CEDAR REALTY TRUST, INC. - FORM 8-K - EX-99.2

Attached files

file	filename
8-K - FORM 8-K - CEDAR REALTY TRUST, INC.	w76054e8vk.htm
EX-99.1 - EX-99.1 - CEDAR REALTY TRUST, INC.	w76054exv99w1.htm

Exhibit 99.2

CEDAR SHOPPING CENTERS, INC.

Supplemental Financial Information

September 30, 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
September 30, 2009
(unaudited)

TABLE OF CONTENTS


Disclosures			3-4
Summary Financial Data			5-6
Consolidated Balance Sheets			7
Consolidated Net Operating Income			8
Funds From Operations (“FFO”), Funds Available For Distribution (“FAD”) and Other Financial Information			9
Consolidated Statements of Cash Flows			10
Same Property Analysis			11
Leasing Activity and Occupancy Statistics			12
Tenant and State Concentration			13
Lease Expirations			14
Properties:
Description			15-20
Carrying Values, Percent Occupied and Base Rent Per Leased Sq. Ft			21-24
Status of Development Projects			25
Debt Summary			26-28
Consolidated Joint Venture Properties			29-32

CEDAR SHOPPING CENTERS, INC.
Supplemental Financial Information
September 30, 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; 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 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, 2008 and Form 10-Q for the quarter ended September 30, 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 September 30, 2009, the Company owned a 95.7% economic interest in, and is the sole general partner of, the Operating Partnership. The limited partners’ interest in the Operating Partnership is evidenced by Operating Partnership Units (“OP Units”), which are economically equivalent to shares of the Company’s common stock and convertible into shares of the Company’s common stock at the option of the holders on a one-for-one basis. With respect to its 13 consolidated operating joint ventures, the Company has general partnership interests of 20% in nine properties, 40% in two properties, 50% in one property and 75% in one property. As the Company is the sole general partner and exercises substantial operating control over these entities, the Company has determined that such entities should be included in the consolidated financial statements. The Company’s three 60%-owned joint ventures for development projects in Limerick, Pottsgrove and Stroudsburg, Pennsylvania, are consolidated as they are deemed to be variable interest entities and the Company is the primary income or loss beneficiary in each case. In addition, the Company has a 76.3% interest in an unconsolidated joint venture which owns a single-tenant office property, in Philadelphia, Pennsylvania.

On January 1, 2009, the Company adopted the updated accounting guidance related to noncontrolling interests in consolidated financial statements, which clarifies that a noncontrolling interest in a subsidiary (minority interests or certain limited partners’ interest, in the case of the Company), subject to the classification and measurement of redeemable securities, is an ownership interest in a consolidated entity which should be reported as equity in the parent company’s consolidated financial statements. As required by this updated guidance, the Company has reclassified, for all periods presented, the balances related to minority interests in consolidated joint ventures and limited partners’ interest in the Operating Partnership into the consolidated equity accounts, as appropriate (the applicable portion of those OP Units as to which the holders have certain stock registration rights has remained in the mezzanine section of the consolidated balance sheet).

On April 23, 2009, July 2, 2009 and August 20, 2009, respectively, the Company sold its 6,000 sq. ft. McDonalds/Waffle House property, located in Medina, Ohio, its 10,000 sq. ft. CVS property located in Westfield, New York and its 24,000 sq. ft. Staples property, located in Oswego, New York. For all periods presented, the carrying values of the assets of these properties, principally the net book value of the real estate and the related mortgage loan 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 income.

Use of Funds From Operations (“FFO”) and Funds Available for Distribution (“FAD”) as Non-GAAP Financial Measures

Funds From Operations (“FFO”) and Funds Available for Distribution (“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 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 and FAD, along with GAAP net income, when trying to understand an equity REIT’s operating performance. The Company presents FFO 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/FAD or an adjusted FFO/FAD-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 FAD 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 to include routine capital expenditures and scheduled debt amortization payments.

FFO 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 and FAD are not indicative of cash available to fund ongoing cash needs, including the ability to make cash distributions. Although FFO 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 and FAD may vary from one company to another.

CEDAR SHOPPING CENTERS, INC.
Summary Financial Data


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2009			2009			2009			2008			2008

Equity market capitalization (end of period):
8-7/8% Series A Cumulative Redeemable Preferred Stock shares outstanding		3,550,000			3,550,000			3,550,000			3,550,000			3,550,000
Closing market price	$	20.40		$	15.99		$	8.58		$	13.88		$	22.00

Common shares outstanding		45,084,354			45,062,172			45,062,472			44,468,287			44,488,703
OP Units outstanding		2,009,806			2,017,451			2,017,451			2,017,451			2,018,537
Closing market price	$	6.45		$	4.52		$	1.74		$	7.08		$	13.22

Equity market capitalization	$	376,177,000		$	269,564,000		$	112,378,000		$	378,393,000		$	692,926,000
Pro rata share of outstanding debt		1,002,878,000			997,177,000			978,716,000			925,353,000			869,182,000

Total market capitalization	$	1,379,055,000		$	1,266,741,000		$	1,091,094,000		$	1,303,746,000		$	1,562,108,000


Ratio of pro rata share of outstanding debt to total market capitalization		72.7	%		78.7	%		89.7	%		71.0	%		55.6	%


Financial statement capitalization (end of period):
Limited partners’ interest in Operating Partnership	$	23,765,000		$	23,707,000		$	23,560,000		$	23,546,000		$	24,162,000
Cedar Shopping Centers, Inc. shareholders’ equity		528,846,000			527,616,000			524,349,000			524,027,000			537,738,000

		552,611,000			551,323,000			547,909,000			547,573,000			561,900,000
Pro rata share of total debt		1,002,878,000			997,177,000			978,716,000			925,353,000			869,182,000

Total financial statement capitalization	$	1,555,489,000		$	1,548,500,000		$	1,526,625,000		$	1,472,926,000		$	1,431,082,000


Ratio of pro rata share of outstanding debt to total financial statement capitalization		64.5	%		64.4	%		64.1	%		62.8	%		60.7	%


	Three months ended
	Sep 30, 2009			Jun 30, 2009			Mar 31, 2009			Dec 31, 2008			Sep 30, 2008

Total revenues	$	45,850,000		$	44,776,000		$	46,687,000		$	44,419,000		$	43,131,000
Net income (loss) attributable to Cedar Shopping Centers, Inc. common shareholders	$	1,447,000		$	(316,000	)	$	3,999,000		$	2,885,000		$	3,277,000
Per common share (basic and diluted):
Continuing operations	$	0.04		$	(0.01	)	$	0.09		$	0.06		$	0.07
Discontinued operations		(0.01	)		—			—			—			—

	$	0.03		$	(0.01	)	$	0.09		$	0.06		$	0.07

Dividends to common shareholders	$	—		$	—		$	5,046,000		$	10,010,000		$	10,010,000
Per common share	$	—		$	—		$	0.1125		$	0.2250		$	0.2250
FFO	$	12,967,000		$	10,752,000		$	15,484,000		$	14,285,000		$	14,440,000
Per common share/OP unit (basic and diluted)	$	0.28		$	0.23		$	0.33		$	0.31		$	0.31

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		45,066,000			45,062,000			44,880,000			44,489,000			44,488,000
Additional shares for conversion of OP Units (basic)		2,014,000			2,018,000			2,017,000			2,018,000			2,019,000

Shares used in determination of FFO per share (basic)		47,080,000			47,080,000			46,897,000			46,507,000			46,507,000


Shares used in determination of diluted earnings per share		45,066,000			45,062,000			44,880,000			44,489,000			44,490,000
Additional shares for conversion of OP Units (diluted)		2,014,000			2,018,000			2,017,000			2,018,000			2,020,000

Shares used in determination of FFO per share (diluted)		47,080,000			47,080,000			46,897,000			46,507,000			46,510,000

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


	Nine months ended Sep 30,
	2009			2008

Total revenues	$	137,207,000		$	129,288,000
Net income attributable to common shareholders	$	5,130,000		$	7,613,000
Per common share (basic and diluted):
Continuing operations	$	0.12		$	0.17
Discontinued operations	$	(0.01	)	$	—

	$	0.11		$	0.17


Dividends to common shareholders	$	5,046,000		$	30,017,000
Per common share	$	0.1125		$	0.6750
FFO	$	39,203,000		$	42,574,000
Per common share/OP unit (basic and diluted)	$	0.83		$	0.92

Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		45,003,000			44,470,000
Additional shares for conversion of OP Units (basic)		2,016,000			2,026,000

Shares used in determination of FFO per share (basic)		47,019,000			46,496,000


Shares used in determination of diluted earnings per share		45,003,000			44,472,000
Additional shares for conversion of OP Units (diluted)		2,016,000			2,026,000

		47,019,000			46,498,000


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2009			2009			2009			2008			2008

Real estate, net	$	1,734,704,000		$	1,722,186,000		$	1,710,283,000		$	1,629,176,000		$	1,565,360,000
Real estate held for sale		2,270,000			7,098,000			8,197,000			8,230,000			8,709,000
Investment in unconsolidated joint venture		5,412,000			5,352,000			5,385,000			4,976,000			4,902,000
Other assets		92,763,000			93,046,000			93,952,000			84,746,000			91,166,000

Total assets	$	1,835,149,000		$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000


Total debt	$	1,118,955,000		$	1,111,272,000		$	1,093,030,000		$	1,011,190,000		$	955,258,000
Mortgage loan payable — real estate held for sale		—			2,264,000			2,274,000			2,283,000			2,293,000
Other liabilities		95,047,000			94,567,000			104,932,000			107,932,000			91,894,000
Limited partners’ interest in Operating Partnership		14,458,000			14,368,000			14,279,000			14,271,000			14,636,000
Equity		606,689,000			605,211,000			603,302,000			591,452,000			606,056,000

Total liabilities and equity	$	1,835,149,000		$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000


Fixed-rate mortgages	$	716,964,000		$	719,193,000		$	697,924,000		$	653,398,000		$	639,206,000
Variable-rate mortgages		78,512,000			71,154,000			58,181,000			53,302,000			41,362,000

Total mortgages		795,476,000			790,347,000			756,105,000			706,700,000			680,568,000
Secured revolving credit facilities		323,479,000			320,925,000			336,925,000			304,490,000			274,690,000

Total debt	$	1,118,955,000		$	1,111,272,000		$	1,093,030,000		$	1,011,190,000		$	955,258,000

Pro rata share of total debt	$	1,002,878,000		$	997,177,000		$	978,716,000		$	925,353,000		$	869,182,000

Weighted average interest rates:
Fixed-rate mortgages		5.8	%		5.8	%		5.8	%		5.8	%		5.7	%
Variable-rate mortgages		3.4	%		3.6	%		3.9	%		4.4	%		5.4	%
Total mortgages		5.6	%		5.6	%		5.6	%		5.7	%		5.7	%
Secured variable-rate revolving credit facilities		1.8	%		1.8	%		2.0	%		2.8	%		4.1	%
Total debt		4.5	%		4.5	%		4.5	%		4.8	%		5.2	%

CEDAR SHOPPING CENTERS, INC.
Consolidated Balance Sheets


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2009			2009			2009			2008			2008

Assets:
Real estate:
Land	$	393,757,000		$	393,594,000		$	392,498,000		$	378,069,000		$	366,122,000
Buildings and improvements		1,521,992,000			1,497,972,000			1,475,566,000			1,397,508,000			1,334,508,000

		1,915,749,000			1,891,566,000			1,868,064,000			1,775,577,000			1,700,630,000
Less accumulated depreciation		(181,045,000	)		(169,380,000	)		(157,781,000	)		(146,401,000	)		(135,270,000	)

Real estate, net		1,734,704,000			1,722,186,000			1,710,283,000			1,629,176,000			1,565,360,000

Real estate held for sale		2,270,000			7,098,000			8,197,000			8,230,000			8,709,000
Investment in unconsolidated joint venture		5,412,000			5,352,000			5,385,000			4,976,000			4,902,000

Cash and cash equivalents		9,526,000			15,711,000			14,327,000			8,231,000			9,950,000
Restricted cash		14,104,000			15,643,000			13,877,000			14,004,000			14,015,000
Receivables:
Rents and other receivables, net		8,156,000			7,176,000			8,125,000			5,818,000			7,861,000
Straight-line rents receivable		16,328,000			15,456,000			14,926,000			14,297,000			13,558,000
Other assets		11,286,000			5,892,000			9,851,000			9,403,000			12,660,000
Deferred charges, net:
Lease origination costs		19,897,000			19,219,000			19,963,000			19,348,000			19,377,000
Financing costs		11,560,000			12,116,000			10,611,000			11,150,000			11,059,000
Other		1,906,000			1,833,000			2,272,000			2,495,000			2,686,000

Total assets	$	1,835,149,000		$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000


Liabilities and equity:
Mortgage loans payable	$	795,476,000		$	790,347,000		$	756,105,000		$	706,700,000		$	680,568,000
Mortgage loan payable — real estate held for sale		—			2,264,000			2,274,000			2,283,000			2,293,000
Secured revolving credit facilities		323,479,000			320,925,000			336,925,000			304,490,000			274,690,000
Accounts payable and accrued expenses		23,201,000			21,232,000			23,358,000			25,478,000			14,338,000
Tenant prepayments and security deposits		10,291,000			8,888,000			10,718,000			10,480,000			9,500,000
Accrued interest rate swap liabilities		7,526,000			6,468,000			9,623,000			10,590,000			2,807,000
Unamortized intangible lease liabilities		54,029,000			57,979,000			61,233,000			61,384,000			65,249,000

Total liabilities		1,214,002,000			1,208,103,000			1,200,236,000			1,121,405,000			1,049,445,000


Limited partners’ interest in Operating Partnership		14,458,000			14,368,000			14,279,000			14,271,000			14,636,000

Equity:
Cedar Shopping Centers, Inc. shareholders’ equity		528,846,000			527,616,000			524,349,000			524,027,000			537,738,000
Noncontrolling interests		77,843,000			77,595,000			78,953,000			67,425,000			68,318,000

Total equity		606,689,000			605,211,000			603,302,000			591,452,000			606,056,000

Total liabilities and equity	$	1,835,149,000		$	1,827,682,000		$	1,817,817,000		$	1,727,128,000		$	1,670,137,000

CEDAR SHOPPING CENTERS, INC.
Consolidated Net Operating Income


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2009			2009			2009			2008			2008

Revenues:
Rents:
Base rents	$	32,501,000		$	32,300,000		$	31,666,000		$	30,702,000		$	30,143,000
Percentage rents		438,000			319,000			216,000			745,000			609,000
Straight-line rents		872,000			537,000			629,000			739,000			654,000
Amortization of intangible lease liabilities		3,950,000			3,254,000			3,416,000			4,032,000			3,473,000

		37,761,000			36,410,000			35,927,000			36,218,000			34,879,000
Expense recoveries		7,942,000			8,219,000			10,498,000			7,881,000			7,741,000
Other		147,000			41,000			262,000			320,000			511,000

		45,850,000			44,670,000			46,687,000			44,419,000			43,131,000


Expenses:
Operating, maintenance and management		8,452,000			7,768,000			9,287,000			7,532,000			6,963,000
Real estate and other property- related taxes		5,324,000			5,385,000			5,314,000			5,165,000			4,939,000

		13,776,000			13,153,000			14,601,000			12,697,000			11,902,000


Net operating income		32,074,000			31,517,000			32,086,000			31,722,000			31,229,000

Other income (expense):
General and administrative		(2,521,000	)		(2,853,000	)		(1,439,000	)		(1,425,000	)		(2,649,000	)
Terminated projects and acquisition transaction costs		—			(2,423,000	)		(1,525,000	)		(848,000	)		(5,000	)
Depreciation and amortization		(12,730,000	)		(12,620,000	)		(12,355,000	)		(12,227,000	)		(11,951,000	)
Interest expense		(13,126,000	)		(12,531,000	)		(12,060,000	)		(13,119,000	)		(12,449,000	)
Amortization of deferred financing costs		(1,377,000	)		(1,253,000	)		(1,022,000	)		(958,000	)		(800,000	)
Capitalization of interest expense and financing costs		1,775,000			1,698,000			1,521,000			2,058,000			2,038,000
Interest income		10,000			4,000			14,000			14,000			35,000
Equity in income of unconsolidated joint venture		260,000			283,000			259,000			274,000			310,000
Gain on sale of land parcel		—			(3,000	)		239,000			—			—


Income before discontinued operations		4,365,000			1,819,000			5,718,000			5,491,000			5,758,000

(Loss) income from discontinued operations		(551,000	)		(132,000	)		61,000			51,000			48,000
Gain on sale of discontinued operations		—			277,000			—			—			—


Total discontinued operations		(551,000	)		145,000			61,000			51,000			48,000


Net income		3,814,000			1,964,000			5,779,000			5,542,000			5,806,000

Less, net (income) loss attributable to noncontrolling interests:
Minority interests in consolidated joint ventures		(332,000	)		(309,000	)		354,000			(557,000	)		(412,000	)
Limited partners’ interest in consolidated OP		(66,000	)		13,000			(180,000	)		(130,000	)		(148,000	)

Total net (income) loss attributable to noncontrolling interests		(398,000	)		(296,000	)		174,000			(687,000	)		(560,000	)

Net income attributable to Cedar Shopping Centers, Inc.		3,416,000			1,668,000			5,953,000			4,855,000			5,246,000

Preferred distribution requirements		(1,969,000	)		(1,984,000	)		(1,954,000	)		(1,970,000	)		(1,969,000	)


Net income (loss) attributable to common shareholders	$	1,447,000		$	(316,000	)	$	3,999,000		$	2,885,000		$	3,277,000


Net operating income/Revenues		70	%		71	%		69	%		71	%		72	%
Expense recovery percentage (a)		73	%		75	%		78	%		72	%		75	%


(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 $1,227,000, $971,000, $582,000, $821,000 and $412,000, respectively, and (ii) unallocated property and construction management compensation and benefits (including stock-based compensation).

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


	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2009			2,009			2009			2008			2008

Net income (loss) attributable to the Company’s common shareholders	$	1,447,000		$	(316,000	)	$	3,999,000		$	2,885,000		$	3,277,000
Add (deduct):
Real estate depreciation and amortization		12,671,000			12,593,000			12,391,000			12,200,000			11,921,000
Noncontrolling interests:
Limited partners’ interest		66,000			(13,000	)		180,000			130,000			148,000
Minority interests in consolidated joint ventures		332,000			309,000			(354,000	)		557,000			412,000
Minority interests’ share of FFO applicable to consolidated joint ventures		(1,661,000	)		(1,638,000	)		(832,000	)		(1,568,000	)		(1,368,000	)
Gain on sale of discontinued operations		—			(277,000	)		—			—			—
Equity in income of unconsolidated joint venture		(260,000	)		(283,000	)		(259,000	)		(274,000	)		(310,000	)
FFO from unconsolidated joint venture		377,000			377,000			359,000			355,000			360,000

Funds From Operations (“FFO”)		12,972,000			10,752,000			15,484,000			14,285,000			14,440,000

Add (deduct) the pro rata share of:
Straight-line rents		(697,000	)		(363,000	)		(452,000	)		(556,000	)		(501,000	)
Amortization of intangible lease liabilities		(3,797,000	)		(3,098,000	)		(3,285,000	)		(3,441,000	)		(3,349,000	)
Non-real estate amortization		970,000			846,000			613,000			607,000			477,000
Stock-based compensation charged (credited) to operations		1,368,000			1,281,000			(936,000	)		(1,139,000	)		897,000
Capital expenditures, tenant improvements, and leasing commissions — second generation (a)		(2,320,000	)		(1,576,000	)		(1,057,000	)		(1,484,000	)		(1,089,000	)
Impairment charges related to discontinued operations		552,000			170,000			—			—			—
Terminated projects and acquisition transaction costs (b)		—			2,423,000			761,000			848,000			5,000
Scheduled debt amortization payments — carrying value amounts		(1,934,000	)		(1,820,000	)		(1,875,000	)		(1,921,000	)		(1,877,000	)

Funds Available for Distribution (“FAD”)	$	7,114,000		$	8,615,000		$	9,253,000		$	7,199,000		$	9,003,000


FFO per common share, assuming OP Unit conversion:
Basic	$	0.28		$	0.23		$	0.33		$	0.31		$	0.31

Diluted	$	0.28		$	0.23		$	0.33		$	0.31		$	0.31


FAD per common share, assuming OP Unit conversion:
Basic	$	0.15		$	0.18		$	0.20		$	0.15		$	0.19

Diluted	$	0.15		$	0.18		$	0.20		$	0.15		$	0.19


Weighted average number of common shares outstanding:
Shares used in determination of basic earnings per share		45,066,000			45,062,000			44,880,000			44,489,000			44,488,000
Additional shares assuming conversion of OP Units (basic)		2,014,000			2,018,000			2,017,000			2,018,000			2,019,000

Shares used in determination of FFO per share (basic)		47,080,000			47,080,000			46,897,000			46,507,000			46,507,000


Shares used in determination of diluted earnings per share		45,066,000			45,062,000			44,880,000			44,489,000			44,490,000
Additional shares assuming conversion of OP Units (diluted)		2,014,000			2,018,000			2,017,000			2,018,000			2,020,000

Shares used in determination of FFO per share (diluted)		47,080,000			47,080,000			46,897,000			46,507,000			46,510,000


Other Financial Information (Pro Rata Share):
Capital expenditures, tenant improvements, and leasing commissions — first generation (c)	$	15,647,000		$	16,685,000		$	16,040,000		$	37,877,000		$	20,360,000

Capitalized interest and financing costs	$	1,775,000		$	1,698,000		$	1,521,000		$	2,058,000		$	2,038,000

Scheduled debt amortization payments — stated contract amounts	$	1,706,000		$	1,670,000		$	1,726,000		$	1,787,000		$	1,678,000


	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
	2009		2009		2009		2008		2008


Projects under development, land held for future expansion and development, and other real estate out of service (at cost)(d)	$	183,434,000	$	220,290,000	$	199,010,000	$	185,837,000	$	147,797,000


(a)		Second generation refers to expenditures related to stabilized properties.

(b)		The March 31, 2009 amount reflects the expensing of acquisition transaction costs of approximately $1,273,000 of which the minority interest partners share was approximately $764,000.

(c)		First generation refers to expenditures related to development/redevelopment and expansion properties.

(d)		Real estate out of service includes the applicable portions of development/redevelopment and expansion properties.

CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Cash Flows


	Three months ended
	Sep 30,			Jun 30,			Mar 31			Dec 31			Sep 30
	2009			2009			2009			2008			2008


Cash flow from operating activities:
Net income	$	3,814,000		$	1,964,000		$	5,779,000		$	5,542,000		$	5,806,000
Adjustments to reconcile net income to net cash provided by operating activities:
Non-cash provisions:
Equity in income of unconsolidated joint venture		(260,000	)		(282,000	)		(259,000	)		(274,000	)		(310,000	)
Distributions from unconsolidated joint venture		200,000			315,000			200,000			200,000			200,000
Terminated projects and acquisition transaction costs		551,000			2,588,000			—			—			—
Gain on sales of real estate		—			(277,000	)		(236,000	)		—			—
Straight-line rents receivable		(872,000	)		(536,000	)		(640,000	)		(740,000	)		(655,000	)
Depreciation and amortization		12,744,000			12,651,000			12,400,000			12,270,000			11,996,000
Amortization of intangible lease liabilities		(3,950,000	)		(3,254,000	)		(3,416,000	)		(4,032,000	)		(3,473,000	)
Amortization/market price adjustments relating to stock-based compensation		1,367,000			1,282,000			(936,000	)		(1,139,000	)		897,000
Amortization of deferred financing costs		946,000			827,000			637,000			563,000			428,000
Increases/decreases in operating assets and liabilities:
Rents and other receivables, net		(980,000	)		949,000			(2,307,000	)		2,043,000			(941,000	)
Prepaid expenses and other		(6,227,000	)		2,451,000			(942,000	)		3,188,000			(3,302,000	)
Accounts payable and accrued expenses		1,848,000			(2,500,000	)		(1,446,000	)		2,288,000			938,000

Net cash provided by operating activities		9,181,000			16,178,000			8,834,000			19,909,000			11,584,000


Cash flow from investing activities:
Expenditures for real estate and improvements		(22,713,000	)		(27,611,000	)		(35,725,000	)		(60,410,000	)		(20,562,000	)
Net proceeds from the sales of real estate		2,002,000			1,175,000			305,000			—			—
Investment in unconsolidated joint venture		—			—			(350,000	)		—			(3,000	)
Construction escrows and other		83,000			(587,000	)		(397,000	)		(210,000	)		544,000

Net cash (used in) investing activities		(20,628,000	)		(27,023,000	)		(36,167,000	)		(60,620,000	)		(20,021,000	)


Cash flow from financing activities:
Net advances (repayments) from revolving lines of credit		2,554,000			(16,000,000	)		32,435,000			29,800,000			20,300,000
Proceeds from mortgage financings		7,357,000			36,231,000			8,000,000			25,791,000			53,385,000
Mortgage repayments		(2,234,000	)		(1,999,000	)		(11,520,000	)		(2,477,000	)		(50,782,000	)
Net payments of deferred financing costs		(394,000	)		(2,328,000	)		(101,000	)		(650,000	)		(2,524,000	)
Noncontrolling interests:
Contributions from consolidated joint venture minority interests, net		—			355,000			11,857,000			2,123,000			(9,000	)
Distributions to consolidated joint venture minority interests		(52,000	)		(2,061,000	)		—			(3,161,000	)		—
Distributions to limited partners		—			—			(227,000	)		(454,000	)		(455,000	)
Preferred stock distributions		(1,969,000	)		(1,969,000	)		(1,969,000	)		(1,970,000	)		(1,969,000	)
Distributions to common shareholders		—			—			(5,046,000	)		(10,010,000	)		(10,010,000	)


Net cash provided by financing activities		5,262,000			12,229,000			33,429,000			38,992,000			7,936,000


Net (decrease) increase in cash and cash equivalents		(6,185,000	)		1,384,000			6,096,000			(1,719,000	)		(501,000	)
Cash and cash equivalents at beginning of period		15,711,000			14,327,000			8,231,000			9,950,000			10,451,000

Cash and cash equivalents at end of period	$	9,526,000		$	15,711,000		$	14,327,000		$	8,231,000		$	9,950,000

CEDAR SHOPPING CENTERS, INC.
Same Property Analysis


	Three months ended Sep 30,						Nine months ended Sep 30,
	2009			2008			2009			2008


The number of properties that were owned throughout each of the comparative periods		111			111			109			109


Revenues:
Rents:
Base rents	$	27,553,000		$	27,708,000		$	81,826,000		$	81,918,000
Percentage rents		399,000			575,000			948,000			1,005,000
Straight-line rents		476,000			598,000			1,310,000			1,850,000
Amortization of intangible lease liabilities		3,535,000			3,039,000			9,154,000			9,033,000

		31,963,000			31,920,000			93,238,000			93,806,000
Expense recoveries (a)		6,652,000			6,867,000			22,550,000			21,672,000
Other		101,000			484,000			329,000			847,000

Total revenues		38,716,000			39,271,000			116,117,000			116,325,000


Operating expenses (a):
Operating, maintenance and management		5,600,000			5,493,000			18,854,000			17,669,000
Real estate and other property-related taxes		4,426,000			4,234,000			13,349,000			12,101,000

Total expenses		10,026,000			9,727,000			32,203,000			29,770,000


Net operating income	$	28,690,000		$	29,544,000		$	83,914,000		$	86,555,000


Increase/(decrease) period over period
Revenues:
Rents:
Base rents	$	(155,000	)		-0.6	%	$	(92,000	)		-0.1	%
Percentage rents		(176,000	)		-30.6	%		(57,000	)		-5.7	%
Straight-line rents		(122,000	)		-20.4	%		(540,000	)		-29.2	%
Amortization of intangible lease liabilities		496,000			16.3	%		121,000			1.3	%

		43,000			0.1	%		(568,000	)		-0.6	%
Expense recoveries		(215,000	)		-3.1	%		878,000			4.1	%
Other		(383,000	)		-79.1	%		(518,000	)		-61.2	%

Total revenues		(555,000	)		-1.4	%		(208,000	)		-0.2	%


Expenses:
Operating, maintenance and management		107,000			1.9	%		1,185,000			6.7	%
Real estate and other property-related taxes		192,000			4.5	%		1,248,000			10.3	%

Total expenses		299,000			3.1	%		2,433,000			8.2	%


Net operating income	$	(854,000	)		-2.9	%	$	(2,641,000	)		-3.1	%


Percent occupied at end of period		92.2	%		92.1	%		92.1	%		92.1	%


Expense recovery percentage (a)		76.0	%		76.2	%		77.8	%		78.0	%


(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 non-recoverable expenses, principally the net provision for doubtful accounts in the amounts of $1,041,000 and $396,000, respectively for the three months ended September 30, 2009 and 2008 and $2,402,000 and $1,015,000, respectively for the nine months ended September 30, 2009 and 2008.

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


	Three months ended
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
	2009			2009			2009			2008			2008


Renewals

Number of leases		41			42			38			61			27
Aggregate square feet		202,000			329,000			200,000			321,000			84,000
Average square feet		4,927			7,833			5,263			5,262			3,111
Average expiring base rent psf	$	8.14		$	7.33		$	10.67		$	11.87		$	15.63
Average new base rent psf	$	8.71		$	8.08		$	11.04		$	13.19		$	17.23
% increase in base rent		7.0	%		10.2	%		3.4	%		11.1	%		10.2	%

New leases

Number of leases		26			14			19			20			22
Aggregate square feet		409,000			76,000			95,000			67,000			94,000
Average square feet		15,731			5,429			5,000			3,350			4,273
Average new base rent psf	$	17.24		$	14.66		$	10.06		$	13.42		$	17.59

Terminated leases (c)

Number of leases		13			18			19			18			16
Aggregate square feet		198,000			49,000			90,000			52,000			49,000
Average square feet		15,231			2,722			4,737			2,889			3,063
Average old base rent psf	$	4.02		$	14.59		$	12.12		$	13.34		$	14.25


	As of
	Sep 30,			Jun 30,			Mar 31,			Dec 31,			Sep 30,
Occupancy statistics	2009			2009			2009			2008			2008

Stabilized properties:
Wholly-owned		94	%		95	%		95	%		95	%		95	%
Consolidated joint ventures		97	%		97	%		96	%		97	%		98	%

Total stabilized properties		95	%		95	%		95	%		95	%		96	%


Redevelopment and retenanting properties		76	%		67	%		65	%		65	%		66	%


Total operating portfolio (d)		92	%		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, as in premises in low-density population areas, as compared to premises in major urban or suburban areas.

(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)		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.

(d)		Excludes ground-up development properties.

CEDAR SHOPPING CENTERS, INC.
Tenant And State Concentration
As of September 30, 2009


	Number									Annualized		Percentage
	of							Annualized		base rent		annualized
Tenant	stores		GLA		% of GLA			base rent		per sq ft		base rents

Top ten tenants (a):
Giant Foods (b)		21		1,316,000		10.1	%	$	20,581,000	$	15.64		15.1	%
Discount Drug Mart		18		454,000		3.5	%		4,278,000		9.42		3.1	%
Farm Fresh (b)		6		364,000		2.8	%		3,914,000		10.75		2.9	%
Stop & Shop (b)		5		325,000		2.5	%		3,494,000		10.75		2.6	%
Shaw’s (b)		4		241,000		1.8	%		2,716,000		11.27		2.0	%
LA Fitness		4		168,000		1.3	%		2,422,000		14.42		1.8	%
CVS		10		113,000		0.9	%		2,326,000		20.58		1.7	%
Food Lion (b)		7		243,000		1.9	%		1,921,000		7.91		1.4	%
Staples		6		127,000		1.0	%		1,805,000		14.21		1.3	%
Burlington Coat Factory		2		118,000		0.9	%		1,599,000		13.55		1.2	%

Sub-total top ten tenants		83		3,469,000		26.5	%		45,056,000		12.99		33.1	%

Remaining tenants		1,193		8,388,000		64.1	%		90,963,000		10.84		66.9	%

Sub-total all tenants (c)		1,276		11,857,000		90.6	%		136,019,000	$	11.47		100.0	%

Vacant space (d)		n/a		1,231,000		9.4	%		n/a		n/a		n/a

Total (including vacant space)		1,276		13,088,000		100.0	%	$	136,019,000	$	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.


Total Revenues By State	Three months ended
	Sep 30,		Jun 30,		Mar 31,		Dec 31,		Sep 30,
State	2009		2009		2009		2008		2008

Pennsylvania	$	20,689,000	$	19,944,000	$	20,881,000	$	20,990,000	$	20,703,000
Massachusetts		5,668,000		5,748,000		6,403,000		5,908,000		5,804,000
Connecticut		5,852,000		5,046,000		4,934,000		3,866,000		3,762,000
Ohio		3,102,000		3,292,000		3,386,000		3,198,000		3,182,000
Maryland		3,075,000		3,047,000		2,834,000		2,390,000		2,088,000
New Jersey		2,798,000		2,988,000		3,255,000		3,349,000		3,095,000
Virginia		2,797,000		2,731,000		2,996,000		2,821,000		2,598,000
New York		1,421,000		1,442,000		1,535,000		1,514,000		1,462,000
Michigan		448,000		432,000		463,000		383,000		437,000

	$	45,850,000	$	44,670,000	$	46,687,000	$	44,419,000	$	43,131,000

CEDAR SHOPPING CENTERS, INC.
Lease Expirations
As of September 30, 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		63		165,000		1.4	%	$	2,023,000	$	12.26		1.5	%
2009		49		148,000		1.2	%		2,015,000		13.61		1.5	%
2010		194		1,050,000		8.9	%		11,694,000		11.14		8.6	%
2011		178		1,051,000		8.9	%		11,639,000		11.07		8.6	%
2012		168		816,000		6.9	%		9,376,000		11.49		6.9	%
2013		136		752,000		6.3	%		9,298,000		12.36		6.8	%
2014		152		1,439,000		12.1	%		13,380,000		9.30		9.8	%
2015		77		873,000		7.4	%		8,787,000		10.07		6.5	%
2016		41		518,000		4.4	%		5,365,000		10.36		3.9	%
2017		35		484,000		4.1	%		6,189,000		12.79		4.6	%
2018		44		856,000		7.2	%		9,496,000		11.09		7.0	%
2019		37		635,000		5.4	%		7,427,000		11.70		5.5	%
Thereafter		102		3,070,000		25.9	%		39,330,000		12.81		28.9	%


All tenants (a)		1,276		11,857,000		100.0	%		136,019,000		11.47		100.0	%

Vacant space (b)		n/a		1,231,000		n/a			n/a		n/a		n/a


Total portfolio (c)		1,276		13,088,000		n/a		$	136,019,000	$	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 September 30, 2009, the Company had a portfolio of 124 operating properties totaling approximately 13.1 million sq. ft. of GLA, including 107 wholly-owned properties comprising approximately 10.8 million square feet, 13 properties owned in joint venture comprising approximately 1.7 million sq. ft., and four ground-up development properties comprising approximately 0.6 million sq. ft. On an overall basis, excluding the ground-up development properties, the portfolio was approximately 92% leased as of September 30, 2009.

CEDAR SHOPPING CENTERS, INC.
Property Description
As of September 30, 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
Carrollton Discount Drug Mart Plaza	OH	2005	100%	40,480	2000	Discount Drug Mart	25,480	3/31/2016
Centerville Discount Drug Mart Plaza	OH	2005	100%	49,494	2000	Discount Drug Mart	24,012	3/31/2016
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
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
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
Dover Discount Drug Mart Plaza	OH	2005	100%	38,409	2002	Discount Drug Mart	24,516	3/31/2013
East Chestnut	PA	2005	100%	21,180	1996
Elmhurst Square	VA	2006	100%	66,250	1961-1983	Food Lion	38,272	9/30/2011
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	12/31/2009
FirstMerit Bank at Akron	OH	2005	100%	3,200	1996	FirstMerit Bank	3,200	12/31/2011
FirstMerit Bank at Cuyahoga Falls	OH	2006	100%	18,300	1973/2003	FirstMerit Bank	18,300	3/31/2010

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 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
Franklin Village Plaza	MA	2004	100%	304,216	1987/2005	Stop & Shop	75,000	4/30/2026
						Marshalls	26,890	1/31/2014
Gabriel Brothers Plaza	OH	2005	100%	83,740	1970’s/2004	Gabriel Brothers	57,193	5/31/2014
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	5/31/2010
						Staples	24,060	5/31/2012
Groton Shopping Center	CT	2007	100%	117,986	1969	TJ Maxx	30,000	5/31/2011
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
Hudson Discount Drug Mart Plaza	OH	2005	100%	32,259	2000	Discount Drug Mart	32,259	3/31/2017
Jordan Lane	CT	2005	100%	181,730	1969/1991	Stop & Shop	60,632	9/30/2010
						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
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
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

CEDAR SHOPPING CENTERS, INC.

Property Description (Continued)

As of September 30, 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

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
Oakhurst Plaza	PA	2006	100%	111,869	1980/2001	Giant Foods	62,320	1/31/2019
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
Ontario Discount Drug Mart Plaza	OH	2005	100%	38,623	2002	Discount Drug Mart	25,475	3/31/2018
Palmyra Shopping Center	PA	2005	100%	112,108	1960/1995	Weis Markets	46,181	3/31/2010
Pickerington Discount Drug Mart Plaza	OH	2005	100%	47,810	2002	Discount Drug Mart	25,852	3/31/2018
Pine Grove Plaza	NJ	2003	100%	79,306	2001/2002	Peebles	24,963	1/31/2022
Polaris Discount Drug Mart Plaza	OH	2005	100%	50,283	2001	Discount Drug Mart	25,855	3/31/2017
Pondside Plaza	NY	2005	100%	19,500	2003
Port Richmond Village	PA	2001	100%	154,908	1988	Thriftway	40,000	10/31/2013
						Pep Boys	20,615	2/28/2014
Powell Discount Drug Mart Plaza	OH	2005	100%	49,772	2001	Discount Drug Mart	25,852	3/31/2018
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
Shaw’s Plaza	MA	2006	100%	176,609	1968/1998	Shaw’s	60,748	2/28/2023
						Marshall’s	25,752	1/31/2013
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	1/31/2010
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

CEDAR SHOPPING CENTERS, INC.

Property Description (Continued)

As of September 30, 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

Stadium Plaza	MI	2005	100%	77,688	1960’s/2003	A&P	54,650	8/31/2022
Stop & Shop Plaza	CT	2008	100%	54,510	2006	Stop & Shop	54,510	11/30/2026
Suffolk Plaza	VA	2005	100%	67,216	1984	Farm Fresh	67,216	1/31/2014
Sunset Crossing	PA	2003	100%	74,142	2002	Giant Foods	54,332	6/30/2022
Swede Square	PA	2003	100%	98,792	1980/2004	LA Fitness	37,200	6/30/2016
The Brickyard	CT	2004	100%	274,553	1990	Sam’s Club	109,755	1/31/2010
						Home Depot	103,003	1/31/2010
						Syms	38,000	3/31/2010
The Commons	PA	2004	100%	175,121	2003	Elder Beerman	54,500	1/31/2017
						Shop’n Save	52,654	10/7/2015
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	1/25/2010
						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	12/31/2009
						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	2/28/2010
Ukrop’s at Fredericksburg	VA	2005	100%	63,000	1997	Ukrop’s Supermarket	63,000	8/4/2017
Ukrop’s at Glen Allen	VA	2005	100%	43,000	2000	Ukrop’s Supermarket	43,000	2/15/2010
Valley Plaza	MD	2003	100%	190,939	1975/1994	K-Mart	95,810	9/30/2014
						Ollie’s Bargain Outlet	41,888	3/31/2011
						Tractor Supply	32,095	5/31/2010
Virginia Center Commons	VA	2005	100%	9,763	2002
Virginia Little Creek	VA	2005	100%	69,620	1996/2001	Farm Fresh	66,120	1/31/2014
Wal-Mart Center	CT	2003	100%	155,842	1972/2000	Wal-Mart	95,482	1/31/2020
						NAMCO	20,000	1/31/2011
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

CEDAR SHOPPING CENTERS, INC.

Property Description (Continued)

As of September 30, 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

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				9,284,980

Properties Owned in Joint Venture:
Homburg Joint Venture:
Aston Center	PA	2002	20%	55,000	2005	Giant Foods	55,000	11/30/2025
Ayr Town Center	PA	2002	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

Total Stabilized Properties				10,654,833

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	10/31/2010
						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

CEDAR SHOPPING CENTERS, INC.
Property Description (Continued)
As of September 30, 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

Retenanting Properties: ^(a)
Columbia Mall	PA		2005		75	%		348,574		1988	Sears	64,264		10/24/2013
											Bon-Ton	45,000		10/31/2013

Fairview Commons	PA		2007		100	%		59,578		1976/2003

Huntingdon Plaza	PA		2004		100	%		147,355		1972 - 2003	Peebles	22,060		1/31/2018

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								607,203

Total Non-Stabilized Properties								1,814,279

Total Operating Portfolio								12,469,112


Ground-Up Developments: ^(a)
Blue Mountantin Commons	PA		2008		100	%		121,146		2009	Giant Foods	97,707		10/31/2026

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								618,298


Total Portfolio ^(b)								13,087,410


(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development” or “redevelopment” properties as of September 30, 2009. Ground-up developments have commenced operations, but were not “stabilized properties” for the entire three-months ended September 30, 2009.

(b)		In addition, the Company has a 76.3% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft.
As of September 30, 2009


															Gross
					Financial statement carrying values										leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		(“GLA”)		occupied			leased sq. ft.
Wholly-Owned Stabilized Properties: ^(a)
Academy Plaza	PA		100	%	$	2,406,000	$	11,140,000	$	13,546,000	$	2,234,000	$	11,312,000		152,727		82	%	$	12.95
Annie Land Plaza	VA		100	%		809,000		3,869,000		4,678,000		457,000		4,221,000		42,500		92	%		9.11
Camp Hill	PA		100	%		4,424,000		60,766,000		65,190,000		7,521,000		57,669,000		472,458		98	%		12.78
Carbondale Plaza	PA		100	%		1,586,000		12,136,000		13,722,000		1,787,000		11,935,000		129,915		86	%		6.90
Carll’s Corner	NJ		100	%		2,968,000		15,409,000		18,377,000		1,084,000		17,293,000		129,582		94	%		8.43
Carman’s Plaza	NY		100	%		8,416,000		34,168,000		42,584,000		2,403,000		40,181,000		194,481		93	%		16.34
Carrollton Discount Drug Mart Plaza	OH		100	%		713,000		3,339,000		4,052,000		545,000		3,507,000		40,480		100	%		8.04
Centerville Discount Drug Mart Plaza	OH		100	%		1,219,000		5,445,000		6,664,000		785,000		5,879,000		49,494		63	%		10.53
Circle Plaza	PA		100	%		561,000		2,916,000		3,477,000		174,000		3,303,000		92,171		100	%		2.74
Clyde Discount Drug Mart Plaza	OH		100	%		673,000		3,232,000		3,905,000		484,000		3,421,000		34,592		100	%		9.69
Coliseum Marketplace	VA		100	%		3,586,000		17,164,000		20,750,000		2,584,000		18,166,000		98,359		97	%		15.90
Columbus Crossing	PA		100	%		4,579,000		19,251,000		23,830,000		3,259,000		20,571,000		142,166		97	%		16.01
CVS at Bradford	PA		100	%		291,000		1,482,000		1,773,000		243,000		1,530,000		10,722		100	%		12.80
CVS at Celina	OH		100	%		418,000		1,967,000		2,385,000		273,000		2,112,000		10,195		100	%		18.54
CVS at Erie	PA		100	%		399,000		1,783,000		2,182,000		235,000		1,947,000		10,125		100	%		16.50
CVS at Kinderhook	NY		100	%		2,502,000		1,106,000		3,608,000		62,000		3,546,000		13,225		100	%		20.70
CVS at Portage Trail	OH		100	%		341,000		1,611,000		1,952,000		232,000		1,720,000		10,722		100	%		13.00
Dover Discount Drug Mart Plaza	OH		100	%		563,000		2,803,000		3,366,000		644,000		2,722,000		38,409		100	%		8.68
East Chestnut	PA		100	%		800,000		3,702,000		4,502,000		687,000		3,815,000		21,180		100	%		13.39
Elmhurst Square	VA		100	%		1,371,000		6,229,000		7,600,000		755,000		6,845,000		66,250		95	%		8.71
Enon Discount Drug Mart Plaza	OH		100	%		1,135,000		4,356,000		5,491,000		336,000		5,155,000		42,876		100	%		11.01
Fairfield Plaza	CT		100	%		2,202,000		9,393,000		11,595,000		1,283,000		10,312,000		72,279		93	%		13.94
Fairview Plaza	PA		100	%		2,129,000		8,716,000		10,845,000		1,441,000		9,404,000		69,579		100	%		12.22
Family Dollar at Zanesville	OH		100	%		81,000		568,000		649,000		266,000		383,000		6,900		100	%		8.70
FirstMerit Bank at Akron	OH		100	%		168,000		736,000		904,000		114,000		790,000		3,200		100	%		23.51
FirstMerit Bank at Cuyahoga Falls	OH		100	%		264,000		1,312,000		1,576,000		162,000		1,414,000		18,300		100	%		6.03
Franklin Village Plaza	MA		100	%		13,817,000		59,868,000		73,685,000		9,940,000		63,745,000		304,216		92	%		19.73
Gabriel Brothers Plaza	OH		100	%		947,000		4,044,000		4,991,000		666,000		4,325,000		83,740		100	%		5.77
Gahanna Discount Drug Mart Plaza	OH		100	%		1,738,000		6,765,000		8,503,000		810,000		7,693,000		48,992		91	%		14.75
General Booth Plaza	VA		100	%		1,935,000		9,558,000		11,493,000		1,690,000		9,803,000		73,320		95	%		12.54
Gold Star Plaza	PA		100	%		1,644,000		6,602,000		8,246,000		882,000		7,364,000		71,720		84	%		9.25
Golden Triangle	PA		100	%		2,320,000		19,325,000		21,645,000		3,383,000		18,262,000		202,943		89	%		12.89
Groton Shopping Center	CT		100	%		3,073,000		12,375,000		15,448,000		1,213,000		14,235,000		117,986		97	%		10.31
Grove City Discount Drug Mart Plaza	OH		100	%		1,241,000		5,041,000		6,282,000		371,000		5,911,000		40,848		100	%		13.09
Halifax Plaza	PA		100	%		1,347,000		6,042,000		7,389,000		912,000		6,477,000		51,510		100	%		11.09
Hamburg Commons	PA		100	%		1,153,000		9,849,000		11,002,000		1,216,000		9,786,000		99,580		93	%		5.68
Hannaford Plaza	MA		100	%		1,874,000		8,772,000		10,646,000		994,000		9,652,000		102,459		97	%		7.49
Hilliard Discount Drug Mart Plaza	OH		100	%		1,307,000		4,980,000		6,287,000		372,000		5,915,000		40,988		100	%		12.83
Hills & Dales Discount Drug Mart Plaza	OH		100	%		786,000		3,072,000		3,858,000		272,000		3,586,000		33,553		90	%		9.74
Hudson Discount Drug Mart Plaza	OH		100	%		770,000		3,596,000		4,366,000		518,000		3,848,000		32,259		100	%		10.72
Jordan Lane	CT		100	%		4,291,000		21,410,000		25,701,000		3,138,000		22,563,000		181,730		87	%		10.74
Kempsville Crossing	VA		100	%		2,207,000		11,129,000		13,336,000		2,017,000		11,319,000		94,477		96	%		11.26
Kenley Village	MD		100	%		726,000		3,557,000		4,283,000		932,000		3,351,000		51,894		95	%		7.93
Kings Plaza	MA		100	%		2,408,000		11,846,000		14,254,000		1,042,000		13,212,000		168,243		99	%		6.48
Kingston Plaza	NY		100	%		2,891,000		2,344,000		5,235,000		171,000		5,064,000		18,337		100	%		26.76
LA Fitness Facility	PA		100	%		2,462,000		5,176,000		7,638,000		806,000		6,832,000		41,000		100	%		18.09
Liberty Marketplace	PA		100	%		2,695,000		12,845,000		15,540,000		1,656,000		13,884,000		68,200		89	%		17.49
Lodi Discount Drug Mart Plaza	OH		100	%		704,000		3,460,000		4,164,000		606,000		3,558,000		38,576		88	%		8.63
Long Reach Village	MD		100	%		1,721,000		8,698,000		10,419,000		1,125,000		9,294,000		104,932		87	%		10.71
Loyal Plaza	PA		100	%		4,511,000		22,260,000		26,771,000		4,357,000		22,414,000		293,825		100	%		7.85
Mason Discount Drug Mart Plaza	OH		100	%		1,849,000		7,449,000		9,298,000		497,000		8,801,000		52,896		91	%		14.56
McCormick Place	OH		100	%		849,000		4,064,000		4,913,000		813,000		4,100,000		46,000		100	%		8.50
Mechanicsburg Giant	PA		100	%		2,709,000		12,159,000		14,868,000		1,387,000		13,481,000		51,500		100	%		21.78
Metro Square	MD		100	%		3,121,000		12,351,000		15,472,000		415,000		15,057,000		71,896		100	%		18.77
Newport Plaza	PA		100	%		1,722,000		8,153,000		9,875,000		1,100,000		8,775,000		66,789		100	%		10.98
Oak Ridge	VA		100	%		960,000		4,281,000		5,241,000		404,000		4,837,000		38,700		100	%		10.45
Oakhurst Plaza	PA		100	%		4,539,000		18,189,000		22,728,000		1,969,000		20,759,000		111,869		91	%		15.54
Oakland Commons	CT		100	%		2,504,000		15,677,000		18,181,000		1,257,000		16,924,000		89,850		100	%		10.71
Oakland Mills	MD		100	%		1,611,000		6,319,000		7,930,000		1,115,000		6,815,000		58,224		100	%		13.07
Ontario Discount Drug Mart Plaza	OH		100	%		809,000		3,670,000		4,479,000		558,000		3,921,000		38,623		85	%		8.64
Palmyra Shopping Center	PA		100	%		1,488,000		6,666,000		8,154,000		1,150,000		7,004,000		112,108		91	%		5.77

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2009


															Gross
					Financial statement carrying values										leasable					Average
		Percent					Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State	owned			Land		improvements		cost		depreciation		value		(“GLA”)		occupied			leased sq. ft.

Pickerington Discount Drug Mart Plaza	OH		100	%		1,305,000		5,957,000		7,262,000		919,000		6,343,000		47,810		96	%		12.20
Pine Grove Plaza	NJ		100	%		1,622,000		6,507,000		8,129,000		1,066,000		7,063,000		79,306		100	%		10.68
Polaris Discount Drug Mart Plaza	OH		100	%		1,242,000		5,846,000		7,088,000		1,087,000		6,001,000		50,283		90	%		12.21
Pondside Plaza	NY		100	%		365,000		1,627,000		1,992,000		297,000		1,695,000		19,500		100	%		8.29
Port Richmond Village	PA		100	%		2,843,000		12,434,000		15,277,000		2,521,000		12,756,000		154,908		97	%		12.62
Powell Discount Drug Mart Plaza	OH		100	%		1,384,000		6,169,000		7,553,000		983,000		6,570,000		49,772		90	%		12.28
Price Chopper Plaza	MA		100	%		4,119,000		18,461,000		22,580,000		1,153,000		21,427,000		101,824		88	%		11.10
Rite Aid at Massillon	OH		100	%		442,000		2,020,000		2,462,000		265,000		2,197,000		10,125		100	%		17.91
River View Plaza I, II and III	PA		100	%		9,718,000		44,049,000		53,767,000		7,312,000		46,455,000		244,225		88	%		17.80
Shaw’s Plaza	MA		100	%		5,780,000		25,316,000		31,096,000		2,626,000		28,470,000		176,609		91	%		10.91
Smithfield Plaza	VA		100	%		2,919,000		12,848,000		15,767,000		1,213,000		14,554,000		134,664		98	%		9.37
South Philadelphia	PA		100	%		8,222,000		38,439,000		46,661,000		7,491,000		39,170,000		283,415		80	%		13.61
St. James Square	MD		100	%		688,000		4,361,000		5,049,000		773,000		4,276,000		39,903		96	%		11.32
Stadium Plaza	MI		100	%		2,443,000		9,813,000		12,256,000		1,216,000		11,040,000		77,688		100	%		15.28
Stop & Shop Plaza	CT		100	%		—		11,297,000		11,297,000		908,000		10,389,000		54,510		100	%		15.59
Suffolk Plaza	VA		100	%		1,402,000		7,236,000		8,638,000		1,265,000		7,373,000		67,216		100	%		9.90
Sunset Crossing	PA		100	%		2,150,000		9,234,000		11,384,000		1,482,000		9,902,000		74,142		89	%		14.45
Swede Square	PA		100	%		2,272,000		10,685,000		12,957,000		2,228,000		10,729,000		98,792		98	%		14.22
The Brickyard	CT		100	%		6,465,000		28,766,000		35,231,000		5,474,000		29,757,000		274,553		100	%		8.99
The Commons	PA		100	%		3,098,000		15,177,000		18,275,000		2,867,000		15,408,000		175,121		91	%		10.15
The Point	PA		100	%		2,996,000		22,106,000		25,102,000		5,211,000		19,891,000		250,697		94	%		11.44
The Point at Carlisle Plaza	PA		100	%		2,233,000		11,333,000		13,566,000		2,102,000		11,464,000		182,859		88	%		6.83
Timpany Plaza	MA		100	%		3,382,000		16,520,000		19,902,000		1,435,000		18,467,000		183,775		92	%		6.30
Trexler Mall	PA		100	%		6,932,000		32,362,000		39,294,000		3,986,000		35,308,000		339,363		98	%		8.70
Ukrop’s at Fredericksburg	VA		100	%		3,213,000		12,758,000		15,971,000		1,429,000		14,542,000		63,000		100	%		17.42
Ukrop’s at Glen Allen	VA		100	%		6,769,000		213,000		6,982,000		192,000		6,790,000		43,000		100	%		9.01
Valley Plaza	MD		100	%		1,950,000		8,330,000		10,280,000		1,295,000		8,985,000		190,939		97	%		4.52
Virginia Center Commons	VA		100	%		992,000		3,863,000		4,855,000		529,000		4,326,000		9,763		100	%		34.27
Virginia Little Creek	VA		100	%		1,639,000		8,350,000		9,989,000		1,343,000		8,646,000		69,620		100	%		11.00
Wal-Mart Center	CT		100	%		—		11,857,000		11,857,000		1,810,000		10,047,000		155,842		98	%		6.37
Washington Center Shoppes	NJ		100	%		1,999,000		10,989,000		12,988,000		2,195,000		10,793,000		157,290		98	%		7.69
West Bridgewater Plaza	MA		100	%		2,718,000		14,411,000		17,129,000		989,000		16,140,000		133,039		91	%		9.26
Westlake Discount Drug Mart Plaza	OH		100	%		1,004,000		3,905,000		4,909,000		424,000		4,485,000		55,775		100	%		7.28
Yorktowne Plaza	MD		100	%		5,901,000		25,296,000		31,197,000		2,175,000		29,022,000		158,982		96	%		13.52


Total Wholly-Owned Stabilized Properties						225,540,000		1,054,726,000		1,280,266,000		148,065,000		1,132,201,000		9,284,980		94	%		11.24

Homburg Joint Venture:
Aston Center	PA		20	%		4,319,000		17,070,000		21,389,000		1,184,000		20,205,000		55,000		100	%	$	24.70
Ayr Town Center	PA		20	%		2,442,000		9,750,000		12,192,000		764,000		11,428,000		55,600		100	%		15.83
Fieldstone Marketplace	MA		20	%		5,229,000		21,800,000		27,029,000		2,914,000		24,115,000		193,970		100	%		11.04
Meadows Marketplace	PA		20	%		1,914,000		11,355,000		13,269,000		1,064,000		12,205,000		91,538		96	%		14.64
Parkway Plaza	PA		20	%		4,647,000		19,435,000		24,082,000		1,650,000		22,432,000		106,628		98	%		15.14
Pennsboro Commons	PA		20	%		3,608,000		14,297,000		17,905,000		2,037,000		15,868,000		107,384		93	%		14.75
Scott Town Center	PA		20	%		2,959,000		11,801,000		14,760,000		987,000		13,773,000		67,933		100	%		17.53
Spring Meadow Shopping Center	PA		20	%		4,112,000		16,429,000		20,541,000		1,198,000		19,343,000		67,950		100	%		19.99
Stonehedge Square	PA		20	%		2,698,000		11,705,000		14,403,000		1,362,000		13,041,000		88,677		94	%		11.36

						31,928,000		133,642,000		165,570,000		13,160,000		152,410,000		834,680		98	%		14.97

PCP Joint Venture:
New London Mall	CT		40	%		7,810,000		32,053,000		39,863,000		805,000		39,058,000		257,814		99	%		13.21
San Souci Plaza	MD		40	%		6,360,000		26,967,000		33,327,000		840,000		32,487,000		264,134		94	%		10.00

						14,170,000		59,020,000		73,190,000		1,645,000		71,545,000		521,948		97	%		11.62

Joint Ventures (other):
CVS at Naugatuck	CT		50	%		—		2,824,000		2,824,000		64,000		2,760,000		13,225		100	%		35.01

Total Consolidated Joint Ventures						46,098,000		195,486,000		241,584,000		14,869,000		226,715,000		1,369,853		97	%		13.91

Total Stabilized Properties						271,638,000		1,250,212,000		1,521,850,000		162,934,000		1,358,916,000		10,654,833		95	%		11.60

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2009


																Gross
						Financial statement carrying values										leasable					Average
			Percent					Buildings and		Total		Accumulated		Net book		area		Percent			base rent per
Property Description	State		owned			Land		improvements		cost		depreciation		value		(“GLA”)		occupied			leased sq. ft.


Redevelopment Properties: ^(a)
Dunmore Shopping Center	PA			100	%		565,000		2,245,000		2,810,000		402,000		2,408,000		101,000		66	%		3.61
Lake Raystown Plaza	PA			100	%		2,231,000		15,208,000		17,439,000		1,924,000		15,515,000		145,727		72	%		13.94
Shore Mall ^(b)	NJ			100	%		7,179,000		41,809,000		48,988,000		4,637,000		44,351,000		459,098		93	%		8.99
The Shops at Suffolk Downs	MA			100	%		7,580,000		19,195,000		26,775,000		1,412,000		25,363,000		121,829		85	%		12.81
Townfair Center ^(g)	PA			100	%		3,022,000		15,066,000		18,088,000		2,733,000		15,355,000		138,041		87	%		6.50
Trexlertown Plaza	PA			100	%		5,262,000		26,409,000		31,671,000		2,437,000		29,234,000		241,381		75	%		10.65

							25,839,000		119,932,000		145,771,000		13,545,000		132,226,000		1,207,076		83	%		9.54

Retenanting Properties: ^(a)
Columbia Mall ^(c)	PA			75	%		2,855,000		16,946,000		19,801,000		2,217,000		17,584,000		348,574		63	%		5.91
Fairview Commons	PA			100	%		858,000		3,573,000		4,431,000		460,000		3,971,000		59,578		67	%		6.42
Huntingdon Plaza	PA			100	%		933,000		5,873,000		6,806,000		689,000		6,117,000		147,355		54	%		6.96
Shelby Discount Drug Mart Plaza	OH			100	%		671,000		3,276,000		3,947,000		584,000		3,363,000		36,596		78	%		9.35
Shoppes at Salem Run	VA			100	%		1,076,000		4,264,000		5,340,000		466,000		4,874,000		15,100		55	%		24.32

							6,393,000		33,932,000		40,325,000		4,416,000		35,909,000		607,203		62	%		6.86

Total Non-Stabilized Properties							32,232,000		153,864,000		186,096,000		17,961,000		168,135,000		1,814,279		76	%		8.81


Total Operating Portfolio							303,870,000		1,404,076,000		1,707,946,000		180,895,000		1,527,051,000		12,469,112		92	%	$	11.26


Ground-Up Developments: ^(a)
Blue Mountain Commons	PA			100	%		15,444,000		24,677,000		40,121,000		—		40,121,000		121,146		89	%		25.72
Heritage Crossing ^(d)	PA			60	%		5,066,000		5,529,000		10,595,000		57,000		10,538,000		59,396		54	%		17.79
Northside Commons	PA			100	%		3,379,000		9,524,000		12,903,000		16,000		12,887,000		85,300		61	%		9.49
Upland Square ^(e)	PA			60	%		27,454,000		54,777,000		82,231,000		77,000		82,154,000		352,456		59	%		15.15


Total Ground-Up Developments							51,343,000		94,507,000		145,850,000		150,000		145,700,000		618,298

Total Portfolio							355,213,000		1,498,583,000		1,853,796,000		181,045,000		1,672,751,000		13,087,410


Projects Under Development and Land Held For Future Expansion and Development:
Columbia Mall ^(c)	PA			75	%		1,465,000		398,000		1,863,000		—		1,863,000	46.21 acres
Crossroads II ^(f)	PA			60	%		17,671,000		18,109,000		35,780,000		—		35,780,000	18.23 acres
Halifax Commons	PA			100	%		872,000		271,000		1,143,000		—		1,143,000	4.37 acres
Halifax Plaza	PA			100	%		1,503,000		1,185,000		2,688,000		—		2,688,000	12.83 acres
Liberty Marketplace	PA			100	%		1,564,000		22,000		1,586,000		—		1,586,000	15.51 acres
Oregon Pike	PA			100	%		2,283,000		60,000		2,343,000		—		2,343,000	11.20 acres
Pine Grove Plaza	NJ			100	%		388,000		69,000		457,000		—		457,000	2.66 acres
Shore Mall ^(b)	NJ			100	%		2,018,000		125,000		2,143,000		—		2,143,000	50.00 acres
The Brickyard	CT			100	%		1,183,000		157,000		1,340,000		—		1,340,000	1.95 acres
Trexlertown Plaza	PA			100	%		8,089,000		2,403,000		10,492,000		—		10,492,000	37.28 acres
Trindle Spring	NY			100	%		1,148,000		257,000		1,405,000		—		1,405,000	2.10 acres
Wyoming	MI			100	%		360,000		—		360,000		—		360,000	12.32 acres
Various projects in progress		N/A		100	%		—		353,000		353,000		—		353,000	— acres

Total Projects Under Development and Land Held For Future Expansion and Development:							38,544,000		23,409,000		61,953,000		—		61,953,000	214.6 acres


Total Carrying Value						$	393,757,000	$	1,521,992,000	$	1,915,749,000	$	181,045,000	$	1,734,704,000


Real estate held for sale														$	2,270,000

Unconsolidated Joint Venture ^(h)														$	5,412,000

CEDAR SHOPPING CENTERS, INC.
Property Carrying Values, Percent Occupied and Base Rent Per Leased Sq.Ft. (Continued)
As of September 30, 2009


Notes:

(a)		“Stabilized properties” are those properties which are at least 80% leased and not designated as “development” or “redevelopment” properties as of September 30, 2009. Ground-up developments have commenced operations, but were not “stabilized properties” for the entire three-months ended September 30, 2009.

(b)		As part of the Company’s redevelopment plans for the Shore Mall, the Company purchased the former Value City lease, with an aggregate of 144,000 sq. ft., which the Company intends to demolish. Accordingly, the total GLA for this property has been reduced.

(c)		On January 3, 2008, the Company entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall and adjacent land parcels.

(d)		The Company has a 60% interest in a consolidated joint venture formed for the acquisition, construction and development of an estimated 54,000 sq. ft. shopping center in Limerick, PA., and is to receive a preferred rate of return on its investment, if earned.

(e)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 600,000 sq. ft. shopping center in Pottsgrove, PA., and is to receive a preferred rate of return on its investment, if earned.

(f)		The Company has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 137,000 sq. ft. shopping center in Stroudsburg, PA., and is to receive a preferred rate of return on its investment, if earned.

(g)		As part of the Company’s redevelopment plans for Townfair Center, the Company intends to demolish approximately 65,000 sq. ft. of the property. Accordingly, the total GLA for this property has been reduced.

(h)		The Company has a 76.3% interest in an unconsolidated joint venture, which owns a single-tenant office property located in Philadelphia, PA.

CEDAR SHOPPING CENTERS, INC.
Development Pipeline Status (a)
As of September 30, 2009
(Dollars in millions)


							Cash
		Owner-			Est. Total		Invest-		Balance		Est. Delivery															Est. NOI
		ship			Project		ment		To Comp-		Dates		Land Area		GLA		Leasing Status									At 100%
Property	Location	%			Cost		To Date		letion		Anchor(s)	Balance	Acres		Sq. Ft.		% Signed			LOI			Principal Tenants	Sq. Ft.		Occupancy		Est. Yield (b)						Discussion

Operating Properties Under Redevelopment:
Lake Raystown Plaza	Huntingdon, PA		100	%		20.9		16.4		4.5	2nd half ’09	1st half ’10		15.5		146,000		100	%		0	%	Giant Food Stores		62,000		1.8		8.4	%	—	8.9	%	Represents total of land acquisition for ground-up development of new supermarket (completed in 2nd half ’06); purchase cost of original center; backfilling former store and construction of additional retail;

																							Tractor Supply		37,900									and potential lodging development/sale and outparcels

The Shops at Suffolk Downs	Revere, MA		100	%		12.7		12.6		0.1	1st half ’09	2nd half ’09		6.5		36,000		50	%		30	%	Dollar Tree		9,500		0.8		5.8	%	—	6.3	%	Represents costs only for completing construction of in-line store next to new Stop & Shop (owned)
																							Famous Footwear		6,500									and Target (non-owned) and ground-up development
																							Verizon		2,000									of new separate
																																		multi-tenant 36,000 sq.ft. retail building.
																																		Does not include purchase price for the Stop & Shop premises.
																																		and potential lodging development/sale and outparcels

Shore Mall	Egg Harbor Township, NJ		100	%		54.0		31.0		23.0	1st half ’12	2nd half ’12		70.0		500,000		56	%		2	%	Boscovs		143,000		4.6		8.2	%	—	8.7	%	De-Malling of older mall property
																							Burlington Coat
																							Factory		85,000
																							K&G Menswear		25,000
																							Carrabas		7,200

Trexlertown Plaza	Trexlertown, PA		100	%		41.0		28.0		13.0	2nd half ’10	2nd half ’10		32.2		251,000		63	%		30	%	Giant		73,850		3.5		8.2	%	—	8.7	%	Phase I represents a scaled-back version of original project.
(Phase I)																							Sears		22,500
																							Tractor Supply		22,700


Total Operating Properties — Redevelopment						128.6		88.0		40.6				124.2		933,000		65	%(c)		10	%(c)			497,150		10.7		8.1	%(c)		8.6	%(c)


Ground-Up Development Properties:
Blue Mountain Commons	Harrisburg, PA		100	%		42.5		39.0		3.5	2nd half ’09	1st half ’10		34.0		130,000		90	%		3	%	Giant Food Stores		97,700		3.1		7.0	%	—	7.5	%	Ground-up development of new large prototype supermarket,
																							PNC Bank		3,700									bank and food service outparcels and fuel service facility;
																							Regis/Super Cuts		1,200									development/sale/ground lease of back 12 acres.

Northside Commons	Cambelltown, PA		100	%		13.0		12.9		—	2nd half ’09	1st half ’10		15.9		82,000		77	%		12	%	Redner’s		48,000		0.9		7.1	%	—	7.6	%	Ground-up development of new supermarket, ancillary in-line
																							Jonestown Bank		3,400									retail and outparcel(s).
																							Subway		1,600

Halifax Commons	Halifax, PA		100	%		4.8		1.1		3.7	1st half ’10	1st half ’10		4.4		23,000		63	%		14	%	Rite-Aid		15,000		0.4		8.6	%	—	9.1	%	Development of new small multi-tenant property
																																		anchored by drug store moved from Halifax Plaza.

Crossroads II	Stroudsburg, PA		60	%		36.9		29.8		7.1	2nd half ’09	2nd half ’10		18.2		133,000		68	%		15	%	Giant Food Stores		76,000		3.1		8.1	%	—	8.6	%	Ground-up joint venture development of new supermarket,
																							Red Lobster		7,000									in-line retail and outparcel(s).
																							AT&T		3,000

Heritage Crossing	Limerick, PA		60	%		15.0		10.6		4.4	1st half ’09	2nd half ’09		14.2		54,000		48	%		26	%	Walgreens		14,820		1.4		9.1	%		9.6	%	Ground-up joint venture development.
																							Kinderworks		10,800

Kutztown Commons	Kutztown, PA		100	%		9.2		0.4		8.8	2^nd half ’11	2^nd half ’11		31.0		75,000		67	%		2	%	Giant Foods		50,500		1.0		10.6	%	—	11.1	%	Ground-up development with Giant Food Stores anchor.

Upland Square	Pottstown, PA		60	%		98.1		82.1		16.0	2nd half ’09	1st half ’11		112.9		592,000		70	%		21	%	Target		135,000		8.7		8.5	%	—	9.0	%	Ground-up joint venture development of "big box" center.
																							Giant Food Stores		76,000									Target store owned by Target.
																							LA Fitness		45,000
																							Best Buy		30,000
																							Bed Bath & Beyond		25,000
																							TJ Maxx		25,000
																							Staples		18,000
																							PetCo		14,000


Total Ground-Up Development Properties						219.5		175.9		43.6				230.6		1,089,000		71	%(c)		16	%(c)			699,520		18.6		8.3	%(c)		8.8	%(c)

																					%

Total Redevelopment & Ground-Up					$	348.1	$	263.9	$	84.2				354.7		2,022,000		68	%(c)		14	%(c)			1,196,670		$29.3


(a)		The chart does not include certain development properties previously listed on the Company’s website/PowerPoint, including, without limitation, the Faxon Lumber Site (Williamsport, PA) and Trindle Plaza (Carlisle, PA) and Newport Plaza (Newport, PA). While development of these properties may be pursued, the plans are not yet sufficiently determined for status reporting purposes.

(b)		Estimated Yield is the estimated initial NOI on a cash basis at full occupancy divided by the estimated total project cost. Estimated cash NOI, constituting a forward-looking measure, does not include certain GAAP (non-cash) revenue measures, such as straight-line rents and amortization of intangible lease liabilities, the amounts of which are not determinable in the absence of executed leases with tenants in-place and paying rent. Management believes such measures would be generally immaterial.

(c)		Weighted average.

CEDAR SHOPPING CENTERS, INC.
Debt Summary
As of September 30, 2009


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30,		Dec 31		Int.			Sep 30,		Dec 31
Property	Owned			Date	rate			2009		2008		rate			2009		2008

Fixed-rate mortgages:
Academy Plaza		100.0	%	Mar 2013		7.3	%	$	9,420,000	$	9,576,000		7.3	%	$	9,420,000	$	9,576,000
Aston Center		20.0	%	Nov 2015		5.5	%		12,861,000		13,033,000		5.9	%		12,604,000		12,742,000
Ayr Town Center		20.0	%	Jun 2015		5.5	%		7,257,000		7,350,000		5.6	%		7,208,000		7,294,000
Camp Hill Shopping Center		100.0	%	Jan 2017		5.5	%		65,000,000		65,000,000		5.5	%		65,000,000		65,000,000
Carll’s Corner		100.0	%	Nov 2012		5.6	%		5,938,000		6,023,000		5.6	%		5,938,000		6,023,000
Carman’s Plaza		100.0	%	Oct 2016		6.3	%		33,339,000		33,322,000		6.2	%		33,500,000		33,500,000
Carrollton Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		2,353,000		2,378,000		5.6	%		2,353,000		2,378,000
Centerville Discount Drug Mart		100.0	%	May 2015		5.2	%		2,807,000		2,844,000		5.2	%		2,807,000		2,844,000
Clyde Discount Drug Mart		100.0	%	May 2015		5.2	%		1,947,000		1,973,000		5.2	%		1,947,000		1,973,000
Coliseum Marketplace		100.0	%	Jul 2014		5.2	%		12,292,000		12,478,000		6.1	%		11,843,000		11,955,000
Columbus Crossing		100.0	%	Jun 2014		6.8	%		16,947,000		—		6.8	%		16,947,000		—
Crossroads II		60.0	%	Jan 2009		7.1	%		—		4,316,000		7.1	%		—		4,316,000
Crossroads II		60.0	%	Jan 2010		8.5	%		761,000		1,000,000		8.5	%		761,000		1,000,000
Crossroads II		60.0	%	Jan 2010		5.0	%		425,000		425,000		5.0	%		425,000		425,000
CVS at Bradford		100.0	%	Mar 2017		5.2	%		797,000		862,000		7.1	%		748,000		803,000
CVS at Celina		100.0	%	Jan 2020		5.2	%		1,455,000		1,528,000		7.5	%		1,315,000		1,370,000
CVS at Erie		100.0	%	Nov 2018		5.2	%		1,139,000		1,211,000		7.1	%		1,057,000		1,117,000
CVS at Kinderhook		100.0	%	Jul 2019		5.3	%		2,488,000		—		5.3	%		2,487,816		—
CVS at Portage Trail		100.0	%	Aug 2017		5.0	%		866,000		932,000		7.8	%		789,000		842,000
Dover Discount Drug Mart		100.0	%	May 2015		5.2	%		2,130,000		2,158,000		5.2	%		2,130,000		2,158,000
East Chestnut		100.0	%	Apr 2018		5.2	%		2,013,000		2,089,000		7.4	%		1,795,000		1,846,000
Elmhurst Square Shopping Center		100.0	%	Dec 2014		5.4	%		4,063,000		4,115,000		5.4	%		4,063,000		4,115,000
Fairfield Plaza		100.0	%	July 2015		5.0	%		5,129,000		5,197,000		5.0	%		5,129,000		5,197,000
Fairview Plaza		100.0	%	Feb 2013		5.7	%		5,506,000		5,583,000		5.7	%		5,506,000		5,583,000
Fieldstone Marketplace		20.0	%	Jul 2014		5.4	%		18,737,000		18,998,000		6.0	%		18,275,000		18,461,000
Franklin Village Plaza		100.0	%	Nov 2011		4.8	%		43,500,000		43,500,000		4.8	%		43,500,000		43,500,000
Gabriel Brothers Plaza		100.0	%	Dec 2016		5.6	%		3,086,000		3,119,000		5.6	%		3,086,000		3,119,000
Gahanna Discount Drug Mart		100.0	%	Nov 2016		5.8	%		5,016,000		5,068,000		5.8	%		5,016,000		5,068,000
General Booth Plaza		100.0	%	Aug 2013		5.2	%		5,443,000		5,539,000		6.1	%		5,279,000		5,342,000
Gold Star Plaza		100.0	%	May 2019		6.0	%		2,465,000		2,605,000		7.3	%		2,342,000		2,464,000
Golden Triangle		100.0	%	Feb 2018		6.0	%		21,071,000		21,279,000		6.0	%		21,071,000		21,279,000
Groton Shopping Center		100.0	%	Oct 2015		6.2	%		11,645,000		11,711,000		5.3	%		12,055,000		12,174,000
Halifax Plaza		100.0	%	Feb 2010		6.8	%		3,346,000		3,740,000		6.8	%		3,346,000		3,740,000
Hamburg Commons		100.0	%	Oct 2016		6.1	%		5,199,000		5,254,000		6.1	%		5,199,000		5,254,000
Hudson Discount Drug Mart Plaza		100.0	%	Dec 2016		5.7	%		2,485,000		2,511,000		5.7	%		2,485,000		2,511,000
Jordan Lane		100.0	%	Dec 2015		5.5	%		13,134,000		13,288,000		5.5	%		13,134,000		13,288,000
Kempsville Crossing		100.0	%	Aug 2013		5.2	%		6,162,000		6,276,000		6.1	%		5,976,000		6,052,000
King’s Plaza		100.0	%	Jul 2014		6.0	%		7,843,000		7,935,000		6.0	%		7,843,000		7,935,000
Kingston Plaza		100.0	%	Jul 2019		5.3	%		3,210,000		—		5.3	%		3,210,000		—
Kingston Plaza		100.0	%	Jul 2019		5.3	%		536,000		—		5.3	%		536,000		—
LA Fitness Facility		100.0	%	Jan 2013		5.4	%		5,820,000		5,907,000		5.4	%		5,820,000		5,907,000
Liberty Marketplace		100.0	%	Jul 2014		5.2	%		9,437,000		9,624,000		6.1	%		9,097,000		9,227,000
Lodi Discount Drug Mart		100.0	%	May 2015		5.2	%		2,373,000		2,404,000		5.2	%		2,373,000		2,404,000
Long Reach Village		100.0	%	Jun 2011		5.7	%		4,711,000		4,772,000		5.7	%		4,711,000		4,772,000
Loyal Plaza		100.0	%	Jun 2011		7.2	%		12,670,000		12,827,000		7.2	%		12,670,000		12,827,000
McCormick Place		100.0	%	Aug 2017		6.1	%		2,629,000		2,653,000		6.1	%		2,629,000		2,653,000
Meadows Marketplace		20.0	%	Nov 2016		5.6	%		10,372,000		10,485,000		5.6	%		10,372,000		10,485,000
Mechanicsburg Giant		100.0	%	Nov 2014		5.2	%		9,738,000		9,943,000		5.5	%		9,596,000		9,779,000
Metro Square		100.0	%	Nov 2029		7.5	%		9,209,000		9,346,000		7.5	%		9,209,000		9,346,000
New London Mall		40.0	%	Apr 2015		6.1	%		25,895,000		—		4.9	%		27,365,000		—
Newport Plaza		100.0	%	Feb 2010		6.8	%		4,718,000		4,800,000		6.8	%		4,718,000		4,800,000
Oak Ridge Shopping Center		100.0	%	May 2015		5.5	%		3,472,000		3,508,000		5.5	%		3,472,000		3,508,000
Oakland Mills		100.0	%	Jan 2016		5.5	%		4,938,000		4,996,000		5.5	%		4,938,000		4,996,000
Ontario Discount Drug Mart		100.0	%	May 2015		5.2	%		2,191,000		2,219,000		5.2	%		2,191,000		2,219,000
Parkway Plaza		20.0	%	May 2017		5.5	%		14,300,000		14,300,000		5.5	%		14,300,000		14,300,000
Pennsboro Commons		20.0	%	Mar 2016		5.5	%		10,993,000		11,120,000		5.5	%		10,993,000		11,120,000
Pickerington Discount Drug Mart		100.0	%	Jul 2015		5.0	%		4,169,000		4,224,000		5.0	%		4,169,000		4,224,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2009


					Debt Balances
					Financial statement carrying values							Stated contract amounts
	Percent			Maturity	Int.			Sep 30,		Dec 31		Int.			Sep 30,		Dec 31
Property	Owned			Date	rate			2009		2008		rate			2009		2008

Pine Grove Plaza		100.0	%	Sep 2015		5.0	%	$	5,823,000	$	5,900,000		5.0	%	$	5,823,000	$	5,900,000
Polaris Discount Drug Mart		100.0	%	May 2015		5.2	%		4,471,000		4,529,000		5.2	%		4,471,000		4,529,000
Pondside Plaza		100.0	%	May 2015		5.6	%		1,162,000		1,176,000		5.6	%		1,162,000		1,176,000
Port Richmond Village		100.0	%	Aug 2013		6.5	%		14,746,000		14,922,000		6.5	%		14,746,000		14,922,000
Powell Discount Drug Mart		100.0	%	May 2015		5.2	%		4,284,000		4,339,000		5.2	%		4,284,000		4,339,000
Rite Aid at Massillon		100.0	%	Jan 2020		5.0	%		1,463,000		1,533,000		7.7	%		1,302,000		1,352,000
San Souci Plaza		40.0	%	Dec 2016		6.2	%		27,200,000		—		6.2	%		27,200,000		—
Scott Town Center		20.0	%	Aug 2015		5.5	%		8,700,000		8,791,000		4.9	%		8,905,000		9,024,000
Shaw’s Plaza		100.0	%	Mar 2014		6.0	%		14,012,000		13,980,000		5.6	%		14,200,000		14,200,000
Shelby Discount Drug Mart Plaza		100.0	%	May 2015		5.2	%		2,191,000		2,219,000		5.2	%		2,191,000		2,219,000
Shore Mall		100.0	%	Jan 2009		5.7	%		—		1,543,000		0.0	%		—		1,543,000
Smithfield Plaza		100.0	%	Aug 2013		5.2	%		3,486,000		3,543,000		6.1	%		3,381,000		3,417,000
Smithfield Plaza		100.0	%	May 2016		6.6	%		6,952,000		6,961,000		6.2	%		7,076,000		7,100,000
Spring Meadow Shoppping Center		20.0	%	Nov 2014		5.5	%		12,761,000		12,944,000		5.9	%		12,544,000		12,693,000
Stonehedge Square		20.0	%	Jul 2017		6.2	%		8,700,000		8,700,000		6.2	%		8,700,000		8,700,000
Stop & Shop Plaza		100.0	%	Apr 2017		6.2	%		7,000,000		7,000,000		6.2	%		7,000,000		7,000,000
Suffolk Plaza		100.0	%	Aug 2013		5.2	%		4,649,000		4,742,000		6.1	%		4,510,000		4,574,000
The Point		100.0	%	Sep 2013		7.6	%		17,415,000		17,753,000		7.6	%		17,415,000		17,753,000
Timpany Plaza		100.0	%	Jan 2014		5.6	%		8,422,000		8,555,000		6.1	%		8,246,000		8,346,000
Trexler Mall		100.0	%	May 2014		5.4	%		21,632,000		21,939,000		5.5	%		21,493,000		21,775,000
Virginia Little Creek		100.0	%	Aug 2013		5.2	%		4,935,000		5,025,000		6.1	%		4,786,000		4,846,000
Virginia Little Creek		100.0	%	Sep 2021		5.2	%		451,000		471,000		8.0	%		392,000		405,000
Wal-Mart Center		100.0	%	Nov 2014		5.1	%		5,821,000		5,896,000		5.1	%		5,821,000		5,896,000
Washington Center Shoppes		100.0	%	Dec 2012		5.9	%		8,604,000		8,691,000		5.9	%		8,604,000		8,691,000
West Bridgewater		100.0	%	Sep 2016		6.5	%		10,911,000		10,901,000		6.2	%		11,000,000		11,000,000
Westlake Discount Drug Mart Plaza		100.0	%	Dec 2016		5.6	%		3,227,000		3,261,000		5.6	%		3,227,000		3,261,000
Yorktowne Plaza		100.0	%	Jul 2014		6.1	%		20,500,000		20,740,000		6.0	%		20,526,000		20,770,000


Total fixed-rate mortgages				5.7 years		5.8	%		716,964,000		653,398,000		5.8	%		715,753,816		650,242,000

				[weighted average]								[weighted average]

Variable-rate mortgages:
Crossroads II		60.0	%	Jan 2009					—		371,000
Crossroads II		60.0	%	Jan 2009					—		2,750,000
Shore Mall		100.0	%	Sep 2011		5.9	%		21,000,000		21,000,000
Upland Square		60.0	%	Sep 2011		2.5	%		57,512,000		29,181,000


Total variable-rate mortgages				2.0 years		3.4	%		78,512,000		53,302,000

				[weighted average]


Total mortgages				5.3 years		5.6	%		795,476,000		706,700,000

				[weighted average]

Secured revolving credit facilties:
Stabilized property facility		100.0	%	Jan 2010		1.6	%		238,985,000		250,190,000
Development property facility ^(a)		100.0	%	Jun 2011		2.5	%		84,494,000		54,300,000


				0.7 years		1.8	%		323,479,000		304,490,000

				[weighted average]


Total debt				4.0 years		4.5	%	$	1,118,955,000	$	1,011,190,000

				[weighted average]
Pro rata share of total debt								$	1,002,878,000	$	925,353,000


Mortgage loan payable — real estate held for sale:
Staples at Oswego		100	%	May 2015		5.3	%	$	—	$	2,283,000

CEDAR SHOPPING CENTERS, INC.
Debt Summary (Continued)
As of September 30, 2009


					Secured
	Scheduled		Balloon		revolving
Maturity schedule by year	amortization		payments		credit facilities			Total


2009	$	2,236,000	$	—	$	—		$	2,236,000
2010		9,100,000		9,184,000		238,985,000			257,269,000
2011		9,502,000		134,297,000		84,494,000	^(a)		228,293,000
2012		10,551,000		29,638,000		—			40,189,000
2013		9,857,000		54,945,000		—			64,802,000
2014		7,960,000		145,992,000		—			153,952,000
2015		3,867,000		119,696,000		—			123,563,000
2016		4,303,000		118,839,000		—			123,142,000
2017		2,237,000		90,612,000		—			92,849,000
2018		1,469,000		18,972,000		—			20,441,000

Thereafter		6,992,000		5,227,000		—			12,219,000


	$	68,074,000	$	727,402,000	$	323,479,000		$	1,118,955,000


(a)		The Company has the option to extend the development property credit facility, which is due in June 2011, for one year beyond that date.

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

Balance Sheet Information


				As of September 30, 2009
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


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


				As of June 30, 2009
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


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


				As of March 31, 2009
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


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


				As of December 31, 2008
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


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


				As of September 30, 2008
						Mortgage			Other assets/
	Partners’			Real estate,		loans			liabilities,			Equity (a)
Joint venture	percent			net		payable			net			Partners			Cedar (b)		Total


Homburg		80	%	$	156,145,335	$	(106,062,518	)	$	6,419,345		$	53,301,842		$	3,200,320	$	56,502,162
WP Realty (d)		25	%		19,892,499		—			(1,056,987	)		4,205,948			14,629,564		18,835,512
Fameco I (e)		40	%		44,153,571		(17,303,031	)		1,682,203			1,048,000			27,484,743		28,532,743
Fameco II (f)		40	%		21,021,646		(8,800,418	)		(2,462,034	)		244,499			9,514,695		9,759,194
Hirshland (g)		40	%		1,085		—			200,000			(8,556	)		209,641		201,085


				$	241,214,136	$	(132,165,967	)	$	4,782,527		$	58,791,733		$	55,038,963	$	113,830,696

CEDAR SHOPPING CENTERS, INC.

Consolidated Joint Venture Properties

Income Statement Information


				Three months ended September 30, 2009
				Property-level operations																Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (h)		Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	3,921,964	$	735,386	$	146,825	$	1,082,349	$	1,957,403		$	1,508,455	$	448,948		$	343,466		$	—	$	105,482
PCP (c)		60	%		2,042,373		512,483		51,567		661,792		816,532			856,048		(39,516	)		(23,709	)		—		(15,807	)
WP Realty (d)		25	%		506,200		400,247		—		141,400		(35,447	)		—		(35,447	)		(8,847	)		—		(26,600	)
Fameco I (e)		40	%		—		—		—		—		—			—		—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—		—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—			—		—			—			—		—
Other		50	%		115,760		52,245		3,266		17,651		42,598			—		42,598			21,299			—		21,299


				$	6,586,297	$	1,700,360	$	201,658	$	1,903,192	$	2,781,087		$	2,364,503	$	416,584		$	332,210		$	—	$	84,374


				Three months ended June 30, 2009
				Property-level operations																Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (h)		Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	3,924,555	$	792,631	$	113,652	$	1,097,116	$	1,921,155		$	1,496,569	$	424,587		$	339,669		$	—	$	84,917
PCP (c)		60	%		2,069,183		564,656		50,971		664,157		789,400			846,851		(57,451	)		(34,470	)		—		(22,981	)
WP Realty (d)		25	%		448,790		366,069		—		150,016		(67,295	)		—		(67,295	)		(16,831	)		—		(50,464	)
Fameco I (e)		40	%		—		—		—		—		—			—		—			—			—		—
Fameco II (f)		40	%		—		—		—		—		—			—		—			—			—		—
Hirshland (g)		40	%		—		—		—		—		—			—		—			—			—		—
Other		50	%		115,760		53,569		3,209		17,651		41,331			—		41,331			20,665			—		20,665


				$	6,558,289	$	1,776,925	$	167,832	$	1,928,941	$	2,684,590		$	2,343,419	$	341,171		$	309,034		$	—	$	32,137


				Three months ended March 31, 2009
				Property-level operations																Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating			Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income			inc/exp (h)		Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	4,040,567	$	859,937	$	138,851	$	1,090,521	$	1,951,258		$	1,484,923	$	466,335		$	373,068		$	—	$	93,267
PCP (c)		60	%		1,263,262		1,515,897		31,367		442,455		(726,457	)		516,446		(1,242,903	)		(745,742	)		—		(497,161	)
WP Realty (d)		25	%		573,223		453,149		—		133,039		(12,965	)		—		(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		22,640		38,840			—		38,840			21,897			—		16,943


				$	5,992,812	$	2,879,353	$	174,128	$	1,688,655	$	1,250,676		$	2,001,369	$	(750,693	)	$	(354,018	)	$	—	$	(396,675	)


				Three months ended December 31, 2008
				Property-level operations																Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op						<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income			Regular			Preference		Cedar (b)


Homburg		80	%	$	4,626,274	$	842,424	$	275,096	$	1,220,614	$	2,288,140	$	1,521,444		$	766,696		$	613,357		$	—	$	153,339
WP Realty (d)		25	%		691,989		436,632		—		136,291		119,066		(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	$	1,356,905	$	2,407,206	$	1,728,466		$	678,740		$	557,751		$	—	$	120,989


				Three months ended September 30, 2008
				Property-level operations															Share of property net income (a)
	Partners’					Operating		Cedar		Depreciation/		Operating		Non-op					<<< Partners >>>
Joint venture	percent			Revenues		expenses		mgt. Fees		amortization		income		inc/exp (h)			Net income		Regular		Preference		Cedar (b)


Homburg		80	%	$	3,936,380	$	712,011	$	112,530	$	1,142,039	$	1,969,800	$	1,525,530		$	444,270	$	355,416	$	—	$	88,854
WP Realty (d)		25	%		754,175		383,033		—		169,546		201,596		(23,498	)		225,094		56,274		—		168,821
Fameco I (e)		40	%		—		—		—		—		—		—			—		—		—		—
Fameco II (f)		40	%		—		—		—		—		—		—			—		—		—		—
Hirshland (g)		40	%		—		—		—		—		—		—			—		—		—		—


				$	4,690,555	$	1,095,044	$	112,530	$	1,311,585	$	2,171,396	$	1,502,032		$	669,364	$	411,690	$	—	$	257,675

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties

FFO Allocation


				Three months ended September 30, 2009
	Partners’			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total


Homburg		80	%	$	1,225,038	$	306,260	$	1,531,298
PCP (c)		60	%		373,365		248,910		622,276
WP Realty (d)		25	%		26,488		79,465		105,953
Fameco I (e)		40	%		—		—		—
Fameco II (f)		40	%		—		—		—
Hirshland (g)		40	%		—		—		—
Other		50	%		36,125		24,125		60,249


				$	1,661,016	$	658,759	$	2,319,776


				Three months ended June 30, 2009
	Partners’			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total


Homburg		80	%	$	1,217,362	$	304,341	$	1,521,703
PCP (c)		60	%		364,023		242,682		606,706
WP Realty (d)		25	%		20,680		62,041		82,721
Fameco I (e)		40	%		—		—		—
Fameco II (f)		40	%		—		—		—
Hirshland (g)		40	%		—		—		—
Other		50	%		35,491		23,491		58,982


				$	1,637,557	$	632,555	$	2,270,112


				Three months ended March 31, 2009
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,245,485		$	311,372		$	1,556,857
PCP (c)		60	%		(480,269	)		(320,179	)		(800,448	)
WP Realty (d)		25	%		30,019			90,056			120,075
Fameco I (e)		40	%		—			—			—
Fameco II (f)		40	%		—			—			—
Hirshland (g)		40	%		—			—			—
Other		50	%		36,342			25,138			61,480

				$	831,577		$	106,387		$	937,964


				Three months ended December 31, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners			Cedar (b)			Total


Homburg		80	%	$	1,589,848		$	397,462		$	1,987,310
WP Realty (d)		25	%		68,111			204,334			272,445
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


				Three months ended September 30, 2008
	Partners’			Share of FFO (a)
Joint venture	percent			Partners		Cedar (b)		Total


Homburg		80	%	$	1,269,047	$	317,262	$	1,586,309
WP Realty (d)		25	%		98,660		295,980		394,640
Fameco I (e)		40	%		—		—		—
Fameco II (f)		40	%		—		—		—
Hirshland (g)		40	%		—		—		—


				$	1,367,707	$	613,242	$	1,980,949

CEDAR SHOPPING CENTERS, INC.
Consolidated Joint Venture Properties


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 (1) non-proportionate initial investments (per the respective joint venture agreements), and (2) the effect of preference returns to joint venture partners. Equity also includes net receivable/payable balances on open account between joint venture 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 represents the expensing of acquisition transaction costs.

(d)		On January 3, 2008, Cedar entered into a joint venture agreement, retaining a 75% interest, for the redevelopment of the Columbia Mall property and adjacent land parcels.

(e)		Cedar has a 60% interest in a consolidated joint venture formed for the construction and development of an estimated 600,000 sq. ft. 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 an estimated 137,000 sq. ft. shopping 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 an estimated 54,000 sq. ft. shopping center (Heritage Crossing) in Limerick, PA and is to receive a preferred rate of return on its investment, if earned.

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

Attached files

CEDAR REALTY TRUST, INC. Reports

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