Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

December 31, 2009

(unaudited)

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

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
December 31, 2009
(unaudited)

TABLE OF CONTENTS

Disclosures	3-5
Consolidated Balance Sheets	6
Consolidated Net Operating Income	7
Consolidated Statements of Cash Flows	8
Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available For Distribution (“FAD”) and Other Financial Information	9
Summary Financial Data:
Operating Results	10
Capitalization	11
Same Property Analysis	13
Leasing Activity and Occupancy Statistics	14
Tenant and State Concentrations	15
Lease Expirations	16
Properties:
Description	17-22
Carrying Value, Percent Occupied and Base Rent Per Leased Sq. Ft	23-25
Debt Summary	26-28
Joint Venture Properties Managed by Cedar	29-32

CEDAR SHOPPING CENTERS,INC.
Supplemental Financial Information
December 31, 2009

(unaudited)

Disclosures

Forward Looking Statements

          Statements made or incorporated by reference in this Supplemental Financial Information include certain “forward-looking statements”. Forward-looking statements include, without limitation, statements containing the words “anticipates”, “believes”, “expects”, “intends”, “future”, and words of similar import which express the Company’s beliefs, expectations or intentions regarding future performance or future events or trends. While forward-looking statements reflect good faith beliefs, expectations, or intentions, they are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from anticipated future results, performance or achievements expressed or implied by such forward-looking statements as a result of factors outside of the Company’s control. Certain factors that might cause such differences include, but are not limited to, the following: real estate investment considerations, such as the effect of economic and other conditions in general and in the Company’s market areas in particular; the financial viability of the Company’s tenants (including an inability to pay rent, filing for bankruptcy protection, closing stores and/or vacating the premises); the continuing availability of acquisition, development and redevelopment opportunities, on favorable terms; the availability of equity and debt capital (including the availability of construction financing) in the public and private markets; the availability of suitable joint venture partners and potential purchasers of the Company’s properties if offered for sale; the ability of the Company’s joint venture partner to fund its share of future property acquisitions; changes in interest rates; the fact that returns from acquisition, development and redevelopment activities may not be at expected levels or at expected times; risks inherent in ongoing development and redevelopment projects including, but not limited to, cost overruns resulting from weather delays, changes in the nature and scope of development and redevelopment efforts, changes in governmental regulations relating thereto, and market factors involved in the pricing of material and labor; the need to renew leases or re-let space upon the expiration or termination of current leases and incur applicable required replacement costs; and the financial flexibility of the Company and its joint venture partners to repay or refinance debt obligations when due and to fund tenant improvements and capital expenditures.

Basis of Presentation

          The information contained in this Supplemental Financial Information is unaudited and does not purport to disclose all items required by accounting principles generally accepted in the United States (“GAAP”). The information contained herein should be read in conjunction with the Company’s Form 10-K for the year ended December 31, 2009.

          Cedar Shopping Centers Partnership, L.P. (the “Operating Partnership” or “OP”) is the entity through which the Company conducts substantially all of its business and owns (either directly or through subsidiaries) substantially all of its assets. At December 31, 2009, the Company owned a 96.3% 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.

3

          As part of the October 2009 transactions with RioCan Real Estate Investment Trust (“RioCan”), the Company and RioCan entered into an 80% (RioCan) and 20% (Cedar) joint venture for seven supermarket-anchored properties that were already owned by the Company. Although the Company will continue to exercise influence over the management of these joint venture properties, and will provide property management and certain other services, it will not have operating control. The Company has determined that these joint ventures are not Variable Interest Entities (“VIEs”) and the Company will account for its investment in each of these properties under the equity method commencing as each property is transferred to the joint venture (the Company will, however, continue to include these managed properties in certain of its operating metrics, as appropriate). The Company closed on the transfer of two of the properties on December 14, 2009, and the remaining five properties are expected to be transferred during the first half of 2010. With respect to the two properties transferred during 2009, the results of operations for periods prior to the transfer are included in the Company’s consolidated results; the results of operations commencing with the transfer are included in “equity in income of unconsolidated joint ventures”. With respect to the five properties to be transferred subsequent to December 31, 2009, the results of their operations are included in the Company’s consolidated results for all periods presented. The carrying values of the Company’s investments in transferred properties are or will be included in “investment in unconsolidated joint ventures”; in addition, for all periods presented, the carrying values of the assets and liabilities of the properties prior to transfer, principally the net book value of the real estate and the related mortgage loans payable, are classified as “real estate to be transferred to a joint venture”.

          During 2009, the Company sold, or has treated as “held for sale”, nine properties, mostly drug store/convenience centers, with an aggregate of approximately 300,000 sq. ft. of GLA. For all periods presented, the carrying values of the assets and liabilities of these properties, principally the net book value of the real estate and the related mortgage loans payable, have been classified as “held for sale” on the balance sheets, and the properties’ results of operations have been classified as “discontinued operations” in the statements of operations.

Use of Non-GAAP Financial Measures — Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”), Funds Available for Distribution (“FAD”), and Earnings Before Interest, Income Taxes, Depreciation and Amortization (“EBITDA”)

          FFO, AFFO and FAD are widely-recognized non-GAAP financial measures for REITs that the Company believes, when considered with financial statements determined in accordance with GAAP, are useful to investors in understanding financial performance and providing a relevant basis for comparison among REITs. In addition, FFO, AFFO and FAD are useful to investors as they capture features particular to real estate performance by recognizing that real estate generally appreciates over time or maintains residual value to a much greater extent than do other depreciable assets. Investors should review FFO, AFFO and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO, AFFO and FAD because the Company considers them important supplemental measures of its operating performance and believes that they are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Among other things, the Company uses FFO or an adjusted FFO-based measure (1) as a criterion to determine performance-based bonuses for members of senior management, (2) in performance comparisons with other shopping center REITs, and (3) to measure compliance with certain financial covenants under the terms of the Company’s secured revolving credit facilities.

          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 attributable to the Company’s common shareholders (determined in accordance with GAAP), excluding gains or losses from debt restructurings and sales of properties, plus real estate-related depreciation and amortization, and after adjustments for partnerships and joint ventures (which are computed to reflect FFO on the same basis). The Company calculates (a) AFFO by further adjusting FFO to exclude the pro rata share of straight-line rents, amortization of intangible lease liabilities, non-real estate amortization, and stock-based compensation included in operations, and (b) FAD by further adjusting AFFO to exclude routine capital expenditures and scheduled debt amortization payments.

4

          FFO, AFFO and FAD do not represent cash generated from operating activities and should not be considered as alternatives to net income attributable to the Company’s common shareholders or to cash flow from operating activities. FFO, AFFO and FAD are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO, AFFO and FAD are measures used for comparability in assessing the performance of REITs, as the NAREIT White Paper only provides guidelines for computing FFO, the computations of FFO, AFFO and FAD may vary from one company to another.

          EBITDA is another widely-recognized non-GAAP financial measure that the Company believes, when considered with financial statements determined in accordance with GAAP, is useful to investors and lenders in understanding financial performance and providing a relevant basis for comparison among other companies, including REIT’s. While EBITDA should not be considered as a substitute for net income attributable to the Company’s common shareholders, net operating income, cash flow from operating activities, or other income or cash flow data prepared in accordance with GAAP, the Company believes that EBITDA may provide additional information with respect to the Company’s performance or ability to meet its future debt service requirements, capital expenditures and working capital requirements. The Company computes EBITDA by adjusting income from continuing operations (determined in accordance with GAAP), excluding interest expense and amortization of deferred financing costs, depreciation and amortization, terminated projects and acquisition transaction costs, impairment charges, gains on incidental sales of real estate, and mark-to-market adjustments relating to stock-based compensation. The ratios of EBITDA to fixed charges and pro rata debt to EBITDA are additional related measures of financial performance. Because EBITDA excludes some, but not all, items that affect net income attributable to the Company’s common shareholders, the computations of EBITDA may vary from one company to another.

5

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets

	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2008
Assets:
Real estate:
Land	$	358,168,000		$	342,733,000		$	342,903,000		$	342,854,000		$	328,425,000
Buildings and improvements		1,317,154,000			1,328,513,000			1,307,609,000			1,286,823,000			1,210,788,000
		1,675,322,000			1,671,246,000			1,650,512,000			1,629,677,000			1,539,213,000
Less accumulated depreciation		(164,615,000	)		(154,820,000	)		(144,543,000	)		(134,348,000	)		(124,387,000	)
Real estate, net		1,510,707,000			1,516,426,000			1,505,969,000			1,495,329,000			1,414,826,000
Real estate to be transferred to a joint venture		139,743,000			199,715,000			197,535,000			195,748,000			194,952,000
Real estate held for sale — discontinued operations		11,599,000			25,545,000			30,509,000			31,821,000			32,063,000
Investment in unconsolidated joint ventures		14,113,000			5,412,000			5,352,000			5,385,000			4,976,000
Cash and cash equivalents		17,164,000			9,526,000			15,711,000			14,327,000			8,231,000
Restricted cash		14,075,000			14,104,000			15,643,000			13,877,000			14,004,000
Receivables:
Rents and other receivables, net		9,745,000			8,156,000			7,176,000			8,125,000			5,818,000
Straight-line rents		14,602,000			14,112,000			13,312,000			12,869,000			12,327,000
Other assets		8,809,000			11,286,000			5,892,000			9,851,000			9,403,000
Deferred charges, net:
Lease origination costs		17,787,000			19,115,000			18,890,000			19,614,000			19,348,000
Financing costs		16,873,000			9,846,000			9,860,000			8,599,000			11,150,000
Other		2,213,000			1,906,000			1,833,000			2,272,000			30,000
Total assets	$	1,777,430,000		$	1,835,149,000		$	1,827,682,000		$	1,817,817,000		$	1,727,128,000
Liabilities and equity:
Mortgage loans payable	$	692,979,000		$	685,847,000		$	680,564,000		$	663,224,000		$	613,712,000
Mortgage loans payable — real estate to be transferred to a joint venture		94,018,000			94,129,000			94,223,000			77,263,000			77,307,000
Mortgage loans payable — discontinued operations		7,765,000			15,500,000			17,824,000			17,892,000			17,964,000
Secured revolving credit facilities		257,685,000			323,479,000			320,925,000			336,925,000			304,490,000
Accounts payable and accrued expenses		21,429,000			23,201,000			21,232,000			23,358,000			25,478,000
Dividends payable		4,876,000			—			—			—			—
Standby equity advance not settled		5,000,000			—			—			—			—
Tenant prepayments and security deposits		9,645,000			10,291,000			8,888,000			10,718,000			10,480,000
Accrued interest rate swap liabilities		5,952,000			7,526,000			6,468,000			9,623,000			10,590,000
Unamortized intangible lease liabilities		46,643,000			49,492,000			53,212,000			56,221,000			56,122,000
Liabilities — real estate held for sale and real estate to be transferred to a joint venture		4,295,000			4,537,000			4,767,000			5,012,000			5,262,000
Total liabilities		1,150,287,000			1,214,002,000			1,208,103,000			1,200,236,000			1,121,405,000
Limited partners’ interest in Operating Partnership		12,656,000			14,458,000			14,368,000			14,279,000			14,271,000
Equity:
Cedar Shopping Centers, Inc. shareholders’ equity		539,169,000			528,846,000			527,616,000			524,349,000			524,027,000
Noncontrolling interests		75,318,000			77,843,000			77,595,000			78,953,000			67,425,000
Total equity		614,487,000			606,689,000			605,211,000			603,302,000			591,452,000
Total liabilities and equity	$	1,777,430,000		$	1,835,149,000		$	1,827,682,000		$	1,817,817,000		$	1,727,128,000

6

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income

	Three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2008
Revenues:
Rents:
Base rents	$	32,896,000		$	31,948,000		$	31,745,000		$	31,118,000		$	30,154,000
Percentage rents		495,000			438,000			319,000			216,000			744,000
Straight-line rents		829,000			876,000			537,000			625,000			734,000
Amortization of intangible lease liabilities		2,851,000			3,926,000			3,230,000			3,390,000			4,000,000
		37,071,000			37,188,000			35,831,000			35,349,000			35,632,000
Expense recoveries		8,735,000			7,775,000			8,053,000			10,274,000			7,741,000
Other		985,000			147,000			41,000			262,000			314,000
		46,791,000			45,110,000			43,925,000			45,885,000			43,687,000
Expenses:
Operating, maintenance and management		9,229,000			8,364,000			7,690,000			9,195,000			7,485,000
Real estate and other property- related taxes		5,358,000			5,201,000			5,262,000			5,156,000			5,050,000
		14,587,000			13,565,000			12,952,000			14,351,000			12,535,000
Net operating income		32,204,000			31,545,000			30,973,000			31,534,000			31,152,000
Other income (expense):
General and administrative		(3,353,000	)		(2,521,000	)		(2,853,000	)		(1,439,000	)		(1,425,000	)
Terminated projects and acquisition transaction costs		(419,000	)		—			(2,423,000	)		(1,525,000	)		(848,000	)
Impairment charges		(23,636,000	)		—			—			—			—
Depreciation and amortization		(17,185,000	)		(12,518,000	)		(12,412,000	)		(12,142,000	)		(12,001,000	)
Interest expense		(13,911,000	)		(12,911,000	)		(12,316,000	)		(11,847,000	)		(12,901,000	)
Amortization of deferred financing costs		(1,447,000	)		(1,371,000	)		(1,247,000	)		(1,016,000	)		(950,000	)
Capitalization of interest expense and financing costs		1,290,000			1,775,000			1,698,000			1,518,000			2,058,000
Interest income		35,000			10,000			4,000			14,000			14,000
Equity in income of unconsolidated joint ventures		296,000			260,000			283,000			259,000			274,000
Gain on sales of land parcels		285,000			—			(3,000	)		239,000			—
(Loss) income before discontinued operations		(25,841,000	)		4,269,000			1,704,000			5,595,000			5,373,000
(Loss) income from discontinued operations		(2,795,000	)		(455,000	)		(17,000	)		184,000			169,000
Gain on sales of discontinued operations		280,000			—			277,000			—			—
Total discontinued operations		(2,515,000	)		(455,000	)		260,000			184,000			169,000
Net (loss) income		(28,356,000	)		3,814,000			1,964,000			5,779,000			5,542,000
Less, net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		(484,000	)		(332,000	)		(309,000	)		354,000			(557,000	)
Limited partners’ interest in consolidated OP		1,136,000			(66,000	)		13,000			(180,000	)		(130,000	)
Total net loss (income) attributable to noncontrolling interests		652,000			(398,000	)		(296,000	)		174,000			(687,000	)
Net (loss) income attributable to Cedar Shopping Centers, Inc.		(27,704,000	)		3,416,000			1,668,000			5,953,000			4,855,000
Preferred distribution requirements		(1,969,000	)		(1,969,000	)		(1,984,000	)		(1,954,000	)		(1,970,000	)
		—			—			—			—			—
Net (loss) income attributable to common shareholders	$	(29,673,000	)	$	1,447,000		$	(316,000	)	$	3,999,000		$	2,885,000
Per common share (basic and diluted):
Continuing operations	$	(0.54	)	$	0.04		$	(0.01	)	$	0.09		$	0.06
Discontinued operations		(0.05	)		(0.01	)		—			—			—
	$	(0.59	)	$	0.03		$	(0.01	)	$	0.09		$	0.06
Weighted average number of common shares outstanding		49,930,000			45,066,000			45,062,000			44,880,000			44,489,000
Net operating income/Revenues		69	%		70	%		71	%		69	%		71	%
Expense recovery percentage (a)		71	%		73	%		75	%		78	%		72	%

(a) The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude (i) non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $1,162,000, $1,160,000, $954,000, $584,000 and $844,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

7

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows

	Three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31			Dec 31
	2009			2009			2009			2009			2008
Cash flow from operating activities:
Net (loss) income	$	(28,356,000	)	$	3,814,000		$	1,964,000		$	5,779,000		$	5,542,000
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Non-cash provisions:
Equity in income of unconsolidated joint ventures		(296,000	)		(260,000	)		(283,000	)		(259,000	)		(274,000	)
Distributions from unconsolidated joint ventures		205,000			200,000			316,000			200,000			200,000
Impairments		23,636,000			—			—			—			—
Terminated projects and acquisition transaction costs		419,000			—			2,423,000			252,000			450,000
Impairment charges — discontinued operations		2,837,000			552,000			170,000			—			—
Gain on sales of real estate		(565,000	)		—			(277,000	)		(236,000	)		—
Straight-line rents receivable		(826,000	)		(872,000	)		(536,000	)		(640,000	)		(740,000	)
Depreciation and amortization		17,384,000			12,744,000			12,651,000			12,400,000			12,270,000
Amortization of intangible lease liabilities		(2,902,000	)		(3,950,000	)		(3,254,000	)		(3,416,000	)		(4,032,000	)
Amortization/market price adjustments relating to stock-based compensation		720,000			1,367,000			1,282,000			(936,000	)		(1,139,000	)
Amortization of deferred financing costs		1,238,000			946,000			827,000			637,000			563,000
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		(1,517,000	)		(980,000	)		949,000			(2,307,000	)		2,043,000
Prepaid expenses and other		(450,000	)		(6,227,000	)		2,451,000			(942,000	)		3,188,000
Accounts payable and accrued expenses		4,664,000			1,848,000			(2,500,000	)		(1,446,000	)		2,288,000
Net cash provided by operating activities		16,191,000			9,182,000			16,183,000			9,086,000			20,359,000
Cash flow from investing activities:
Expenditures for real estate and improvements		(21,994,000	)		(22,713,000	)		(27,616,000	)		(35,977,000	)		(60,860,000	)
Proceeds from transfers to unconsolidated joint venture		33,389,000			—			—			—			—
Net proceeds from the sales of real estate		3,270,000			2,002,000			1,175,000			305,000			—
Investment in unconsolidated joint venture		—			—			—			(350,000	)		—
Construction escrows and other		684,000			83,000			(587,000	)		(397,000	)		(210,000	)
Net cash provided by (used in) investing activities		15,349,000			(20,628,000	)		(27,028,000	)		(36,419,000	)		(61,070,000	)
Cash flow from financing activities:
Net (repayments)/advances (to)/from revolving credit facilities		(65,794,000	)		2,554,000			(16,000,000	)		32,435,000			29,800,000
Proceeds from mortgage financings		9,362,000			7,357,000			36,231,000			8,000,000			25,791,000
Mortgage repayments		(2,449,000	)		(2,234,000	)		(1,999,000	)		(11,520,000	)		(2,477,000	)
Net payments of deferred financing costs		(7,150,000	)		(394,000	)		(2,328,000	)		(101,000	)		(650,000	)
Noncontrolling interests:
Contributions from consolidated joint venture minority interests, net		—			—			355,000			11,857,000			2,123,000
Distributions to consolidated joint venture minority interests		(1,793,000	)		(52,000	)		(2,061,000	)		—			(3,161,000	)
Distributions to limited partners		—			—			—			(227,000	)		(454,000	)
Proceeds from the sale of common stock		40,890,000			—			—			—			—
Proceeds from standby equity advance not settled		5,000,000			—			—			—			—
Preferred stock distributions		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,970,000	)
Distributions to common shareholders		—			—			—			(5,046,000	)		(10,010,000	)
Net cash (used in) provided by financing activities		(23,903,000	)		5,262,000			12,229,000			33,429,000			38,992,000
Net increase (decrease) in cash and cash equivalents		7,637,000			(6,184,000	)		1,384,000			6,096,000			(1,719,000	)
Cash and cash equivalents at beginning of period		9,527,000			15,711,000			14,327,000			8,231,000			9,950,000
Cash and cash equivalents at end of period	$	17,164,000		$	9,527,000		$	15,711,000		$	14,327,000		$	8,231,000

8

CEDAR SHOPPING CENTERS, INC.
Funds From Operations (“FFO”), Adjusted Funds From Operations (“AFFO”) and Funds Available For Distribution (“FAD”)
And Other Financial Information

	At of for the three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2008
Net (loss) income attributable to the Company’s common shareholders	$	(29,673,000	)	$	1,447,000		$	(316,000	)	$	3,999,000		$	2,885,000
Add (deduct):
Real estate depreciation and amortization		17,524,000			12,671,000			12,593,000			12,391,000			12,200,000
Noncontrolling interests:
Limited partners’ interest		(1,136,000	)		66,000			(13,000	)		180,000			130,000
Minority interests in consolidated joint ventures		484,000			332,000			309,000			(354,000	)		557,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,656,000	)		(1,661,000	)		(1,638,000	)		(832,000	)		(1,568,000	)
Gain on sales of discontinued operations (a)		(280,000	)		—			(277,000	)		—			—
Equity in income of unconsolidated joint ventures		(296,000	)		(260,000	)		(283,000	)		(259,000	)		(274,000	)
FFO from unconsolidated joint ventures		406,000			377,000			377,000			359,000			355,000
Funds (Used In) From Operations (“FFO”)		(14,627,000	)		12,972,000			10,752,000			15,484,000			14,285,000
Add (deduct) the pro rata share of:
Straight-line rents		(712,000	)		(697,000	)		(363,000	)		(452,000	)		(556,000	)
Amortization of intangible lease liabilities		(2,649,000	)		(3,797,000	)		(3,098,000	)		(3,285,000	)		(3,441,000	)
Non-real estate amortization		1,226,000			970,000			846,000			613,000			607,000
Stock-based compensation charged (credited) to operations		721,000			1,368,000			1,281,000			(936,000	)		(1,139,000	)
Impairment charges — discontinued operations (a)		2,837,000			552,000			170,000			—			—
Impairment charge — RioCan, net (b)		23,636,000			—			—			—			—
Terminated projects and acquisition transaction costs (c)		419,000			—			2,423,000			761,000			848,000
Adjusted Funds From Operations (“AFFO”)		10,851,000			11,368,000			12,011,000			12,185,000			10,604,000
Capital expenditures, tenant improvements, and leasing commissions - second generation (d)		(1,526,000	)		(2,320,000	)		(1,576,000	)		(1,057,000	)		(1,484,000	)
Scheduled debt amortization payments — carrying value amounts		(2,091,000	)		(1,934,000	)		(1,820,000	)		(1,875,000	)		(1,921,000	)
Funds Available for Distribution (“FAD”)	$	7,234,000		$	7,114,000		$	8,615,000		$	9,253,000		$	7,199,000
FFO per common share, assuming OP Unit conversion (basic and diluted):	$	(0.28	)	$	0.28		$	0.23		$	0.33		$	0.31
AFFO per common share, assuming OP Unit conversion (basic and diluted):	$	0.21		$	0.24		$	0.26		$	0.26		$	0.23
FAD per common share, assuming OP Unit conversion (basic and diluted):	$	0.14		$	0.15		$	0.18		$	0.20		$	0.15
Weighted average number of common shares outstanding (basic and diluted):
Common shares		49,930,000			45,066,000			45,062,000			44,880,000			44,489,000
OP Units		2,006,000			2,014,000			2,018,000			2,017,000			2,018,000
		51,936,000			47,080,000			47,080,000			46,897,000			46,507,000
Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions - first generation (e)	$	3,079,000		$	15,647,000		$	16,685,000		$	16,040,000		$	37,877,000
Capitalized interest and financing costs	$	1,290,000		$	1,775,000		$	1,698,000		$	1,521,000		$	2,058,000
Scheduled debt amortization payments — stated contract amounts	$	2,197,000		$	1,706,000		$	1,670,000		$	1,726,000		$	1,787,000
NOI attributable to RioCan properties contributed / to be contributed	$	3,552,179		$	3,144,859		$	3,071,314		$	3,127,943		$	3,029,741
Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(f)	$	165,864,000		$	183,434,000		$	220,290,000		$	199,010,000		$	185,837,000

(a)	Gain on sale/impairment charges related to nine properties (located principally in Ohio) sold or treated as “held for sale”.
(b)	Impairment charge, net, related to the seven properties transferred or to be transferred to the unconsolidated joint venture — managed properties.
(c)	The June 2009 amount includes the write-off of costs incurred for a potential development opportunity that the Company determined would not go forward. The March 2009 amount includes the expensing of acquisition transaction costs, net of the minority interest partner’s share.
(d)	Second generation refers to expenditures related to stabilized properties.
(e)	First generation refers to expenditures related to development/redevelopment activities.
(f)	Real estate out of service includes the applicable portions of development/redevelopment and expansion properties.

9

CEDAR SHOPPING CENTERS, INC.

Summary Financial Data — Operating Results

	Three months ended															Twelve months ended Dec 31,
	Dec 31, 2009			Sep 30, 2009			Jun 30, 2009			Mar 31, 2009			Dec 31, 2008			2009			2008
Revenues:
Cedar’s pro rata share of revenues (a)		41,479,000			40,168,000			39,328,000			41,693,000			39,813,000			162,668,000			155,847,000
Revenues attributable to consolidated minority interests (b)		5,368,000			4,942,000			4,597,000			4,192,000			3,874,000			19,099,000			14,818,000
Less revenues attributable to unconsolidated joint venture — managed properties (c)		(56,000	)		—			—			—			—			(56,000	)		—
Total — As reported		46,791,000			45,110,000			43,925,000			45,885,000			43,687,000			181,711,000			170,665,000
Unconsolidated joint venture — managed properties (d)		282,000			—			—			—			—			282,000			—
Total — managed properties	$	47,073,000		$	45,110,000		$	43,925,000		$	45,885,000		$	43,687,000		$	181,993,000		$	170,665,000
Net Operating Income (“NOI”)
NOI pro rata before non-cash revenues:	$	25,529,000		$	23,823,000		$	24,334,000		$	24,172,000		$	23,586,000		$	97,858,000		$	94,903,000
Straight-line rents		712,000			697,000			363,000			452,000			556,000			2,224,000			2,184,000
Amortization of intangible lease liabilities		2,649,000			3,797,000			3,098,000			3,285,000			3,441,000			12,829,000			13,405,000
NOI pro rata before non-cash charge	$	28,890,000		$	28,317,000		$	27,795,000		$	27,909,000		$	27,583,000		$	112,911,000		$	110,492,000
Stock-based compensation mark-to-market adjustments		(20,000	)		(147,000	)		(159,000	)		538,000			698,000			212,000			390,000
		28,870,000			28,170,000			27,636,000			28,447,000			28,281,000			113,123,000			110,882,000
NOI attributable to consolidated minority interests (b)		3,376,000			3,375,000			3,337,000			3,087,000			2,871,000			13,175,000			11,315,000
Less NOI attributable to unconsolidated joint ventures — managed properties (c)		(42,000	)		—			—			—			—			(42,000	)		—
Total — As reported		32,204,000			31,545,000			30,973,000			31,534,000			31,152,000			126,256,000			122,197,000
Unconsolidated joint venture — managed properties (d)		208,000			—			—			—			—			208,000			—
Total — managed properties	$	32,412,000		$	31,545,000		$	30,973,000		$	31,534,000		$	31,152,000		$	126,464,000		$	122,197,000
Net (loss) income — common shareholders
Net income before impairments and certain non-cash charges:	$	2,087,000		$	2,470,000		$	2,702,000		$	3,163,000		$	2,091,000		$	10,322,000		$	11,893,000
Impairments and transaction costs		(26,892,000	)		(552,000	)		(2,593,000	)		(761,000	)		(848,000	)		(30,798,000	)		(848,000	)
Depreciation from demolition for retenanting		(6,074,000	)		—			—			—			—			(6,074,000	)		(1,900,000	)
Stock-based compensation mark-to-market adjustments		(70,000	)		(517,000	)		(560,000	)		1,635,000			1,678,000			488,000			1,290,000
Limited partners’ interest in above items		1,276,000			46,000			135,000			(38,000	)		(36,000	)		1,519,000			63,000
		(31,760,000	)		(1,023,000	)		(3,018,000	)		836,000			794,000			(34,865,000	)		(1,395,000	)
Total — as reported	$	(29,673,000	)	$	1,447,000		$	(316,000	)	$	3,999,000		$	2,885,000		$	(24,543,000	)	$	10,498,000
Per common share/OP unit (basic and diluted):
Net income before impairment and certain non-cash charges	$	0.04		$	0.05		$	0.06		$	0.07		$	0.04		$	0.22		$	0.27
Impairments and certain non-cash charges		(0.63	)		(0.02	)		(0.07	)		0.02			0.02			(0.75	)		(0.03	)
Total — as reported per share	$	(0.59	)	$	0.03		$	(0.01	)	$	0.09		$	0.06		$	(0.53	)	$	0.24
FFO
FFO before non-cash revenues:	$	8,974,000		$	9,547,000		$	10,444,000		$	10,873,000		$	9,458,000		$	39,838,000		$	40,833,000
Straight-line rents		712,000			697,000			363,000			452,000			556,000			2,224,000			2,184,000
Amortization of intangible lease liabilities		2,649,000			3,797,000			3,098,000			3,285,000			3,441,000			12,829,000			13,405,000
FFO before impairments and stock-based compensation mark-to-market adjustments	$	12,335,000		$	14,041,000		$	13,905,000		$	14,610,000		$	13,455,000		$	54,891,000		$	56,422,000
Stock-based compensation mark-to-market adjustments		(70,000	)		(517,000	)		(560,000	)		1,635,000			1,678,000			488,000			1,290,000
Impairments and transaction costs		(26,892,000	)		(552,000	)		(2,593,000	)		(761,000	)		(848,000	)		(30,798,000	)		(853,000	)
		(26,962,000	)		(1,069,000	)		(3,153,000	)		874,000			830,000			(30,310,000	)		437,000
Total — as reported	$	(14,627,000	)	$	12,972,000		$	10,752,000		$	15,484,000		$	14,285,000		$	24,581,000		$	56,859,000
Per common share/OP unit (basic and diluted):
FFO before impairments and stock-based compensation mark-to-market adjustments	$	0.24		$	0.30		$	0.30		$	0.31		$	0.29		$	1.14		$	1.21
Imapirments and stock-based compensation mark-to-market adjustments		(0.52	)		(0.02	)		(0.07	)		0.02			0.02			(0.63	)		0.01
Total — as reported	$	(0.28	)	$	0.28		$	0.23		$	0.33		$	0.31		$	0.51		$	1.22
Dividends to common shareholders	$	4,696,000		$	—		$	—		$	5,046,000		$	10,010,000		$	9,742,000		$	40,027,000
Per common share	$	0.09		$	—		$	—		$	0.1125		$	0.2250		$	0.2066		$	0.9000
Weighted average number of common shares outstanding:
Common shares		49,930,000			45,066,000			45,062,000			44,880,000			44,489,000			46,234,000			44,475,000
OP Units		2,006,000			2,014,000			2,018,000			2,017,000			2,018,000			2,014,000			2,024,000
		51,936,000			47,080,000			47,080,000			46,897,000			46,507,000			48,248,000			46,499,000
End of period number of common shares outstanding:
Common shares		52,139,000			45,084,000			45,062,000			45,062,000			44,468,000			52,139,000			44,468,000
OP Units		2,006,000			2,010,000			2,018,000			2,018,000			2,017,000			2,006,000			2,017,000
		54,145,000			47,094,000			47,080,000			47,080,000			46,485,000			54,145,000			46,485,000

10

CEDAR SHOPPING CENTERS, INC.

Summary Financial Data — Capitalization

	At or for the three months ended
	Pro Forma (e) (f) (g)
	Dec 31,			Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2009			2008
Market Capitalization (end of period)
Equity
Preferred Stock
Shares		3,550,000			3,550,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	23.96		$	23.96		$	20.40		$	15.99		$	8.58		$	13.88
	$	85,058,000		$	85,058,000		$	72,420,000		$	56,764,500		$	30,459,000		$	49,274,000
Common Stock
Common shares		52,139,010			52,139,010			45,084,354			45,062,172			45,062,472			44,468,287
OP Units		2,005,888			2,005,888			2,009,806			2,017,451			2,017,451			2,017,451
		54,144,898			54,144,898			47,094,160			47,079,623			47,079,923			46,485,738
Plus: Common shares issued in February and March 2010, including exercise of over-allotment options (f)		9,550,000
		63,694,898			54,144,898			47,094,160			47,079,623			47,079,923			46,485,738
Closing market price	$	6.80		$	6.80		$	6.45		$	4.52		$	1.74		$	7.08
	$	433,125,000		$	368,185,000		$	303,757,000		$	212,800,000		$	81,919,000		$	329,119,000
Sub-total equity	$	518,183,000		$	453,243,000		$	376,177,000		$	269,565,000		$	112,378,000		$	378,393,000
Debt:
Fixed-rate mortgages	$	610,798,000		$	610,798,000		$	627,328,000		$	627,234,000		$	622,935,000		$	578,374,000
Variable-rate mortgages		82,181,000			82,181,000			71,154,000			71,154,000			58,181,000			53,302,000
		692,979,000			692,979,000			698,482,000			698,388,000			681,116,000			631,676,000
Secured revolving credit facilities		257,685,000			257,685,000			320,925,000			320,925,000			336,925,000			304,490,000
Total outstanding debt — consolidated		950,664,000			950,664,000			1,019,407,000			1,019,313,000			1,018,041,000			936,166,000
Plus debt attributable to unconsolidated joint ventures — managed properties		18,804,000			18,804,000			18,826,000			18,845,000			15,453,000			15,461,000
Less debt attributable to consolidated minority interests		(117,111,000	)		(117,111,000	)		(116,077,000	)		(116,357,000	)		(116,587,000	)		(88,121,000	)
2010 transactions:
Proceeds from five unconsolidated managed joint venture properties transferred / to be transferred in 2010 (e)		(30,200,000	)
Proceeds from sales of common stock in February and March 2010, including exercise of over-allotment options (f)		(60,250,000	)
Pro rata share of outstanding debt		761,907,000			852,357,000			922,156,000			921,801,000			916,907,000			863,506,000
Total	$	1,280,090,000		$	1,305,600,000		$	1,298,333,000		$	1,191,366,000		$	1,029,285,000		$	1,241,899,000
Ratio of pro rata share of outstanding debt to total market capitalization		59.5	%		65.3	%		71.0	%		77.4	%		89.1	%		69.5	%
Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	20,745,000		$	20,745,000		$	23,765,000		$	23,707,000		$	23,560,000		$	23,546,000
Cedar Shopping Centers, Inc. shareholders’ equity		539,169,000			539,169,000			528,846,000			527,616,000			524,349,000			524,027,000
		559,914,000			559,914,000			552,611,000			551,323,000			547,909,000			547,573,000
Pro rata share of total debt, per above		761,907,000			852,357,000			922,156,000			921,801,000			916,907,000			863,506,000
Total financial statement capitalization	$	1,321,821,000		$	1,412,271,000		$	1,555,489,000		$	1,548,500,000		$	1,464,816,000		$	1,411,079,000
Ratio of pro rata share of outstanding debt to total financial statement capitalization		57.6	%		60.4	%		59.3	%		59.5	%		62.6	%		61.2	%
Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%		5.8	%
Variable-rate mortgages		3.4	%		3.4	%		3.4	%		3.6	%		3.9	%		4.4	%
Total mortgages		5.6	%		5.6	%		5.6	%		5.6	%		5.6	%		5.7	%
Secured variable-rate revolving credit facilities		4.6	%		4.6	%		1.8	%		1.8	%		2.0	%		2.8	%
Total debt		5.3	%		5.3	%		4.5	%		4.5	%		4.5	%		4.8	%
Earnings before interest, taxes, depreciation and amortization (“EBITDA”)
(Loss) income from continuing operations		($24,085,000	)	$	(25,841,000	)	$	4,269,000		$	1,704,000		$	5,595,000		$	5,373,000
Add back:
Interest expense and amortization of financing costs, net	$	12,312,000			14,068,000			12,507,000			11,865,000			11,345,000			11,793,000
Depreciation and amortization		17,185,000			17,185,000			12,518,000			12,412,000			12,142,000			12,001,000
Stock-based compensation mark-to-market adjustments		69,831			69,831			517,416			559,788			(1,635,169	)		(1,677,661	)
Terminated projects and transaction costs		419,000			419,000			—			2,423,000			1,525,000			848,000
Impairment charges		23,636,000			23,636,000			—			—			—			—
Gain on sales of land parcels		(285,000	)		(285,000	)		—			3,000			(239,000	)		—
EDITDA	$	29,251,831		$	29,251,831		$	29,811,416		$	28,966,788		$	28,732,831		$	28,337,339
Fixed charges:
Interest expense (g)	$	12,155,000			13,911,000			12,911,000			12,316,000			11,847,000			12,901,000
Preferred dividend requirements		1,969,000			1,969,000			1,969,000			1,984,000			1,954,000			1,970,000
Fixed charges	$	14,124,000		$	15,880,000		$	14,880,000		$	14,300,000		$	13,801,000		$	14,871,000
Ratio of EBITDA to fixed charges		2.1 x			1.8 x			2.0 x			2.0 x			2.1 x			1.9 x
Debt to EBITDA
Total debt	$	950,664,000		$	950,664,000		$	1,019,407,000		$	1,019,313,000		$	1,018,041,000		$	936,166,000
2010 transactions:
Proceeds from five unconsolidated managed joint venture properties transfered / to be transferred in 2010 (e)		(30,200,000	)
Proceeds from sale of common stock in February and March 2010, including exercise of over-allotment options (f)		(60,250,000	)
	$	860,214,000		$	950,664,000		$	1,019,407,000		$	1,019,313,000		$	1,018,041,000		$	936,166,000
EBITDA annualized	$	117,007,324		$	117,007,324		$	119,245,664		$	115,867,152		$	114,931,324		$	113,349,356
Less: NOI from unconsolidated managed joint venture properties — annualized (e)		(13,377,825	)		(13,377,825	)		(12,579,435	)		(12,285,254	)		(12,511,772	)		(12,118,965	)
EBITDA annualized	$	103,629,499		$	103,629,499		$	106,666,229		$	103,581,898		$	102,419,552		$	101,230,391
Ratio of debt to EBITDA		8.3 x			9.2 x			9.6 x			9.8 x			9.9 x			9.2 x

11

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data — Notes

Notes:

(a)	Includes (1) amounts applicable to 100%-owned properties (including amounts applicable to properties transferred to joint venture prior to such transfer), (2) the Company’s pro rata share of amounts applicable to consolidated joint venture properties, and (3) the Company’s pro rata share of amounts applicable to properties transferred to joint venture subsquent to such transfer.
(b)	Includes partners’ pro rata share of amounts applicable to consolidated joint venture properties.
(c)	Removes the Company’s pro rata share of amounts applicable to consoldiated joint venture properties included in (a) above.
(d)	Includes total amounts (both the Company’s and its joint venture partner) applicable to properties transferred to joint venture subsquent to such transfer.
(e)	Represents the net proceeds received or to be received from the transfer of the five remaining properties to the RioCan joint venture. The Company transferred two properties in the fourth quarter of 2009 generating net proceeds of approximately $33 million. In 2010, the Company has transferred two properties generating approximately $16 million and expects to transfer an additional three properties generating $16 million, net of $1.8 million of expenses. Such closings are subject only to normal and customary lender consents. Such properties recorded approximately $3.6 million of net operating income in the fourth quarter of 2009.
(f)	Represents net proceeds the Company received from the sales of 9,550,000 share of common stock in February and March 2010, and net proceeds of $60.3 million, including shares sold from the exercise of over-allotment options. The sales comprised a public offering of 7.5 million shares, or $47.0 million, a sale to RioCan of $1.125 million shares, or $8.25 million, and exercise of over-allotment options by the underwriters and RioCan of 0.8 million shares, or $5.0 million.
(g)	Amount by which interest expense would have been reduced or increased as if the financing transactions had been in effect for the entire fourth quarter of 2009:

								Interest (Increase)
	Amount		Rate			Months of Q4		Decrease
Proceeds from transfer of properties to unconsolidated managed joint venture:
Properties transferred December 10, 2009	$	33,000,000		5.50	%		2.32	$	351,000
Properties transferred / to be transferred in 2010		30,200,000		5.50	%		3.00		415,000
Property-specific debt, pro rata		75,600,000		5.70	%		3.00		1,077,000
Common stock issued:
October 2009		38,000,000		5.50	%		1.00		174,000
October 2009, primarily		2,300,000		5.50	%		1.50		16,000
December 2009		5,000,000		5.50	%		3.00		69,000
February and March 2010		60,250,000		5.50	%		3.00		828,000
Stabilized line of credit renewal November 10, 2009 Outstanding on date of renewal		194,000,000		5.50	%		1.32		(1,174,000	)
								$	1,756,000

12

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis (a)

	Three months ended Dec 31,						Twelve months ended Dec 31,
	2009			2008			2009			2008
The number of properties that were owned throughout each of the comparative periods		104			104			102			102
Revenues:
Rents:
Base rents	$	26,890,000		$	26,885,000		$	105,950,000		$	106,053,000
Percentage rents		440,000			542,000			1,388,000			1,547,000
Straight-line rents		75,000			704,000			1,348,000			2,474,000
Amortization of intangible lease liabilities		2,470,000			3,530,000			11,544,000			12,456,000
		29,875,000			31,661,000			120,230,000			122,530,000
Expense recoveries (b)		6,995,000			6,757,000			28,788,000			27,564,000
Other		1,312,000			131,000			1,640,000			985,000
Total revenues		38,182,000			38,549,000			150,658,000			151,079,000
Operating expenses (b):
Operating, maintenance and management		6,381,000			6,144,000			24,699,000			23,343,000
Real estate and other property-related taxes		4,320,000			4,203,000			17,127,000			15,750,000
Total expenses		10,701,000			10,347,000			41,826,000			39,093,000
Net operating income (“NOI”)	$	27,481,000		$	28,202,000		$	108,832,000		$	111,986,000
Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		24,936,000			23,968,000			95,940,000			97,056,000
Straight-line rents and amortization of intangible lease liabilities		2,545,000			4,234,000			12,892,000			14,930,000
NOI	$	27,481,000		$	28,202,000		$	108,832,000		$	111,986,000
Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	5,000			0.0	%	$	(103,000	)		-0.1	%
Percentage rents		(102,000	)		-18.8	%		(159,000	)		-10.3	%
Straight-line rents		(629,000	)		-89.3	%		(1,126,000	)		-45.5	%
Amortization of intangible lease liabilities		(1,060,000	)		-30.0	%		(912,000	)		-7.3	%
		(1,786,000	)		-5.6	%		(2,300,000	)		-1.9	%
Expense recoveries		238,000			3.5	%		1,224,000			4.4	%
Other		1,181,000			901.5	%		655,000			66.5	%
Total revenues		(367,000	)		-1.0	%		(421,000	)		-0.3	%
Expenses:
Operating, maintenance and management		237,000			3.9	%		1,356,000			5.8	%
Real estate and other property-related taxes		117,000			2.8	%		1,377,000			8.7	%
Total expenses		354,000			3.4	%		2,733,000			7.0	%
Net operating income	$	(721,000	)		-2.6	%	$	(3,154,000	)		-2.8	%
Comprised of:
NOI before straight-line rents and amortization of intangible lease liabilities		968,000			4.0	%		(1,116,000	)		-1.1	%
Straight-line rents and amortization of intangible lease liabilities		(1,689,000	)		-39.9	%		(2,038,000	)		-13.7	%
NOI	$	(721,000	)		-2.6	%	$	(3,154,000	)		-2.8	%
Percent occupied at end of period		91.7	%		93.2	%		91.6	%		93.2	%
Expense recovery percentage (a)		74.2	%		73.5	%		76.8	%		76.6	%

(a)

Excludes results of unconsolidated joint venture properties subsquent to transfer to joint venture.

(b)

The expense recovery percentage is computed by dividing expense recoveries by the sum of direct property-specific operating, maintenance, management and real estate tax expenses. Such expenses exclude non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $1,022,000 and $770,000, respectively for the three months ended December 31, 2009 and 2008 and $3,300,000 and $1,760,000 respectively for the twelve months ended December 31, 2009 and 2008.

13

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

	At or for the three months ended
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
	2009			2009			2009			2009			2008
Renewals (c)
Number of leases		41			41			42			38			61
Aggregate square feet		339,000			202,000			329,000			200,000			321,000
Average square feet		8,268			4,927			7,833			5,263			5,262
Average expiring base rent psf	$	8.30		$	8.14		$	7.33		$	10.67		$	11.87
Average new base rent psf	$	8.13		$	8.71		$	8.08		$	11.04		$	13.19
% (decrease) increase in base rent		-2.1	%		7.0	%		10.2	%		3.4	%		11.1	%
New leases
Number of leases		15			26			14			19			20
Aggregate square feet		188,000			409,000			76,000			95,000			67,000
Average square feet		12,533			15,731			5,429			5,000			3,350
Average new base rent psf	$	16.66		$	17.24		$	14.66		$	10.06		$	13.42
Terminated leases (d)
Number of leases		21			13			18			19			18
Aggregate square feet		150,000			198,000			49,000			90,000			52,000
Average square feet		7,143			15,231			2,722			4,737			2,889
Average old base rent psf	$	11.44		$	4.02		$	14.59		$	12.12		$	13.34
Occupancy statistics
Stabilized properties:
Wholly-owned		94	%		94	%		95	%		95	%		95	%
Consolidated joint ventures		97	%		97	%		97	%		96	%		97	%
Real estate to be transferred to Joint Venture		96	%		n/a			n/a			n/a			n/a
Managed unconsolidated joint ventures		90	%		n/a			n/a			n/a			n/a
Total stabilized properties		95	%		95	%		95	%		95	%		95	%
Redevelopment and retenanting properties		74	%		76	%		67	%		65	%		65	%
Total operating portfolio (e)		91	%		92	%		92	%		92	%		92	%

(a)	New leases do not necessarily replace specific terminated leases within any quarterly period and, accordingly, the amounts shown may relate to properties with substantially lower rents.
(b)	With the high occupancy levels for the Company’s portfolio on an overall basis, leasing activity for the indicated square footage amounts represents a small percentage of the total portfolio.
(c)	Renewal leases for the December 31, 2009 quarter include the 85,000 sq. ft. Burlington Coat Factory lease renewed in connection with the redevelopment of the center. Excluding this lease, there were 40 renewed leases, with an aggregate of 254,000 sq. ft. (an average 8,500 sq. ft.), and an average increase of approximately 4.8%.
(d)	Terminated leases for the September 30, 2009 quarter include the 144,000 sq. ft. Value City lease purchased by the Company. Excluding this lease, there were 12 terminated leases, with an aggregate of 54,000 sq. ft. (an average 4,500 sq. ft.), and an average old base rent psf $7.15.
(e)	Excludes ground-up development properties.
(f)	Incudes results of unconsolidated managed joint venture properties.

14

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of December 31, 2009

	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant Concentrations (e)	stores		GLA		% of GLA			base rent		per sq ft		base rents
Top ten tenants (a):
Giant Foods (b)		22		1,328,000		10.3	%	$	21,503,000	$	16.19		16.0	%
Farm Fresh (b)		6		364,000		2.8	%		3,880,000		10.66		2.9	%
Stop & Shop (b)		5		325,000		2.5	%		3,494,000		10.75		2.6	%
Discount Drug Mart		14		346,000		2.7	%		3,280,000		9.48		2.4	%
Shaw’s (b)		4		241,000		1.9	%		2,716,000		11.27		2.0	%
LA Fitness		4		168,000		1.3	%		2,496,000		14.86		1.9	%
CVS		10		113,000		0.9	%		2,335,000		20.66		1.7	%
Food Lion (b)		7		243,000		1.9	%		1,921,000		7.91		1.4	%
Staples		7		145,000		1.1	%		1,821,000		12.56		1.4	%
Shop Rite		2		118,000		0.9	%		1,599,000		13.55		1.2	%
Sub-total top ten tenants		81		3,391,000		26.2	%		45,045,000		13.28		33.5	%
Remaining tenants		1,195		8,282,000		63.9	%		89,511,000		10.81		66.5	%
Sub-total all tenants (c)		1,276		11,673,000		90.1	%		134,556,000	$	11.53		100.0	%
Vacant space (d)		n/a		1,280,000		9.9	%		n/a		n/a		n/a
Total (including vacant space)		1,276		12,953,000		100.0	%	$	134,556,000	$	10.39		n/a

(a)	Based on annualized base rent.
(b)	Several of the tenants listed above share common ownership with other tenants including, without limitation, (1) Giant Foods and Stop & Shop, (2) Farm Fresh, Shaw’s, Shop ‘n Save (GLA of 53,000; annualized base rent of $495,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of $1,206,000) and Acme (GLA of 172,000; annualized based rent of $756,000), and (3) Food Lion and Hannaford (GLA of 43,000; annualized base rent of $405,000).
(c)	Includes tenants at ground-up development properties.
(d)	Includes vacant space at properties undergoing development and/or redevelopment activities.
(e)	Incudes unconsolidated managed joint venture properties.

Total Revenues By State (a)	Three months ended
	Dec 31,		Sep 30,		Jun 30,		Mar 31,		Dec 31,
State	2009		2009		2009		2009		2008
Pennsylvania	$	23,098,000	$	20,689,000	$	19,944,000	$	20,881,000	$	20,990,000
Massachusetts		6,106,000		5,668,000		5,748,000		6,403,000		5,908,000
Connecticut		4,995,000		5,852,000		5,046,000		4,934,000		3,866,000
Ohio		2,479,000		2,374,000		2,562,000		2,600,000		3,198,000
Maryland		2,554,000		3,075,000		3,047,000		2,834,000		2,390,000
New Jersey		2,664,000		2,798,000		2,988,000		3,255,000		3,349,000
Virginia		3,245,000		2,797,000		2,731,000		2,996,000		2,821,000
New York		1,247,000		1,408,000		1,428,000		1,519,000		1,514,000
Michigan		403,000		449,000		431,000		463,000		383,000
	$	46,791,000	$	45,110,000	$	43,925,000	$	45,885,000	$	44,419,000

(a) Excludes results of unconsolidated joint venture properties subsquent to transfer to joint venture.

15

CEDAR SHOPPING CENTERS, INC.
Lease Expirations (d)
As of December 31, 2009

												Percentage
	Number				Percentage			Annualized		Annualized		of annualized
Year of lease	of leases		GLA		of GLA			expiring		expiring base		expiring
expiration	expiring		expiring		expiring			base rents		rents per sq ft		base rents
Month-To-Month		83		214,000		1.8	%	$	2,823,000	$	13.19		2.1	%
2010		166		804,000		6.9	%		9,833,000		12.23		7.3	%
2011		181		1,016,000		8.7	%		11,571,000		11.39		8.6	%
2012		177		846,000		7.2	%		9,808,000		11.59		7.3	%
2013		143		755,000		6.5	%		9,268,000		12.28		6.9	%
2014		150		1,357,000		11.6	%		12,903,000		9.51		9.6	%
2015		105		1,052,000		9.0	%		9,796,000		9.31		7.3	%
2016		49		607,000		5.2	%		5,873,000		9.68		4.4	%
2017		37		487,000		4.2	%		6,191,000		12.71		4.6	%
2018		42		778,000		6.7	%		8,878,000		11.41		6.6	%
2019		38		562,000		4.8	%		6,127,000		10.90		4.6	%
2020		29		932,000		8.0	%		7,621,000		8.18		5.7	%
Thereafter		79		2,263,000		19.4	%		33,864,000		14.96		25.2	%
All tenants (a)		1,276		11,673,000		100.0	%		134,556,000		11.53		100.0	%
Vacant space (b)		n/a		1,280,000		n/a			n/a		n/a		n/a
Total portfolio (c)		1,276		12,953,000		n/a		$	134,556,000	$	10.39		n/a

(a)	Includes tenants at ground-up development properties.
(b)	Includes vacant space at properties undergoing development and/or redevelopment activities.
(c)	At December 31, 2009, the Company had a portfolio of 119 operating properties totaling approximately 13.0 million sq. ft. of GLA,
	including 95 wholly-owned properties comprising approximately 9.4 million square feet, 13 properties owned in joint venture
	comprising approximately 1.7 million sq. ft., two properties partially-owned in a managed unconsolidated joint venture comprising
	approximately 0.2 million sq. ft., five properties to be transferred to a managed unconsolidated joint venture comprising approximately
	1.0 million sq. ft. and four ground up developemtns comprising approximately 0.7 million sq. ft., the portfolio excluding the ground-up
	development was approximately 91% leased as of December 31, 2009.
(d)	Incudes unconsolidated managed joint venture properties.

16

CEDAR SHOPPING CENTERS, INC.
Property Description
As of December 31, 2009

				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration
Wholly-Owned Stabilized Properties:(a)
Academy Plaza	PA	2001	100%		152,727	1965/1998	Acme Markets		50,918	9/30/2018
Annie Land Plaza	VA	2006	100%		42,500	1999	Food Lion		29,000	5/4/2019
Camp Hill	PA	2002	100%		472,458	1958/2005	Boscov’s		167,597	9/30/2020
							Giant Foods		92,939	10/31/2025
							LA Fitness		45,000	12/31/2021
							Orthopedic Inst of PA		40,904	5/31/2016
							Barnes & Noble		24,908	1/31/2011
							Staples		20,000	6/30/2015
Carbondale Plaza	PA	2004	100%		129,915	1972/2005	Weis Markets		52,720	2/29/2016
Carmans Plaza	NY	2007	100%		194,481	1954/2007	Pathmark		52,211	3/31/2017
							Best Fitness		27,598	5/31/2018
							AJ Wright		25,806	4/30/2013
Carll’s Corner	NJ	2007	100%		129,582	1960’s-1999/2004	Acme Markets		55,000	9/30/2016
Circle Plaza	PA	2007	100%		92,171	1979/1991	K-Mart		92,171	11/30/2014
Clyde Discount Drug Mart Plaza	OH	2005	100%		34,592	2002	Discount Drug Mart		24,592	3/31/2019
Coliseum Marketplace	VA	2005	100%		98,359	1987/2005	Farm Fresh		57,662	1/31/2021
CVS at Bradford	PA	2005	100%		10,722	1996	CVS		10,722	3/31/2017
CVS at Celina	OH	2005	100%		10,195	1998	CVS		10,195	1/31/2020
CVS at Erie	PA	2005	100%		10,125	1997	CVS		10,125	1/31/2019
CVS at Kinderhook	NY	2007	100%		13,225	2007	CVS		13,225	1/31/2033
CVS at Portage Trail	OH	2005	100%		10,722	1996	CVS		10,722	9/30/2017
East Chestnut	PA	2005	100%		21,180	1996
Elmhurst Square	VA	2006	100%		66,250	1961-1983	Food Lion		38,272	9/30/2011
Enon Discount Drug Mart Plaza	OH	2007	100%		42,876	2005-2006	Discount Drug Mart		24,596	3/31/2022
Fairfield Plaza	CT	2005	100%		72,279	2001/2005	TJ Maxx		25,257	8/31/2013
							Staples		20,388	10/31/2019
Fairview Plaza	PA	2003	100%		69,579	1992	Giant Foods		59,237	2/28/2017
Family Dollar at Zanesville	OH	2005	100%		6,900	2000	Family Dollar		6,900	12/31/2014
FirstMerit Bank at Akron	OH	2005	100%		3,200	1996	FirstMerit Bank		3,200	12/31/2011
FirstMerit Bank at Cuyahoga Falls	OH	2006	100%		18,300	1973/2003	FirstMerit Bank		18,300	12/31/2015
Gahanna Discount Drug Mart Plaza	OH	2006	100%		48,992	2003	Discount Drug Mart		24,592	3/31/2020
General Booth Plaza	VA	2005	100%		73,320	1985	Farm Fresh		53,758	1/31/2014
Gold Star Plaza	PA	2006	100%		71,720	1988	Redner’s		47,329	3/16/2019
Golden Triangle	PA	2003	100%		202,943	1960/2005	LA Fitness		44,796	4/30/2020
							Marshalls		30,000	1/31/2011
							Staples		24,060	5/31/2012
Groton Shopping Center	CT	2007	100%		117,986	1969	TJ Maxx		30,000	5/31/2011

17

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2009

				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration
Grove City Discount Drug Mart Plaza	OH	2007	100%		40,848	2005	Discount Drug Mart		24,596	3/31/2020
Halifax Plaza	PA	2003	100%		51,510	1994	Giant Foods		32,000	10/31/2019
Hamburg Commons	PA	2004	100%		99,580	1988-1993	Redner’s		56,780	6/30/2025
Hannaford Plaza	MA	2006	100%		102,459	1965/2006	Hannaford		42,598	4/30/2015
Hilliard Discount Drug Mart Plaza	OH	2007	100%		40,988	2003	Discount Drug Mart		24,592	3/31/2020
Hills & Dales Discount Drug Mart Plaza	OH	2007	100%		33,553	1992-2007	Discount Drug Mart		23,608	3/31/2023
Jordan Lane	CT	2005	100%		181,730	1969/1991	Stop & Shop		60,632	9/30/2015
							AJ Wright		39,280	3/31/2015
Kempsville Crossing	VA	2005	100%		94,477	1985	Farm Fresh		73,878	1/31/2014
Kenley Village	MD	2005	100%		51,894	1988	Food Lion		29,000	2/11/2014
Kings Plaza	MA	2007	100%		168,243	1970/1994	Work Out World		42,997	12/31/2014
							AJ Wright		28,504	9/30/2013
							Ocean State Job Lot		20,300	5/31/2014
Kingston Plaza	NY	2006	100%		18,337	2006
LA Fitness Facility	PA	2002	100%		41,000	2003	LA Fitness		41,000	12/31/2018
Liberty Marketplace	PA	2005	100%		68,200	2003	Giant Foods		55,000	9/30/2023
Lodi Discount Drug Mart Plaza	OH	2005	100%		38,576	2003	Discount Drug Mart		24,596	3/31/2019
Long Reach Village	MD	2006	100%		104,932	1973/1998	Safeway		53,684	7/31/2018
Mason Discount Drug Mart Plaza	OH	2008	100%		52,896	2005/2007	Discount Drug Mart		24,596	3/31/2021
McCormick Place	OH	2005	100%		46,000	1995	Sam Levin Furniture		46,000	11/30/2011
Mechanicsburg Giant	PA	2005	100%		51,500	2003	Giant Foods		51,500	8/31/2024
Metro Square	MD	2008	100%		71,896	1999	Shoppers Food Warehouse		58,200	1/31/2030
Newport Plaza	PA	2003	100%		66,789	1996	Giant Foods		43,400	5/31/2021
Oak Ridge	VA	2006	100%		38,700	2000	Food Lion		33,000	5/31/2019
Oakland Commons	CT	2007	100%		89,850	1962/1995	Shaw’s		54,661	2/29/2016
							Bristol Ten Pin		35,189	4/30/2043
Oakland Mills	MD	2005	100%		58,224	1960’s/2004	Food Lion		43,470	11/30/2018
Palmyra Shopping Center	PA	2005	100%		112,108	1960/1995	Weis Markets		46,181	3/31/2015
Pickerington Discount Drug Mart Plaza	OH	2005	100%		47,810	2002	Discount Drug Mart		25,852	3/31/2018
Pine Grove Plaza	NJ	2003	100%		79,306	2001/2002	Peebles		24,963	1/31/2022

18

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2009

				Gross			Major tenants [20,000 or more sq. ft. of GLA]
				leasable		Year built/	and tenants at single-tenant properties
		Year	Percent	area		year last				Lease
Property Description	State	acquired	owned	(“GLA”)		renovated	Name	Sq. ft.		expiration
Polaris Discount Drug Mart Plaza	OH	2005	100%		50,283	2001	Discount Drug Mart		25,855	3/31/2017
Port Richmond Village	PA	2001	100%		154,908	1988	Thriftway		40,000	10/31/2013
							Pep Boys		20,615	2/28/2014
Price Chopper Plaza	MA	2007	100%		101,824	1960’s-2004	Price Chopper		58,545	11/30/2015
Rite Aid at Massillon	OH	2005	100%		10,125	1999	Rite Aid		10,125	1/31/2020
River View Plaza I, II and III	PA	2003	100%		244,225	1991/1998	United Artists Theatre		77,700	12/31/2018
							Avalon Carpet		25,000	1/31/2012
							Pep Boys		22,000	9/30/2014
Smithfield Plaza	VA	2005-2008	100%		134,664	1987/1996	Farm Fresh		45,544	1/31/2014
							Maxway		21,600	9/30/2010
							Peebles		21,600	1/31/2015
South Philadelphia	PA	2003	100%		283,415	1950/2003	Shop Rite		54,388	9/30/2018
							Ross Dress For Less		31,349	1/31/2013
							Bally’s Total Fitness		31,000	5/31/2017
							Modell’s		20,000	1/31/2018
St. James Square	MD	2005	100%		39,903	2000	Food Lion		33,000	11/14/2020
Stadium Plaza	MI	2005	100%		77,688	1960’s/2003	A&P		54,650	8/31/2022
Suffolk Plaza	VA	2005	100%		67,216	1984	Farm Fresh		67,216	1/31/2014
Swede Square	PA	2003	100%		98,792	1980/2004	LA Fitness		37,200	6/30/2016
The Brickyard	CT	2004	100%		274,553	1990	Sam’s Club		109,755	1/31/2010
							Home Depot		103,003	1/31/2015
							Syms		38,000	3/31/2012
The Commons	PA	2004	100%		175,121	2003	Elder Beerman		54,500	1/31/2017
							Shop ’n Save		52,654	10/7/2015
The Point	PA	2000	100%		250,697	1972/2001	Burlington Coat Factory		76,665	1/31/2011
							Giant Foods		58,585	7/31/2021
							Staples		24,000	8/31/2013
							AC Moore		20,000	7/31/2013
The Point at Carlisle Plaza	PA	2005	100%		182,859	1965/2005	Bon-Ton		59,925	1/25/2015
							Office Max		22,645	10/22/2012
							Dunham Sports		21,300	1/31/2016
Timpany Plaza	MA	2007	100%		183,775	1970’s-1989	Stop & Shop		59,947	12/31/2014
							Big Lots		28,027	1/31/2011
							Gardner Theater		27,576	5/31/2014
Trexler Mall	PA	2005	100%		339,363	1973/2004	Kohl’s		88,248	1/31/2024
							Bon-Ton		62,000	1/28/2012
							Giant Foods		56,753	1/31/2016
							Lehigh Wellness Partners		30,594	11/30/2013
							Trexlertown Fitness Club		28,870	2/28/2015
Ukrop’s at Fredericksburg	VA	2005	100%		63,000	1997	Ukrop’s Supermarket		63,000	8/4/2017
Ukrop’s at Glen Allen	VA	2005	100%		43,000	2000	Ukrop’s Supermarket		43,000	2/15/2015

19

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2009

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration
Valley Plaza	MD	2003		100	%		190,939	1975/1994	K-Mart		95,810		9/30/2014
									Ollie’s Bargain Outlet		41,888		3/31/2011
									Tractor Supply		32,095		5/31/2015
Virginia Center Commons	VA	2005		100	%		9,763	2002
Virginia Little Creek	VA	2005		100	%		69,620	1996/2001	Farm Fresh		66,120		1/31/2014
Wal-Mart Center	CT	2003		100	%		155,842	1972/2000	Wal-Mart		95,482		1/31/2020
									NAMCO		20,000		1/31/2011
Washington Center Shoppes	NJ	2001		100	%		157,290	1979/1995	Acme Markets		66,046		12/2/2020
									Planet Fitness		20,742		3/31/2024
West Bridgewater Plaza	MA	2007		100	%		133,039	1970/2007	Shaw’s		57,315		2/28/2027
									Big Lots		25,000		1/31/2014
Westlake Discount Drug Mart Plaza	OH	2005		100	%		55,775	2005	BG Storage		31,295		1/31/2016
									Discount Drug Mart		24,480		3/31/2021
Yorktowne Plaza	MD	2007		100	%		158,982	1970/2000	Food Lion		37,692		12/31/2020
Total Wholly-Owned Stabilized Properties							7,775,366
Properties Owned in Joint Venture:
Homburg Joint Venture:
Aston Center	PA	2007		20	%		55,000	2005	Giant Foods		55,000		11/30/2025
Ayr Town Center	PA	2007		20	%		55,600	2005	Giant Foods		50,000		5/31/2025
Fieldstone Marketplace	MA	2005		20	%		193,970	1988/2003	Shaw’s		68,000		2/29/2024
									Flagship Cinema		41,975		10/31/2023
Meadows Marketplace	PA	2004		20	%		91,538	2005	Giant Foods		65,507		11/30/2025
Parkway Plaza	PA	2007		20	%		106,628	1998-2002	Giant Foods		66,935		12/31/2018
Pennsboro Commons	PA	2005		20	%		107,384	1999	Giant Foods		68,624		8/10/2019
Scott Town Center	PA	2007		20	%		67,933	2004	Giant Foods		54,333		7/31/2023
Spring Meadow Shopping Center	PA	2007		20	%		67,950	2004	Giant Foods		65,000		10/31/2024
Stonehedge Square	PA	2006		20	%		88,677	1990/2006	Nell’s Market		51,687		5/31/2026
							834,680
PCP Joint Venture:
New London Mall	CT	2009		40	%		257,814	1967/1997 -	Shoprite		64,017		2/29/2020
								2000	Marshalls		30,354		1/31/2014
									Homegoods		25,432		9/30/2010
									Petsmart		23,500		1/31/2015
									AC Moore		20,932		3/31/2015
San Souci Plaza	MD	2009		40	%		264,134	1985 - 1997/	Shoppers Food Warehouse		61,466		5/31/2020
								2007	Marshalls		27,000		9/30/2017
							521,948
Joint Ventures (other):
CVS at Naugatuck	CT	2008		50	%		13,225	2008	CVS		13,225		1/31/2034
Total Consolidated Joint Ventures							1,369,853

20

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2009

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration
Real estate to be contributed to a Joint Venture:
Columbus Crossing	PA	2003		100	%		142,166	2001	Super Fresh		61,506		9/30/2020
									Old Navy		25,000		1/31/2014
									AC Moore		22,000		9/30/2011
Franklin Village Plaza	MA	2004		100	%		304,285	1987/2005	Stop & Shop		75,000		4/30/2026
									Marshalls		26,890		1/31/2014
Loyal Plaza (b)	PA	2002		100	%		293,825	1969/2000	K-Mart		102,558		8/31/2011
									Giant Foods		66,935		10/31/2019
									Staples		20,555		11/30/2014
Shaw’s Plaza	MA	2006		100	%		176,609	1968/1998	Shaw’s		60,748		2/28/2023
									Marshall’s		25,752		1/31/2013
Stop & Shop Plaza	CT	2008		100	%		54,510	2006	Stop & Shop		54,510		11/30/2026
Total Real estate to be contributed to a Joint Venture:							971,395
Managed Unconsolidated Joint Ventures:
Sunset Crossing	PA	2003		20	%		74,142	2002	Giant Foods		54,332		6/30/2022
Blue Mountain Commons	PA	2008		20	%		121,146	2009	Giant Foods		97,707		10/31/2026
Total Managed Unconsolidated Joint Ventures:							195,288
Total Stabilized Portfiolio							10,311,902
Redevelopment Properties: (a)
Dunmore Shopping Center	PA	2005		100	%		101,000	1962/1997	Eynon Furniture Outlet		40,000		2/28/2014
									Big Lots		26,902		1/31/2012
Lake Raystown Plaza	PA	2004		100	%		145,727	1995	Giant Foods		61,435		10/31/2026
Shore Mall	NJ	2006		100	%		459,098	1960/1980	Boscov’s		172,200		9/19/2018
									Burlington Coat Factory		85,000		11/30/2014
									K&G		25,000		2/28/2017
The Shops at Suffolk Downs	MA	2005		100	%		121,829	2005	Stop & Shop		74,977		9/30/2025
Townfair Center	PA	2004		100	%		138,041	2002	Lowe’s Home Centers		95,173		12/31/2015
Trexlertown Plaza	PA	2006		100	%		241,381	1990/2005	Redner’s		47,900		10/31/2015
									Big Lots		33,824		1/31/2012
									Tractor Supply		22,670		10/31/2020
									Sears		22,500		10/31/2012
Total Redevelopment Properties							1,207,076
Retenanting Properties: (a)
Columbia Mall	PA	2005		75	%		348,574	1988	Sears		64,264		10/24/2013
									Bon-Ton		45,000		10/31/2013
Centerville Discount Drug Mart Plaza	OH	2005		100	%		49,494	2000	Discount Drug Mart		24,012		3/31/2016
Fairview Commons	PA	2007		100	%		59,578	1976/2003
Huntingdon Plaza	PA	2004		100	%		147,355	1972 - 2003	Peebles		22,060		1/31/2018

21

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of December 31, 2009

						Gross			Major tenants [20,000 or more sq. ft. of GLA]
						leasable		Year built/	and tenants at single-tenant properties
		Year	Percent			area		year last				Lease
Property Description	State	acquired	owned			(“GLA”)		renovated	Name	Sq. ft.		expiration
Oakhurst Plaza	VA	2006		100	%		107,869	1980/2001
Ontario Discount Drug Mart Plaza	OH	2005		100	%		38,623	2002	Discount Drug Mart		25,475		3/31/2018
Shelby Discount Drug Mart Plaza	OH	2005		100	%		36,596	2002	Discount Drug Mart		24,596		3/31/2019
Shoppes at Salem Run	VA	2005		100	%		15,100	2005
Total Retenanting Properties							803,189
Total Non-Stabilized Properties							2,010,265
Total Operating Portfolio							12,322,167
Ground-Up Developments: (a)
Crossroads II	PA	2008		60	%		133,618	2009	Giant Foods		76,415		11/30/2029
Heritage Crossing	PA	2008		60	%		59,396	2009
Northside Commons	PA	2008		100	%		85,300	2009	Redner’s Market		48,519		8/31/2029
Upland Square	PA	2007		60	%		352,456	2009	Giant Foods		78,900		7/31/2029
									Best Buy		30,000		12/31/2019
									Bed, Bath & Beyond		25,000		1/31/2020
									TJ Maxx		25,000		8/31/2019
Total Ground-Up Developments							630,770
Total Portfolio (b)							12,952,937

(a) “Stabilized properties” are those properties which are at least 80% leased and not designated as “development” or “redevelopment” properties as of December 31, 2009. Ground-up developments have commenced operations, but were not “stabilized properties” for the entire three-months ended December 31, 2009.

22

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of December 31, 2009

					Financial statement carrying values												Gross
															Real estate to be	Managed	leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		transferred to	unconsolidated	area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		joint venture	joint venture	(“GLA”)		occupied			leased sq. ft.
Properties:(a)
Academy Plaza	PA		100	%	$	2,406,000	$	11,184,000	$	13,590,000	$	2,319,000	$	11,271,000				152,727		82	%	$	12.95
Annie Land Plaza	VA		100	%		809,000		3,869,000		4,678,000		492,000		4,186,000				42,500		92	%		9.13
Camp Hill	PA		100	%		4,424,000		60,772,000		65,196,000		7,948,000		57,248,000				472,458		98	%		12.82
Carbondale Plaza	PA		100	%		1,586,000		12,147,000		13,733,000		1,891,000		11,842,000				129,915		86	%		6.90
Carll’s Corner	NJ		100	%		2,964,000		15,394,000		18,358,000		1,231,000		17,127,000				129,582		94	%		8.59
Carman’s Plaza	NY		100	%		8,416,000		34,202,000		42,618,000		2,892,000		39,726,000				194,481		94	%		14.41
Circle Plaza	PA		100	%		561,000		2,916,000		3,477,000		194,000		3,283,000				92,171		100	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,232,000		3,905,000		513,000		3,392,000				34,592		100	%		9.69
Coliseum Marketplace	VA		100	%		3,586,000		17,164,000		20,750,000		2,713,000		18,037,000				98,359		86	%		16.32
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		257,000		1,516,000				10,722		100	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		288,000		2,097,000				10,195		100	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		249,000		1,933,000				10,125		100	%		16.50
CVS at Kinderhook	NY		100	%		2,502,000		1,106,000		3,608,000		69,000		3,539,000				13,225		100	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		245,000		1,707,000				10,722		100	%		13.00
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		713,000		3,789,000				21,180		100	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,229,000		7,600,000		815,000		6,785,000				66,250		94	%		8.62
Enon Discount Drug Mart Plaza	OH		100	%		1,135,000		4,356,000		5,491,000		386,000		5,105,000				42,876		100	%		11.01
Fairfield Plaza	CT		100	%		2,202,000		9,394,000		11,596,000		1,355,000		10,241,000				72,279		93	%		14.00
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,516,000		9,329,000				69,579		100	%		12.22
Family Dollar at Zanesville	OH		100	%		81,000		568,000		649,000		281,000		368,000				6,900		100	%		8.70
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		121,000		783,000				3,200		100	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,312,000		1,576,000		176,000		1,400,000				18,300		100	%		6.03
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,765,000		8,503,000		868,000		7,635,000				48,992		91	%		14.75
General Booth Plaza	VA		100	%		1,935,000		9,566,000		11,501,000		1,773,000		9,728,000				73,320		95	%		12.55
Gold Star Plaza	PA		100	%		1,644,000		6,602,000		8,246,000		942,000		7,304,000				71,720		84	%		9.08
Golden Triangle	PA		100	%		2,320,000		19,239,000		21,559,000		3,561,000		17,998,000				202,943		89	%		12.91
Groton Shopping Center	CT		100	%		3,073,000		12,375,000		15,448,000		1,341,000		14,107,000				117,986		97	%		10.31
Grove City Discount Drug Mart Plaza	OH		100	%		1,241,000		5,041,000		6,282,000		496,000		5,786,000				40,848		100	%		13.09
Halifax Plaza	PA		100	%		1,347,000		6,026,000		7,373,000		960,000		6,413,000				51,510		90	%		10.99
Hamburg Commons	PA		100	%		1,153,000		9,888,000		11,041,000		1,277,000		9,764,000				99,580		93	%		6.12
Hannaford Plaza	MA		100	%		1,874,000		8,806,000		10,680,000		1,076,000		9,604,000				102,459		97	%		7.51
Hilliard Discount Drug Mart Plaza	OH		100	%		1,307,000		4,980,000		6,287,000		429,000		5,858,000				40,988		93	%		12.56
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		3,072,000		3,858,000		301,000		3,557,000				33,553		90	%		9.74
Jordan Lane	CT		100	%		4,291,000		21,411,000		25,702,000		3,310,000		22,392,000				181,730		98	%		10.23
Kempsville Crossing	VA		100	%		2,207,000		11,129,000		13,336,000		2,123,000		11,213,000				94,477		96	%		11.04
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		953,000		3,330,000				51,894		95	%		7.93
Kings Plaza	MA		100	%		2,408,000		11,872,000		14,280,000		1,168,000		13,112,000				168,243		99	%		6.37
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		186,000		5,049,000				18,337		100	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		849,000		6,789,000				41,000		100	%		19.90
Liberty Marketplace	PA		100	%		2,695,000		12,847,000		15,542,000		1,746,000		13,796,000				68,200		89	%		17.50
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,461,000		4,165,000		633,000		3,532,000				38,576		88	%		8.63
Long Reach Village	MD		100	%		1,721,000		8,698,000		10,419,000		1,197,000		9,222,000				104,932		87	%		10.80
Mason Discount Drug Mart Plaza	OH		100	%		1,849,000		7,449,000		9,298,000		668,000		8,630,000				52,896		91	%		14.56
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		858,000		4,055,000				46,000		100	%		8.50
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,471,000		13,397,000				51,500		100	%		21.78
Metro Square	MD		100	%		3,121,000		12,351,000		15,472,000		520,000		14,952,000				71,896		100	%		18.77
Newport Plaza	PA		100	%		1,672,000		8,153,000		9,825,000		1,165,000		8,660,000				66,789		100	%		10.51
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		437,000		4,804,000				38,700		100	%		10.45
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		1,375,000		16,806,000				89,850		100	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,321,000		7,932,000		1,159,000		6,773,000				58,224		100	%		13.33
Palmyra Shopping Center	PA		100	%		1,488,000		6,908,000		8,396,000		1,240,000		7,156,000				112,108		91	%		5.84
Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,952,000		7,257,000		969,000		6,288,000				47,810		89	%		12.09
Pine Grove Plaza	NJ		100	%		1,622,000		6,507,000		8,129,000		1,107,000		7,022,000				79,306		100	%		10.77
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,846,000		7,088,000		1,132,000		5,956,000				50,283		90	%		12.21
Port Richmond Village	PA		100	%		2,843,000		12,436,000		15,279,000		2,607,000		12,672,000				154,908		97	%		12.64
Price Chopper Plaza	MA		100	%		4,111,000		18,456,000		22,567,000		1,308,000		21,259,000				101,824		88	%		11.10
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		280,000		2,182,000				10,125		100	%		18.99
River View Plaza I, II and III	PA		100	%		9,718,000		44,070,000		53,788,000		7,600,000		46,188,000				244,225		88	%		17.93
Smithfield Plaza	VA		100	%		2,919,000		12,980,000		15,899,000		1,347,000		14,552,000				134,664		98	%		9.42

23

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2009

					Financial statement carrying values														Gross
															Real estate to be		Managed		leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		transferred to		unconsolidated		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		joint venture		joint venture		(“GLA”)		occupied			leased sq. ft.
South Philadelphia	PA		100	%		8,222,000		38,439,000		46,661,000		7,796,000		38,865,000						283,415		82	%		13.65
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		815,000		4,234,000						39,903		96	%		11.34
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,295,000		10,961,000						77,688		100	%		15.28
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,341,000		7,297,000						67,216		100	%		9.40
Swede Square	PA		100	%		2,272,000		10,685,000		12,957,000		2,321,000		10,636,000						98,792		96	%		14.21
The Brickyard	CT		100	%		6,465,000		28,769,000		35,234,000		5,767,000		29,467,000						274,553		100	%		8.90
The Commons	PA		100	%		3,098,000		15,178,000		18,276,000		2,980,000		15,296,000						175,121		91	%		10.08
The Point	PA		100	%		2,996,000		22,859,000		25,855,000		5,355,000		20,500,000						250,697		94	%		11.51
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,316,000		13,549,000		2,210,000		11,339,000						182,859		88	%		6.92
Timpany Plaza	MA		100	%		3,379,000		16,509,000		19,888,000		1,603,000		18,285,000						183,775		93	%		6.39
Trexler Mall	PA		100	%		6,932,000		32,376,000		39,308,000		4,226,000		35,082,000						339,363		98	%		8.65
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,522,000		14,449,000						63,000		100	%		17.42
Ukrop’s at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		205,000		6,777,000						43,000		100	%		9.01
Valley Plaza	MD		100	%		1,950,000		8,403,000		10,353,000		1,352,000		9,001,000						190,939		97	%		4.52
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		559,000		4,296,000						9,763		100	%		34.27
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,424,000		8,565,000						69,620		100	%		11.00
Wal-Mart Center	CT		100	%		—		11,857,000		11,857,000		1,884,000		9,973,000						155,842		98	%		6.37
Washington Center Shoppes	NJ		100	%		1,999,000		11,068,000		13,067,000		2,286,000		10,781,000						157,290		97	%		9.18
West Bridgewater Plaza	MA		100	%		2,712,000		14,406,000		17,118,000		1,100,000		16,018,000						133,039		91	%		9.26
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,975,000		4,979,000		451,000		4,528,000						55,775		100	%		7.28
Yorktowne Plaza	MD		100	%		5,898,000		25,255,000		31,153,000		2,423,000		28,730,000						158,982		94	%		13.43
Total Wholly-Owned Stabilized Properties						183,320,000		860,016,000		1,043,336,000		126,011,000		917,325,000						7,775,366		94	%		10.95
Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		1,303,000		20,086,000						55,000		100	%		24.70
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		840,000		11,352,000						55,600		100	%		15.83
Fieldstone Marketplace	MA		20	%		5,167,000		21,943,000		27,110,000		3,093,000		24,017,000						193,970		100	%		11.24
Meadows Marketplace	PA		20	%		1,914,000		11,390,000		13,304,000		1,094,000		12,210,000						91,538		96	%		14.64
Parkway Plaza	PA		20	%		4,647,000		19,435,000		24,082,000		1,800,000		22,282,000						106,628		98	%		15.14
Pennsboro Commons	PA		20	%		3,608,000		14,297,000		17,905,000		2,147,000		15,758,000						107,384		93	%		14.78
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		1,073,000		13,687,000						67,933		100	%		17.56
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,318,000		19,223,000						67,950		100	%		20.95
Stonehedge Square	PA		20	%		2,698,000		11,705,000		14,403,000		1,464,000		12,939,000						88,677		94	%		11.35
						31,866,000		133,820,000		165,686,000		14,132,000		151,554,000						834,680		98	%		15.11
PCP Joint Venture:
New London Mall	CT		40	%		14,891,000		24,991,000		39,882,000		918,000		38,964,000						257,814		99	%		13.31
San Souci Plaza	MD		40	%		14,849,000		18,470,000		33,319,000		918,000		32,401,000						264,134		93	%		10.00
						29,740,000		43,461,000		73,201,000		1,836,000		71,365,000						521,948		96	%		11.68
Other:
CVS at Naugatuck	CT		50	%		—		2,825,000		2,825,000		82,000		2,743,000						13,225		100	%		35.01
Total Consolidated Joint Ventures						61,606,000		180,106,000		241,712,000		16,050,000		225,662,000						1,369,853		97	%		14.01
Real estate to be transferred to a Joint Venture:
Columbus Crossing	PA		100	%		—		—		—		—		—	$	24,537,000				142,166		97	%		16.01
Franklin Village Plaza	MA		100	%		—		—		—		—		—		55,004,000				304,285		91	%		19.80
Loyal Plaza	PA		100	%		—		—		—		—		—		28,880,000				293,825		100	%		8.05
Shaw’s Plaza	MA		100	%		—		—		—		—		—		21,811,000				176,609		94	%		11.13
Stop & Shop Plaza	CT		100	%		—		—		—		—		—		9,511,000				54,510		100	%		15.59
Total Real estate to be transferred to a Joint Venture:						—		—		—		—		—		139,743,000				971,395		96	%		13.73
Managed Unconsolidated Joint Venture:
Sunset Crossing	PA		20	%		—		—		—		—		—		—	$	1,983,000		74,142		89	%		14.47
Blue Mountain Commons	PA		20	%		—		—		—		—		—		—		6,655,000		121,146		90	%		25.09
Total Managed Unconsolidated Joint Venture:						—		—		—		—		—		—		8,638,000		195,288		90	%		21.10
Total Stab. Operating and Managed Properties:						244,926,000		1,040,122,000		1,285,048,000		142,061,000		1,142,987,000		139,743,000		8,638,000		10,311,902		95	%		11.81

24

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of December 31, 2009

						Financial statement carrying values														Gross
																Real estate to be		Managed		leasable					Average
			Percent					Buildings and		Total		Accumulated		Net book		transferred to		unconsolidated		area		Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		joint venture		joint venture		(“GLA”)		occupied			leased sq. ft.
Redevelopment Properties: (a)
Dunmore Shopping Center	PA			100	%		565,000		2,245,000		2,810,000		424,000		2,386,000		—		—		101,000		66	%		3.61
Lake Raystown Plaza	PA			100	%		2,231,000		12,850,000		15,081,000		2,016,000		13,065,000		—		—		145,727		94	%		10.63
Shore Mall	NJ			100	%		7,179,000		41,896,000		49,075,000		4,991,000		44,084,000		—		—		459,098		93	%		9.03
The Shops at Suffolk Downs	MA			100	%		7,580,000		19,269,000		26,849,000		1,503,000		25,346,000		—		—		121,829		85	%		13.81
Townfair Center	PA			100	%		3,022,000		12,212,000		15,234,000		2,325,000		12,909,000		—		—		138,041		87	%		6.87
Trexlertown Plaza	PA			100	%		5,262,000		26,675,000		31,937,000		2,589,000		29,348,000		—		—		241,381		71	%		10.59
							25,839,000		115,147,000		140,986,000		13,848,000		127,138,000		—		—		1,207,076		85	%		9.38
Retenanting Properties: (a)
Columbia Mall	PA			75	%		2,855,000		16,946,000		19,801,000		2,335,000		17,466,000		—		—		348,574		62	%		5.64
Centerville Discount Drug Mart Plaza	OH			100	%		1,219,000		5,445,000		6,664,000		825,000		5,839,000		—		—		49,494		63	%		10.53
Fairview Commons	PA			100	%		858,000		3,573,000		4,431,000		490,000		3,941,000		—		—		59,578		67	%		6.42
Huntingdon Plaza	PA			100	%		933,000		5,942,000		6,875,000		727,000		6,148,000		—		—		147,355		53	%		6.99
Oakhurst Plaza	PA			100	%		4,539,000		18,189,000		22,728,000		2,095,000		20,633,000		—		—		107,869		34	%		23.59
Ontario Discount Drug Mart Plaza	OH			100	%		809,000		3,670,000		4,479,000		588,000		3,891,000		—		—		38,623		79	%		8.32
Shelby Discount Drug Mart Plaza	OH			100	%		671,000		3,276,000		3,947,000		611,000		3,336,000		—		—		36,596		78	%		9.35
Shoppes at Salem Run	VA			100	%		1,076,000		4,265,000		5,341,000		498,000		4,843,000		—		—		15,100		55	%		24.32
							12,960,000		61,306,000		74,266,000		8,169,000		66,097,000		—		—		803,189		59	%		8.37
Total Non-Stabilized Properties							38,799,000		176,453,000		215,252,000		22,017,000		193,235,000		—		—		2,010,265		74	%		9.06
Total Operating Portfolio							283,725,000		1,216,575,000		1,500,300,000		164,078,000		1,336,222,000		139,743,000		8,638,000		12,322,167		91	%	$	11.45
Ground-Up Developments: (a)
Crossroads II	PA			60	%		17,671,000		22,835,000		40,506,000		118,000		40,388,000		—		—		133,618		66	%	$	17.31
Heritage Crossing	PA			60	%		5,066,000		5,637,000		10,703,000		91,000		10,612,000		—		—		59,396		57	%		17.00
Northside Commons	PA			100	%		3,379,000		9,962,000		13,341,000		43,000		13,298,000		—		—		85,300		70	%		6.81
Upland Square	PA			60	%		27,454,000		56,689,000		84,143,000		285,000		83,858,000		—		—		352,456		64	%		14.28
Total Ground-Up Developments							53,570,000		95,123,000		148,693,000		537,000		148,156,000		—		—		630,770
Total Portfolio							337,295,000		1,311,698,000		1,648,993,000		164,615,000		1,484,378,000		139,743,000		8,638,000		12,952,937
Projects Under Development and Land Held For Future Expansion and Development:
Columbia Mall	PA			75	%		1,465,000		403,000		1,868,000		—		1,868,000		—		—		46.21	acres
Halifax Commons	PA			100	%		872,000		289,000		1,161,000		—		1,161,000		—		—		4.37	acres
Halifax Plaza	PA			100	%		1,503,000		1,207,000		2,710,000		—		2,710,000		—		—		12.83	acres
Liberty Marketplace	PA			100	%		1,564,000		25,000		1,589,000		—		1,589,000		—		—		15.51	acres
Oregon Pike	PA			100	%		2,283,000		63,000		2,346,000		—		2,346,000		—		—		11.20	acres
Pine Grove Plaza	NJ			100	%		388,000		71,000		459,000		—		459,000		—		—		2.66	acres
Shore Mall	NJ			100	%		2,018,000		149,000		2,167,000		—		2,167,000		—		—		50.00	acres
The Brickyard	CT			100	%		1,183,000		162,000		1,345,000		—		1,345,000		—		—		1.95	acres
Trexlertown Plaza	PA			100	%		8,089,000		2,476,000		10,565,000		—		10,565,000		—		—		37.28	acres
Trindle Spring	NY			100	%		1,148,000		260,000		1,408,000		—		1,408,000		—		—		2.10	acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000		—		—		12.32	acres
Various projects in progress		N/A		100	%		—		351,000		351,000		—		351,000		—		—		—	acres
Total Projects Under Development and Land Held For Future Expansion and Development:							20,873,000		5,456,000		26,329,000		—		26,329,00						196,41	acres
Total Carrying Value						$	358,168,000	$	1,317,154,000	$	1,675,322,000	$	164,615,000	$	1,510,707,000	$	139,743,000		8,638,000
Unconsolidated joint venture — not managed (b)																			5,475,000
Total unconsolidated joint ventures																		$	14,113,000
Real estate held for sale — discontinued operations																$	11,599,000

Notes:

(a)	“Stabilized properties” are those properties which are at least 80% leased and not designated as “development” or “redevelopment” properties as of December 31, 2009. Ground-up developments have commenced operations, but were not “stabilized properties” for the entire three-months ended December 31, 2009.
(b)	The Company has a 76.3% interest in an unconsolidated joint venture, which it does not manage, which owns a single-tenant office property located in Philadelphia, PA.

25

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of December 31, 2009

						Debt Balances
						Financial statement carrying values							Stated contract amounts
	Percent			Maturity		Int.			Dec 31,		Dec 31,		Int.			Dec 31,		Dec 31,
Property	Owned			Date		rate			2009		2008		rate			2009		2008
Fixed-rate mortgages:
Academy Plaza		100	%	Mar 2013			7.3	%	$	9,365,000	$	9,576,000		7.3	%	$	9,365,000	$	9,576,000
Aston Center		20	%	Nov 2015			5.5	%		12,802,000		13,033,000		5.9	%		12,556,000		12,742,000
Ayr Town Center		20	%	Jun 2015			5.5	%		7,225,000		7,350,000		5.6	%		7,178,000		7,294,000
Camp Hill Shopping Center		100	%	Jan 2017			5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carll’s Corner		100	%	Nov 2012			5.6	%		5,908,000		6,023,000		5.6	%		5,908,000		6,023,000
Carman’s Plaza		100	%	Oct 2016			6.3	%		33,345,000		33,322,000		6.2	%		33,500,000		33,500,000
Centerville Discount Drug Mart		100	%	May 2015			5.2	%		2,795,000		2,844,000		5.2	%		2,795,000		2,844,000
Clyde Discount Drug Mart		100	%	May 2015			5.2	%		1,939,000		1,973,000		5.2	%		1,939,000		1,973,000
Coliseum Marketplace		100	%	Jul 2014			5.2	%		12,228,000		12,478,000		6.1	%		11,803,000		11,955,000
Crossroads II		60	%	Jan 2009			7.1	%		—		4,316,000		7.1	%		—		4,316,000
Crossroads II		60	%	Jan 2010	(A)		8.5	%		900,000		1,000,000		8.5	%		900,000		1,000,000
Crossroads II		60	%	Jan 2010	(A)		5.0	%		425,000		425,000		5.0	%		425,000		425,000
CVS at Bradford		100	%	Mar 2017			5.2	%		775,000		862,000		7.1	%		729,000		803,000
CVS at Celina		100	%	Jan 2020			5.2	%		1,429,000		1,528,000		7.5	%		1,295,000		1,370,000
CVS at Erie		100	%	Nov 2018			5.2	%		1,114,000		1,211,000		7.1	%		1,036,000		1,117,000
CVS at Kinderhook		100	%	Jul 2019			5.3	%		2,480,000		—		5.3	%		2,480,000		—
CVS at Naugatuck		50	%	Nov 2019			5.3	%		2,450,000		—		5.3	%		2,450,000		—
CVS at Portage Trail		100	%	Aug 2017			5.0	%		843,000		932,000		7.8	%		771,000		842,000
East Chestnut		100	%	Apr 2018			5.2	%		1,988,000		2,089,000		7.4	%		1,778,000		1,846,000
Elmhurst Square Shopping Center		100	%	Dec 2014			5.4	%		4,045,000		4,115,000		5.4	%		4,045,000		4,115,000
Fairfield Plaza		100	%	July 2015			5.0	%		5,106,000		5,197,000		5.0	%		5,106,000		5,197,000
Fairview Plaza		100	%	Feb 2013			5.7	%		5,479,000		5,583,000		5.7	%		5,479,000		5,583,000
Fieldstone Marketplace		20	%	Jul 2014			5.4	%		18,647,000		18,998,000		6.0	%		18,210,000		18,461,000
Gahanna Discount Drug Mart		100	%	Nov 2016			5.8	%		4,998,000		5,068,000		5.8	%		4,998,000		5,068,000
General Booth Plaza		100	%	Aug 2013			5.2	%		5,409,000		5,539,000		6.1	%		5,257,000		5,342,000
Gold Star Plaza		100	%	May 2019			6.0	%		2,417,000		2,605,000		7.3	%		2,300,000		2,464,000
Golden Triangle		100	%	Feb 2018			6.0	%		20,999,000		21,279,000		6.0	%		20,999,000		21,279,000
Groton Shopping Center		100	%	Oct 2015			6.2	%		11,622,000		11,711,000		5.3	%		12,013,000		12,174,000
Halifax Plaza		100	%	Feb 2010	(A)		6.8	%		3,324,000		3,740,000		6.8	%		3,324,000		3,740,000
Hamburg Commons		100	%	Oct 2016			6.1	%		5,180,000		5,254,000		6.1	%		5,180,000		5,254,000
Jordan Lane		100	%	Dec 2015			5.5	%		13,080,000		13,288,000		5.5	%		13,080,000		13,288,000
Kempsville Crossing		100	%	Aug 2013			5.2	%		6,122,000		6,276,000		6.1	%		5,950,000		6,052,000
King’s Plaza		100	%	Jul 2014			6.0	%		7,811,000		7,935,000		6.0	%		7,811,000		7,935,000
Kingston Plaza		100	%	Jul 2019			5.3	%		3,194,000		—		5.3	%		3,194,000		—
Kingston Plaza		100	%	Jul 2019			5.3	%		533,000		—		5.3	%		533,000		—
LA Fitness Facility		100	%	Jan 2013			5.4	%		5,790,000		5,907,000		5.4	%		5,790,000		5,907,000
Liberty Marketplace		100	%	Jul 2014			5.2	%		9,373,000		9,624,000		6.1	%		9,052,000		9,227,000
Lodi Discount Drug Mart		100	%	May 2015			5.2	%		2,363,000		2,404,000		5.2	%		2,363,000		2,404,000
Long Reach Village		100	%	Jun 2011			5.7	%		4,690,000		4,772,000		5.7	%		4,690,000		4,772,000
McCormick Place		100	%	Aug 2017			6.1	%		2,621,000		2,653,000		6.1	%		2,621,000		2,653,000
Meadows Marketplace		20	%	Nov 2016			5.6	%		10,333,000		10,485,000		5.6	%		10,333,000		10,485,000
Mechanicsburg Giant		100	%	Nov 2014			5.2	%		9,667,000		9,943,000		5.5	%		9,533,000		9,779,000
Metro Square		100	%	Nov 2029			7.5	%		9,162,000		9,346,000		7.5	%		9,162,000		9,346,000
New London Mall		40	%	Apr 2015			6.1	%		26,009,000		—		4.9	%		27,365,000		—
Newport Plaza		100	%	Feb 2010	(A)		6.8	%		4,338,000		4,800,000		6.8	%		4,338,000		4,800,000
Oak Ridge Shopping Center		100	%	May 2015			5.5	%		3,459,000		3,508,000		5.5	%		3,459,000		3,508,000
Oakland Mills		100	%	Jan 2016			5.5	%		4,918,000		4,996,000		5.5	%		4,918,000		4,996,000
Ontario Discount Drug Mart		100	%	May 2015			5.2	%		2,181,000		2,219,000		5.2	%		2,181,000		2,219,000
Parkway Plaza		20	%	May 2017			5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20	%	Mar 2016			5.5	%		10,949,000		11,120,000		5.5	%		10,949,000		11,120,000
Pickerington Discount Drug Mart		100	%	Jul 2015			5.0	%		4,150,000		4,224,000		5.0	%		4,150,000		4,224,000
Pine Grove Plaza		100	%	Sep 2015			5.0	%		5,797,000		5,900,000		5.0	%		5,797,000		5,900,000
Polaris Discount Drug Mart		100	%	May 2015			5.2	%		4,451,000		4,529,000		5.2	%		4,451,000		4,529,000
Port Richmond Village		100	%	Aug 2013			6.5	%		14,683,000		14,922,000		6.5	%		14,683,000		14,922,000
Rite Aid at Massillon		100	%	Jan 2020			5.0	%		1,437,000		1,533,000		7.7	%		1,283,000		1,352,000
San Souci Plaza		40	%	Dec 2016			6.2	%		27,200,000		—		6.2	%		27,200,000		—
Scott Town Center		20	%	Aug 2015			5.5	%		8,669,000		8,791,000		4.9	%		8,865,000		9,024,000

26

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of December 31, 2009

					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Dec 31,		Dec 31,		Int.			Dec 31,		Dec 31,
Property	Owned			Date	rate			2009		2008		rate			2009		2008
Shelby Discount Drug Mart Plaza		100	%	May 2015		5.2	%		2,181,000		2,219,000		5.2	%		2,181,000		2,219,000
Shore Mall		100	%	Dec 2024		5.7	%		243,000		1,543,000		0.0	%		243,000		1,543,000
Smithfield Plaza		100	%	Aug 2013		5.2	%		3,467,000		3,543,000		6.1	%		3,368,000		3,417,000
Smithfield Plaza		100	%	May 2016		6.6	%		6,938,000		6,961,000		6.2	%		7,057,000		7,100,000
Spring Meadow Shoppping Center		20	%	Nov 2014		5.5	%		12,698,000		12,944,000		5.9	%		12,493,000		12,693,000
Stonehedge Square		20	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000
Suffolk Plaza		100	%	Aug 2013		5.2	%		4,617,000		4,742,000		6.1	%		4,488,000		4,574,000
The Point		100	%	Sep 2013		7.6	%		17,298,000		17,753,000		7.6	%		17,298,000		17,753,000
Timpany Plaza		100	%	Jan 2014		5.6	%		8,377,000		8,555,000		6.1	%		8,211,000		8,346,000
Trexler Mall		100	%	May 2014		5.4	%		21,526,000		21,939,000		5.5	%		21,395,000		21,775,000
Virginia Little Creek		100	%	Aug 2013		5.2	%		4,904,000		5,025,000		6.1	%		4,766,000		4,846,000
Virginia Little Creek		100	%	Sep 2021		5.2	%		444,000		471,000		8.0	%		387,000		405,000
Wal-Mart Center		100	%	Nov 2014		5.1	%		5,795,000		5,896,000		5.1	%		5,795,000		5,896,000
Washington Center Shoppes		100	%	Dec 2012		5.9	%		8,575,000		8,691,000		5.9	%		8,575,000		8,691,000
West Bridgewater		100	%	Sep 2016		6.5	%		10,885,000		10,901,000		6.2	%		10,970,000		11,000,000
Westlake Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%		3,215,000		3,261,000		5.6	%		3,215,000		3,261,000
Yorktowne Plaza		100	%	Jul 2014		6.1	%		20,418,000		20,740,000		6.0	%		20,441,000		20,770,000
Various land parcels		100	%	Jul 2010		5.5	%		3,000,000		—		5.5	%		3,000,000		—
Total fixed-rate mortgages				5.8 years		5.8	%		610,798,000		560,410,000		5.8	%		609,453,000		557,034,000
				[weighted average]								[weighted average]
Variable-rate mortgages:
Crossroads II		60	%	Jan 2009					—		371,000
Crossroads II		60	%	Jan 2009					—		2,750,000
Shore Mall		100	%	Sep 2011		5.9	%		21,000,000		21,000,000
Upland Square		60	%	Sep 2011		2.5	%		61,181,000		29,181,000
Total variable-rate mortgages				1.7 years		3.4	%		82,181,000		53,302,000
				[weighted average]
Total mortgages				5.3 years		5.6	%		692,979,000		613,712,000
				[weighted average]
Secured revolving credit facilties:
Stabilized property facility		100	%	Jan 2012		5.5	%		187,985,000		250,190,000
Development property facility(a)		100	%	Jun 2011		2.3	%		69,700,000		54,300,000
				1.9 years		4.6	%		257,685,000		304,490,000
				[weighted average]
Total debt				4.3 years		5.3	%	$	950,664,000	$	918,202,000
				[weighted average]
Pro rata share of total debt								$	867,206,000	$	802,125,000
Mortgage loans payable — discontinued operations:
Carrollton Discount Drug Mart Plaza		100	%	Dec 2016		5.6	%	$	2,343,000	$	2,378,000
Dover Discount Drug Mart		100	%	May 2015		5.2	%		—		2,158,000
Hudson Discount Drug Mart Plaza		100	%	Dec 2016		5.7	%		—		2,511,000
Gabriel Brothers Plaza		100	%	Dec 2016		5.6	%		—		3,119,000
Pondside Plaza		100	%	May 2015		5.6	%		1,157,000		1,176,000
Powell Discount Drug Mart		100	%	May 2015		5.2	%		4,265,000		4,339,000
Staples at Oswego		100	%	May 2015		5.3	%		—		2,283,000
Mortgage loans payable — discontinued operations									7,765,000		17,964,000
Mortgage loans payable — real estate to be transferred to a joint venture
Columbus Crossing		100	%	Jun 2014		6.8	%		16,880,000		—
Franklin Village Plaza		100	%	Nov 2011		4.8	%		43,500,000		43,500,000
Loyal Plaza		100	%	Jun 2011		7.2	%		12,615,000		12,827,000
Shaw’s Plaza		100	%	Mar 2014		6.0	%		14,023,000		13,980,000
Stop & Shop Plaza		100	%	Apr 2017		6.2	%		7,000,000		7,000,000
Mortgage loans payable — real estate held to be transferred to a joint venture									94,018,000		77,307,000
Total Mortgages loans payable — real estate held for sale:				3.2 years		5.7	%	$	101,783,000	$	95,271,000
				[weighted average]

27

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of December 31, 2009

Maturity						Secured
schedule	Scheduled		Balloon			revolving
by year	amortization		Payments			credit facilities (b)		Total
2010	$	8,098,000	$	12,323,000		$	—	$	20,421,000
2011		8,872,000		82,181,000	(c)		69,700,000		160,753,000
2012		9,991,000		29,638,000			187,985,000		227,614,000
2013		9,249,000		54,945,000			—		64,194,000
2014		7,482,000		116,289,000			—		123,771,000
2015		5,634,000		110,978,000			—		116,612,000
2016		4,130,000		111,932,000			—		116,062,000
2017		2,300,000		84,256,000			—		86,556,000
2018		1,565,000		18,972,000			—		20,537,000
2019		1,119,000		6,522,000					7,641,000
Thereafter		6,014,000		489,000			—		6,503,000
	$	64,454,000	$	628,525,000		$	257,685,000	$	950,664,000

(A)	Repaid or extended.
(b)	The Company has the option to extend the stabilized property and development property credit facilities, which are due in
	January 2012 and June 2011, respectively, for one year beyond those respective dates.
(c)	Include $61,181,000 of property-specific construction financing due in September 2011 as to which the Company has a one-year extension option

28

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Balance Sheet Information

						Mortgage
	Partners’			Real estate,		loans			Other assets/			Equity (a)
	percent			net		payable			liabilities,			Partners			Cedar (b)		Total
Consolidated				As of December 31, 2009
Homburg		80	%	$	151,553,929	$	(104,322,664	)	$	6,419,807		$	51,628,864		$	2,022,208	$	53,651,072
PCP (c)		60	%		71,227,029		(53,162,425	)		(445,482	)		10,285,730			7,333,393		17,619,123
WP Realty (d )		25	%		19,334,674		—			(881,012	)		4,037,521			14,416,141		18,453,662
Fameco I (e)		40	%		83,858,133		(61,181,294	)		2,782,406			1,048,000			24,411,245		25,459,245
Fameco II (f)		40	%		40,387,784		(1,325,000	)		(7,872,678	)		—			31,190,106		31,190,106
Hirshland (g)		40	%		10,611,487		—			2,063,052			(81,472	)		12,756,011		12,674,540
Other		50	%		2,743,593		(2,450,000	)		1,112,585			309,358			1,096,820		1,406,178
				$	379,716,630	$	(222,441,384	)	$	3,178,678		$	67,228,002		$	93,225,923	$	160,453,925
Unconsolidated
RioCan (h)		80	%	$	41,130,809	$	—			2,045,016		$	34,537,683		$	8,638,142	$	43,175,825
Consolidated				As of September 30, 2009
Homburg		80	%	$	152,411,609	$	(104,681,906	)	$	5,453,523		$	52,118,924		$	1,064,303	$	53,183,226
PCP (c)		60	%		71,544,934		(53,095,078	)		(161,658	)		11,076,079			7,212,119		18,288,198
WP Realty (d )		25	%		19,447,601		—			(888,743	)		4,038,318			14,520,539		18,558,857
Fameco I (e)		40	%		82,154,353		(57,511,607	)		447,978			1,048,000			24,042,724		25,090,724
Fameco II (f)		40	%		35,780,234		(1,186,095	)		(11,321,381	)		—			23,272,758		23,272,758
Hirshland (g)		40	%		10,537,846		—			1,924,335			(81,472	)		12,543,653		12,462,182
Other		50	%		2,760,016		—			(1,395,288	)		335,785			1,028,943		1,364,728
				$	374,636,593	$	(216,474,686	)	$	(5,941,234	)	$	68,535,634		$	83,685,038	$	152,220,673
Consolidated				As of June 30, 2009
Homburg		80	%	$	153,437,582	$	(105,024,210	)	$	4,254,870		$	51,775,457		$	892,784	$	52,668,242
PCP (c)		60	%		72,142,651		(53,027,731	)		(283,546	)		11,099,788			7,731,587		18,831,375
WP Realty (d )		25	%		19,563,283		—			(1,094,097	)		4,075,915			14,393,272		18,469,186
Fameco I (e)		40	%		78,494,234		(50,154,288	)		(2,813,792	)		1,048,000			24,478,154		25,526,154
Fameco II (f)		40	%		26,384,387		(1,302,676	)		(9,353,149	)		—			15,728,562		15,728,562
Hirshland (g)		40	%		10,074,353		—			1,653,903			(81,472	)		11,809,728		11,728,256
Other		50	%		2,777,668		—			(1,420,969	)		338,145			1,018,553		1,356,698
				$	362,874,158	$	(209,508,905	)	$	(9,056,779	)	$	68,255,834		$	76,052,640	$	144,308,473
Consolidated				As of March 31, 2009
Homburg		80	%	$	154,526,752	$	(105,361,866	)	$	5,195,942		$	53,381,170		$	979,658	$	54,360,828
PCP (c)		60	%	$	72,740,465		(52,961,116	)		56,857			11,134,258			8,701,948		19,836,206
WP Realty (d )		25	%		19,676,276		—			(826,909	)		4,167,745			14,681,622		18,849,367
Fameco I (e)		40	%		67,263,458		(37,180,700	)		(4,223,394	)		1,048,000			24,811,364		25,859,364
Fameco II (f)		40	%		22,773,739		(1,302,676	)		(7,663,878	)		—			13,807,185		13,807,185
Hirshland (g)		40	%		11,298,154		—			(438,919	)		(81,472	)		10,940,707		10,859,235
Other		50	%		2,680,126		—			(1,433,853	)		21,897			1,224,376		1,246,273
				$	350,958,970	$	(196,806,358	)	$	(9,334,154	)	$	69,671,598		$	75,146,860	$	144,818,458
Consolidated				As of December 31, 2008
Homburg		80	%	$	155,286,146	$	(105,720,241	)	$	4,150,863		$	53,008,099		$	708,669	$	53,716,768
WP Realty (d )		25	%		19,786,741		—			(1,072,232	)		4,170,986			14,543,523		18,714,509
Fameco I (e)		40	%		61,314,775		(29,180,877	)		(3,139,893	)		1,048,000			27,946,005		28,994,005
Fameco II (f)		40	%		21,749,339		(8,862,327	)		(8,447,706	)		—			4,439,306		4,439,306
Hirshland (g)		40	%		10,511,099		—			(554,302	)		(77,453	)		10,034,250		9,956,797
				$	268,648,100	$	(143,763,445	)	$	(9,063,270	)	$	58,149,632		$	57,671,753	$	115,821,385

29

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Income Statement Information

				Property-level operations																Share of property net income (a)
	Partners’					Operating		Cedar		Net Operat-		Depreciation/		Non-op						<<< Partners>>>
	percent			Revenues		expenses		mgt. Fees		ing income		amortization		inc/exp (i)			Net income			Regular			Preference		Cedar (b)
Consolidated				Three months ended December 31
Homburg		80	%	$	4,022,542	$	830,868	$	161,243	$	3,030,430	$	1,027,536	$	1,504,178		$	498,716		$	413,941		$	—	$	84,775
PCP (c)		60	%		2,091,859		564,937		44,724		1,482,198		230,340		856,044			395,815			53,141			—		342,674
WP Realty (d )		25	%		553,366		422,152		—		131,215		134,306		—			(3,091	)		(797	)		—		(2,295	)
Fameco I (e)		40	%		1,098,404		431,687		16,521		650,197		245,639		207,604			196,953			—			—		196,953
Fameco II (f)		40	%		449,311		62,595		—		386,717		117,921		—			268,795			—			—		268,795
Hirshland (g)		40	%		189,930		42,963		—		146,968		39,192		—			107,776			—			—		107,776
Other		50	%		123,735		62,097		3,266		58,372		17,653		3,573			37,146			18,573			—		18,573
				$	8,529,148	$	2,417,298	$	225,755	$	5,886,095	$	1,812,587	$	2,571,399		$	1,502,110		$	484,859		$	—	$	1,017,251
Managed Unconsolidated
RioCan (h)		80	%	$	282,394	$	66,974		7,697	$	207,723	$	70,773	$	27,544		$	109,406		$	87,525		$	—	$	21,881
Consolidated				Three months ended September 30, 2009
Homburg		80	%	$	3,921,964	$	735,386	$	146,825	$	3,039,753	$	1,082,349	$	1,508,455		$	448,948		$	343,466		$	—	$	105,482
PCP (c)		60	%		2,042,373		512,483		51,567		1,478,324		661,792		856,048			(39,516	)		(23,709	)		—		(15,807	)
WP Realty (d )		25	%		506,200		400,247		—		105,953		141,400		—			(35,447	)		(8,847	)		—		(26,600	)
Fameco I (e)		40	%		843,842		189,074		8,800		645,967		83,305		—			562,663			—			—		562,663
Fameco II (f)		40	%		15,000		1,125		—		13,875		—		—			13,875			—			—		13,875
Hirshland (g)		40	%		128,765		13,829		—		114,936		31,731		—			83,205			—			—		83,205
Other		50	%		115,760		52,245		3,266		60,249		17,651		—			42,598			21,299			—		21,299
				$	7,573,903	$	1,904,388	$	210,458	$	5,459,057	$	2,018,227	$	2,364,503		$	1,076,327		$	332,210		$	—	$	744,117
Consolidated					Three months ended June 30, 2009
Homburg		80	%	$	3,924,555	$	792,631	$	113,652	$	3,018,271	$	1,097,116	$	1,496,569		$	424,587		$	339,669		$	—	$	84,917
PCP (c)		60	%		2,069,183		564,656		50,971		1,453,557		664,157		846,851			(57,451	)		(34,470	)		—		(22,981	)
WP Realty (d )		25	%		448,790		366,069		—		82,721		150,016		—			(67,295	)		(16,831	)		—		(50,464	)
Fameco I (e)		40	%		—		—		—		—		—		—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—		—			—			—			—		—
Hirshland (g)		40	%		115,293		4,003		—		111,290		26,373		—			84,917			—			—		84,917
Other		50	%		115,760		53,569		3,209		58,982		17,651		—			41,331			20,665			—		20,665
				$	6,673,582	$	1,780,928	$	167,832	$	4,724,821	$	1,955,314	$	2,343,419		$	426,088		$	309,034		$	—	$	117,054
Consolidated				Three months ended March 31, 2009
Homburg		80	%	$	4,040,567	$	859,937	$	138,851	$	3,041,779	$	1,090,521	$	1,484,923		$	466,335		$	373,068		$	—	$	93,267
PCP (c)		60	%		1,263,262		243,897		31,367		987,998		442,455		1,788,446			(1,242,903	)		(745,742	)		—		(497,161	)
WP Realty (d )		25	%		573,223		453,149		—		120,074		133,039		—			(12,965	)		(3,241	)		—		(9,724	)
Fameco I (e)		40	%		—		—		—		—		—		—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—		—			—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—		—			—			—			—		—
Other		50	%		115,760		50,370		3,910		61,480		22,640		—			38,840			21,897			—		16,943
				$	5,992,812	$	1,607,353	$	174,128	$	4,211,331	$	1,688,655	$	3,273,369		$	(750,693	)	$	(354,018	)	$	—	$	(396,675	)
Consolidated				Three months ended December 31, 2008
Homburg		80	%	$	4,626,274	$	842,424	$	275,096	$	3,508,754	$	1,220,614	$	1,521,444		$	766,696		$	613,357		$	—	$	153,339
WP Realty (d )		25	%		691,989		436,632		—		255,357		136,291		(17,087	)		136,153			34,038			—		102,115
Fameco I (e)		40	%		—		—		—		—		—		—			—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—		224,109			(224,109	)		(89,644	)		—		(134,465	)
Hirshland (g)		40	%		—		—		—		—		—		—			—			—			—		—
				$	5,318,263	$	1,279,056	$	275,096	$	3,764,111	$	1,356,905	$	1,728,466		$	678,740		$	557,751		$	—	$	120,989

30

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

FFO and NOI Allocations

	Partners’			Share of FFO (a)						Share of NOI (a)
	percent			Partners		Cedar (b)		Total		Partners		Cedar (b)		Total
Consolidated				Three months ended December 31, 2009						Three months ended December 31, 2009
Homburg		80	%	$	1,221,003	$	305,249	$	1,526,252	$	2,424,344	$	606,086	$	3,030,430
PCP (c)		60	%		375,693		250,460		626,153		889,319		592,879		1,482,198
WP Realty (d)		25	%		32,804		98,410		131,214		32,804		98,411		131,215
Fameco I (e)		40	%		—		143,750		143,750		—		650,197		650,197
Fameco II (f)		40	%		—		142,822		142,822		—		386,717		386,717
Hirshland (g)		40	%		—		146,968		146,968		—		146,968		146,968
Other		50	%		27,399		27,399		54,799		29,186		29,186		58,372
				$	1,656,900	$	1,115,058	$	2,771,958	$	3,375,652	$	2,510,443	$	5,886,095
Managed Unconsolidated
RioCan (h)		80	%	$	193,722	$	41,545	$	235,267	$	193,722	$	41,545	$	235,267

Consolidated			Three months ended September 30, 2009						Three months ended September 30, 2009
Homburg	80	%	$	1,225,038	$	306,260	$	1,531,298	$	2,431,802	$	607,951	$	3,039,753
PCP (c)	60	%		373,365		248,910		622,276		886,994		591,330		1,478,324
WP Realty (d)	25	%		26,488		79,465		105,953		26,488		79,465		105,953
Fameco I (e)	40	%		—		—		645,967		—		645,967		645,967
Fameco II (f)	40	%		—		—		13,875		—		13,875		13,875
Hirshland (g)	40	%		—		—		114,936		—		114,936		114,936
Other	50	%		36,125		24,125		60,249		30,125		30,125		60,249
			$	1,661,016	$	658,759	$	2,319,776	$	3,375,409	$	2,083,648	$	5,459,057

Consolidated			Three months ended June 30, 2009						Three months ended June 30, 2009
Homburg	80	%	$	1,217,362	$	304,341	$	1,521,703	$	2,414,617	$	603,654	$	3,018,271
PCP (c)	60	%		364,023		242,682		606,706		872,134		581,423		1,453,557
WP Realty (d)	25	%		20,680		62,041		82,721		20,680		62,041		82,721
Fameco I (e)	40	%		—		—		—		—		—		—
Fameco II (f)	40	%		—		—		—		—		—		—
Hirshland (g)	40	%		—		—		111,290		—		111,290		111,290
Other	50	%		35,491		23,491		58,982		29,491		29,491		58,982
			$	1,637,557	$	632,555	$	2,381,402	$	3,336,922	$	1,387,899	$	4,724,821

Consolidated			Three months ended March 31, 2009									Three months ended March 31, 2009
Homburg	80	%	$	1,245,485		$	311,372		$	1,556,857		$	2,433,423	$	608,356	$	3,041,779
PCP (c)	60	%		(480,269	)		(320,179	)		(800,448	)		592,799		395,199		987,998
WP Realty (d)	25	%		30,019			90,056			120,075			30,019		90,056		120,074
Fameco I (e)	40	%		—			—			—			—		—		—
Fameco II (f)	40	%		—			—			—			—		—		—
Hirshland (g)	40	%		—			—			—			—		—		—
Other	50	%		36,342			25,138			61,480			30,740		30,740		61,480
			$	831,577		$	106,387		$	937,964		$	3,086,981	$	1,124,351	$	4,211,331

Consolidated			Three months ended December 31, 2008									Three months ended December 31, 2008
Homburg	80	%	$	1,589,848		$	397,462		$	1,987,310		$	2,807,003	$	701,751	$	3,508,754
WP Realty (d)	25	%		68,111			204,334			272,445			63,839		191,518		255,357
Fameco I (e)	40	%		—			—			—			—		—		—
Fameco II (f)	40	%		(89,644	)		(134,465	)		(224,109	)		—		—		—
Hirshland (g)	40	%		—			—			—			—		—		—
			$	1,568,315		$	467,331		$	2,035,646		$	2,870,842	$	893,269	$	3,764,111

31

CEDAR SHOPPING CENTERS, INC.
Joint Venture Properties Managed by Cedar

Notes:

(a)	The Partners’ and Cedar’s respective shares of equity, net income and FFO, as presented, differ from amounts calculated using the stated ownership percentages because of non-proportionate initial investments (per the respective joint venture agreements). Equity also includes net receivable/payable balances on open account between joint ventures and wholly-owned entities.
(b)	Includes limited partners’ share. Cedar’s equity in the Homburg joint venture includes the excess of the jont venture partner’s contribution over the underlying net book value of the properties owned prior to their contribution to the joint venture in December 2007.
(c)	Cedar has a 40% interest in two joint ventures formed for the acquisitions of New London Mall and San Souci Plaza in January and Febnruary 2009, respectively. The loss reflected during the three months ended March 31, 2009 includes the expensing of acquisition transaction costs.
(d)	Cedar has a 75% interest in a consolidated joint venture formed for the redevelopment/retenanting of a shopping center (Columbia Mall) in Bloombsburg, PA.
(e)	Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of a shopping center (Upland Square) in Pottsgrove, PA, and is to receive a preferred rate of return on its investment, if earned.
(f)	Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of ashopping center (Crossroads II) in Stroudsburg, PA, and is to receive a preferred rate of return on its investment, if earned.
(g)	Cedar has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of a shopping center (Heritage Crossing) in Limerick, PA and is to receive a preferred rate of return on its investment, if earned.
(h)	Cedar has a 20% interest in an unconsolidated joint venture formed for the acquisition of seven properties, which the Company continues to manage. The balances at December 31, 2009 represent the assets and liabilities of the two properties transferred prior to that date (the five other properties are expected to be transferred during the first half of 2010); the revenues, expenses and FFO for these two properties represent their results of operations subsquent to the their transfer to the joint venture.
(i)	Non-operating income and expense consists principally of interest expense and amortization of financing costs.

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