighted average interest rates:
Fixed-rate mortgages		5.7	%		5.8	%
Variable-rate mortgages		6.8	%		6.3	%
Total mortgages		5.8	%		5.9	%
Secured variable-rate revolving credit facility		6.1	%		5.6	%
Total debt		5.9	%		5.8	%

6

CEDAR SHOPPING CENTERS, INC.

Consolidated Balance Sheets Information

(unaudited)

	March 31, 2006									December 31, 2005
	Total			Consolidated joint ventures			Wholly-owned properties			Total			Consolidated joint ventures			Wholly-owned properties
Assets:
Real estate:
Land	$	191,096,000		$	10,188,000		$	180,908,000		$	180,951,000		$	14,409,000		$	166,542,000
Buildings and improvements		844,110,000			38,372,000			805,738,000			800,005,000			54,038,000			745,967,000
		1,035,206,000			48,560,000			986,646,000			980,956,000			68,447,000			912,509,000
Less accumulated depreciation		(40,759,000	)		(3,304,000	)		(37,455,000	)		(34,499,000	)		(4,544,000	)		(29,955,000	)
Real estate, net		994,447,000			45,256,000			949,191,000			946,457,000			63,903,000			882,554,000
Investment in and advances to unconsolidated joint venture		1,346,000			—			1,346,000
Cash and cash equivalents		11,895,000			—			11,895,000			8,601,000			—			8,601,000
Cash at joint ventures		614,000			614,000			—			1,385,000			1,385,000			—
Construction / improvement and other escrows		10,408,000			628,000			9,780,000			9,030,000			1,610,000			7,420,000
Receivables:
Rents and other, net		6,208,000			163,000			6,045,000			4,220,000			180,000			4,040,000
Straight-line rents		5,609,000			713,000			4,896,000			4,873,000			841,000			4,032,000
Other assets		9,060,000			435,000			8,625,000			4,051,000			423,000			3,628,000
Deferred charges, net:
Leasing costs		13,548,000			298,000			13,250,000			11,433,000			329,000			11,104,000
Financing costs		5,041,000			187,000			4,854,000			5,521,000			547,000			4,974,000
Other		784,000			—			784,000			685,000			—			685,000
Total assets	$	1,058,960,000		$	48,294,000		$	1,010,666,000		$	996,256,000		$	69,218,000		$	927,038,000
Liabilities and shareholders’ equity:
Mortgage loans payable	$	410,319,000		$	33,123,000		$	377,196,000		$	380,311,000		$	49,558,000		$	330,753,000
Secured revolving credit facility		159,480,000			—			159,480,000			147,480,000			—			147,480,000
Accounts payable and accrued expenses		10,476,000			260,000			10,216,000			12,073,000			362,000			11,711,000
Tenant advance payments and security deposits		5,251,000			244,000			5,007,000			4,389,000			342,000			4,047,000
Unamortized intangible lease liabilities		48,355,000			997,000			47,358,000			27,943,000			1,042,000			26,901,000
Total liabilities		633,881,000			34,624,000			599,257,000			572,196,000			51,304,000			520,892,000
Minority interests		9,930,000			9,930,000			—			12,339,000			12,339,000			—
Limited partners’ interest in consolidated Operating
Partnership		20,342,000			183,000			20,159,000			20,586,000			279,000			20,307,000
Equity (a)		394,807,000			3,557,000			391,250,000			391,135,000			5,296,000			385,839,000
Total liabilities and equity	$	1,058,960,000		$	48,294,000		$	1,010,666,000		$	996,256,000		$	69,218,000		$	927,038,000

(a) Equity includes net receivable/payable balances on open account between joint venture properties and wholly-owned properties.

7

CEDAR SHOPPING CENTERS, INC.

Consolidated Statements of Income Information

(unaudited)

	Three months ended March 31, 2006									Three months ended March 31, 2005
	Total			Consolidated joint ventures			Wholly-owned properties			Total			Consolidated joint ventures			Wholly-owned properties
Revenues:
Rents:
Base rents	$	20,332,000		$	1,258,000		$	19,074,000		$	11,249,000		$	1,841,000		$	9,408,000
Percentage rents		312,000			—			312,000			201,000			4,000			197,000
Straight-line rents		900,000			37,000			863,000			492,000			47,000			445,000
Amortization of intangible lease liabilities		2,628,000			25,000			2,603,000			907,000			36,000			871,000
		24,172,000			1,320,000			22,852,000			12,849,000			1,928,000			10,921,000
Expense recoveries		5,614,000			285,000			5,329,000			3,673,000			457,000			3,216,000
Other		206,000			—			206,000			—			—			—
Total revenues		29,992,000			1,605,000			28,387,000			16,522,000			2,385,000			14,137,000
Expenses:
Operating, maintenance and management		6,168,000			221,000			5,947,000			4,027,000			419,000			3,608,000
Real estate and other property-related taxes		2,936,000			132,000			2,804,000			1,475,000			220,000			1,255,000
General and administrative		1,379,000			—			1,379,000			969,000			—			969,000
Depreciation and amortization		8,597,000			292,000			8,305,000			3,743,000			381,000			3,362,000
Total expenses		19,080,000			645,000			18,435,000			10,214,000			1,020,000			9,194,000
Operating income		10,912,000			960,000			9,952,000			6,308,000			1,365,000			4,943,000
Non-operating income and expense:
Interest expense		(7,357,000	)		(570,000	)		(6,787,000	)		(3,137,000	)		(982,000	)		(2,155,000	)
Amortization of deferred financing costs		(329,000	)		(11,000	)		(318,000	)		(206,000	)		(36,000	)		(170,000	)
Interest income		116,000			1,000			115,000			5,000			3,000			2,000
Equity in loss of unconsolidated joint venture		(25,000	)		—						—			—			—
Total non-operating income and expense		(7,595,000	)		(580,000	)		(6,990,000	)		(3,338,000	)		(1,015,000	)		(2,323,000	)
Income before minority and limited partners’ interests		3,317,000			380,000			2,962,000			2,970,000			350,000			2,620,000
Minority interests		(310,000	)		(310,000	)		—			(290,000	)		(290,000	)		—
Limited partners’ interest		(53,000	)		(3,000	)		(50,000	)		(32,000	)		(1,000	)		(31,000	)
Net income		2,954,000			67,000			2,912,000			2,648,000			59,000			2,589,000
Preferred distribution requirements		(1,954,000	)		—			(1,954,000	)		(1,294,000	)		—			(1,294,000	)
Net income applicable to common shareholders	$	1,000,000		$	67,000		$	958,000		$	1,354,000		$	59,000		$	1,295,000
Per common share	$	0.03		$	—		$	0.03		$	0.07		$	—		$	0.07
Weighted average number of common shares outstanding		29,878,000			29,878,000			29,878,000			19,351,000			19,351,000			19,351,000

8

CEDAR SHOPPING CENTERS, INC.

Reconciliation of Net Income to FFO

(unaudited)

	Three months ended March 31,
	2006			2005
Net income applicable to common shareholders	$	1,000,000		$	1,354,000
Add (deduct):
Depreciation and amortization		8,571,000			3,730,000
Limited partners’ interest		53,000			32,000
Minority interests in consolidated joint ventures		310,000			290,000
Equity in loss of unconsolidated joint venture		25,000			—
Minority interests’ share of FFO applicable to consolidated joint ventures		(466,000	)		(536,000	)
FFO from unconsolidated joint venture		(3,000	)		—
Funds From Operations	$	9,490,000		$	4,870,000
FFO per common share (assuming conversion of OP Units)	$	0.30		$	0.25
Weighted average number of common shares:
Shares used in determination of earnings per share		29,878,000			19,351,000
Additional shares assuming conversion of OP Units		1,556,000			454,000
Shares used in determination of FFO per share		31,434,000			19,805,000

9

CEDAR SHOPPING CENTERS, INC.

Property Summary

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
STABILIZED PROPERTIES (1):
Academy Plaza	PA	2001	100%	152,878	1965/1998	33	99%	$11.46	Acme Markets	50,918	9/30/2018
									Raising Horizons School	20,092	8/31/2006
Carbondale Plaza	PA	2004	100%	129,915	1972/2005	10	83%	5.50	Weis Markets	52,720	2/29/2016
Carrolton Discount Drug Mart Plaza	OH	2005	100%	40,480	2000	4	100%	7.92	Discount Drug Mart	25,480	3/31/2016
Clyde Discount Drug Mart Plaza	OH	2005	100%	34,592	2002	2	83%	8.85	Discount Drug Mart	24,592	3/31/2019
Coliseum Marketplace	VA	2005	100%	105,181	1987/2005	8	89%	13.56	Farm Fresh	57,662	1/31/2021
Columbus Crossing	PA	2003	100%	142,166	2001	9	100%	15.63	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	1	100%	12.80	CVS	10,722	3/31/2017
CVS at Celina	OH	2005	100%	10,195	1998	1	100%	17.49	CVS	10,195	1/31/2020
CVS at Erie	PA	2005	100%	10,125	1997	1	100%	16.50	CVS	10,125	1/31/2019
CVS at Portage Trail	OH	2005	100%	10,722	1996	1	100%	13.00	CVS	10,722	9/30/2017
CVS at Westfield	NY	2005	100%	10,125	2000	1	100%	15.74	CVS	10,125	1/31/2023
Dover Discount Drug Mart Plaza	OH	2005	100%	38,409	2002	7	100%	8.02	Discount Drug Mart	24,516	3/31/2013
East Chestnut	PA	2005	100%	21,180	1996	4	100%	16.26
Fairfield Plaza	CT	2005	100%	72,279	2001/2005	7	88%	13.24	TJ Maxx	25,257	8/31/2013
									Staples	20,388	10/31/2019

10

CEDAR SHOPPING CENTERS, INC.

Property Summary (Continued)

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
Family Dollar at Zanesville	OH	2005	100%	6,900	2000	1	100%	8.70	Family Dollar	6,900	12/31/2009
Fieldstone Marketplace	MA	2005	100%	193,970	1988/2003	18	93%	10.37	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	1	100%	23.51	FirstMerit Bank	3,200	12/31/2011
Franklin Village Plaza	MA	2004	100%	303,478	1987/2005	64	90%	19.46	Stop & Shop	75,000	4/30/2026
									Marshalls	26,890	1/31/2009
Gabriel Brothers Plaza	OH	2005	100%	81,891	1970’s/2004	4	100%	4.97	Gabriel Brothers	57,193	5/31/2014
General Booth Plaza	VA	2005	100%	73,320	1985	12	98%	11.67	Farm Fresh	53,758	1/31/2014
Golden Triangle	PA	2003	100%	191,581	1960/2005	15	85%	10.50	LA Fitness	44,796	4/30/2020
									Marshalls	30,000	5/31/2010
									Staples	24,060	5/31/2012
									Artesian Outlet	22,000	4/30/2009
Hudson Discount Drug Mart Plaza	OH	2005	100%	32,259	2000	1	100%	10.21	Discount Drug Mart	32,259	3/31/2017
Jordan Lane	CT	2005	100%	181,735	1969/1991	18	96%	9.22	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%	97,477	1985	15	100%	10.44	Farm Fresh	73,878	1/31/2014
Kenley Village	MD	2005	100%	51,894	1988	10	98%	7.54	Food Lion	29,000	2/11/2009
Lake Raystown Plaza	PA	2004	100%	84,292	1995	9	100%	8.75	Giant Foods	39,244	7/31/2015

11

CEDAR SHOPPING CENTERS, INC.

Property Summary (Continued)

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
Liberty Marketplace	PA	2005	100%	68,200	2003	6	96%	16.97	Martin’s	55,000	9/30/2023
Lodi Discount Drug Mart Plaza	OH	2005	100%	38,576	2003	5	100%	9.27	Discount Drug Mart	24,596	3/31/2019
Majestic Plaza	MI	2005	100%	79,180	1960’s/2003	3	85%	15.75	A&P	54,650	8/31/2022
McCormick Place	OH	2005	100%	46,000	1995	2	100%	8.48	Sam Levin Furniture	40,000	11/30/2011
McDonalds / Waffle House at Medina	OH	2005	100%	6,000	2003	2	100%	11.70
Mechanicsburg Giant	PA	2005	100%	51,500	2003	1	100%	20.90	Giant Foods	51,500	8/31/2024
Oakland Mills	MD	2005	100%	58,224	1960’s/2004	8	100%	12.01	Food Lion	43,470	11/30/2018
Ontario Discount Drug Mart Plaza	OH	2005	100%	38,423	2002	4	100%	8.79	Discount Drug Mart	25,525	3/31/2018
Palmyra Shopping Center	PA	2005	100%	112,328	1960/1995	18	95%	5.26	Weis Markets	46,181	3/31/2010
Pennsboro Commons	PA	2005	100%	108,524	1999	22	99%	13.03	Giant Foods	68,624	8/10/2019
Pickerington Discount Drug Mart Plaza	OH	2005	100%	47,810	2002	9	93%	11.94	Discount Drug Mart	25,852	3/31/2018
Pine Grove Plaza	NJ	2003	100%	79,306	2001/2002	16	100%	10.62	Peebles	24,963	1/31/2022
Polaris Discount Drug Mart Plaza	OH	2005	100%	50,283	2001	13	100%	12.04	Discount Drug Mart	25,855	3/31/2017
Pondside Plaza	NY	2005	100%	19,340	2003	4	100%	8.20
Port Richmond Village	PA	2001	100%	154,908	1988	28	93%	11.74	Thriftway	40,000	10/31/2008
									Pep Boys	20,615	2/28/2009
Powell Discount Drug Mart Plaza	OH	2005	100%	49,772	2001	11	100%	12.07	Discount Drug Mart	25,852	3/31/2018

12

CEDAR SHOPPING CENTERS, INC.

Property Summary (Continued)

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
Rite Aid at Massillon	OH	2005	100%	10,125	1999	1	100%	17.91	Rite Aid	10,125	1/31/2020
River View Plaza I, II and III	PA	2003	100%	244,225	1991/1998	22	82%	18.84	United Artists Theatre	77,700	12/31/2018
									Pep Boys	22,000	9/30/2014
Shelby Discount Drug Mart Plaza	OH	2005	100%	36,596	2002	5	100%	9.37	Discount Drug Mart	24,596	3/31/2019
Shoppes at Salem Run (2)	VA	2005	100%	15,100	2005	5	77%	22.38
Shore Mall	NJ	2006	100%	618,118	1960/1980	55	88%	7.46	Boscov’s	172,200	9/19/2018
									Burlington Coat Factory	85,000	11/30/2009
									Value City	144,000	4/30/2009
Smithfield Plaza	VA	2005	100%	45,544	1988	1	100%	10.04	Farm Fresh	45,544	1/31/2014
South Philadelphia	PA	2003	100%	283,415	1950/2003	27	94%	12.87	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	6	100%	10.99	Food Lion	33,000	11/14/2020
Staples at Oswego	NY	2005	100%	23,884	2000	1	100%	11.99	Staples	23,884	2/28/2015
Suffolk Plaza	VA	2005	100%	67,216	1984	1	100%	9.40	Farm Fresh	67,216	1/31/2014
Sunset Crossing	PA	2003	100%	74,142	2002	6	96%	14.47	Giant Foods	54,332	6/30/2022
Swede Square	PA	2003	100%	98,792	1980/2004	17	100%	13.03	LA Fitness	37,200	6/30/2016
The Brickyard	CT	2004	100%	274,553	1990	6	100%	8.95	Sam’s Club	109,755	1/31/2010
									Home Depot	103,003	1/31/2010
									Syms	38,000	3/31/2010

13

CEDAR SHOPPING CENTERS, INC.

Property Summary (Continued)

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
The Commons	PA	2004	100%	175,121	2003	20	95%	10.14	Elder Beerman	54,500	1/31/2017
									Shop ‘n Save	52,654	10/7/2015
The Point	PA	2000	100%	255,447	1972/2001	19	95%	$10.64	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	1965/1984	27	93%	7.05	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	2	91%	10.58	Stop & Shop	74,977	9/30/2025
Townfair Center	PA	2004	100%	203,531	2002	12	98%	7.75	Lowe’s Home Centers	95,173	12/31/2015
									Shop ‘n Save	50,000	2/28/2012
Trexler Mall	PA	2005	100%	338,692	1973/2004	21	97%	8.25	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
Ukrop’s at Fredericksburg (2)	VA	2005	100%	63,000	1997	1	100%	15.51	Ukrop’s Supermarket	63,000	8/4/2017
Ukrop’s at Glen Allen	VA	2005	100%	43,000	2000	1	100%	9.01	Ukrop’s Supermarket	43,000	2/15/2010
Valley Plaza	MD	2003	100%	191,189	1975/1994	7	100%	4.62	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	6	100%	31.30
Virginia Little Creek	VA	2005	100%	69,620	1996/2001	2	100%	10.52	Farm Fresh	66,120	1/31/2014

14

CEDAR SHOPPING CENTERS, INC.

Property Summary (Continued)

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
Wal-Mart Center	CT	2003	100%	155,842	1972/2000	9	96%	5.70	Wal-Mart	95,482	1/31/2020
									NAMCO	20,000	1/31/2011
Washington Center Shoppes	NJ	2001	100%	153,260	1979/1995	28	99%	7.59	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	2	100%	7.28	Discount Drug Mart	24,480	3/31/2021
Total Stabilized Properties				6,913,829		719	95%	10.61
DEVELOPMENT / REDEVELOPMENT AND OTHER NON-STABILIZED PROPERTIES (1):
Camp Hill	PA	2002	100%	420,331	1958/2005	23	88%	11.09	Boscov’s	167,597	9/30/2010
									Giant Foods	92,939	10/11/2025
									Barnes & Noble	24,908	1/31/2011
									Staples	20,000	6/30/2035
Centerville Discount Drug Mart Plaza	OH	2005	100%	49,494	2000	7	72%	10.98	Discount Drug Mart	24,012	3/31/2016
Columbia Mall	PA	2005	100%	351,866	1988	51	70%	7.93	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	2	66%	3.35	Eynon Furniture Outlet	40,000	2/28/2014
									Big Lots	26,902	1/31/2007
Hamburg Commons	PA	2004	100%	99,488	1988 - 1993	7	71%	6.33	Redner’s	56,780	6/30/2025
Huntingdon Plaza	PA	2004	100%	151,697	1972 - 2003	13	50%	6.50	Peebles	22,060	1/31/2018
Meadows Marketplace	PA	2004	100%	89,079	2005	1	73%	13.00	Giant Foods	65,000	10/31/2025

15

CEDAR SHOPPING CENTERS, INC.

Property Summary (Continued)

As of March 31, 2006

									Major tenants [20,000 or more sq. ft. of GLA] and tenants at single-tenant properties
Property Description	State	Year acquired	Percent owned	Gross leasable area (“GLA”)	Year built/ year last renovated	Number of tenants	Percent occupied	Average base rent per leased sq. ft.	Name	Sq. ft.	Lease expiration
Value City Shopping Center	MI	2005	100%	117,000	1950’s/2003	2	73%	1.98	Value City	85,000	1/31/2008
Total Development/Redevelopment and Other Non-Stabilized Properties				1,379,955		106	74%	8.50
JOINT VENTURES (3)
Fairview Plaza	PA	2003	30%	69,579	1992	6	100%	11.36	Giant Foods	59,237	2/28/2017
Halifax Plaza	PA	2003	30%	54,150	1994	9	100%	10.99	Giant Foods	32,000	10/31/2019
LA Fitness Facility	PA	2002	50%	41,000	2003	1	100%	18.09	LA Fitness	41,000	12/31/2018
Loyal Plaza	PA	2002	25%	293,825	1969/2000	26	100%	7.54	K-Mart	102,558	8/31/2019
									Giant Foods	66,935	10/31/20019
									Staples	20,555	11/30/2014
Newport Plaza	PA	2003	30%	66,789	1996	9	100%	10.21	Giant Foods	43,400	5/31/2021
Total Consolidated Joint Ventures				525,343		51	100%	9.56
Red Lion (unconsolidated)	PA	2002	20%	224,269	1970/2000	15	67%	12.66	Best Buy	46,000	1/31/2014
									Staples	23,942	7/31/2015
Total Joint Ventures				749,612		66	90%	10.25
TOTAL PORTFOLIO				9,043,396		891	91%	$10.32

(1)         “Stabilized properties” are those properties which are at least 80% leased and not designated as “development/redevelopment” properties. One of the Company’s properties is being re-tenanted, is non-stabilized, and is not designated as a development/redevelopment property.

(2)          For Stabilized Property occupancy percentage purposes, Shoppes at Salem Run and Ukrop’s at Fredericksburg are considered one and the same property, with an overall occupancy percentage of 96% at March 31, 2006.

(3)         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 preference returns on their investments prior to any distributions to the Company.

16

CEDAR SHOPPING CENTERS, INC.

Debt Summary

As of March 31, 2006

(unaudited)

									Balances				Pro rata share
Property	Percent Owned			Maturity Date		Int. rate Mar 31 2006			Mar 31 2006		Mar 31 2005		Mar 31 2006		Mar 31 2005
Fixed-rate mortgages:
The Point		100.0	%		Sep 2012		7.6	%	$	18,840,000	$	18,928,000	$	18,840,000	$	18,928,000
Academy Plaza		100.0	%		Mar 2013		7.3	%		10,078,000		10,121,000		10,078,000		10,121,000
Port Richmond Village		100.0	%		Apr 2008		7.2	%		10,913,000		10,965,000		10,913,000		10,965,000
Washington Center Shoppes		100.0	%		Nov 2007		7.5	%		5,639,000		5,663,000		5,639,000		5,663,000
Red Lion (a)		20.0	%		Feb 2010		8.9	%		—		16,310,000		—		3,262,000
Loyal Plaza		25.0	%		Jun 2011		7.2	%		13,329,000		13,374,000		3,332,000		3,343,000
Fairview Plaza		30.0	%		Feb 2013		5.7	%		5,836,000		5,859,000		1,751,000		1,758,000
Halifax Plaza		30.0	%		Feb 2010		6.8	%		3,988,000		4,010,000		1,196,000		1,203,000
Newport Plaza		30.0	%		Feb 2010		6.8	%		5,100,000		5,127,000		1,530,000		1,538,000
Pine Grove Plaza		100.0	%		Mar 2006		8.5	%		—		388,000		—		388,000
Pine Grove Plaza		100.0	%		Sep 2015		5.0	%		6,156,000		6,178,000		6,156,000		6,178,000
Golden Triangle		100.0	%		Apr 2008		6.0	%		9,540,000		9,633,000		9,540,000		9,633,000
Townfair Center		100.0	%		Mar 2008		6.0	%		9,850,000		9,916,000		9,850,000		9,916,000
Franklin Village Plaza		100.0	%		Nov 2011		4.8	%		43,500,000		43,500,000		43,500,000		43,500,000
Centerville Discount Drug Mart		100.0	%		May 2015		5.2	%		2,966,000		2,977,000		2,966,000		2,977,000
Clyde Discount Drug Mart		100.0	%		May 2015		5.2	%		2,057,000		2,064,000		2,057,000		2,064,000
CVS at Bradford		100.0	%		Mar 2017		5.2	%		1,080,000		1,099,000		1,080,000		1,099,000
CVS at Celina		100.0	%		Jan 2020		5.2	%		1,763,000		1,783,000		1,763,000		1,783,000
CVS at Erie		100.0	%		Nov 2018		5.2	%		1,457,000		1,478,000		1,457,000		1,478,000
CVS at Portage Trail		100.0	%		Aug 2017		5.0	%		1,154,000		1,174,000		1,154,000		1,174,000
Dover Discount Drug Mart		100.0	%		May 2015		5.2	%		2,249,000		2,258,000		2,249,000		2,258,000
East Chestnut		100.0	%		Apr 2018		5.2	%		2,348,000		2,371,000		2,348,000		2,371,000
Fairfield Plaza		100.0	%		Jul 2015		5.0	%		5,424,000		5,444,000		5,424,000		5,444,000
Lodi Discount Drug Mart		100.0	%		May 2015		5.2	%		2,507,000		2,516,000		2,507,000		2,516,000
McCormick Place		100.0	%		Jul 2008		5.2	%		2,379,000		2,414,000		2,379,000		2,414,000
Ontario Discount Drug Mart		100.0	%		May 2015		5.2	%		2,314,000		2,322,000		2,314,000		2,322,000
Pickerington Discount Drug Mart		100.0	%		Jul 2015		5.0	%		4,409,000		4,425,000		4,409,000		4,425,000
Polaris Discount Drug Mart		100.0	%		May 2015		5.2	%		4,721,000		4,739,000		4,721,000		4,739,000
Pondside Plaza		100.0	%		May 2015		5.6	%		1,222,000		1,226,000		1,222,000		1,226,000
Powell Discount Drug Mart		100.0	%		May 2015		5.2	%		4,524,000		4,540,000		4,524,000		4,540,000
Rite Aid at Massillon		100.0	%		Jan 2020		5.0	%		1,774,000		1,795,000		1,774,000		1,795,000
Shelby Discount Drug Mart		100.0	%		May 2015		5.2	%		2,314,000		2,322,000		2,314,000		2,322,000
Staples at Oswego		100.0	%		May 2015		5.3	%		2,379,000		2,387,000		2,379,000		2,387,000
Coliseum Marketplace		100.0	%		Jul 2014		5.2	%		13,121,000		13,180,000		13,121,000		13,180,000
General Booth Plaza		100.0	%		Aug 2013		5.2	%		5,872,000		5,902,000		5,872,000		5,902,000
Kempsville Crossing		100.0	%		Aug 2013		5.2	%		6,668,000		6,703,000		6,668,000		6,703,000
Liberty Marketplace		100.0	%		Jul 2014		5.2	%		10,267,000		10,324,000		10,267,000		10,324,000
Mechanicsburg Giant		100.0	%		Nov 2014		5.2	%		10,636,000		10,697,000		10,636,000		10,697,000
Virginia Little Creek		100.0	%		Aug 2013		5.2	%		5,335,000		5,363,000		5,335,000		5,363,000
Virginia Little Creek		100.0	%		Sep 2021		5.2	%		540,000		546,000		540,000		546,000
Smithfield Plaza		100.0	%		Aug 2013		5.2	%		3,741,000		3,758,000		3,741,000		3,758,000
Suffolk Plaza		100.0	%		Aug 2013		5.2	%		5,062,000		5,090,000		5,062,000		5,090,000
Wal-Mart Center		100.0	%		Nov 2015		5.1	%		6,145,000		6,168,000		6,145,000		6,168,000
Jordan Lane		100.0	%		Dec 2015		5.5	%		13,799,000		13,845,000		13,799,000		13,845,000
Oakland Mills		100.0	%		Jan 2016		5.5	%		5,188,000		5,200,000		5,188,000		5,200,000
Trexler Mall		100.0	%		May 2014		5.4	%		22,965,000		23,057,000		22,965,000		23,057,000
Fieldstone Marketplace		100.0	%		Jul 2014		5.4	%		19,823,000		19,849,000		19,823,000		19,849,000
Pennsboro Commons		100.0	%		Mar 2016		5.5	%		11,540,000		—		11,540,000		—
Shore Mall		100.0	%		Aug 2008		5.8	%		31,687,000		—		31,687,000		—
Shore Mall		100.0	%		Jan 2009		5.7	%		2,708,000		—		2,708,000		—
Total fixed-rate mortgages					6.7 years		5.7	%		366,907,000		338,988,000		346,463,000		305,412,000
					[wtd-avg maturity]		[wtd-avg rate]

17

CEDAR SHOPPING CENTERS, INC.

Debt Summary

As of March 31, 2006

(unaudited)

(continued)

									Balances				Pro rata share
Property	Percent Owned			Maturity Date		Int. rate Mar 31 2006			Mar 31 2006		Dec 31 2005		Mar 31 2006		Dec 31 2005
Variable-rate mortgages:
LA Fitness Facility		50.0	%		Dec 2007		7.6	%		4,870,000		4,878,000		2,435,000		2,439,000
Camp Hill		100.0	%		Apr 2008		6.7	%		38,542,000		36,445,000		38,542,000		36,445,000
Total variable-rate mortgages					2.0 years		6.8	%		43,412,000		41,323,000		40,977,000		38,884,000
					[wtd-avg aturity]		[wtd-avg rate]
Total mortgages					6.2 years		5.8	%		410,319,000		380,311,000		387,440,000		344,296,000
					[wtd-avg maturity]		[wtd-avg rate]
Jan 2008
Secured revolving credit facility (b)		100.0	%		1.8 years		6.1	%		159,480,000		147,480,000		159,480,000		147,480,000
					[wtd-avg maturity]		[wtd-avg rate]
Total debt					4.9 years		5.9	%	$	569,799,000	$	527,791,000	$	546,920,000	$	491,776,000
					[wtd-avg maturity]		[wtd-avg rate]

Maturity schedule by year	Scheduled amortization		Balloon payments		Secured revolving credit facility (b)		Total
2006	$	5,067,000	$	—			$	5,067,000
2007		7,194,000		10,291,000				17,485,000
2008		6,229,000		98,736,000	$	159,480,000		264,445,000
2009		5,201,000		1,542,000				6,743,000
2010		5,284,000		8,331,000				13,615,000
2011		5,409,000		55,786,000				61,195,000
2012		5,360,000		15,901,000				21,261,000
2013		4,609,000		35,871,000				40,480,000
2014		3,425,000		63,599,000				67,024,000
2015		1,969,000		52,836,000				54,805,000
2016		912,000		13,930,000				14,842,000
2017		775,000		—				775,000
2018		565,000		964,000				1,529,000
2019		409,000		—				409,000
2020		73,000		—				73,000
2021		35,000		16,000				51,000
	$	52,516,000	$	357,803,000	$	159,480,000	$	569,799,000

(a) As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture. The outstanding balance of the Red Lion mortgage at March 31, 2006 was $16,266,000.

(b) The Company has the option to extend the facility for one year beyond the scheduled maturity date of January 2008.

18

CEDAR SHOPPING CENTERS, INC

Consolidated Joint Ventures Information

(unaudited)

				As of March 31, 2006
												Equity (a)
Property	Partners’ percent			Real estate, net		Mortgage loans payable			Other assets/ liabilities, 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		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

				For the three months ended March 31, 2006
				Property-level operations												Share of property net income
																<<< Partners >>>
Property	Partners’ percent			Revenues		Operating expenses		Depreciation/ amortization		Operating income		Non-op inc/exp (e)		Net income		Regular		Preference		Cedar (b)
Loyal Plaza		75	%	$	726,566	$	209,151	$	145,376	$	372,039	$	250,222	$	121,817	$	91,363	$	30,454	$	—
Fairview Plaza (d)		70	%		273,667		37,659		52,383		183,625		83,806		99,819
Halifax Plaza (d)		70	%		187,480		41,606		29,348		116,526		69,852		46,674		139,893		11,992		47,962
Newport Plaza (d)		70	%		232,705		58,047		35,647		139,011		85,657		53,354
LA Fitness Facility		50	%		185,400		6,460		29,059		149,881		90,845		59,036		29,518		6,789		22,729
				$	1,605,818	$	352,923	$	291,813	$	961,082	$	580,382	$	380,700	$	260,774	$	49,235	$	70,691

19

CEDAR SHOPPING CENTERS, INC

Consolidated Joint Ventures Information

(unaudited)

(continued)

							Share of FFO (a)
Property	Partners’ 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 Facility		50	%		50	%		54,848		33,247		88,095
							$	465,511	$	207,003	$	672,514

(a) The Partners and Cedar 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 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.

(f) As of January 1, 2006, the Red Lion partnership became an unconsolidated joint venture.

20

CEDAR SHOPPING CENTERS, INC.

Tenant Concentration Schedule

As of March 31, 2006

(unaudited)

Tenant	Number of stores		GLA		Percentage of GLA			Annualized base rent		Annualized base rent per sq ft		Percentage annualized base rents
Top ten tenants (a):
Giant Foods/Stop & Shop		16		951,000		10.5	%	$	11,862,000	$	12.47		14.0	%
SuperValu/Farm Fresh/Shop ’n Save		8		467,000		5.2	%		4,648,000		9.95		5.5	%
Discount Drug Mart		12		308,000		3.4	%		2,808,000		9.12		3.3	%
Staples		8		175,000		1.9	%		2,315,000		13.23		2.7	%
LA Fitness		3		123,000		1.4	%		1,743,000		14.17		2.0	%
A&P/Super Fresh		2		116,000		1.3	%		1,540,000		13.28		1.8	%
CVS/Eckerd		12		127,000		1.4	%		1,505,000		11.85		1.8	%
Boscov’s		2		347,000		3.8	%		1,471,000		4.24		1.7	%
Wal-Mart/Sam’s Club		2		205,000		2.3	%		1,368,000		6.67		1.6	%
Ukrop’s Super Markets		2		106,000		1.2	%		1,364,000		12.87		1.6	%
Sub-total top ten tenants		67		2,925,000		32.3	%		30,624,000		10.47		36.0	%
Remaining tenants		824		5,313,000		58.8	%		54,402,000		10.24		64.0	%
Sub-total all tenants		891		8,238,000		91.1	%		85,026,000		10.32		100.0	%
Vacant space (b)		n/a		805,000		8.9	%		n/a		n/a		n/a
Total (including vacant space)		891		9,043,000		100.0	%	$	85,026,000	$	9.40		n/a

(a) Based on annualized base rent.

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

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CEDAR SHOPPING CENTERS, INC.

Lease Expiration Schedule

As of March 31, 2006

(unaudited)

Year of lease expiration	Number of leases expiring		GLA expiring		Percentage of GLA expiring			Annualized expiring base rents		Annualized expiring base rents per sq ft		Percentage of annualized expiring base rents
Month-To-Month		46		95,000		1.2	%	$	1,119,000	$	11.78		1.3	%
2006		87		242,000		2.9	%		3,308,000		13.67		3.9	%
2007		130		439,000		5.3	%		5,613,000		12.79		6.6	%
2008		140		706,000		8.6	%		8,258,000		11.70		9.7	%
2009		129		803,000		9.7	%		7,602,000		9.47		8.9	%
2010		95		1,017,000		12.3	%		9,170,000		9.02		10.8	%
2011		52		532,000		6.5	%		5,254,000		9.88		6.2	%
2012		34		319,000		3.9	%		3,042,000		9.54		3.6	%
2013		29		266,000		3.2	%		2,529,000		9.51		3.0	%
2014		29		601,000		7.3	%		5,738,000		9.55		6.7	%
2015		26		345,000		4.2	%		3,320,000		9.62		3.9	%
Thereafter		94		2,873,000		34.9	%		30,073,000		10.47		35.4	%
		891		8,238,000		100.0	%		85,026,000		10.32		100.0	%
Vacant space (a)		n/a		805,000		n/a			n/a		n/a		n/a
Total
portfolio		891		9,043,000		n/a		$	85,026,000	$	9.40		n/a

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

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