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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 WASHINGTON, D.C. 20549
 FORM 10-K
 þ
    
    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 For the fiscal year ended December 31, 2010
 OR
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 COMMISSION FILE NUMBER: 001-31817
 CEDAR SHOPPING CENTERS, INC.
  Maryland
    
    42-1241468(State or other jurisdiction of incorporation or organization)
    
    (I.R.S. Employer Identification Number)
 44 South Bayles Avenue, Port Washington, NY
    
    11050-3765(Address of principal executive offices)
    
    (Zip Code)
 Registrants telephone number, including area code: (516) 767-6492
Securities registered pursuant to Section 12(b) of the Act:
 Name of each exchange onTitle of each class
    
    which registeredCommon Stock, $0.06 par value
    
    New York Stock Exchange8-7/8% Series A Cumulative RedeemablePreferred Stock, $25.00 Liquidation Value
    
    New York Stock Exchange
 Securities registered pursuant to Section 12(g) of the Act: None
 o þ
 Yes o     No þ
 þ o
 o o
 o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
    
    Smaller reporting company o(Do not check if a smaller reporting company)
 o þ
   DOCUMENTS INCORPORATED BY REFERENCE:




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##### 



CEDAR SHOPPING CENTERS, INC.
 TABLE OF CONTENTS
 Item No.
    
    Page No.PART I1and 2. Business and Properties
    
    
    31A. Risk Factors
    
    
    111B. Unresolved Staff Comments
    
    
    213. Legal Proceedings
    
    
    214. [Reserved]
    
    
    21PART II5. Market for Registrants Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities
    
    
    256. Selected Financial Data
    
    
    287. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    307A. Quantitative and Qualitative Disclosures about Market Risk
    
    
    508. Financial Statements and Supplementary Data
    
    
    519. Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure
    
    
    1059A. Controls and Procedures, including Management Report on Internal
Control Over Financial Reporting
    
    
    1059B. Other Information
    
    
    107PART III10. Directors, Executive Officers and Corporate Governance
    
    
    10711. Executive Compensation
    
    
    10712. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters
    
    
    10713. Certain Relationships and Related Transactions, and
Director Independence
    
    
    10714. Principal Accounting Fees and Services
    
    
    107PART IV15 Exhibits and Financial Statement Schedules
    
    
    107Exhibit 21.1Exhibit 23.1Exhibit 31.1Exhibit 31.2Exhibit 32.1Exhibit 32.2
   2




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Part I.
 
 Items 1 and 2. Business and Properties
 General
      3




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Recent Developments and Significant Transactions
 Common Stock and Preferred Stock
    4




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RioCan
     5




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Secured Revolving Stabilized Property Credit Facility
  Discontinued Operations
   The Companys Properties
   6




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##### Table of Contents



Net book value ofConsolidated Properties
    
    
    Cedar/RioCanNumber of
    
    
    GLA
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Net book
    
    
    Joint VentureState
    
    properties
    
    
    (Sq. ft.)
    
    
    Land
    
    
    improvements
    
    
    Total cost
    
    
    depreciation
    
    
    value
    
    
    PrioertiesPennsylvania
    
    
    59
    
    
    
    8,177,000
    
    
    $
    168,749,000
    
    
    $
    698,563,000
    
    
    $
    867,312,000
    
    
    $
    104,569,000
    
    
    $
    762,743,000
    
    
    $
    311,038,000Massachusetts
    
    
    9
    
    
    
    1,486,000
    
    
    
    27,148,000
    
    
    
    114,404,000
    
    
    
    141,552,000
    
    
    
    14,762,000
    
    
    
    126,790,000
    
    
    
    75,839,000Connecticut
    
    
    9
    
    
    
    1,263,000
    
    
    
    25,160,000
    
    
    
    124,873,000
    
    
    
    150,033,000
    
    
    
    18,543,000
    
    
    
    131,490,000
    
    
    
    26,126,000Virginia
    
    
    15
    
    
    
    1,092,000
    
    
    
    27,476,000
    
    
    
    104,169,000
    
    
    
    131,645,000
    
    
    
    19,189,000
    
    
    
    112,456,000
    
    
    
    46,059,000Ohio
    
    
    5
    
    
    
    80,000
    
    
    
    2,218,000
    
    
    
    10,398,000
    
    
    
    12,616,000
    
    
    
    2,175,000
    
    
    
    10,441,000
    
    
    
    Maryland
    
    
    8
    
    
    
    904,000
    
    
    
    29,473,000
    
    
    
    79,800,000
    
    
    
    109,273,000
    
    
    
    11,957,000
    
    
    
    97,316,000
    
    
    
    11,188,000New Jersey
    
    
    6
    
    
    
    1,228,000
    
    
    
    13,742,000
    
    
    
    74,489,000
    
    
    
    88,231,000
    
    
    
    12,178,000
    
    
    
    76,053,000
    
    
    
    54,198,000New York
    
    
    3
    
    
    
    226,000
    
    
    
    13,014,000
    
    
    
    39,456,000
    
    
    
    52,470,000
    
    
    
    4,476,000
    
    
    
    47,994,000
    
    
    
    Michigan
    
    
    1
    
    
    
    79,000
    
    
    
    2,443,000
    
    
    
    9,813,000
    
    
    
    12,256,000
    
    
    
    1,609,000
    
    
    
    10,647,000
    
    
    
    Total operarting portfolio
    
    
    115
    
    
    
    14,535,000
    
    
    
    309,423,000
    
    
    
    1,255,965,000
    
    
    
    1,565,388,000
    
    
    
    189,458,000
    
    
    
    1,375,930,000
    
    
    
    524,448,000Projects under development
and land held for future
expansion and development
    
    
    n/a
    
    
    
    n/a
    
    
    
    19,408,000
    
    
    
    6,514,000
    
    
    
    25,922,000
    
    
    
    3,000
    
    
    
    25,919,000
    
    
    
    Total portfolio
    
    
    115
    
    
    
    14,535,000
    
    
    $
    328,831,000
    
    
    $
    1,262,479,000
    
    
    $
    1,591,310,000
    
    
    $
    189,461,000
    
    
    $
    1,401,849,000
    
    
    
    524,448,000Unconsolidated joint venture  not managed (a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,848,000Total unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    530,296,000
 (a)
    
    The Company has a 76.3% interest in an unconsolidated joint venture, which it does not manage,
which owns a single-tenant office property located in Philadelphia, PA.  7




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Number
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Annualized
    
    
    Percentage ofof
    
    
    
    
    
    
    Percentage
    
    
    Annualized
    
    
    Base rent
    
    
    annualizedTenant (a)
    
    stores
    
    
    GLA
    
    
    of GLA
    
    
    base rent
    
    
    per sq. ft.
    
    
    base rentsTop ten tenants (b):Giant Foods (c)
    
    
    29
    
    
    
    1,886,000
    
    
    
    13.0
    %
    
    $
    28,527,000
    
    
    $
    15.13
    
    
    
    17.8
    %Stop & Shop (c)
    
    
    6
    
    
    
    391,000
    
    
    
    2.7
    %
    
    
    4,322,000
    
    
    
    11.05
    
    
    
    2.7
    %Farm Fresh (c)
    
    
    6
    
    
    
    364,000
    
    
    
    2.5
    %
    
    
    3,909,000
    
    
    
    10.74
    
    
    
    2.4
    %L.A. Fitness
    
    
    6
    
    
    
    248,000
    
    
    
    1.7
    %
    
    
    3,826,000
    
    
    
    15.43
    
    
    
    2.4
    %Discount Drug Mart
    
    
    1
    
    
    
    206,000
    
    
    
    1.4
    %
    
    
    2,496,000
    
    
    
    12.12
    
    
    
    1.6
    %Staples
    
    
    10
    
    
    
    199,000
    
    
    
    1.4
    %
    
    
    3,006,000
    
    
    
    15.11
    
    
    
    1.9
    %Shaws (c)
    
    
    4
    
    
    
    241,000
    
    
    
    1.7
    %
    
    
    2,716,000
    
    
    
    11.27
    
    
    
    1.7
    %CVS
    
    
    11
    
    
    
    124,000
    
    
    
    0.9
    %
    
    
    2,445,000
    
    
    
    19.72
    
    
    
    1.5
    %Best Buy
    
    
    4
    
    
    
    128,000
    
    
    
    0.9
    %
    
    
    2,407,000
    
    
    
    18.80
    
    
    
    1.5
    %Lowes
    
    
    3
    
    
    
    392,000
    
    
    
    2.7
    %
    
    
    2,337,000
    
    
    
    5.96
    
    
    
    1.5
    %Sub-total top ten tenants
    
    
    80
    
    
    
    4,179,000
    
    
    
    28.9
    %
    
    
    55,991,000
    
    
    
    13.40
    
    
    
    35.0
    %Remaining tenants
    
    
    1,195
    
    
    
    9,068,000
    
    
    
    62.2
    %
    
    
    103,907,000
    
    
    
    11.46
    
    
    
    65.0
    %Sub-total all tenants
    
    
    1,275
    
    
    
    13,247,000
    
    
    
    91.1
    %
    
    
    159,898,000
    
    
    
    12.07
    
    
    
    100.0
    %Vacant space (d)
    
    
    n/a
    
    
    
    1,288,000
    
    
    
    8.9
    %
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aTotal (including vacant space)
    
    
    1,275
    
    
    
    14,535,000
    
    
    
    100.0
    %
    
    $
    159,898,000
    
    
    $
    11
    
    
    
    n/a
 (a)
    
    Incudes tenants at unconsolidated managed joint venture properties and ground-up
development properties.(b)
    
    Based on annualized base rent.(c)
    
    Several of the tenants listed above share common ownership with other tenants including,
without limitation, (1) Giant Foods and Stop & Shop, and (2) Farm Fresh, Shaws, Shop n Save (GLA of 53,000;
annualized base rent of $524,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent
of $1,237,000) and Acme (GLA of 172,000; annualized base rent of $756,000).(d)
    
    Includes vacant space at properties undergoing development and/or redevelopment activities.  8




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PercentageTenants
    
    
    
    
    
    
    Percentage
    
    
    Annualized
    
    
    Annualized
    
    
    of annualizedYear of lease
    
    with leases
    
    
    GLA
    
    
    of GLA
    
    
    expiring
    
    
    expiring base
    
    
    expiringexpiration (a)
    
    expiring
    
    
    expiring
    
    
    expiring
    
    
    base rents
    
    
    rents per sq. ft.
    
    
    base rentsMonth-to-Month
    
    
    68
    
    
    
    172,000
    
    
    
    1.3
    %
    
    $
    2,183,000
    
    
    $
    12.69
    
    
    
    1.4
    %2011
    
    
    154
    
    
    
    815,000
    
    
    
    6.2
    %
    
    
    10,949,000
    
    
    
    13.43
    
    
    
    6.8
    %2012
    
    
    183
    
    
    
    943,000
    
    
    
    7.1
    %
    
    
    11,081,000
    
    
    
    11.75
    
    
    
    6.9
    %2013
    
    
    151
    
    
    
    632,000
    
    
    
    4.8
    %
    
    
    9,430,000
    
    
    
    14.92
    
    
    
    5.9
    %2014
    
    
    178
    
    
    
    1,727,000
    
    
    
    13.0
    %
    
    
    16,448,000
    
    
    
    9.52
    
    
    
    10.3
    %2015
    
    
    174
    
    
    
    1,431,000
    
    
    
    10.8
    %
    
    
    15,435,000
    
    
    
    10.79
    
    
    
    9.7
    %2016
    
    
    74
    
    
    
    919,000
    
    
    
    6.9
    %
    
    
    8,592,000
    
    
    
    9.35
    
    
    
    5.4
    %2017
    
    
    47
    
    
    
    559,000
    
    
    
    4.2
    %
    
    
    7,611,000
    
    
    
    13.62
    
    
    
    4.8
    %2018
    
    
    44
    
    
    
    863,000
    
    
    
    6.5
    %
    
    
    11,284,000
    
    
    
    13.08
    
    
    
    7.1
    %2019
    
    
    55
    
    
    
    911,000
    
    
    
    6.9
    %
    
    
    11,592,000
    
    
    
    12.72
    
    
    
    7.2
    %2020
    
    
    47
    
    
    
    992,000
    
    
    
    7.5
    %
    
    
    10,040,000
    
    
    
    10.12
    
    
    
    6.3
    %2021
    
    
    16
    
    
    
    344,000
    
    
    
    2.6
    %
    
    
    5,784,000
    
    
    
    16.81
    
    
    
    3.6
    %Thereafter
    
    
    84
    
    
    
    2,939,000
    
    
    
    22.2
    %
    
    
    39,469,000
    
    
    
    13.43
    
    
    
    24.6
    %All tenants
    
    
    1,275
    
    
    
    13,247,000
    
    
    
    100.0
    %
    
    
    159,898,000
    
    
    
    12.07
    
    
    
    100.0
    %Vacant space (b)
    
    
    n/a
    
    
    
    1,288,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aTotal portfolio
    
    
    1,275
    
    
    
    14,535,000
    
    
    
    n/a
    
    
    $
    159,898,000
    
    
    $
    11.00
    
    
    
    n/a
 (a)
    
    Incudes tenants at unconsolidated managed joint venture properties and ground-up development properties.(b)
    
    Includes vacant space at properties undergoing development and/or redevelopment activities.     9




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Competition
  Environmental Matters
    10




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Employees
  
 Item 1A. Risk Factors
 Economic conditions in the U.S. economy, instability in the credit markets and the uncertain retail
environment could adversely affect our ability to continue to pay dividends or cause us to reduce
further the amount of our dividends .
  Volatility and instability in the credit markets could adversely affect our ability to obtain new
financing or to refinance existing indebtedness .
  Our properties consist primarily of community shopping centers. Our performance therefore is linked
to economic conditions in the market for retail space generally .
   11




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Our performance and value are subject to risks associated with real estate assets and with the real
estate industry.
  1.
    
    local oversupply, increased competition or declining demand for real estate;
 2.
    
    local economic conditions, which may be adversely impacted by plant closings,
business layoffs, industry slow-downs, weather conditions, natural disasters and other
factors;
 3.
    
    non-payment or deferred payment of rent or other charges by tenants, either as
a result of tenant-specific financial ills, or general economic events or circumstances
adversely affecting consumer disposable income or credit;
 4.
    
    vacancies or an inability to rent space on acceptable terms;
 5.
    
    inability to finance property development, tenant improvements and acquisitions
on acceptable terms;
  12




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6.
    
    increased operating costs, including real estate taxes, insurance premiums,
utilities, repairs and maintenance;
 7.
    
    volatility and/or increases in interest rates, or the non-availability of funds
in the credit markets in general;
 8.
    
    increased costs of complying with current, new or expanded governmental
regulations;
 9.
    
    the relative illiquidity of real estate investments;
 10.
    
    changing market demographics;
 11.
    
    changing traffic patterns;
 12.
    
    an inability to arrange property-specific replacement financing for maturing
mortgage loans in acceptable amounts or on acceptable terms.
 Our substantial indebtedness and constraints on credit may impede our operating performance, as
well as our development, redevelopment and acquisition activities, and put us at a competitive
disadvantage.
  As substantially all of our revenues are derived from rental income, failure of tenants to pay rent
or delays in arranging leases and occupancy at our properties could seriously harm our operating
results and financial condition.
   13




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New Technology developments may impact customer traffic at certain tenants stores and ultimately
sales at such stores.
    14




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Competition may impede our ability to renew leases or re-let spaces as leases expire, which could
harm our business and operating results.
  We face competition for the acquisition of real estate properties, which may impede our ability to
make future acquisitions or may increase the cost of these acquisitions.
  Our current and future joint venture investments could be adversely affected by the lack of sole
decision-making authority, reliance on joint venture partners financial condition, and any
disputes that may arise between our joint venture partners and us.
   15




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The financial covenants in our loan agreements may restrict our operating or acquisition
activities, which may harm our financial condition and operating results.
   16




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A substantial portion of our properties are located in the mid-Atlantic and Northeast coastal
regions, which exposes us to greater economic risks than if our properties were owned in several
geographic regions.
  Development and redevelopment activities may be delayed or otherwise may not achieve expected
results.
  Our success depends on key personnel whose continued service is not guaranteed.
   17




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Potential losses may not be covered by insurance.
  Future terrorist attacks could harm the demand for, and the value of, our properties.
  If we fail to continue as a REIT, our distributions will not be deductible, and our income will be
subject to taxation, thereby reducing earnings available for distribution.
    18




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We could incur significant costs related to government regulation and litigation over
environmental matters and various other federal, state and local regulatory requirements.
     19




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Our charter and Maryland law contain provisions that may delay, defer or prevent a change of
control transaction and depress our stock price.
   1.
    
    business combination provisions that, subject to limitations, prohibit
certain business combinations between us and an interested stockholder (defined
generally as any person or an affiliate thereof who beneficially owns 10% or more of
the voting power of our shares) for five years after the most recent date on which the
stockholder becomes an interested stockholder, and thereafter imposes special appraisal
rights and special stockholder voting requirements on these combinations; and
 2.
    
    control share provisions that provide that our control shares (defined as
 shares that, when aggregated with other shares controlled by the stockholder, entitle
the stockholder to exercise one of three increasing ranges of voting power in electing
directors) acquired in a control share acquisition (defined as the direct or indirect
acquisition of ownership or control of control shares) have no voting rights except to
the extent approved by our shareholders by the affirmative vote of at least two-thirds
of all the votes entitled to be cast on the matter, excluding all interested shares.
  20




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Item 1B. Unresolved Staff Comments:
 
 Item 3. Legal Proceedings
  
 Item 4. [Reserved]
 Directors and Executive Officers of the Company
  Name
    
    Age
    
    PositionLeo S. Ullman
    
    
    71
    
    
    Chairman of the Board of Directors, Chief Executive Officer and PresidentJames J. Burns
    
    
    71
    
    
    DirectorRaghunath Davloor
    
    
    49
    
    
    DirectorRichard Homburg
    
    
    61
    
    
    DirectorPamela N. Hootkin
    
    
    63
    
    
    DirectorPaul G. Kirk Jr.
    
    
    73
    
    
    DirectorEverett B. Miller III
    
    
    65
    
    
    DirectorRoger M. Widmann
    
    
    71
    
    
    DirectorLawrence E. Kreider, Jr.
    
    
    63
    
    
    Chief Financial OfficerNancy H. Mozzachio
    
    
    46
    
    
    Vice President  LeasingThomas B. Richey
    
    
    55
    
    
    President  Development and Construction DivisionBrenda J. Walker
    
    
    58
    
    
    Vice President  Chief Operating OfficerStuart H. Widowski
    
    
    50
    
    
    Secretary and General Counsel
 Leo S. Ullman
  21




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James J. Burns
 Raghunath Davloor
 Richard Homburg
  22




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Pamela N. Hootkin,
 Paul G. Kirk, Jr.,
 Everett B. Miller, III
  23




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Roger M. Widmann,
 Lawrence E. Kreider, Jr.
 Nancy H. Mozzachio
  24




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Thomas B. Richey
 Brenda J. Walker
 Stuart H. Widowski
 
 Part II.
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
 Dividend Information
   25




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Market Information
  Market price range
    
    
    DividendsQuarter ended
    
    High
    
    
    Low
    
    
    Close
    
    
    paid2010March 31
    
    $
    8.20
    
    
    $
    6.26
    
    
    $
    7.91
    
    
    $
    
    (a)June 30
    
    
    8.39
    
    
    
    5.85
    
    
    
    6.02
    
    
    
    0.0900September 30
    
    
    6.67
    
    
    
    4.91
    
    
    
    6.08
    
    
    
    0.0900December 31
    
    
    6.81
    
    
    
    5.81
    
    
    
    6.29
    
    
    
    0.09002009March 31
    
    $
    7.47
    
    
    $
    1.68
    
    
    $
    1.74
    
    
    $
    0.1125June 30
    
    
    5.45
    
    
    
    1.96
    
    
    
    4.52
    
    
    
    September 30
    
    
    6.72
    
    
    
    4.10
    
    
    
    6.45
    
    
    
    December 31
    
    
    6.85
    
    
    
    5.64
    
    
    
    6.80
    
    
    
    0.0900
    (a)
 (a)
    
    Dividend was paid on January 20, 2010 to shareholders of record at December 31, 2009. Stockholder Return Performance Presentation
    26




---



##### Table of Contents



Cedar Shopping Centers, Inc.
 
 Period EndingIndex
    
    01/01/06
    
    
    12/31/06
    
    
    12/31/07
    
    
    12/31/08
    
    
    12/31/09
    
    
    12/31/10Cedar Shopping Centers, Inc.
    
    
    100.00
    
    
    
    120.01
    
    
    
    82.26
    
    
    
    61.81
    
    
    
    61.14
    
    
    
    58.94Russell 2000
    
    
    100.00
    
    
    
    118.37
    
    
    
    116.51
    
    
    
    77.15
    
    
    
    98.11
    
    
    
    124.46NAREIT All Equity REIT Index
    
    
    100.00
    
    
    
    135.06
    
    
    
    113.87
    
    
    
    70.91
    
    
    
    90.76
    
    
    
    116.12
  27




---



##### Table of Contents



Item 6. Selected Financial Data (a)
 Years ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Operations data:Total revenues
    
    $
    157,164,000
    
    
    $
    168,341,000
    
    
    $
    156,214,000
    
    
    $
    138,095,000
    
    
    $
    112,809,000Expenses:Property operating expenses
    
    
    51,307,000
    
    
    
    48,949,000
    
    
    
    42,879,000
    
    
    
    35,785,000
    
    
    
    31,008,000General and administrative
    
    
    9,537,000
    
    
    
    10,166,000
    
    
    
    8,586,000
    
    
    
    9,041,000
    
    
    
    6,086,000Impairments
    
    
    2,493,000
    
    
    
    23,636,000
    
    
    
    
    
    
    
    
    
    
    
    Acquisition transaction costs and terminated projects, net
    
    
    4,253,000
    
    
    
    4,367,000
    
    
    
    855,000
    
    
    
    
    
    
    
    Depreciation and amortization
    
    
    42,278,000
    
    
    
    50,148,000
    
    
    
    44,862,000
    
    
    
    37,479,000
    
    
    
    30,495,000Total expenses
    
    
    109,868,000
    
    
    
    137,266,000
    
    
    
    97,182,000
    
    
    
    82,305,000
    
    
    
    67,589,000Operating income
    
    
    47,296,000
    
    
    
    31,075,000
    
    
    
    59,032,000
    
    
    
    55,790,000
    
    
    
    45,220,000Non-operating income and expense:Interest expense and amortization/write-off of
deferred financing costs
    
    
    (52,254,000
    )
    
    
    (47,664,000
    )
    
    
    (43,021,000
    )
    
    
    (36,543,000
    )
    
    
    (32,500,000
    )Equity in income of unconsolidated joint ventures
    
    
    484,000
    
    
    
    1,098,000
    
    
    
    956,000
    
    
    
    634,000
    
    
    
    70,000Gain on sales of real estate
    
    
    
    
    
    
    521,000
    
    
    
    
    
    
    
    
    
    
    
    141,000Interest income
    
    
    38,000
    
    
    
    63,000
    
    
    
    284,000
    
    
    
    788,000
    
    
    
    641,000Total non-operating income and expense
    
    
    (51,732,000
    )
    
    
    (45,982,000
    )
    
    
    (41,781,000
    )
    
    
    (35,121,000
    )
    
    
    (31,648,000
    )(Loss) income before discontinued operations
    
    
    (4,436,000
    )
    
    
    (14,907,000
    )
    
    
    17,251,000
    
    
    
    20,669,000
    
    
    
    13,572,000(Loss) income from discontinued operations
    
    
    (39,918,000
    )
    
    
    (2,661,000
    )
    
    
    3,547,000
    
    
    
    3,198,000
    
    
    
    3,274,000Gain on sales of discontinued operations
    
    
    170,000
    
    
    
    557,000
    
    
    
    
    
    
    
    
    
    
    
    Net (loss) income
    
    
    (44,184,000
    )
    
    
    (17,011,000
    )
    
    
    20,798,000
    
    
    
    23,867,000
    
    
    
    16,846,000Less, net loss (income) attributable to noncontrolling interests
Minority interests in consolidated joint ventures
    
    
    1,613,000
    
    
    
    (772,000
    )
    
    
    (2,157,000
    )
    
    
    (1,415,000
    )
    
    
    (1,202,000
    )Limited partners interest in Operating Partnership
    
    
    1,282,000
    
    
    
    912,000
    
    
    
    (468,000
    )
    
    
    (627,000
    )
    
    
    (389,000
    )Net (loss) income attributable to Cedar Shopping Centers, Inc.
    
    
    (41,289,000
    )
    
    
    (16,871,000
    )
    
    
    18,173,000
    
    
    
    21,825,000
    
    
    
    15,255,000Preferred distribution requirements
    
    
    (10,196,000
    )
    
    
    (7,876,000
    )
    
    
    (7,877,000
    )
    
    
    (7,877,000
    )
    
    
    (7,877,000
    )Net (loss) income attributable to common shareholders
    
    $
    (51,485,000
    )
    
    $
    (24,747,000
    )
    
    $
    10,296,000
    
    
    $
    13,948,000
    
    
    $
    7,378,000Per common share (basic and diluted) attributable to common
shareholders:Continuing operations
    
    $
    (0.20
    )
    
    $
    (0.49
    )
    
    $
    0.15
    
    
    $
    0.24
    
    
    $
    0.13Discontinued operations
    
    $
    (0.61
    )
    
    
    (0.05
    )
    
    
    0.08
    
    
    $
    0.08
    
    
    
    0.09$
    (0.81
    )
    
    $
    (0.54
    )
    
    $
    0.23
    
    
    $
    0.32
    
    
    $
    0.22Amounts attributable to Cedar Shopping Centers, Inc.
common shareholders,net of limited partners interest(Loss) income from continuing operations
    
    $
    (12,834,000
    )
    
    $
    (22,731,000
    )
    
    $
    6,903,000
    
    
    $
    10,888,000
    
    
    $
    4,268,000(Loss) income from discontinued operations
    
    
    (38,651,000
    )
    
    
    (2,016,000
    )
    
    
    3,393,000
    
    
    
    3,060,000
    
    
    
    3,110,000Net (loss) income
    
    $
    (51,485,000
    )
    
    $
    (24,747,000
    )
    
    $
    10,296,000
    
    
    $
    13,948,000
    
    
    $
    7,378,000Dividends to common shareholders
    
    $
    17,749,000
    
    
    $
    9,742,000
    
    
    $
    40,027,000
    
    
    $
    39,775,000
    
    
    $
    29,333,000Per common share
    
    $
    0.2700
    
    
    $
    0.2025
    
    
    $
    0.9000
    
    
    $
    0.9000
    
    
    $
    0.9000Weighted average number of common shares outstanding:Basic
    
    
    63,843,000
    
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,193,000
    
    
    
    32,926,000Diluted
    
    
    63,862,000
    
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,197,000
    
    
    
    33,055,000
  28




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##### Table of Contents



Item 6. Selected Financial Data (a) (continued)
 Years ended December 31,2010
    
    
    2009
    
    
    2008
    
    
    2007
    
    
    2006Balance sheet data:Real estate, net
    
    $
    1,401,849,000
    
    
    $
    1,404,494,000
    
    
    $
    1,308,047,000
    
    
    $
    1,201,179,000
    
    
    $
    899,534,000Real estate to be transferred to a joint venture
    
    
    
    
    
    
    139,743,000
    
    
    
    194,952,000
    
    
    
    165,277,000
    
    
    
    166,639,000Real estate held for sale  discontinued operations
    
    
    69,959,000
    
    
    
    127,849,000
    
    
    
    149,428,000
    
    
    
    142,963,000
    
    
    
    120,466,000Investment in unconsolidated joint ventures
    
    
    52,466,000
    
    
    
    14,113,000
    
    
    
    4,976,000
    
    
    
    3,757,000
    
    
    
    3,644,000Other assets
    
    
    98,213,000
    
    
    
    98,919,000
    
    
    
    77,625,000
    
    
    
    89,919,000
    
    
    
    64,879,000Total assets
    
    $
    1,622,487,000
    
    
    $
    1,785,118,000
    
    
    $
    1,735,028,000
    
    
    $
    1,603,095,000
    
    
    $
    1,255,162,000Mortgages and loans payable
    
    $
    807,327,000
    
    
    $
    912,596,000
    
    
    $
    879,492,000
    
    
    $
    723,515,000
    
    
    $
    439,102,000Mortgage loans payable  real estate to be transferred to a joint venture
    
    
    
    
    
    
    94,018,000
    
    
    
    77,307,000
    
    
    
    70,458,000
    
    
    
    70,599,000Mortgage loans payable  discontinued operations
    
    
    32,786,000
    
    
    
    45,833,000
    
    
    
    56,674,000
    
    
    
    57,541,000
    
    
    
    58,372,000Other liabilities
    
    
    76,850,000
    
    
    
    106,269,000
    
    
    
    116,361,000
    
    
    
    105,654,000
    
    
    
    74,206,000Total liabilities
    
    
    916,963,000
    
    
    
    1,158,716,000
    
    
    
    1,129,834,000
    
    
    
    957,168,000
    
    
    
    642,279,000Limited partners interest in Operating Partnership
    
    
    7,053,000
    
    
    
    12,638,000
    
    
    
    14,257,000
    
    
    
    15,570,000
    
    
    
    19,608,000Equity:Cedar Shopping Centers, Inc. shareholders equity
    
    
    630,066,000
    
    
    
    538,456,000
    
    
    
    523,521,000
    
    
    
    557,849,000
    
    
    
    574,311,000Noncontrolling interests
    
    
    68,405,000
    
    
    
    75,308,000
    
    
    
    67,416,000
    
    
    
    72,508,000
    
    
    
    18,964,000Total equity
    
    
    698,471,000
    
    
    
    613,764,000
    
    
    
    590,937,000
    
    
    
    630,357,000
    
    
    
    593,275,000Total liabilities and equity
    
    $
    1,622,487,000
    
    
    $
    1,785,118,000
    
    
    $
    1,735,028,000
    
    
    $
    1,603,095,000
    
    
    $
    1,255,162,000Weighted average number of common shares:Shares used in determination of basic earnings per share
    
    
    63,843,000
    
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,193,000
    
    
    
    32,926,000Additional shares assuming conversion of OP Units (basic)
    
    
    1,814,000
    
    
    
    2,014,000
    
    
    
    2,024,000
    
    
    
    1,985,000
    
    
    
    1,737,000Shares used in determination of basic FFO per share
    
    
    65,657,000
    
    
    
    48,248,000
    
    
    
    46,499,000
    
    
    
    46,178,000
    
    
    
    34,663,000Shares used in determination of diluted earnings per share
    
    
    63,862,000
    
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,197,000
    
    
    
    33,055,000Additional shares assuming conversion of OP Units (diluted)
    
    
    1,814,000
    
    
    
    2,014,000
    
    
    
    2,024,000
    
    
    
    1,990,000
    
    
    
    1,747,000Shares used in determination of diluted FFO per share
    
    
    65,676,000
    
    
    
    48,248,000
    
    
    
    46,499,000
    
    
    
    46,187,000
    
    
    
    34,802,000Other data:Funds (Used in) From Operations (FFO) (b)
    
    $
    (10,316,000
    )
    
    $
    24,581,000
    
    
    $
    56,859,000
    
    
    $
    56,190,000
    
    
    $
    41,954,000Per common share (assuming conversion of OP Units) (basic and diluted):
    
    $
    (0.16
    )
    
    $
    0.51
    
    
    $
    1.22
    
    
    $
    1.22
    
    
    $
    1.21Cash flows provided by (used in):Operating activities
    
    $
    41,702,000
    
    
    $
    51,942,000
    
    
    $
    60,815,000
    
    
    $
    53,503,000
    
    
    $
    40,858,000Investing activities
    
    $
    (29,834,000
    )
    
    $
    (70,026,000
    )
    
    $
    (151,390,000
    )
    
    $
    (192,432,000
    )
    
    $
    (190,105,000
    )Financing activities
    
    $
    (14,866,000
    )
    
    $
    27,017,000
    
    
    $
    75,517,000
    
    
    $
    143,735,000
    
    
    $
    158,011,000Square feet of GLA
    
    
    14,535,000
    
    
    
    11,789,000
    
    
    
    10,991,000
    
    
    
    10,898,000
    
    
    
    9,107,000Percent leased (including development/redevelopment and
other non-stabilized properties)
    
    
    93
    %
    
    
    92
    %
    
    
    93
    %
    
    
    94
    %
    
    
    92
    %Average annualized base rent per leased square foot
    
    $
    12.07
    
    
    $
    11.66
    
    
    $
    11.11
    
    
    $
    10.81
    
    
    $
    10.47
 
 (a)
    
    The data presented reflect certain reclassifications of prior
period amounts to conform to the 2010 presentation, principally to reflect
the sale and/or treatment as held for sale of certain operating properties
and the treatment thereof as discontinued operations. The reclassifications
had no impact on the previously-reported net income attributable to common
shareholders or earnings per share.(b)
    
    See Item 7  Managements Discussion and Analysis of Financial
Condition and Results of Operations for a reconciliation of Funds (Used in)
From Operations (FFO)to net (loss) income attributable to common shareholders.  29




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of Operations
  Executive Summary
      30




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##### Table of Contents



Significant Transactions
 RioCan
    31




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##### Table of Contents



Date of
    
    
    
    
    
    
    
    
    Transfertransfer
    
    
    
    
    
    
    
    
    or
    
    
    Mortgageor
    
    
    
    
    
    
    
    
    purchase
    
    
    Loans
    
    
    Int.Property Description
    
    State
    
    acquisition
    
    
    
    
    GLA
    
    
    price
    
    
    Payable (b)
    
    
    rateBlue Mountain Commons
    
    PA
    
    
    12/10/2009
    
    
    (a)
    
    
    121,145
    
    
    $
    32,150,000
    
    
    $
    17,500,000
    
    
    
    5.0
    %Columbus Crossing
    
    PA
    
    
    2/23/2010
    
    
    (a)
    
    
    142,166
    
    
    
    24,538,000
    
    
    
    16,880,000
    
    
    
    6.8
    %Creekview Plaza
    
    PA
    
    
    9/29/2010
    
    
    
    
    
    136,423
    
    
    
    26,240,000
    
    
    
    14,432,000
    
    
    
    4.8
    %Cross Keys Place
    
    NJ
    
    
    10/13/2010
    
    
    
    
    
    148,173
    
    
    
    26,336,000
    
    
    
    14,600,000
    
    
    
    5.1
    %Exeter Commons
    
    PA
    
    
    8/3/2010
    
    
    
    
    
    361,321
    
    
    
    53,000,000
    
    
    
    30,000,000
    
    
    
    5.3
    %Franklin Village Plaza
    
    MA
    
    
    2/4/2010
    
    
    (a)
    
    
    304,277
    
    
    
    54,656,000
    
    
    
    43,500,000
    
    
    
    4.8
    %Gettysburg Marketplace
    
    PA
    
    
    10/21/2010
    
    
    
    
    
    82,784
    
    
    
    19,850,000
    
    
    
    10,918,000
    
    
    
    5.0
    %Loyal Plaza
    
    PA
    
    
    5/26/2010
    
    
    (a)
    
    
    293,825
    
    
    
    26,950,000
    
    
    
    12,615,000
    
    
    
    7.2
    %Marlboro Crossroads
    
    MD
    
    
    10/21/2010
    
    
    
    
    
    67,975
    
    
    
    12,500,000
    
    
    
    6,875,000
    
    
    
    5.1
    %Monroe Marketplace
    
    PA
    
    
    9/29/2010
    
    
    
    
    
    328,013
    
    
    
    41,990,000
    
    
    
    23,095,000
    
    
    
    4.8
    %Montville Commons
    
    CT
    
    
    9/29/2010
    
    
    (c)
    
    
    117,916
    
    
    
    18,900,000
    
    
    
    
    
    
    
    New River Valley
    
    VA
    
    
    9/29/2010
    
    
    
    
    
    164,663
    
    
    
    27,970,000
    
    
    
    15,163,000
    
    
    
    4.8
    %Northland Center
    
    PA
    
    
    10/21/2010
    
    
    
    
    
    108,260
    
    
    
    10,248,000
    
    
    
    6,298,000
    
    
    
    5.0
    %Pitney Road Plaza
    
    PA
    
    
    9/29/2010
    
    
    
    
    
    45,915
    
    
    
    11,060,000
    
    
    
    6,083,000
    
    
    
    4.8
    %Shaws Plaza
    
    MA
    
    
    4/27/2010
    
    
    (a)
    
    
    176,609
    
    
    
    20,363,000
    
    
    
    14,200,000
    
    
    
    6.0
    %Stop & Shop Plaza
    
    CT
    
    
    4/27/2010
    
    
    (a)
    
    
    54,510
    
    
    
    8,974,000
    
    
    
    7,000,000
    
    
    
    6.2
    %Sunset Crossing
    
    PA
    
    
    12/10/2009
    
    
    (a)
    
    
    74,142
    
    
    
    9,850,000
    
    
    
    4,500,000
    
    
    
    5.0
    %Sunrise Plaza
    
    NJ
    
    
    9/29/2010
    
    
    
    
    
    248,160
    
    
    
    26,460,000
    
    
    
    13,728,000
    
    
    
    4.8
    %Town Square Plaza
    
    PA
    
    
    1/26/2010
    
    
    
    
    
    127,636
    
    
    
    18,854,000
    
    
    
    11,000,000
    
    
    
    5.0
    %Towne Crossings
    
    VA
    
    
    10/21/2010
    
    
    
    
    
    111,016
    
    
    
    19,000,000
    
    
    
    10,450,000
    
    
    
    5.0
    %York Marketplace
    
    PA
    
    
    10/21/2010
    
    
    
    
    
    305,410
    
    
    
    29,200,000
    
    
    
    16,060,000
    
    
    
    5.0
    %3,520,339
    
    
    $
    519,089,000
    
    
    $
    294,897,000
 (a)
    
    Initial seven properties previously owned by the Company that were transferred to the
Cedar/RioCan joint venture.(b)
    
    Mortgage loans payable represent either (i) the outstanding balance at the date of transfer or
(ii) the loan amount on the date of borrowing, excluding any mortgage discount.(c)
    
    Subsequent to year end the Company obtained a $10.5 million mortgage loan payable.    32




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##### Table of Contents



Discontinued Operations
    33




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##### Table of Contents



Mortgage loans payableProperty carrying value
    
    
    Maturity
    
    
    Int.
    
    
    Financial statement carrying valueProperty Description
    
    State
    
    GLA
    
    
    Dec. 31, 2010
    
    
    Dec. 31, 2009
    
    
    date
    
    
    rate
    
    
    Dec. 31, 2010
    
    
    Dec. 31, 2009Centerville Discount Drug Mart Plaza
    
    OH
    
    
    49,494
    
    
    $
    2,481,000
    
    
    $
    5,955,000
    
    
    May 2015
    
    
    5.2
    %
    
    $
    2,743,000
    
    
    $
    2,794,000Clyde Discount Drug Mart Plaza
    
    OH
    
    
    34,592
    
    
    
    2,287,000
    
    
    
    3,533,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    1,903,000
    
    
    
    1,939,000Columbia Mall
    
    PA
    
    
    348,574
    
    
    
    10,774,000
    
    
    
    19,437,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Enon Discount Drug Mart Plaza
    
    OH
    
    
    42,876
    
    
    
    4,598,000
    
    
    
    5,224,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Fairfield Plaza
    
    CT
    
    
    72,279
    
    
    
    10,150,000
    
    
    
    10,463,000
    
    
    July 2015
    
    
    5.0
    %
    
    
    5,009,000
    
    
    
    5,106,000FirstMerit Bank at Cuyahoga Falls
    
    OH
    
    
    18,300
    
    
    
    569,000
    
    
    
    1,415,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gahanna Discount Drug Mart Plaza
    
    OH
    
    
    48,992
    
    
    
    7,103,000
    
    
    
    7,879,000
    
    
    Nov 2016
    
    
    5.8
    %
    
    
    4,924,000
    
    
    
    4,998,000Grove City Discount Drug Mart Plaza
    
    OH
    
    
    40,848
    
    
    
    2,911,000
    
    
    
    5,897,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Hilliard Discount Drug Mart Plaza
    
    OH
    
    
    40,988
    
    
    
    2,627,000
    
    
    
    5,968,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Hills & Dales Discount Drug Mart Plaza
    
    OH
    
    
    33,553
    
    
    
    3,263,000
    
    
    
    3,640,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Lodi Discount Drug Mart Plaza
    
    OH
    
    
    38,576
    
    
    
    2,550,000
    
    
    
    3,668,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    2,319,000
    
    
    
    2,363,000Mason Discount Drug Mart Plaza
    
    OH
    
    
    52,896
    
    
    
    4,499,000
    
    
    
    8,832,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Ontario Discount Drug Mart Plaza
    
    OH
    
    
    38,623
    
    
    
    2,534,000
    
    
    
    3,962,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    2,141,000
    
    
    
    2,181,000Pickerington Discount Drug Mart Plaza
    
    OH
    
    
    47,810
    
    
    
    3,532,000
    
    
    
    6,379,000
    
    
    Jul 2015
    
    
    5.0
    %
    
    
    4,072,000
    
    
    
    4,150,000Polaris Discount Drug Mart Plaza
    
    OH
    
    
    50,283
    
    
    
    4,640,000
    
    
    
    6,041,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    4,369,000
    
    
    
    4,451,000Shelby Discount Drug Mart Plaza
    
    OH
    
    
    36,596
    
    
    
    1,925,000
    
    
    
    3,469,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    2,141,000
    
    
    
    2,181,000Westlake Discount Drug Mart Plaza
    
    OH
    
    
    55,775
    
    
    
    1,667,000
    
    
    
    4,707,000
    
    
    Dec 2016
    
    
    5.6
    %
    
    
    3,165,000
    
    
    
    3,215,000Carrolton Discount Drug Mart Plaza
    
    OH
    
    
    40,480
    
    
    
    
    
    
    
    3,254,000
    
    
    Dec 2016
    
    
    5.6
    %
    
    
    
    
    
    
    2,343,000CVS Westfield (a)
    
    NY
    
    
    10,125
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dover Discount Drug Mart Plaza (a)
    
    OH
    
    
    38,409
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Family Dollar at Zanesville
    
    OH
    
    
    6,900
    
    
    
    
    
    
    
    368,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gabriel Brothers Plaza (a)
    
    OH
    
    
    83,740
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Hudson Discount Drug Mart Plaza (a)
    
    OH
    
    
    32,259
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Long Reach Village
    
    MD
    
    
    104,922
    
    
    
    
    
    
    
    9,414,000
    
    
    Mar 2014
    
    
    5.7
    %
    
    
    
    
    
    
    4,690,000McDonalds/Waffle House at Medina (a)
    
    OH
    
    
    6,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Pondside Plaza
    
    NY
    
    
    19,340
    
    
    
    
    
    
    
    1,471,000
    
    
    May 2015
    
    
    5.6
    %
    
    
    
    
    
    
    1,157,000Powell Discount Drug Mart Plaza
    
    OH
    
    
    49,772
    
    
    
    
    
    
    
    5,024,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    
    
    
    
    4,265,000Staples at Oswego (a)
    
    NY
    
    
    23,884
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,466,886
    
    
    
    68,110,000
    
    
    
    126,000,000
    
    
    
    
    
    
    
    
    
    
    
    32,786,000
    
    
    
    45,833,000Development Land Parcel
    
    PA
    
    
    
    
    
    
    1,849,000
    
    
    
    1,849,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,466,886
    
    
    $
    69,959,000
    
    
    $
    127,849,000
    
    
    
    
    
    
    
    
    
    
    $
    32,786,000
    
    
    $
    45,833,000
 (a)
    
    Properties were sold during 2009, therefore there was no property carrying value as of December
31, 2009.   34




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Summary of Critical Accounting Policies
   Revenue Recognition
   Real Estate Investments
   35




---



##### Table of Contents



36




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##### Table of Contents



Stock-Based Compensation
   37




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##### Table of Contents



Results of Operations
  Comparison of 2010 to 2009
 Properties(Decrease)
    
    
    Percent
    
    
    
    
    
    
    held in2010
    
    
    2009
    
    
    increase
    
    
    change
    
    
    Other
    
    
    both periodsTotal revenues
    
    $
    157,164,000
    
    
    $
    168,341,000
    
    
    $
    (11,177,000
    )
    
    
    -7
    %
    
    $
    (8,114,000
    )
    
    
    (3,063,000
    )Property operating expenses
    
    
    51,307,000
    
    
    
    48,949,000
    
    
    
    2,358,000
    
    
    
    5
    %
    
    
    1,499,000
    
    
    
    859,000Depreciation and amortization
    
    
    42,278,000
    
    
    
    50,148,000
    
    
    
    (7,870,000
    )
    
    
    -16
    %
    
    
    (6,992,000
    )
    
    
    (878,000
    )General and administrative
    
    
    9,537,000
    
    
    
    10,166,000
    
    
    
    (629,000
    )
    
    
    -6
    %
    
    
    n/a
    
    
    
    n/aImpairments
    
    
    2,493,000
    
    
    
    23,636,000
    
    
    
    (21,143,000
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aAcquisition transaction costs and
terminated projects, net
    
    
    4,253,000
    
    
    
    4,367,000
    
    
    
    (114,000
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aNon-operating income and
expense, net (i)
    
    
    51,732,000
    
    
    
    45,982,000
    
    
    
    5,750,000
    
    
    
    13
    %
    
    
    n/a
    
    
    
    n/aDiscontinued operations:(Loss) income from operations
    
    
    (388,000
    )
    
    
    898,000
    
    
    
    (1,286,000
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aImpairment charges
    
    
    39,530,000
    
    
    
    3,559,000
    
    
    
    35,971,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aGain on sales
    
    
    170,000
    
    
    
    557,000
    
    
    
    (387,000
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
 (i)
    
    Non-operating income and expense consists principally of interest expense
(including amortization and write-off of deferred financing costs), equity in
income of unconsolidated joint ventures, and gain on sale of a land parcel. Properties held in both periods.
 Total revenues
  38




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##### Table of Contents



Property operating expenses
 Depreciation and amortization expenses
 General and administrative expenses
 Impairments
 Acquisition transaction costs and terminated projects, net,
 Non-operating income and expense, net
  39




---



##### Table of Contents



Discontinued operations
 Other
 Revenues:
 Cedar/RioCan joint venture properties
    
    $
    (14,656,000
    )Fees earned by the Company and other
    
    
    3,549,000Property acquisitions
    
    
    1,885,000Development and redevelopment properties
    
    
    1,108,000$
    (8,114,000
    )
 Property operating expenses:
 Cedar/RioCan joint venture properties
    
    $
    (3,616,000
    )Unallocated compensation and benefits
    
    
    2,135,000Property acquisitions
    
    
    257,000Development and redevelopment properties
    
    
    2,723,000$
    1,499,000
 Depreciation and amortization expense:
 Cedar/RioCan joint venture properties
    
    $
    (4,207,000
    )Property acquisitions
    
    
    1,137,000Development and redevelopment properties
    
    
    2,226,000Accelerated depreciation at two redevelopment
properties
    
    
    (6,148,000
    )$
    (6,992,000
    )
  40




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##### Table of Contents



Comparison of 2009 to 2008
 PropertiesIncrease
    
    
    Percent
    
    
    
    
    
    
    held in2009
    
    
    2008
    
    
    (decrease)
    
    
    change
    
    
    Other
    
    
    both yearsTotal revenues
    
    $
    168,341,000
    
    
    $
    156,214,000
    
    
    $
    12,127,000
    
    
    
    8
    %
    
    $
    12,288,000
    
    
    
    (161,000
    )Property operating expenses
    
    
    48,949,000
    
    
    
    42,879,000
    
    
    
    6,070,000
    
    
    
    14
    %
    
    
    4,380,000
    
    
    
    1,690,000Depreciation and amortization
    
    
    50,148,000
    
    
    
    44,862,000
    
    
    
    5,286,000
    
    
    
    12
    %
    
    
    6,268,000
    
    
    
    (982,000
    )General and administrative
    
    
    10,166,000
    
    
    
    8,586,000
    
    
    
    1,580,000
    
    
    
    18
    %
    
    
    n/a
    
    
    
    n/aImpairments
    
    
    23,636,000
    
    
    
    
    
    
    
    23,636,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aAcquisition transaction costs and
terminated projects, net
    
    
    4,367,000
    
    
    
    855,000
    
    
    
    3,512,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aNon-operating income and
expense, net (i)
    
    
    45,982,000
    
    
    
    41,781,000
    
    
    
    4,201,000
    
    
    
    10
    %
    
    
    n/a
    
    
    
    n/aDiscontinued operations:Income from operations
    
    
    898,000
    
    
    
    3,547,000
    
    
    
    (2,649,000
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aImpairment charges
    
    
    3,559,000
    
    
    
    
    
    
    
    3,559,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aGain on sales
    
    
    557,000
    
    
    
    
    
    
    
    557,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
 (i)
    
    Non-operating income and expense consists principally of interest expense (including
amortization and write-off of deferred financing costs) and equity in income of unconsolidated
joint ventures, and gain on sale of a land parcel.
 Properties held in both periods.
 Total revenues
 Property operating expenses
  41




---



##### Table of Contents



Depreciation and amortization expenses
 General and administrative expenses
 Impairments
 Acquisition transaction costs and terminated projects, net,
 Non-operating income and expense, net
 Discontinued operations
  42




---



##### Table of Contents



Other
 Revenues:
 Cedar/RioCan joint venture properties
    
    $
    627,000Property acquisitions
    
    
    9,844,000Development and redevelopment properties
    
    
    1,817,000$
    12,288,000
 Property operating expenses:
 Cedar/RioCan joint venture properties
    
    $
    (54,000
    )Unallocated compensation and benefits
    
    
    576,000Property acquisitions
    
    
    2,631,000Development and redevelopment properties
    
    
    1,227,000$
    4,380,000
 Depreciation and amortization expense:
 Cedar/RioCan joint venture properties
    
    $
    (950,000
    )Property acquisitions
    
    
    2,660,000Development and redevelopment properties
    
    
    (1,590,000
    )Accelerated depreciation at two redevelopment
properties
    
    
    6,148,000$
    6,268,000
 Liquidity and Capital Resources
    43




---



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44




---



##### Table of Contents



45




---



##### Table of Contents



46




---



##### Table of Contents



Contractual obligations and commercial commitments
  Maturity Date2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    2015
    
    
    Thereafter
    
    
    TotalDebt:Mortgage loans payable (i) (ii)
    
    $
    92,290,000
    
    
    $
    52,046,000
    
    
    $
    63,830,000
    
    
    $
    119,189,000
    
    
    $
    103,786,000
    
    
    $
    243,589,000
    
    
    $
    674,730,000Stabilized property credit facility (iii)
    
    
    
    
    
    
    29,535,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    29,535,000Development property credit facility (iii)
    
    
    103,062,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    103,062,000Interest payments (iv)
    
    
    40,733,000
    
    
    
    36,354,000
    
    
    
    27,778,000
    
    
    
    22,720,000
    
    
    
    14,799,000
    
    
    
    10,520,000
    
    
    
    152,904,000Operating lease obligations
    
    
    1,213,000
    
    
    
    1,219,000
    
    
    
    1,234,000
    
    
    
    1,250,000
    
    
    
    1,269,000
    
    
    
    20,282,000
    
    
    
    26,467,000Total
    
    $
    237,298,000
    
    
    $
    119,154,000
    
    
    $
    92,842,000
    
    
    $
    143,159,000
    
    
    $
    119,854,000
    
    
    $
    274,391,000
    
    
    $
    986,698,000
 (i)
    
    Does not include mortgage loans payable applicable to unconsolidated joint ventures or
discontinued operations.(ii)
    
    Mortgage loans payable for 2011 includes $62.6 million applicable to property-specific
construction financing which is subject to a one-year extension option.(iii)
    
    Subject to a one-year extension option.(iv)
    
    Represents interest payments expected to be incurred on the Companys consolidated debt
obligations as of December 31, 2010, including capitalized interest. For variable-rate debt, the
rate in effect at December 31, 2010 is assumed to remain in effect until the maturities of the
respective obligations.
  Net Cash Flows
 Operating Activities
  Investing Activities
   47




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##### Table of Contents



Financing Activities
  Funds (Used In) From Operations
   48




---



##### Table of Contents



2010
    
    
    2009
    
    
    2008Net (loss) income attributable to common shareholders
    
    $
    (51,485,000
    )
    
    $
    (24,747,000
    )
    
    $
    10,296,000Add (deduct):Real estate depreciation and amortization
    
    
    46,279,000
    
    
    
    55,391,000
    
    
    
    49,732,000Noncontrolling interests:Limited partners interest
    
    
    (1,282,000
    )
    
    
    (912,000
    )
    
    
    468,000Minority interests in consolidated joint ventures
    
    
    (1,613,000
    )
    
    
    772,000
    
    
    
    2,157,000Minority interests share of FFO applicable to
consolidated joint ventures
    
    
    (4,357,000
    )
    
    
    (5,787,000
    )
    
    
    (6,134,000
    )Equity in income of unconsolidated joint ventures
    
    
    (484,000
    )
    
    
    (1,098,000
    )
    
    
    (956,000
    )FFO from unconsolidated joint ventures
    
    
    2,796,000
    
    
    
    1,519,000
    
    
    
    1,296,000Gain on sales of discontinued operations
    
    
    (170,000
    )
    
    
    (557,000
    )
    
    
    Funds (Used in) From Operations
    
    $
    (10,316,000
    )
    
    $
    24,581,000
    
    
    $
    56,859,000FFO per common share (assuming conversion of OP Units)Basic and diluted
    
    $
    (0.16
    )
    
    $
    0.51
    
    
    $
    1.22Weighted average number of common shares (basic):Shares used in determination of basic earnings per share
    
    
    63,843,000
    
    
    
    46,234,000
    
    
    
    44,475,000Additional shares assuming conversion of OP Units
    
    
    1,814,000
    
    
    
    2,014,000
    
    
    
    2,024,000Shares used in determination of basic FFO per share
    
    
    65,657,000
    
    
    
    48,248,000
    
    
    
    46,499,000Weighted average number of common shares (dilutive):Shares used in determination of diluted earnings per share
    
    
    63,862,000
    
    
    
    46,234,000
    
    
    
    44,475,000Additional shares assuming conversion of OP Units
    
    
    1,814,000
    
    
    
    2,014,000
    
    
    
    2,024,000Shares used in determination of diluted FFO per share
    
    
    65,676,000
    
    
    
    48,248,000
    
    
    
    46,499,000
  49




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##### Table of Contents



Inflation
  New Accounting Pronouncements
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
     50




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##### Table of Contents



Item 8. Financial Statements and Supplementary Data
 Report of Independent Registered Public Accounting Firm
    
    
    52Consolidated Balance Sheets, December 31, 2010 and 2009
    
    
    53Consolidated Statements of Operations, years ended
December 31, 2010, 2009 and 2008
    
    
    54Consolidated Statements of Equity, years
ended December 31, 2010, 2009 and 2008
    
    
    55Consolidated Statements of Cash Flows, years ended
December 31, 2010, 2009 and 2008
    
    
    57Notes to Consolidated Financial Statements
    
    
    58-104Schedule Filed As Part Of This ReportSchedule III  Real Estate and Accumulated Depreciation,
December 31, 2010
    
    
    98-104
   51




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Directors and Shareholders of
Cedar Shopping Centers, Inc.
     /s/ ERNST & YOUNG LLP 
  52




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Balance Sheets
 December 31,2010
    
    
    2009AssetsReal estate:Land
    
    $
    328,831,000
    
    
    $
    333,898,000Buildings and improvements
    
    
    1,262,479,000
    
    
    
    1,221,740,0001,591,310,000
    
    
    
    1,555,638,000Less accumulated depreciation
    
    
    (189,461,000
    )
    
    
    (151,144,000
    )Real estate, net
    
    
    1,401,849,000
    
    
    
    1,404,494,000Real estate to be transferred to a joint venture
    
    
    
    
    
    
    139,743,000Real estate held for sale  discontinued operations
    
    
    69,959,000
    
    
    
    127,849,000Investment in unconsolidated joint ventures
    
    
    52,466,000
    
    
    
    14,113,000Cash and cash equivalents
    
    
    14,166,000
    
    
    
    17,164,000Restricted cash
    
    
    14,545,000
    
    
    
    14,075,000Receivables:Rents and other tenant receivables, net
    
    
    7,048,000
    
    
    
    7,423,000Straight-line rents
    
    
    15,674,000
    
    
    
    14,044,000Joint venture settlements and other receivables
    
    
    8,599,000
    
    
    
    2,322,000Other assets
    
    
    9,676,000
    
    
    
    9,316,000Deferred charges, net
    
    
    28,505,000
    
    
    
    34,575,000Total assets
    
    $
    1,622,487,000
    
    
    $
    1,785,118,000Liabilities and equityMortgage loans payable
    
    $
    674,730,000
    
    
    $
    654,911,000Mortgage loans payable  real estate to be transferred to a joint venture
    
    
    
    
    
    
    94,018,000Mortgage loans payable  real estate held for sale  discontinued operations
    
    
    32,786,000
    
    
    
    45,833,000Secured revolving credit facilities
    
    
    132,597,000
    
    
    
    257,685,000Accounts payable and accrued liabilities
    
    
    29,026,000
    
    
    
    46,902,000Unamortized intangible lease liabilities
    
    
    46,487,000
    
    
    
    52,058,000Liabilities  real estate held for sale and, at December 31, 2009, real
estate to be transferred to a joint venture
    
    
    1,337,000
    
    
    
    7,309,000Total liabilities
    
    
    916,963,000
    
    
    
    1,158,716,000Limited partners interest in Operating Partnership
    
    
    7,053,000
    
    
    
    12,638,000Commitments and contingencies
    
    
    
    
    
    
    Equity:Cedar Shopping Centers, Inc. shareholders equity:Preferred stock ($.01 par value, $25.00 per share
liquidation value, 12,500,000 shares authorized, 6,400,000 and
3,550,000 shares, respectively, issued and outstanding)
    
    
    158,575,000
    
    
    
    88,750,000Common stock ($.06 par value, 150,000,000 shares authorized
66,520,000 and 52,139,000 shares, respectively, issued and
outstanding)
    
    
    3,991,000
    
    
    
    3,128,000Treasury stock (1,120,000 and 981,000 shares, respectively, at cost)
    
    
    (10,367,000
    )
    
    
    (9,688,000
    )Additional paid-in capital
    
    
    712,548,000
    
    
    
    621,299,000Cumulative distributions in excess of net income
    
    
    (231,275,000
    )
    
    
    (162,041,000
    )Accumulated other comprehensive loss
    
    
    (3,406,000
    )
    
    
    (2,992,000
    )Total Cedar Shopping Centers, Inc. shareholders equity
    
    
    630,066,000
    
    
    
    538,456,000Noncontrolling interests:Minority interests in consolidated joint ventures
    
    
    62,050,000
    
    
    
    67,229,000Limited partners interest in Operating Partnership
    
    
    6,355,000
    
    
    
    8,079,000Total noncontrolling interests
    
    
    68,405,000
    
    
    
    75,308,000Total equity
    
    
    698,471,000
    
    
    
    613,764,000Total liabilities and equity
    
    $
    1,622,487,000
    
    
    $
    1,785,118,000
   53




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Statements of Operations
 Years ended December 31,2010
    
    
    2009
    
    
    2008Revenues:Rents
    
    $
    123,205,000
    
    
    $
    135,104,000
    
    
    $
    126,228,000Expense recoveries
    
    
    30,092,000
    
    
    
    31,878,000
    
    
    
    28,862,000Other
    
    
    3,867,000
    
    
    
    1,359,000
    
    
    
    1,124,000Total revenues
    
    
    157,164,000
    
    
    
    168,341,000
    
    
    
    156,214,000Expenses:Operating, maintenance and management
    
    
    31,828,000
    
    
    
    30,131,000
    
    
    
    25,455,000Real estate and other property-related taxes
    
    
    19,479,000
    
    
    
    18,818,000
    
    
    
    17,424,000General and administrative
    
    
    9,537,000
    
    
    
    10,166,000
    
    
    
    8,586,000Impairments
    
    
    2,493,000
    
    
    
    23,636,000
    
    
    
    Acquisition transaction costs and terminated projects, net
    
    
    4,253,000
    
    
    
    4,367,000
    
    
    
    855,000Depreciation and amortization
    
    
    42,278,000
    
    
    
    50,148,000
    
    
    
    44,862,000Total expenses
    
    
    109,868,000
    
    
    
    137,266,000
    
    
    
    97,182,000Operating income
    
    
    47,296,000
    
    
    
    31,075,000
    
    
    
    59,032,000Non-operating income and expense:Interest expense, including amortization of
deferred financing costs
    
    
    (49,702,000
    )
    
    
    (47,664,000
    )
    
    
    (43,021,000
    )Write-off of deferred financing costs
    
    
    (2,552,000
    )
    
    
    
    
    
    
    Interest income
    
    
    38,000
    
    
    
    63,000
    
    
    
    284,000Equity in income of unconsolidated joint ventures
    
    
    484,000
    
    
    
    1,098,000
    
    
    
    956,000Gain on sale of land parcel
    
    
    
    
    
    
    521,000
    
    
    
    Total non-operating income and expense
    
    
    (51,732,000
    )
    
    
    (45,982,000
    )
    
    
    (41,781,000
    )(Loss) income before discontinued operations
    
    
    (4,436,000
    )
    
    
    (14,907,000
    )
    
    
    17,251,000(Loss) income from discontinued operations
    
    
    (39,918,000
    )
    
    
    (2,661,000
    )
    
    
    3,547,000Gain on sales of discontinued operations
    
    
    170,000
    
    
    
    557,000
    
    
    
    Total discontinued operations
    
    
    (39,748,000
    )
    
    
    (2,104,000
    )
    
    
    3,547,000Net (loss) income
    
    
    (44,184,000
    )
    
    
    (17,011,000
    )
    
    
    20,798,000Less, net loss (income) attributable to noncontrolling interests:Minority interests in consolidated joint ventures
    
    
    1,613,000
    
    
    
    (772,000
    )
    
    
    (2,157,000
    )Limited partners interest in Operating Partnership
    
    
    1,282,000
    
    
    
    912,000
    
    
    
    (468,000
    )Total net loss (income) attributable to noncontrolling interests
    
    
    2,895,000
    
    
    
    140,000
    
    
    
    (2,625,000
    )Net (loss) income attributable to Cedar Shopping Centers, Inc.
    
    
    (41,289,000
    )
    
    
    (16,871,000
    )
    
    
    18,173,000Preferred distribution requirements
    
    
    (10,196,000
    )
    
    
    (7,876,000
    )
    
    
    (7,877,000
    )Net (loss) income attributable to common shareholders
    
    $
    (51,485,000
    )
    
    $
    (24,747,000
    )
    
    $
    10,296,000Per common share attributable to common sharehoders (basic
and diluted):Continuing operations
    
    $
    (0.20
    )
    
    $
    (0.49
    )
    
    $
    0.15Discontinued operations
    
    
    (0.61
    )
    
    
    (0.05
    )
    
    $
    0.08$
    (0.81
    )
    
    $
    (0.54
    )
    
    $
    0.23Amounts attributable to Cedar Shopping Centers, Inc.
common shareholders, net of limited partners interest:(Loss) income from continuing operations
    
    $
    (12,834,000
    )
    
    $
    (22,731,000
    )
    
    $
    6,903,000(Loss) income from discontinued operations
    
    
    (38,816,000
    )
    
    
    (2,550,000
    )
    
    
    3,393,000Gain on sales of discontinued operations
    
    
    165,000
    
    
    
    534,000
    
    
    
    Net (loss) income
    
    $
    (51,485,000
    )
    
    $
    (24,747,000
    )
    
    $
    10,296,000Weighted average number of common shares outstanding
    
    
    63,843,000
    
    
    
    46,234,000
    
    
    
    44,475,000
   54




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Statements of Equity
 Years ended December 31, 2010, 2009 and 2008
 Cedar Shopping Centers, Inc. ShareholdersPreferred stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cumulative
    
    
    Accumulated$25.00
    
    
    Common stock
    
    
    Treasury
    
    
    Additional
    
    
    distributions
    
    
    otherLiquidation
    
    
    
    
    
    
    $0.06
    
    
    stock,
    
    
    paid-in
    
    
    in excess of
    
    
    comprehensiveShares
    
    
    value
    
    
    Shares
    
    
    Par value
    
    
    at cost
    
    
    capital
    
    
    net income
    
    
    (loss) income
    
    
    TotalBalance, December 31, 2007
    
    
    3,550,000
    
    
    $
    88,750,000
    
    
    
    44,238,000
    
    
    $
    2,654,000
    
    
    $
    (8,192,000
    )
    
    $
    572,394,000
    
    
    $
    (97,821,000
    )
    
    $
    64,000
    
    
    $
    557,849,000Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,173,000
    
    
    
    
    
    
    
    18,173,000Unrealized loss on change in fair value
of cash flow hedges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,320,000
    )
    
    
    (7,320,000
    )Total other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,853,000Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    225,000
    
    
    
    13,000
    
    
    
    (983,000
    )
    
    
    3,342,000
    
    
    
    
    
    
    
    
    
    
    
    2,372,000Conversion of OP units into common stock
    
    
    
    
    
    
    
    
    
    
    5,000
    
    
    
    1,000
    
    
    
    
    
    
    
    67,000
    
    
    
    
    
    
    
    
    
    
    
    68,000Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,877,000
    )
    
    
    
    
    
    
    (7,877,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (40,027,000
    )
    
    
    
    
    
    
    (40,027,000
    )Additional noncontrolling interests shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Purchase/redemption of noncontrolling
interests shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    283,000
    
    
    
    
    
    
    
    
    
    
    
    283,000Balance, December 31, 2008
    
    
    3,550,000
    
    
    
    88,750,000
    
    
    
    44,468,000
    
    
    
    2,668,000
    
    
    
    (9,175,000
    )
    
    
    576,086,000
    
    
    
    (127,552,000
    )
    
    
    (7,256,000
    )
    
    
    523,521,000Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (16,871,000
    )
    
    
    
    
    
    
    (16,871,000
    )Unrealized gain on change in fair value
of cash flow hedges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,264,000
    
    
    
    4,264,000Total other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,607,000
    )Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    570,000
    
    
    
    34,000
    
    
    
    (513,000
    )
    
    
    3,070,000
    
    
    
    
    
    
    
    
    
    
    
    2,591,000Net proceeds from the sales of common stock
and issuance of warrants
    
    
    
    
    
    
    
    
    
    
    7,089,000
    
    
    
    425,000
    
    
    
    
    
    
    
    40,465,000
    
    
    
    
    
    
    
    
    
    
    
    40,890,000Conversion of OP units into common stock
    
    
    
    
    
    
    
    
    
    
    12,000
    
    
    
    1,000
    
    
    
    
    
    
    
    130,000
    
    
    
    
    
    
    
    
    
    
    
    131,000Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,876,000
    )
    
    
    
    
    
    
    (7,876,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (9,742,000
    )
    
    
    
    
    
    
    (9,742,000
    )Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,548,000
    
    
    
    
    
    
    
    
    
    
    
    1,548,000Additional noncontrolling interests sharesBalance, December 31, 2009
    
    
    3,550,000
    
    
    
    88,750,000
    
    
    
    52,139,000
    
    
    
    3,128,000
    
    
    
    (9,688,000
    )
    
    
    621,299,000
    
    
    
    (162,041,000
    )
    
    
    (2,992,000
    )
    
    
    538,456,000Net (loss) income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (41,289,000
    )
    
    
    
    
    
    
    (41,289,000
    )Unrealized gain on change in fair value
of cash flow hedges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (414,000
    )
    
    
    (414,000
    )Total other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (41,703,000
    )Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    436,000
    
    
    
    27,000
    
    
    
    (679,000
    )
    
    
    3,604,000
    
    
    
    
    
    
    
    
    
    
    
    2,952,000Net proceeds from the sale of preferred and
common stock
    
    
    2,850,000
    
    
    
    69,825,000
    
    
    
    12,455,000
    
    
    
    747,000
    
    
    
    
    
    
    
    77,433,000
    
    
    
    
    
    
    
    
    
    
    
    148,005,000Net proceeds from dividend
reinvestment plan
    
    
    
    
    
    
    
    
    
    
    1,451,000
    
    
    
    87,000
    
    
    
    
    
    
    
    8,144,000
    
    
    
    
    
    
    
    
    
    
    
    8,231,000Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,196,000
    )
    
    
    
    
    
    
    (10,196,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (17,749,000
    )
    
    
    
    
    
    
    (17,749,000
    )Conversion of OP Units into common stock
    
    
    
    
    
    
    
    
    
    
    39,000
    
    
    
    2,000
    
    
    
    
    
    
    
    401,000
    
    
    
    
    
    
    
    
    
    
    
    403,000Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,667,000
    
    
    
    
    
    
    
    
    
    
    
    1,667,000Balance, December 31, 2010
    
    
    6,400,000
    
    
    $
    158,575,000
    
    
    
    66,520,000
    
    
    $
    3,991,000
    
    
    $
    (10,367,000
    )
    
    $
    712,548,000
    
    
    $
    (231,275,000
    )
    
    $
    (3,406,000
    )
    
    $
    630,066,000
   55




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Equity
Years ended December 31, 2010, 2009 and 2008  (continued)
 Noncontrolling InterestsLimitedMinority
    
    
    partnersinterests in
    
    
    interest inconsolidated
    
    
    Operating
    
    
    
    
    
    
    Totaljoint ventures
    
    
    Partnership
    
    
    Total
    
    
    equityBalance, December 31, 2007
    
    $
    62,402,000
    
    
    $
    10,106,000
    
    
    $
    72,508,000
    
    
    $
    630,357,000Net income
    
    
    2,157,000
    
    
    
    183,000
    
    
    
    2,340,000
    
    
    
    20,513,000Unrealized loss on change in fair value of cash flow hedges
    
    
    (336,000
    )
    
    
    (129,000
    )
    
    
    (465,000
    )
    
    
    (7,785,000
    )Total other comprehensive income
    
    
    1,821,000
    
    
    
    54,000
    
    
    
    1,875,000
    
    
    
    12,728,000Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,372,000Conversion of OP units into common stock
    
    
    
    
    
    
    (68,000
    )
    
    
    (68,000
    )
    
    
    Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,877,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    (3,427,000
    )
    
    
    (717,000
    )
    
    
    (4,144,000
    )
    
    
    (44,171,000
    )Additional noncontrolling interests shares
    
    
    6,364,000
    
    
    
    
    
    
    
    6,364,000
    
    
    
    6,364,000Purchase/redemption of noncontrolling interests shares
    
    
    (9,010,000
    )
    
    
    
    
    
    
    (9,010,000
    )
    
    
    (9,010,000
    )Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    (109,000
    )
    
    
    (109,000
    )
    
    
    174,000Balance, December 31, 2008
    
    
    58,150,000
    
    
    
    9,266,000
    
    
    
    67,416,000
    
    
    
    590,937,000Net loss
    
    
    772,000
    
    
    
    (361,000
    )
    
    
    411,000
    
    
    
    (16,460,000
    )Unrealized gain on change in fair value
of cash flow hedges
    
    
    
    
    
    
    79,000
    
    
    
    79,000
    
    
    
    4,343,000Total other comprehensive loss
    
    
    772,000
    
    
    
    (282,000
    )
    
    
    490,000
    
    
    
    (12,117,000
    )Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,591,000Net proceeds from the sales of common stock
and issuance of warrants
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    40,890,000Conversion of OP units into common stock
    
    
    
    
    
    
    (131,000
    )
    
    
    (131,000
    )
    
    
    Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,876,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    (3,905,000
    )
    
    
    (167,000
    )
    
    
    (4,072,000
    )
    
    
    (13,814,000
    )Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    (607,000
    )
    
    
    (607,000
    )
    
    
    941,000Additional noncontrolling interests shares
    
    
    12,212,000
    
    
    
    
    
    
    
    12,212,000
    
    
    
    12,212,000Balance, December 31, 2009
    
    
    67,229,000
    
    
    
    8,079,000
    
    
    
    75,308,000
    
    
    
    613,764,000Net (loss) income
    
    
    (1,613,000
    )
    
    
    (642,000
    )
    
    
    (2,255,000
    )
    
    
    (43,544,000
    )Unrealized gain on change in fair value
of cash flow hedges
    
    
    
    
    
    
    (22,000
    )
    
    
    (22,000
    )
    
    
    (436,000
    )Total other comprehensive loss
    
    
    (1,613,000
    )
    
    
    (664,000
    )
    
    
    (2,277,000
    )
    
    
    (43,980,000
    )Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,952,000Net proceeds from the sale of preferred and
common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    148,005,000Net proceeds from dividend
reinvestment plan
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,231,000Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (10,196,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    (3,566,000
    )
    
    
    (209,000
    )
    
    
    (3,775,000
    )
    
    
    (21,524,000
    )Conversion of OP Units into common stock
    
    
    
    
    
    
    (194,000
    )
    
    
    (194,000
    )
    
    
    209,000Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    (657,000
    )
    
    
    (657,000
    )
    
    
    1,010,000Balance, December 31, 2010
    
    $
    62,050,000
    
    
    $
    6,355,000
    
    
    $
    68,405,000
    
    
    $
    698,471,000
   56




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Statements of Cash Flows
 Years ended December 31,2010
    
    
    2009
    
    
    2008Cash flow from operating activities:Net (loss) income
    
    $
    (44,184,000
    )
    
    $
    (17,011,000
    )
    
    
    20,798,000Adjustments to reconcile net (loss) income to net cash provided by operating activities:Non-cash provisions:Equity in income of unconsolidated joint ventures
    
    
    (484,000
    )
    
    
    (1,098,000
    )
    
    
    (956,000
    )Distributions from unconsolidated joint ventures
    
    
    819,000
    
    
    
    921,000
    
    
    
    834,000Impairments
    
    
    2,493,000
    
    
    
    23,636,000
    
    
    
    Terminated projects
    
    
    1,302,000
    
    
    
    3,094,000
    
    
    
    463,000Impairments  discontinued operations
    
    
    39,527,000
    
    
    
    3,559,000
    
    
    
    Gain on sales of real estate
    
    
    (170,000
    )
    
    
    (1,078,000
    )
    
    
    Straight-line rents
    
    
    (1,854,000
    )
    
    
    (2,874,000
    )
    
    
    (2,876,000
    )Provision for doubtful accounts
    
    
    3,952,000
    
    
    
    
    
    
    
    Depreciation and amortization
    
    
    46,464,000
    
    
    
    55,391,000
    
    
    
    50,013,000Amortization of intangible lease liabilities
    
    
    (9,154,000
    )
    
    
    (13,522,000
    )
    
    
    (14,409,000
    )Amortization/market price adjustments relating to stock-based compensation
    
    
    2,979,000
    
    
    
    2,433,000
    
    
    
    1,099,000Amortization and accelerated write-off of deferred financing costs
    
    
    8,109,000
    
    
    
    3,648,000
    
    
    
    1,790,000Increases/decreases in operating assets and liabilities:Rents and other receivables, net
    
    
    (3,566,000
    )
    
    
    (2,555,000
    )
    
    
    1,822,000Joint venture settlements
    
    
    (995,000
    )
    
    
    
    
    
    
    Prepaid expenses and other
    
    
    (2,029,000
    )
    
    
    (5,168,000
    )
    
    
    153,000Accounts payable and accrued expenses
    
    
    (1,507,000
    )
    
    
    2,566,000
    
    
    
    2,084,000Net cash provided by operating activities
    
    
    41,702,000
    
    
    
    51,942,000
    
    
    
    60,815,000Cash flow from investing activities:Expenditures for real estate and improvements
    
    
    (30,155,000
    )
    
    
    (108,300,000
    )
    
    
    (131,874,000
    )Net proceeds from sales of real estate
    
    
    2,661,000
    
    
    
    6,752,000
    
    
    
    Net proceeds from transfers to unconsolidated joint venture, less
cash at dates of transfer
    
    
    31,013,000
    
    
    
    32,089,000
    
    
    
    Investments in and advances to unconsolidated joint ventures
    
    
    (51,441,000
    )
    
    
    (350,000
    )
    
    
    (1,097,000
    )Distributions of capital from unconsolidated joint venture
    
    
    21,502,000
    
    
    
    
    
    
    
    Increase in other receivables
    
    
    (2,563,000
    )
    
    
    
    
    
    
    Construction escrows and other
    
    
    (851,000
    )
    
    
    (217,000
    )
    
    
    (965,000
    )Purchase of consolidated joint venture minority interest
    
    
    
    
    
    
    
    
    
    
    (17,454,000
    )Net cash used in investing activities
    
    
    (29,834,000
    )
    
    
    (70,026,000
    )
    
    
    (151,390,000
    )Cash flow from financing activities:Net (repayments)/advances (to)/from revolving credit facilities
    
    
    (125,088,000
    )
    
    
    (46,805,000
    )
    
    
    114,050,000Proceeds from mortgage financings
    
    
    26,984,000
    
    
    
    60,950,000
    
    
    
    106,738,000Mortgage repayments
    
    
    (20,944,000
    )
    
    
    (18,203,000
    )
    
    
    (93,317,000
    )Payments of debt financing costs
    
    
    (2,025,000
    )
    
    
    (9,973,000
    )
    
    
    (5,062,000
    )Termination payment related to interest rate swaps
    
    
    (5,476,000
    )
    
    
    
    
    
    
    Noncontrolling interests:Contributions from consolidated joint venture minority interests, net
    
    
    
    
    
    
    12,212,000
    
    
    
    6,383,000Distributions to consolidated joint venture minority interests
    
    
    (3,566,000
    )
    
    
    (3,905,000
    )
    
    
    (3,427,000
    )Redemption of Operating Partnership Units
    
    
    (3,443,000
    )
    
    
    
    
    
    
    (122,000
    )Distributions to limited partners
    
    
    (654,000
    )
    
    
    (227,000
    )
    
    
    (1,822,000
    )Net proceeds from the sales of preferred and common stock
    
    
    141,248,000
    
    
    
    40,890,000
    
    
    
    Exercise of warrant
    
    
    10,000,000
    
    
    
    
    
    
    
    Preferred stock distributions
    
    
    (9,457,000
    )
    
    
    (7,876,000
    )
    
    
    (7,877,000
    )Distributions to common shareholders
    
    
    (22,445,000
    )
    
    
    (5,046,000
    )
    
    
    (40,027,000
    )Proceeds from standby equity advance not settled
    
    
    
    
    
    
    5,000,000
    
    
    
    Net cash (used in) provided by financing activities
    
    
    (14,866,000
    )
    
    
    27,017,000
    
    
    
    75,517,000Net (decrease) increase in cash and cash equivalents
    
    
    (2,998,000
    )
    
    
    8,933,000
    
    
    
    (15,058,000
    )Cash and cash equivalents at beginning of period
    
    
    17,164,000
    
    
    
    8,231,000
    
    
    
    23,289,000Cash and cash equivalents at end of period
    
    $
    14,166,000
    
    
    $
    17,164,000
    
    
    
    8,231,000
   57




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##### Table of Contents



Cedar Shopping Centers, Inc.
 
 Notes to Consolidated Financial Statements
 December 31, 2010
 Note 1. Organization and Basis of Preparation
      58




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
     59




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
   Note 2. Summary of Significant Accounting Policies
   Real Estate Investments and Discontinued Operations
    60




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
     61




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
    Conditional asset retirement obligation
  Fair Value Measurements
  
    
    Level 1  Inputs to the valuation methodology are quoted prices (unadjusted) for
identical assets or liabilities in active markets.
 
    
    Level 2  Inputs to the valuation methodology include quoted prices for similar
assets and liabilities in active markets, and inputs that are observable for the asset
or liability, either directly or indirectly, for substantially the full term of the
financial instrument.
  62




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 
 
    
    Level 3  Inputs to the valuation methodology are unobservable and significant to
the fair value measurement.
   63




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Assets Measured at Fair Value on aNon Recurring BasisDecember 31, 2010Asset Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalReal estate held for sale
    
    $
    
    
    
    $
    22,773,000
    
    
    $
    47,186,000
    
    
    $
    69,959,000
 Assets Measured at Fair Value on aNon Recurring BasisDecember 31, 2009Asset Description
    
    Level 1
    
    
    Level 2
    
    
    Level 3
    
    
    TotalReal estate held for sale
    
    $
    
    
    
    $
    11,598,000
    
    
    $
    
    
    
    $
    11,598,000
    (a)Real estate to be transferred to a joint
venture
    
    
    
    
    
    
    139,743,000
    
    
    
    
    
    
    
    139,743,000$
    
    
    
    $
    151,341,000
    
    
    $
    
    
    
    $
    151,341,000
 (a)
    
    Excludes $116.2 million of properties valued at cost as of December 31, 2009, which were
subsequently treated as real estate held for sale during 2010 and recorded at fair value.   64




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Intangible Lease Asset/Liability
     65




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
     2011
    
    $
    6,632,0002012
    
    
    5,910,0002013
    
    
    5,343,0002014
    
    
    4,872,0002015
    
    
    3,769,000Thereafter
    
    
    19,961,000$
    46,487,000
 Cash and Cash Equivalents
  Restricted Cash
   66




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Rents and Other Receivables
   Concentration of Credit Risk
    67




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  State
    
    2010
    
    
    2009
    
    
    2008Pennsylvania
    
    
    51.9
    %
    
    
    49.0
    %
    
    
    51.1
    %Massachusetts
    
    
    9.5
    %
    
    
    14.2
    %
    
    
    15.2
    %Connecticut
    
    
    8.9
    %
    
    
    11.7
    %
    
    
    8.7
    %
 Other Assets
  December 31,2010
    
    
    2009Prepaid expenses
    
    $
    5,258,000
    
    
    $
    5,279,000Cumulative mark-to-market adjustments related to stock-based compensation
    
    
    2,101,000
    
    
    
    2,100,000Property deposits
    
    
    1,792,000
    
    
    
    1,430,000Other
    
    
    525,000
    
    
    
    507,000$
    9,676,000
    
    
    $
    9,316,000
 Deferred Charges, Net
  December 31,2010
    
    
    2009Lease origination costs (i)
    
    $
    16,117,000
    
    
    $
    16,295,000Financing costs (ii)(iii)
    
    
    10,837,000
    
    
    
    16,573,000Other
    
    
    1,551,000
    
    
    
    1,707,000$
    28,505,000
    
    
    $
    34,575,000
 (i)
    
    Lease origination costs include the unamortized balance of intangible lease assets resulting from purchase accounting allocations
of $7.7 million and $8.7 million, respectively.(ii)
    
    Financing costs are incurred in connection with the Companys credit facilities and other long-term debt.(iii)
    
    On September 13, 2010, the Company elected to reduce the total commitments under its secured revolving stabilized
property credit facility by $100.0 million. In this connection, the Company accelerated the write-off of approximately
$2.6 million of deferred financing costs  68




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Leaseorigination
    
    
    Financingcosts
    
    
    costsNon-amortizing (i)
    
    $
    373,000
    
    
    $
    68,0002011
    
    
    2,552,000
    
    
    
    4,764,0002012
    
    
    2,209,000
    
    
    
    3,492,0002013
    
    
    1,974,000
    
    
    
    874,0002014
    
    
    1,601,000
    
    
    
    518,0002015
    
    
    1,278,000
    
    
    
    328,000Thereafter
    
    
    6,130,000
    
    
    
    793,000$
    16,117,000
    
    
    $
    10,837,000
 (i)
    
    Represents (a) lease origination costs applicable to leases with commencement dates
beginning after December 31, 2010 and (b) financing costs applicable to commitment fees/deposits
relating to mortgage loans payable concluded after December 31, 2010. Income Taxes
    69




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Derivative Financial Instruments
    70




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Notional values
    
    
    
    
    Balance
    
    Fair valueDesignation/
    
    
    
    
    
    
    
    December 31,
    
    
    
    
    
    
    December 31,
    
    
    Expiration
    
    sheet
    
    December 31,
    
    
    December 31,Cash flow
    
    Derivative
    
    Count
    
    
    2010
    
    
    Count
    
    
    2009
    
    
    dates
    
    location
    
    2010
    
    
    2009Non-qualifying
    
    Interest
    
    
    
    
    
    $
    
    
    
    
    1
    
    
    $
    23,891,000
    
    
    2011
    
    Accounts payable and
    
    $
    
    
    
    $
    1,297,000Qualifying
    
    rate swaps
    
    
    2
    
    
    $
    20,094,000
    
    
    
    8
    
    
    $
    56,925,000
    
    
    2010 - 2020
    
    accrued expenses
    
    $
    1,642,000
    
    
    $
    4,655,000
  Amount of gain (loss) recognized in othercomprehensive (loss) income (effective portion)Designation/
    
    
    
    Years ended December 31,Cash flow
    
    Derivative
    
    2010
    
    
    2009
    
    
    2008Non-qualifying
    
    Interest rate
    
    $
    
    
    
    $
    106,000
    
    
    $
    Qualifying
    
    swaps
    
    $
    (414,000
    )
    
    $
    4,237,000
    
    
    $
    (7,785,000
    )
  Amount of gain (loss) recognized in interest expense(ineffectve portion)Non-qualifying
    
    Interest rate
    
    $
    
    
    
    $
    107,000
    
    
    $
    Qualifying
    
    swaps
    
    $
    
    
    
    $
    67,000
    
    
    $
    (223,000
    )
  71




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Limited Partners Interest In Operating Partnership (Mezz OP Units)
   2010
    
    
    2009Balance at beginning of period
    
    $
    12,638,000
    
    
    $
    14,257,000Net loss
    
    
    (640,000
    )
    
    
    (551,000
    )Unrealized (loss) gain on change in fair value
of cash flow hedges
    
    
    (18,000
    )
    
    
    117,000Total other comprehensive loss
    
    
    (658,000
    )
    
    
    (434,000
    )Distributions
    
    
    (266,000
    )
    
    
    (247,000
    )Redemption and reallocations of OP Units
    
    
    (4,661,000
    )
    
    
    (938,000
    )Balance, December 31
    
    $
    7,053,000
    
    
    $
    12,638,000
 Earnings/Dividends Per Share
    72




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Stock-Based Compensation
     73




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
      74




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Years ended December 31,2010
    
    
    2009
    
    
    2008Restricted share grants
    
    
    509,000
    
    
    
    615,000
    
    
    
    247,000Average per-share grant price
    
    $
    6.54
    
    
    $
    4.95
    
    
    $
    9.39Recorded as deferred compensation, net
    
    $
    3,267,000
    
    
    $
    3,032,000
    
    
    $
    2,306,000Charged to operations:Amortization relating to stock-based compensation
    
    $
    3,260,000
    
    
    $
    2,921,000
    
    
    $
    2,389,000Adjustments to reflect changes in market price of
Companys common stock
    
    
    (281,000
    )
    
    
    (488,000
    )
    
    
    (1,290,000
    )Total charged to operations
    
    $
    2,979,000
    
    
    $
    2,433,000
    
    
    $
    1,099,000Non-vested shares:Non-vested, beginning of period
    
    
    980,000
    
    
    
    508,000
    
    
    
    380,000Grants
    
    
    509,000
    
    
    
    615,000
    
    
    
    247,000Vested during period
    
    
    (148,000
    )
    
    
    (104,000
    )
    
    
    (97,000
    )Forfeitures/cancellations
    
    
    (61,000
    )
    
    
    (39,000
    )
    
    
    (22,000
    )Non-vested, end of period
    
    
    1,280,000
    
    
    
    980,000
    
    
    
    508,000Average value of non-vested shares (based on
grant price)
    
    $
    6.28
    
    
    $
    7.54
    
    
    $
    12.27Weighted average price of the awards forfeited
    
    $
    6.58
    
    
    $
    9.99
    
    
    $
    12.02Value of shares vested during the
period (based on grant price)
    
    $
    2,282,000
    
    
    $
    1,496,000
    
    
    $
    1,365,000
     75




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 401(k) Retirement Plan
  Supplemental consolidated statement of cash flows information
  76




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Years ended December 31,2010
    
    
    2009
    
    
    2008Supplemental disclosure of cash activities:Interest paid
    
    $
    46,247,000
    
    
    $
    50,413,000
    
    
    
    49,006,000Supplemental disclosure of non-cash activities:Additions to deferred compensation plans
    
    
    3,267,000
    
    
    
    3,032,000
    
    
    
    2,306,000Assumption of mortgage loans payable  acquisitions
    
    
    (12,967,000
    )
    
    
    (54,565,000
    )
    
    
    (34,631,000
    )Assumption of mortgage loans payable  disposition
    
    
    12,358,000
    
    
    
    9,932,000
    
    
    
    Conversion of OP Units into common stock
    
    
    403,000
    
    
    
    131,000
    
    
    
    68,000Issuance of warrants
    
    
    
    
    
    
    1,643,000
    
    
    
    Issuance of non-interest bearing purchase money mortgage (b)
    
    
    
    
    
    
    
    
    
    
    (13,851,000
    )Assumption of interest rate swap liabilities
    
    
    
    
    
    
    
    
    
    
    (2,288,000
    )Purchase accounting allocations:Intangible lease liabilities
    
    
    (2,600,000
    )
    
    
    (3,215,000
    )
    
    
    (4,636,000
    )Intangible lease assets
    
    
    
    
    
    
    7,057,000
    
    
    
    10,301,000Net valuation decrease in assumed mortgage loan
payable (a)
    
    
    
    
    
    
    1,649,000
    
    
    
    143,000Other non-cash investing and financing activities:Accrued interest rate swap liabilities
    
    
    (1,166,000
    )
    
    
    4,638,000
    
    
    
    (8,206,000
    )Accrued real estate improvement costs
    
    
    (2,849,000
    )
    
    
    (7,868,000
    )
    
    
    8,407,000Accrued construction escrows
    
    
    (373,000
    )
    
    
    (1,006,000
    )
    
    
    (479,000
    )Accrued financing costs and other
    
    
    (763,000
    )
    
    
    (22,000
    )
    
    
    (26,000
    )Capitalization of deferred financing costs
    
    
    652,000
    
    
    
    1,486,000
    
    
    
    988,000Deconsolidation of properties transferred to joint venture:Real estate, net
    
    
    139,743,000
    
    
    
    42,829,000
    
    
    
    Mortgage loans payable
    
    
    (94,018,000
    )
    
    
    
    
    
    
    Other assets/liabilties, net
    
    
    (3,574,000
    )
    
    
    1,277,000
    
    
    
    Investment in and advances to unconsolidated joint venture
    
    
    9,423,000
    
    
    
    8,610,000
    
    
    
    
 (a)
    
    The net valuation decrease in an assumed mortgage loan payable resulted from adjusting the
contract rate of interest (4.9% per annum) to a market rate of interest (6.1% per annum).(b)
    
    A $14,575,000 non-interest bearing mortgage was issued in connection with a purchase of land,
and was valued at a net amount of $13,851,000. This reflected a valuation decrease of $724,000 to a
market rate of 9.25% per annum.  77




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Recently-Issued Accounting Pronouncements
  Note 3. Real Estate/Discontinued Operations/Investment in Cedar/RioCan Joint Venture
  Years ended December 31,2010
    
    
    2009CostBalance, beginning of year (a)
    
    $
    1,555,638,000
    
    
    $
    1,422,563,000Properties acquired
    
    
    13,375,000
    
    
    
    73,152,000Improvements and betterments
    
    
    23,207,000
    
    
    
    66,070,000Write-off of fully-depreciated assets
    
    
    (910,000
    )
    
    
    (6,147,000
    )Balance, end of the year
    
    $
    1,591,310,000
    
    
    $
    1,555,638,000Accumulated depreciationBalance, beginning of the year (a)
    
    $
    (151,144,000
    )
    
    $
    (114,516,000
    )Depreciation expense
    
    
    (39,227,000
    )
    
    
    (42,775,000
    )Write-off of fully-depreciated assets
    
    
    910,000
    
    
    
    6,147,000Balance, end of the year
    
    $
    (189,461,000
    )
    
    $
    (151,144,000
    )Net book value
    
    $
    1,401,849,000
    
    
    $
    1,404,494,000
 (a)
    
    Restated to reflect the reclassifications of properties treated as discontinued operations  Wholly-owned properties
   78




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Net bookDescription
    
    valueCollateral for mortgage loans payable
    
    $
    935,795,000Collateral for revolving credit facilities
    
    
    453,252,000Unencumbered properties
    
    
    12,802,000Total
    
    $
    1,401,849,000
 Discontinued operations
   79




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Mortgage loans payableProperty carrying value
    
    
    Maturity
    
    Int.
    
    
    Financial statement carrying valueProperty Description
    
    State
    
    Dec. 31, 2010
    
    
    Dec. 31, 2009
    
    
    date
    
    rate
    
    
    Dec. 31, 2010
    
    
    Dec. 31, 2009Centerville Discount Drug Mart Plaza
    
    OH
    
    $
    2,481,000
    
    
    $
    5,955,000
    
    
    May 2015
    
    
    5.2
    %
    
    $
    2,743,000
    
    
    $
    2,794,000Clyde Discount Drug Mart Plaza
    
    OH
    
    
    2,287,000
    
    
    
    3,533,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    1,903,000
    
    
    
    1,939,000Columbia Mall
    
    PA
    
    
    10,774,000
    
    
    
    19,437,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Enon Discount Drug Mart Plaza
    
    OH
    
    
    4,598,000
    
    
    
    5,224,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Fairfield Plaza
    
    CT
    
    
    10,150,000
    
    
    
    10,463,000
    
    
    July 2015
    
    
    5.0
    %
    
    
    5,009,000
    
    
    
    5,106,000FirstMerit Bank at Cuyahoga Falls
    
    OH
    
    
    569,000
    
    
    
    1,415,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gahanna Discount Drug Mart Plaza
    
    OH
    
    
    7,103,000
    
    
    
    7,879,000
    
    
    Nov 2016
    
    
    5.8
    %
    
    
    4,924,000
    
    
    
    4,998,000Grove City Discount Drug Mart Plaza
    
    OH
    
    
    2,911,000
    
    
    
    5,897,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Hilliard Discount Drug Mart Plaza
    
    OH
    
    
    2,627,000
    
    
    
    5,968,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Hills & Dales Discount Drug Mart Plaza
    
    OH
    
    
    3,263,000
    
    
    
    3,640,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Lodi Discount Drug Mart Plaza
    
    OH
    
    
    2,550,000
    
    
    
    3,668,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    2,319,000
    
    
    
    2,363,000Mason Discount Drug Mart Plaza
    
    OH
    
    
    4,499,000
    
    
    
    8,832,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Ontario Discount Drug Mart Plaza
    
    OH
    
    
    2,534,000
    
    
    
    3,962,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    2,141,000
    
    
    
    2,181,000Pickerington Discount Drug Mart Plaza
    
    OH
    
    
    3,532,000
    
    
    
    6,379,000
    
    
    Jul 2015
    
    
    5.0
    %
    
    
    4,072,000
    
    
    
    4,150,000Polaris Discount Drug Mart Plaza
    
    OH
    
    
    4,640,000
    
    
    
    6,041,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    4,369,000
    
    
    
    4,451,000Shelby Discount Drug Mart Plaza
    
    OH
    
    
    1,925,000
    
    
    
    3,469,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    2,141,000
    
    
    
    2,181,000Westlake Discount Drug Mart Plaza
    
    OH
    
    
    1,667,000
    
    
    
    4,707,000
    
    
    Dec 2016
    
    
    5.6
    %
    
    
    3,165,000
    
    
    
    3,215,000Carrolton Discount Drug Mart Plaza
    
    OH
    
    
    
    
    
    
    3,254,000
    
    
    Dec 2016
    
    
    5.6
    %
    
    
    
    
    
    
    2,343,000CVS Westfield (a)
    
    NY
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Dover Discount Drug Mart Plaza (a)
    
    OH
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Family Dollar at Zanesville
    
    OH
    
    
    
    
    
    
    368,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gabriel Brothers Plaza (a)
    
    OH
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Hudson Discount Drug Mart Plaza (a)
    
    OH
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Long Reach Village
    
    MD
    
    
    
    
    
    
    9,414,000
    
    
    Mar 2014
    
    
    5.7
    %
    
    
    
    
    
    
    4,690,000McDonalds/Waffle House at Medina (a)
    
    OH
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Pondside Plaza
    
    NY
    
    
    
    
    
    
    1,471,000
    
    
    May 2015
    
    
    5.6
    %
    
    
    
    
    
    
    1,157,000Powell Discount Drug Mart Plaza
    
    OH
    
    
    
    
    
    
    5,024,000
    
    
    May 2015
    
    
    5.2
    %
    
    
    
    
    
    
    4,265,000Staples at Oswego (a)
    
    NY
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    68,110,000
    
    
    
    126,000,000
    
    
    
    
    
    
    
    
    
    32,786,000
    
    
    
    45,833,000Development Land Parcel
    
    PA
    
    
    1,849,000
    
    
    
    1,849,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    69,959,000
    
    
    $
    127,849,000
    
    
    
    
    
    
    
    
    $
    32,786,000
    
    
    $
    45,833,000
 (a)
    
    Properties were sold during 2009, therefore there was no property carrying value as of December
31, 2009  80




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
    81




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Year ended December 31,2010
    
    
    2009
    
    
    2008Revenues:Rents
    
    $
    9,152,000
    
    
    $
    12,881,000
    
    
    $
    14,192,000Expense recoveries
    
    
    2,717,000
    
    
    
    3,814,000
    
    
    
    4,015,000Other
    
    
    
    
    
    
    56,000
    
    
    
    59,000Total revenues
    
    
    11,869,000
    
    
    
    16,751,000
    
    
    
    18,266,000Expenses:Operating, maintenance and management
    
    
    3,929,000
    
    
    
    4,774,000
    
    
    
    4,382,000Real estate and other property-related taxes
    
    
    2,083,000
    
    
    
    2,795,000
    
    
    
    2,250,000Depreciation and amortization
    
    
    4,165,000
    
    
    
    5,264,000
    
    
    
    5,151,000Interest expense
    
    
    2,083,000
    
    
    
    3,020,000
    
    
    
    2,936,00012,260,000
    
    
    
    15,853,000
    
    
    
    14,719,000(Loss) income from discontinued operations before
impairment charges
    
    
    (391,000
    )
    
    
    898,000
    
    
    
    3,547,000Impairment charges
    
    
    39,527,000
    
    
    
    3,559,000
    
    
    
    (Loss) income from discontinued operations
    
    $
    (39,918,000
    )
    
    $
    (2,661,000
    )
    
    $
    3,547,000Gains on sale of discontinued operations
    
    $
    170,000
    
    
    $
    557,000
    
    
    $
    
 Joint Venture Activities
 RioCan.
  82




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
    83




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Date of
    
    
    Transfertransfer
    
    
    or
    
    
    Mortgageor
    
    
    purchase
    
    
    Loans
    
    
    Int.Property Description
    
    State
    
    
    acquisition
    
    
    price
    
    
    Payable (b)
    
    
    rateBlue Mountain Commons
    
    PA
    
    
    12/10/2009
    (a)
    
    $
    32,150,000
    
    
    $
    17,500,000
    
    
    
    5.0
    %Columbus Crossing
    
    PA
    
    
    2/23/2010
    (a)
    
    
    24,538,000
    
    
    
    16,880,000
    
    
    
    6.8
    %Creekview Plaza
    
    PA
    
    
    9/29/2010
    
    
    
    26,240,000
    
    
    
    14,432,000
    
    
    
    4.8
    %Cross Keys Place
    
    NJ
    
    
    10/13/2010
    
    
    
    26,336,000
    
    
    
    14,600,000
    
    
    
    5.1
    %Exeter Commons
    
    PA
    
    
    8/3/2010
    
    
    
    53,000,000
    
    
    
    30,000,000
    
    
    
    5.3
    %Franklin Village Plaza
    
    MA
    
    
    2/4/2010
    (a)
    
    
    54,656,000
    
    
    
    43,500,000
    
    
    
    4.8
    %Gettysburg Marketplace
    
    PA
    
    
    10/21/2010
    
    
    
    19,850,000
    
    
    
    10,918,000
    
    
    
    5.0
    %Loyal Plaza
    
    PA
    
    
    5/26/2010
    (a)
    
    
    26,950,000
    
    
    
    12,615,000
    
    
    
    7.2
    %Marlboro Crossroads
    
    MD
    
    
    10/21/2010
    
    
    
    12,500,000
    
    
    
    6,875,000
    
    
    
    5.1
    %Monroe Marketplace
    
    PA
    
    
    9/29/2010
    
    
    
    41,990,000
    
    
    
    23,095,000
    
    
    
    4.8
    %Montville Commons
    
    CT
    
    
    9/29/2010
    (c)
    
    
    18,900,000
    
    
    
    
    
    
    
    New River Valley
    
    VA
    
    
    9/29/2010
    
    
    
    27,970,000
    
    
    
    15,163,000
    
    
    
    4.8
    %Northland Center
    
    PA
    
    
    10/21/2010
    
    
    
    10,248,000
    
    
    
    6,298,000
    
    
    
    5.0
    %Pitney Road Plaza
    
    PA
    
    
    9/29/2010
    
    
    
    11,060,000
    
    
    
    6,083,000
    
    
    
    4.8
    %Shaws Plaza
    
    MA
    
    
    4/27/2010
    (a)
    
    
    20,363,000
    
    
    
    14,200,000
    
    
    
    6.0
    %Stop & Shop Plaza
    
    CT
    
    
    4/27/2010
    (a)
    
    
    8,974,000
    
    
    
    7,000,000
    
    
    
    6.2
    %Sunset Crossing
    
    PA
    
    
    12/10/2009
    (a)
    
    
    9,850,000
    
    
    
    4,500,000
    
    
    
    5.0
    %Sunrise Plaza
    
    NJ
    
    
    9/29/2010
    
    
    
    26,460,000
    
    
    
    13,728,000
    
    
    
    4.8
    %Town Square Plaza
    
    PA
    
    
    1/26/2010
    
    
    
    18,854,000
    
    
    
    11,000,000
    
    
    
    5.0
    %Towne Crossings
    
    VA
    
    
    10/21/2010
    
    
    
    19,000,000
    
    
    
    10,450,000
    
    
    
    5.0
    %York Marketplace
    
    PA
    
    
    10/21/2010
    
    
    
    29,200,000
    
    
    
    16,060,000
    
    
    
    5.0
    %$
    519,089,000
    
    
    $
    294,897,000
 (a)
    
    Initial seven properties previously owned by the Company that were transferred to the
Cedar/RioCan joint venture.(b)
    
    Mortgage loans payable represent either (i) the outstanding balance at the date of
transfer or (ii) the loan amount on the date of borrowing, excluding any mortgage discount.(c)
    
    Subsequent to year end the Company obtained a $10.5 million mortgage loan payable  84




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Cedar/RioCan Joint VentureDecember 31,2010
    
    
    2009Assets:Real estate, net
    
    $
    524,447,000
    
    
    $
    41,158,000Cash and cash equivalents
    
    
    5,934,000
    
    
    
    404,000Restricted cash
    
    
    4,464,000
    
    
    
    812,000Rent and other receivables
    
    
    2,074,000
    
    
    
    274,000Straight-line rent
    
    
    1,000,000
    
    
    
    17,000Deferred charges, net
    
    
    13,269,000
    
    
    
    800,000Other assets
    
    
    8,514,000
    
    
    
    70,000Total assets
    
    $
    559,702,000
    
    
    $
    43,535,000Liabilities and partners capital:Mortgage loans payable
    
    $
    293,400,000
    
    
    $
    Due to the Company
    
    
    6,036,000
    
    
    
    2,322,000Unamortized lease liability
    
    
    24,573,000
    
    
    
    1,000Other liabilities
    
    
    7,738,000
    
    
    
    344,000Preferred stock
    
    
    97,000
    
    
    
    Partners capital:RioCan
    
    
    181,239,000
    
    
    
    32,230,000The Company
    
    
    46,619,000
    
    
    
    8,638,000Total partners capital
    
    
    227,858,000
    
    
    
    40,868,000Total liabilties and partners capital
    
    $
    559,702,000
    
    
    $
    43,535,000
  85




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Year ended December 31,2010
    
    
    2009Statements of operations:Revenues
    
    $
    30,194,000
    
    
    $
    282,000Property operating and other expenses
    
    
    2,636,000
    
    
    
    57,000Management fees to the Company
    
    
    973,000
    
    
    
    8,000Real estate taxes
    
    
    3,286,000
    
    
    
    10,000Acquisition transaction costs (a)
    
    
    7,119,000
    
    
    
    General and administrative
    
    
    622,000
    
    
    
    Depreciation and amortization
    
    
    9,523,000
    
    
    
    71,000Interest and other non-operating expenses, net
    
    
    7,903,000
    
    
    
    Net (loss) income
    
    $
    (1,868,000
    )
    
    $
    136,000RioCan
    
    
    (1,493,000
    )
    
    
    109,000The Company
    
    
    (375,000
    )
    
    
    27,000$
    (1,868,000
    )
    
    $
    136,000
 (a)
    
    Includes $2.8 million paid to former owners of certain acquired properties representing
the values assigned for the post-closing leasing of vacant spaces in excess of the fair
value amounts estimated at closing. Cedar/RioCan Joint Venture Mortgage loans payable
   2011
    
    $
    58,746,0002012
    
    
    3,442,0002013
    
    
    3,648,0002014
    
    
    33,351,0002015
    
    
    100,095,000Thereafter
    
    
    94,118,000$
    293,400,000
  86




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Cedar/RioCan Joint Venture Secured Revolving Credit Facility
   Other 2009 Transactions
 PCP.
  87




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
  Pro Forma Financial Information (unaudited)
  Years ended December 31,2010
    
    
    2009Revenues
    
    $
    158,692,000
    
    
    $
    171,632,000Net loss attributable to common shareholders
    
    $
    (12,918,000
    )
    
    $
    (20,538,000
    )Per common share
    
    $
    (0.20
    )
    
    $
    (0.44
    )Weighted average number of common shares outstanding
    
    
    63,843,000
    
    
    
    46,234,000
  88




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Note 4. Rentals Under Operating Leases
  2011
    
    $
    129,596,0002012
    
    
    121,371,0002013
    
    
    113,294,0002014
    
    
    101,064,0002015
    
    
    87,977,000Thereafter
    
    
    490,204,000$
    1,043,506,000
  Note 5. Mortgage Loans Payable and Secured Revolving Credit Facilities
  December 31, 2010
    
    December 31, 2009Interest rates
    
    
    
    
    
    Interest ratesBalance
    
    
    Weighted
    
    
    
    
    Balance
    
    
    WeightedDescription
    
    outstanding
    
    
    average
    
    
    Range
    
    outstanding
    
    
    average
    
    
    RangeFixed-rate mortgages (a)
    
    $
    591,162,000
    
    
    
    5.8
    %
    
    5.0% - 7.6%
    
    $
    572,730,000
    
    
    
    5.8
    %
    
    5.0% - 8.5%Variable-rate mortgages
    
    
    83,568,000
    
    
    
    4.1
    %
    
    2.5% and 5.9%
    
    
    82,181,000
    
    
    
    3.4
    %
    
    2.5% and 5.9%Total property-specific mortgages
    
    
    674,730,000
    
    
    
    5.6
    %
    
    
    
    
    654,911,000
    
    
    
    5.6
    %Stabilized property credit facility
    
    
    29,535,000
    
    
    
    5.5
    %
    
    
    
    
    187,985,000
    
    
    
    5.5
    %Development property credit facility
    
    
    103,062,000
    
    
    
    2.5
    %
    
    
    
    
    69,700,000
    
    
    
    2.5
    %$
    807,327,000
    
    
    
    5.2
    %
    
    
    
    $
    912,596,000
    
    
    
    5.3
    %Fixed-rate mortgages related to:Real estate transferred or to be
transferred
to a joint venture
    
    $
    
    
    
    
    
    
    
    n/a
    
    $
    94,018,000
    
    
    
    5.8
    %
    
    4.8% - 7.2%Real estate held for sale  discontinued
operations
    
    $
    32,786,000
    
    
    
    5.3
    %
    
    5.0% - 5.8%
    
    $
    45,833,000
    
    
    
    5.3
    %
    
    5.0% - 5.8%
 (a)
    
    Restated to reflect the reclassifications of properties treated as discontinued operations.  89




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Mortgage loans payable
  Years ended December 31,2010
    
    
    2009Balance, beginning of year (a)
    
    $
    654,911,000
    
    
    $
    575,002,000New mortgage borrowings
    
    
    26,984,000
    
    
    
    43,950,000Acquisition debt assumed (b)
    
    
    12,967,000
    
    
    
    52,963,000Repayments
    
    
    (20,132,000
    )
    
    
    (17,004,000
    )Balance, end of the year
    
    $
    674,730,000
    
    
    $
    654,911,000
 (a)
    
    Restated to reflect the reclassifications of properties treated as discontinued operations(b)
    
    Includes net reductions of $0.0 million and $1.6 million, respectively, relating to purchase
accounting allocations.     90




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Secured Revolving Stabilized Property Credit Facility
     91




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Secured Revolving Development Property Credit Facility
  Scheduled Principal Payments
  2011
    
    
    195,352,000
    (a)2012
    
    
    81,581,000
    (b)2013
    
    
    63,830,0002014
    
    
    119,189,0002015
    
    
    103,786,000Thereafter
    
    
    243,589,000$
    807,327,000
 (a)
    
    Include $103.1 million and $62.6 million subject to one-year extension options.(b)
    
    Includes $29.5 million subject to a one-year extension option. Note 6. Preferred and Common Stock
   92




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
     93




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
      Note 7. Commitments and Contingencies
   94




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
       95




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
 Note 8. Selected Quarterly Financial Data (unaudited)
 Quarter endedYear
    
    March 31
    
    
    June 30
    
    
    September 30
    
    
    December 312010Revenues as previously reported
    
    $
    44,930,000
    
    
    $
    40,703,000
    
    
    $
    40,378,000
    
    
    $
    39,230,000Revenues from discontinued operations (a)
    
    
    (2,968,000
    )
    
    
    (2,546,000
    )
    
    
    (2,563,000
    )
    
    
    Revenues
    
    $
    41,962,000
    
    
    $
    38,157,000
    
    
    $
    37,815,000
    
    
    $
    39,230,000Net loss
    
    $
    (1,160,000
    )
    
    $
    (2,547,000
    )
    
    $
    (4,491,000
    )
    
    $
    (35,986,000
    )Net loss attributable to common shareholders
    
    $
    (3,490,000
    )
    
    $
    (4,251,000
    )
    
    $
    (6,780,000
    )
    
    $
    (36,964,000
    )Per common share (basic and diluted) (b)
    
    $
    (0.06
    )
    
    $
    (0.07
    )
    
    
    (0.10
    )
    
    $
    (0.56
    )2009Revenues as previously reported
    
    $
    45,461,000
    
    
    $
    43,551,000
    
    
    $
    44,712,000
    
    
    $
    46,391,000Revenues from discontinued operations (a)
    
    
    (3,138,000
    )
    
    
    (3,001,000
    )
    
    
    (2,841,000
    )
    
    
    (2,794,000
    )Revenues
    
    $
    42,323,000
    
    
    $
    40,550,000
    
    
    $
    41,871,000
    
    
    $
    43,597,000Net income (loss)
    
    $
    5,726,000
    
    
    $
    1,911,000
    
    
    $
    3,761,000
    
    
    $
    (28,409,000
    )Net income (loss) attributable to common shareholders
    
    $
    3,948,000
    
    
    $
    (367,000
    )
    
    $
    1,396,000
    
    
    $
    (29,724,000
    )Per common share (basic and diluted) (b)
    
    $
    0.09
    
    
    $
    (0.01
    )
    
    $
    0.03
    
    
    $
    (0.60
    )
 (a)
    
    Represents revenues from discontinued operations which were previously included in
revenues as previously reported.(b)
    
    Differences between the sum of the four quarterly per share amounts and the annual per share
amount are attributable to the effect of the weighted average outstanding share calculations for
the respective periods. Note 9. Subsequent Events
     96




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2010
     Property Description
    
    Location
    
    Anchor tenant
    
    2010 RevenuesAston Center
    
    Aston, PA
    
    Giant Food Stores
    
    $
    1,604,000Ayr Town Center
    
    McConnellsburg, PA
    
    Giant Food Stores
    
    
    1,078,000Scott Town Center
    
    Bloomsburg, PA
    
    Giant Food Stores
    
    
    1,377,000Stonehedge Square
    
    Carlisle, PA
    
    Nells Shurfine
    
    
    1,327,000Pennsboro Commons
    
    Enola, PA
    
    Giant Food Stores
    
    
    1,763,000Parkway Plaza
    
    Mechanicsburg, PA
    
    Giant Food Stores
    
    
    2,414,000Spring Meadow Shopping Center
    
    West Lawn, PA
    
    Giant Food Stores
    
    
    1,792,000Fieldstone Marketplace
    
    New Bedford, MA
    
    Shaws
    
    
    3,047,000$
    14,402,000
   97




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##### Table of Contents



Cedar Shopping Centers, Inc.
 
 Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 Year built/
    
    Gross
    
    
    Initial cost to the CompanyYear
    
    
    Percent
    
    
    Year last
    
    leasable
    
    
    
    
    
    
    Building andProperty
    
    State
    
    acquired
    
    
    owned
    
    
    renovated
    
    area
    
    
    Land
    
    
    ImprovementsWholly-Owned Stabilized Properties:Academy Plaza
    
    PA
    
    
    2001
    
    
    
    100
    %
    
    1965/1998
    
    
    152,727
    
    
    $
    2,406,000
    
    
    $
    9,623,000Annie Land Plaza
    
    VA
    
    
    2006
    
    
    
    100
    %
    
    1999
    
    
    42,500
    
    
    
    809,000
    
    
    
    4,015,000Camp Hill
    
    PA
    
    
    2002
    
    
    
    100
    %
    
    1958/2005
    
    
    472,432
    
    
    
    4,460,000
    
    
    
    17,857,000Carbondale Plaza
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    1972/2005
    
    
    129,915
    
    
    
    1,586,000
    
    
    
    7,289,000Carlls Corner
    
    NJ
    
    
    2007
    
    
    
    100
    %
    
    1960s-1999/
    
    
    129,582
    
    
    
    3,034,000
    
    
    
    15,293,000Carmans Plaza
    
    NY
    
    
    2007
    
    
    
    100
    %
    
    1954/2007
    
    
    194,481
    
    
    
    8,539,000
    
    
    
    35,804,000Circle Plaza
    
    PA
    
    
    2007
    
    
    
    100
    %
    
    1979/1991
    
    
    92,171
    
    
    
    561,000
    
    
    
    2,884,000Coliseum Marketplace
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    1987/2005
    
    
    98,359
    
    
    
    2,924,000
    
    
    
    14,416,000CVS at Bradford
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1996
    
    
    10,722
    
    
    
    291,000
    
    
    
    1,466,000CVS at Celina
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    1998
    
    
    10,195
    
    
    
    418,000
    
    
    
    1,967,000CVS at Erie
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1997
    
    
    10,125
    
    
    
    399,000
    
    
    
    1,783,000CVS at Kinderhook
    
    NY
    
    
    2007
    
    
    
    100
    %
    
    2007
    
    
    13,225
    
    
    
    1,678,000
    
    
    
    CVS at Portage Trail
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    1996
    
    
    10,722
    
    
    
    341,000
    
    
    
    1,603,000Dunmore Shopping Center
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1962/1997
    
    
    101,000
    
    
    
    565,000
    
    
    
    2,203,000East Chestnut
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1996
    
    
    21,180
    
    
    
    800,000
    
    
    
    3,699,000Elmhurst Square
    
    VA
    
    
    2006
    
    
    
    100
    %
    
    1961-1983
    
    
    66,250
    
    
    
    1,371,000
    
    
    
    5,994,000Fairview Plaza
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1992
    
    
    69,579
    
    
    
    2,128,000
    
    
    
    8,483,000Fairview Commons
    
    PA
    
    
    2007
    
    
    
    100
    %
    
    1976/2003
    
    
    59,578
    
    
    
    858,000
    
    
    
    3,568,000FirstMerit Bank at Akron
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    1996
    
    
    3,200
    
    
    
    169,000
    
    
    
    734,000General Booth Plaza
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    1985
    
    
    73,320
    
    
    
    1,935,000
    
    
    
    9,493,000Gold Star Plaza
    
    PA
    
    
    2006
    
    
    
    100
    %
    
    1988
    
    
    71,720
    
    
    
    1,644,000
    
    
    
    6,519,000Golden Triangle
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1960/2005
    
    
    202,943
    
    
    
    2,320,000
    
    
    
    9,713,000Groton Shopping Center
    
    CT
    
    
    2007
    
    
    
    100
    %
    
    1969
    
    
    117,986
    
    
    
    3,070,000
    
    
    
    12,320,000Halifax Plaza
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1994
    
    
    51,510
    
    
    
    1,412,000
    
    
    
    5,799,000Hamburg Commons
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    1988-1993
    
    
    99,580
    
    
    
    1,153,000
    
    
    
    4,678,000Hannaford Plaza
    
    MA
    
    
    2006
    
    
    
    100
    %
    
    1965/2006
    
    
    102,459
    
    
    
    1,874,000
    
    
    
    8,453,000Huntingdon Plaza
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    1972 - 2003
    
    
    147,355
    
    
    
    933,000
    
    
    
    4,129,000Jordan Lane
    
    CT
    
    
    2005
    
    
    
    100
    %
    
    1969/1991
    
    
    181,730
    
    
    
    4,291,000
    
    
    
    21,176,000Kempsville Crossing
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    1985
    
    
    94,477
    
    
    
    2,207,000
    
    
    
    11,000,000Kenley Village
    
    MD
    
    
    2005
    
    
    
    100
    %
    
    1988
    
    
    51,894
    
    
    
    726,000
    
    
    
    3,512,000Kings Plaza
    
    MA
    
    
    2007
    
    
    
    100
    %
    
    1970/1994
    
    
    168,243
    
    
    
    2,413,000
    
    
    
    12,604,000Kingston Plaza
    
    NY
    
    
    2006
    
    
    
    100
    %
    
    2006
    
    
    18,337
    
    
    
    2,891,000
    
    
    
    LA Fitness Facility
    
    PA
    
    
    2002
    
    
    
    100
    %
    
    2003
    
    
    41,000
    
    
    
    2,462,000
    
    
    
    Lake Raystown Plaza
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    1995
    
    
    145,727
    
    
    
    2,231,000
    
    
    
    6,735,000Liberty Marketplace
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    2003
    
    
    68,200
    
    
    
    2,665,000
    
    
    
    12,639,000Martinss at Glen Allen
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    2000
    
    
    43,000
    
    
    
    6,769,000
    
    
    
    683,000McCormick Place
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    1995
    
    
    46,000
    
    
    
    847,000
    
    
    
    4,022,000Mechanicsburg Giant
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    2003
    
    
    51,500
    
    
    
    2,709,000
    
    
    
    12,159,000Metro Square
    
    MD
    
    
    2008
    
    
    
    100
    %
    
    1999
    
    
    71,896
    
    
    
    3,121,000
    
    
    
    12,341,000Newport Plaza
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1996
    
    
    64,489
    
    
    
    1,721,000
    
    
    
    7,758,000Oak Ridge
    
    VA
    
    
    2006
    
    
    
    100
    %
    
    2000
    
    
    38,700
    
    
    
    960,000
    
    
    
    4,254,000Oakland Commons
    
    CT
    
    
    2007
    
    
    
    100
    %
    
    1962/1995
    
    
    89,850
    
    
    
    2,504,000
    
    
    
    15,662,000Oakland Mills
    
    MD
    
    
    2005
    
    
    
    100
    %
    
    1960s/2004
    
    
    58,224
    
    
    
    1,611,000
    
    
    
    6,292,000Palmyra Shopping Center
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1960/1995
    
    
    112,108
    
    
    
    1,488,000
    
    
    
    6,566,000Pine Grove Plaza
    
    NJ
    
    
    2003
    
    
    
    100
    %
    
    2001/2002
    
    
    86,089
    
    
    
    2,010,000
    
    
    
    6,489,000
  98




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 Gross amount at which carried atSubsequent
    
    
    December 31, 2010(continued)
    
    cost
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Amount ofProperty
    
    capitalized
    
    
    Land
    
    
    improvements
    
    
    Total
    
    
    depreciation (4)
    
    
    EncumbranceWholly-Owned Stabilized Properties:Academy Plaza
    
    $
    1,678,000
    
    
    $
    2,406,000
    
    
    $
    11,301,000
    
    
    $
    13,707,000
    
    
    $
    2,655,000
    
    
    $
    9,139,000Annie Land Plaza
    
    
    53,000
    
    
    
    809,000
    
    
    
    4,068,000
    
    
    
    4,877,000
    
    
    
    651,000
    
    
    
    (2
    )Camp Hill
    
    
    43,065,000
    
    
    
    4,424,000
    
    
    
    60,958,000
    
    
    
    65,382,000
    
    
    
    9,663,000
    
    
    
    65,000,000Carbondale Plaza
    
    
    4,882,000
    
    
    
    1,586,000
    
    
    
    12,171,000
    
    
    
    13,757,000
    
    
    
    2,311,000
    
    
    
    4,951,000Carlls Corner
    
    
    (1,438,000
    )
    
    
    2,941,000
    
    
    
    13,948,000
    
    
    
    16,889,000
    
    
    
    1,716,000
    
    
    
    5,786,000Carmans Plaza
    
    
    (716,000
    )
    
    
    8,421,000
    
    
    
    35,206,000
    
    
    
    43,627,000
    
    
    
    4,065,000
    
    
    
    33,368,000Circle Plaza
    
    
    31,000
    
    
    
    546,000
    
    
    
    2,930,000
    
    
    
    3,476,000
    
    
    
    271,000
    
    
    
    (2
    )Coliseum Marketplace
    
    
    3,413,000
    
    
    
    3,586,000
    
    
    
    17,167,000
    
    
    
    20,753,000
    
    
    
    3,367,000
    
    
    
    11,970,000CVS at Bradford
    
    
    16,000
    
    
    
    291,000
    
    
    
    1,482,000
    
    
    
    1,773,000
    
    
    
    313,000
    
    
    
    684,000CVS at Celina
    
    
    
    
    
    
    418,000
    
    
    
    1,967,000
    
    
    
    2,385,000
    
    
    
    350,000
    
    
    
    1,322,000CVS at Erie
    
    
    
    
    
    
    399,000
    
    
    
    1,783,000
    
    
    
    2,182,000
    
    
    
    302,000
    
    
    
    1,013,000CVS at Kinderhook
    
    
    1,930,000
    
    
    
    1,702,000
    
    
    
    1,906,000
    
    
    
    3,608,000
    
    
    
    167,000
    
    
    
    2,429,000CVS at Portage Trail
    
    
    8,000
    
    
    
    341,000
    
    
    
    1,611,000
    
    
    
    1,952,000
    
    
    
    300,000
    
    
    
    750,000Dunmore Shopping Center
    
    
    42,000
    
    
    
    565,000
    
    
    
    2,245,000
    
    
    
    2,810,000
    
    
    
    513,000
    
    
    
    (3
    )East Chestnut
    
    
    3,000
    
    
    
    800,000
    
    
    
    3,702,000
    
    
    
    4,502,000
    
    
    
    815,000
    
    
    
    1,882,000Elmhurst Square
    
    
    246,000
    
    
    
    1,371,000
    
    
    
    6,240,000
    
    
    
    7,611,000
    
    
    
    1,048,000
    
    
    
    3,970,000Fairview Plaza
    
    
    234,000
    
    
    
    2,129,000
    
    
    
    8,716,000
    
    
    
    10,845,000
    
    
    
    1,806,000
    
    
    
    5,370,000Fairview Commons
    
    
    
    
    
    
    858,000
    
    
    
    3,568,000
    
    
    
    4,426,000
    
    
    
    604,000
    
    
    
    (2
    )FirstMerit Bank at Akron
    
    
    1,000
    
    
    
    168,000
    
    
    
    736,000
    
    
    
    904,000
    
    
    
    146,000
    
    
    
    (2
    )General Booth Plaza
    
    
    203,000
    
    
    
    1,935,000
    
    
    
    9,696,000
    
    
    
    11,631,000
    
    
    
    2,108,000
    
    
    
    5,275,000Gold Star Plaza
    
    
    175,000
    
    
    
    1,644,000
    
    
    
    6,694,000
    
    
    
    8,338,000
    
    
    
    1,160,000
    
    
    
    2,219,000Golden Triangle
    
    
    9,750,000
    
    
    
    2,320,000
    
    
    
    19,463,000
    
    
    
    21,783,000
    
    
    
    4,267,000
    
    
    
    20,702,000Groton Shopping Center
    
    
    114,000
    
    
    
    3,073,000
    
    
    
    12,431,000
    
    
    
    15,504,000
    
    
    
    1,822,000
    
    
    
    11,522,000Halifax Plaza
    
    
    223,000
    
    
    
    1,347,000
    
    
    
    6,087,000
    
    
    
    7,434,000
    
    
    
    1,149,000
    
    
    
    4,252,000Hamburg Commons
    
    
    5,218,000
    
    
    
    1,153,000
    
    
    
    9,896,000
    
    
    
    11,049,000
    
    
    
    1,523,000
    
    
    
    5,101,000Hannaford Plaza
    
    
    457,000
    
    
    
    1,874,000
    
    
    
    8,910,000
    
    
    
    10,784,000
    
    
    
    1,418,000
    
    
    
    (2
    )Huntingdon Plaza
    
    
    1,810,000
    
    
    
    933,000
    
    
    
    5,939,000
    
    
    
    6,872,000
    
    
    
    884,000
    
    
    
    (3
    )Jordan Lane
    
    
    961,000
    
    
    
    4,291,000
    
    
    
    22,137,000
    
    
    
    26,428,000
    
    
    
    4,018,000
    
    
    
    12,860,000Kempsville Crossing
    
    
    140,000
    
    
    
    2,207,000
    
    
    
    11,140,000
    
    
    
    13,347,000
    
    
    
    2,548,000
    
    
    
    5,964,000Kenley Village
    
    
    45,000
    
    
    
    726,000
    
    
    
    3,557,000
    
    
    
    4,283,000
    
    
    
    1,031,000
    
    
    
    (2
    )Kings Plaza
    
    
    314,000
    
    
    
    2,408,000
    
    
    
    12,923,000
    
    
    
    15,331,000
    
    
    
    1,703,000
    
    
    
    7,678,000Kingston Plaza
    
    
    2,344,000
    
    
    
    2,891,000
    
    
    
    2,344,000
    
    
    
    5,235,000
    
    
    
    244,000
    
    
    
    3,650,000LA Fitness Facility
    
    
    5,176,000
    
    
    
    2,462,000
    
    
    
    5,176,000
    
    
    
    7,638,000
    
    
    
    1,022,000
    
    
    
    5,666,000Lake Raystown Plaza
    
    
    6,493,000
    
    
    
    2,231,000
    
    
    
    13,228,000
    
    
    
    15,459,000
    
    
    
    2,457,000
    
    
    
    (3
    )Liberty Marketplace
    
    
    274,000
    
    
    
    2,695,000
    
    
    
    12,883,000
    
    
    
    15,578,000
    
    
    
    2,103,000
    
    
    
    9,112,000Martinss at Glen Allen
    
    
    3,000
    
    
    
    5,367,000
    
    
    
    2,088,000
    
    
    
    7,455,000
    
    
    
    447,000
    
    
    
    (2
    )McCormick Place
    
    
    44,000
    
    
    
    849,000
    
    
    
    4,064,000
    
    
    
    4,913,000
    
    
    
    1,037,000
    
    
    
    2,587,000Mechanicsburg Giant
    
    
    
    
    
    
    2,709,000
    
    
    
    12,159,000
    
    
    
    14,868,000
    
    
    
    1,804,000
    
    
    
    9,378,000Metro Square
    
    
    (301,000
    )
    
    
    5,250,000
    
    
    
    9,911,000
    
    
    
    15,161,000
    
    
    
    727,000
    
    
    
    8,964,000Newport Plaza
    
    
    337,000
    
    
    
    1,682,000
    
    
    
    8,134,000
    
    
    
    9,816,000
    
    
    
    1,428,000
    
    
    
    5,583,000Oak Ridge
    
    
    27,000
    
    
    
    960,000
    
    
    
    4,281,000
    
    
    
    5,241,000
    
    
    
    566,000
    
    
    
    3,406,000Oakland Commons
    
    
    (525,000
    )
    
    
    2,504,000
    
    
    
    15,137,000
    
    
    
    17,641,000
    
    
    
    1,796,000
    
    
    
    (2
    )Oakland Mills
    
    
    32,000
    
    
    
    1,611,000
    
    
    
    6,324,000
    
    
    
    7,935,000
    
    
    
    1,337,000
    
    
    
    4,835,000Palmyra Shopping Center
    
    
    523,000
    
    
    
    1,488,000
    
    
    
    7,089,000
    
    
    
    8,577,000
    
    
    
    1,467,000
    
    
    
    (2
    )Pine Grove Plaza
    
    
    124,000
    
    
    
    2,010,000
    
    
    
    6,613,000
    
    
    
    8,623,000
    
    
    
    1,276,000
    
    
    
    5,688,000
  99




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 Year built/
    
    Gross
    
    
    Initial cost to the Company(continued)
    
    
    
    Year
    
    
    Percent
    
    
    Year last
    
    leasable
    
    
    
    
    
    
    Building andProperty
    
    State
    
    acquired
    
    
    owned
    
    
    renovated
    
    area
    
    
    Land
    
    
    ImprovementsWholly-Owned Stabilized Properties:Port Richmond Village
    
    PA
    
    
    2001
    
    
    
    100
    %
    
    1988
    
    
    154,908
    
    
    $
    2,942,000
    
    
    $
    11,769,000Price Chopper Plaza
    
    MA
    
    
    2007
    
    
    
    100
    %
    
    1960s-2004
    
    
    101,824
    
    
    
    3,551,000
    
    
    
    18,412,000Rite Aid at Massillon
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    1999
    
    
    10,125
    
    
    
    442,000
    
    
    
    2,014,000River View Plaza I, II and III
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1991/1998
    
    
    244,225
    
    
    
    9,718,000
    
    
    
    40,356,000Shoppes at Salem Run
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    2005
    
    
    15,100
    
    
    
    1,076,000
    
    
    
    4,253,000Smithfield Plaza
    
    VA
    
    
    2005-2008
    
    
    
    100
    %
    
    1987/1996
    
    
    134,664
    
    
    
    2,947,000
    
    
    
    12,737,000South Philadelphia
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1950/2003
    
    
    283,415
    
    
    
    8,222,000
    
    
    
    36,314,000St. James Square
    
    MD
    
    
    2005
    
    
    
    100
    %
    
    2000
    
    
    39,903
    
    
    
    688,000
    
    
    
    3,838,000Stadium Plaza
    
    MI
    
    
    2005
    
    
    
    100
    %
    
    1960s/2003
    
    
    77,688
    
    
    
    2,341,000
    
    
    
    9,175,000Suffolk Plaza
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    1984
    
    
    67,216
    
    
    
    1,402,000
    
    
    
    7,236,000Swede Square
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    1980/2004
    
    
    98,792
    
    
    
    2,268,000
    
    
    
    6,232,000The Commons
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    2003
    
    
    175,121
    
    
    
    3,098,000
    
    
    
    14,047,000The Point
    
    PA
    
    
    2000
    
    
    
    100
    %
    
    1972/2001
    
    
    250,697
    
    
    
    2,700,000
    
    
    
    10,800,000The Point at Carlisle Plaza
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1965/2005
    
    
    182,859
    
    
    
    2,233,000
    
    
    
    11,190,000The Shops at Suffolk Downs
    
    MA
    
    
    2005
    
    
    
    100
    %
    
    2005
    
    
    121,829
    
    
    
    7,580,000
    
    
    
    11,089,000Timpany Plaza
    
    MA
    
    
    2007
    
    
    
    100
    %
    
    1970s-1989
    
    
    183,775
    
    
    
    3,412,000
    
    
    
    19,240,000Trexler Mall
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    1973/2004
    
    
    339,363
    
    
    
    6,932,000
    
    
    
    32,815,000Ukrops at Fredericksburg
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    1997
    
    
    63,000
    
    
    
    3,213,000
    
    
    
    12,758,000Valley Plaza
    
    MD
    
    
    2003
    
    
    
    100
    %
    
    1975/1994
    
    
    190,939
    
    
    
    1,950,000
    
    
    
    7,766,000Virginia Center Commons
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    2002
    
    
    9,763
    
    
    
    992,000
    
    
    
    3,860,000Virginia Little Creek
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    1996/2001
    
    
    69,620
    
    
    
    1,650,000
    
    
    
    8,350,000Wal-Mart Center
    
    CT
    
    
    2003
    
    
    
    100
    %
    
    1972/2000
    
    
    155,842
    
    
    
    
    
    
    
    11,834,000Washington Center Shoppes
    
    NJ
    
    
    2001
    
    
    
    100
    %
    
    1979/1995
    
    
    157,290
    
    
    
    2,061,000
    
    
    
    7,314,000West Bridgewater Plaza
    
    MA
    
    
    2007
    
    
    
    100
    %
    
    1970/2007
    
    
    133,039
    
    
    
    2,823,000
    
    
    
    14,901,000Yorktowne Plaza
    
    MD
    
    
    2007
    
    
    
    100
    %
    
    1970/2000
    
    
    158,982
    
    
    
    5,940,000
    
    
    
    25,505,000Total Wholly-Owned Stabilized Properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,406,259
    
    
    
    171,485,000
    
    
    
    687,482,000Properties Owned in Joint Venture:Homburg Joint Venture:Aston Center
    
    PA
    
    
    2007
    
    
    
    20
    %
    
    2005
    
    
    55,000
    
    
    
    4,319,000
    
    
    
    17,070,000Ayr Town Center
    
    PA
    
    
    2007
    
    
    
    20
    %
    
    2005
    
    
    55,600
    
    
    
    2,442,000
    
    
    
    9,748,000Fieldstone Marketplace
    
    MA
    
    
    2005
    
    
    
    20
    %
    
    1988/2003
    
    
    193,970
    
    
    
    5,229,000
    
    
    
    21,440,000Meadows Marketplace
    
    PA
    
    
    2004
    
    
    
    20
    %
    
    2005
    
    
    91,538
    
    
    
    1,914,000
    
    
    
    Parkway Plaza
    
    PA
    
    
    2007
    
    
    
    20
    %
    
    1998-2002
    
    
    106,628
    
    
    
    4,647,000
    
    
    
    19,420,000Pennsboro Commons
    
    PA
    
    
    2005
    
    
    
    20
    %
    
    1999
    
    
    107,384
    
    
    
    3,608,000
    
    
    
    14,254,000Scott Town Center
    
    PA
    
    
    2007
    
    
    
    20
    %
    
    2004
    
    
    67,933
    
    
    
    2,959,000
    
    
    
    11,800,000Spring Meadow Shopping Center
    
    PA
    
    
    2007
    
    
    
    20
    %
    
    2004
    
    
    67,950
    
    
    
    4,111,000
    
    
    
    16,410,000Stonehedge Square
    
    PA
    
    
    2006
    
    
    
    20
    %
    
    1990/2006
    
    
    88,677
    
    
    
    2,732,000
    
    
    
    11,614,000834,680
    
    
    
    31,961,000
    
    
    
    121,756,000PCP Joint Venture:New London Mall
    
    CT
    
    
    2009
    
    
    
    40
    %
    
    1967/1997
    
    
    257,814
    
    
    
    14,891,000
    
    
    
    24,967,000San Souci Plaza
    
    MD
    
    
    2009
    
    
    
    40
    %
    
    1985 - 1997
    
    
    264,134
    
    
    
    14,849,000
    
    
    
    18,445,000521,948
    
    
    
    29,740,000
    
    
    
    43,412,000Joint Ventures (other):CVS at Naugatuck
    
    CT
    
    
    2008
    
    
    
    50
    %
    
    2008
    
    
    13,225
    
    
    
    
    
    
    
    Total Consolidated Joint Ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,369,853
    
    
    
    61,701,000
    
    
    
    165,168,000Total Stabilized Portfiolio
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    8,776,112
    
    
    
    233,186,000
    
    
    
    852,650,000
  100




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 Gross amount at which carried atSubsequent
    
    
    December 31, 2010(continued)
    
    cost
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Amount ofProperty
    
    capitalized
    
    
    Land
    
    
    improvements
    
    
    Total
    
    
    depreciation (4)
    
    
    EncumbranceWholly-Owned Stabilized Properties:Port Richmond Village
    
    
    697,000
    
    
    
    2,843,000
    
    
    
    12,565,000
    
    
    
    15,408,000
    
    
    
    2,957,000
    
    
    
    14,428,000Price Chopper Plaza
    
    
    (571,000
    )
    
    
    4,082,000
    
    
    
    17,310,000
    
    
    
    21,392,000
    
    
    
    1,833,000
    
    
    
    (3
    )Rite Aid at Massillon
    
    
    6,000
    
    
    
    442,000
    
    
    
    2,020,000
    
    
    
    2,462,000
    
    
    
    342,000
    
    
    
    1,329,000River View Plaza I, II and III
    
    
    3,975,000
    
    
    
    9,718,000
    
    
    
    44,331,000
    
    
    
    54,049,000
    
    
    
    8,756,000
    
    
    
    (2
    )Shoppes at Salem Run
    
    
    12,000
    
    
    
    1,076,000
    
    
    
    4,265,000
    
    
    
    5,341,000
    
    
    
    620,000
    
    
    
    (2
    )Smithfield Plaza
    
    
    252,000
    
    
    
    2,919,000
    
    
    
    13,017,000
    
    
    
    15,936,000
    
    
    
    1,872,000
    
    
    
    10,264,000South Philadelphia
    
    
    2,532,000
    
    
    
    8,222,000
    
    
    
    38,846,000
    
    
    
    47,068,000
    
    
    
    9,067,000
    
    
    
    (2
    )St. James Square
    
    
    608,000
    
    
    
    688,000
    
    
    
    4,446,000
    
    
    
    5,134,000
    
    
    
    984,000
    
    
    
    (2
    )Stadium Plaza
    
    
    740,000
    
    
    
    2,443,000
    
    
    
    9,813,000
    
    
    
    12,256,000
    
    
    
    1,609,000
    
    
    
    (2
    )Suffolk Plaza
    
    
    
    
    
    
    1,402,000
    
    
    
    7,236,000
    
    
    
    8,638,000
    
    
    
    1,644,000
    
    
    
    4,488,000Swede Square
    
    
    4,717,000
    
    
    
    2,272,000
    
    
    
    10,945,000
    
    
    
    13,217,000
    
    
    
    2,696,000
    
    
    
    10,588,000The Commons
    
    
    1,131,000
    
    
    
    3,098,000
    
    
    
    15,178,000
    
    
    
    18,276,000
    
    
    
    3,432,000
    
    
    
    (2
    )The Point
    
    
    13,354,000
    
    
    
    2,996,000
    
    
    
    23,858,000
    
    
    
    26,854,000
    
    
    
    5,212,000
    
    
    
    16,807,000The Point at Carlisle Plaza
    
    
    258,000
    
    
    
    2,233,000
    
    
    
    11,448,000
    
    
    
    13,681,000
    
    
    
    2,580,000
    
    
    
    (2
    )The Shops at Suffolk Downs
    
    
    8,548,000
    
    
    
    7,580,000
    
    
    
    19,637,000
    
    
    
    27,217,000
    
    
    
    2,002,000
    
    
    
    (2)(3
    )Timpany Plaza
    
    
    49,000
    
    
    
    3,368,000
    
    
    
    19,333,000
    
    
    
    22,701,000
    
    
    
    2,423,000
    
    
    
    8,190,000Trexler Mall
    
    
    3,898,000
    
    
    
    6,932,000
    
    
    
    36,713,000
    
    
    
    43,645,000
    
    
    
    5,681,000
    
    
    
    21,093,000Ukrops at Fredericksburg
    
    
    
    
    
    
    3,213,000
    
    
    
    12,758,000
    
    
    
    15,971,000
    
    
    
    1,895,000
    
    
    
    (2
    )Valley Plaza
    
    
    758,000
    
    
    
    1,950,000
    
    
    
    8,524,000
    
    
    
    10,474,000
    
    
    
    1,595,000
    
    
    
    (2
    )Virginia Center Commons
    
    
    3,000
    
    
    
    992,000
    
    
    
    3,863,000
    
    
    
    4,855,000
    
    
    
    677,000
    
    
    
    (2
    )Virginia Little Creek
    
    
    (11,000
    )
    
    
    1,639,000
    
    
    
    8,350,000
    
    
    
    9,989,000
    
    
    
    1,746,000
    
    
    
    5,195,000Wal-Mart Center
    
    
    28,000
    
    
    
    
    
    
    
    11,862,000
    
    
    
    11,862,000
    
    
    
    2,183,000
    
    
    
    5,690,000Washington Center Shoppes
    
    
    3,728,000
    
    
    
    2,000,000
    
    
    
    11,103,000
    
    
    
    13,103,000
    
    
    
    2,650,000
    
    
    
    8,452,000West Bridgewater Plaza
    
    
    (820,000
    )
    
    
    2,669,000
    
    
    
    14,235,000
    
    
    
    16,904,000
    
    
    
    1,544,000
    
    
    
    10,776,000Yorktowne Plaza
    
    
    221,000
    
    
    
    5,874,000
    
    
    
    25,792,000
    
    
    
    31,666,000
    
    
    
    3,395,000
    
    
    
    20,073,000Total Wholly-Owned Stabilized Properties
    
    
    131,522,000
    
    
    
    173,032,000
    
    
    
    817,457,000
    
    
    
    990,489,000
    
    
    
    141,800,000
    
    
    
    419,449,000Properties Owned in Joint Venture:Homburg Joint Venture:Aston Center
    
    
    12,000
    
    
    
    4,319,000
    
    
    
    17,082,000
    
    
    
    21,401,000
    
    
    
    1,776,000
    
    
    
    12,561,000Ayr Town Center
    
    
    2,000
    
    
    
    2,442,000
    
    
    
    9,750,000
    
    
    
    12,192,000
    
    
    
    1,138,000
    
    
    
    7,093,000Fieldstone Marketplace
    
    
    554,000
    
    
    
    5,167,000
    
    
    
    22,056,000
    
    
    
    27,223,000
    
    
    
    3,840,000
    
    
    
    18,281,000Meadows Marketplace
    
    
    11,390,000
    
    
    
    1,914,000
    
    
    
    11,390,000
    
    
    
    13,304,000
    
    
    
    1,388,000
    
    
    
    10,172,000Parkway Plaza
    
    
    470,000
    
    
    
    4,647,000
    
    
    
    19,890,000
    
    
    
    24,537,000
    
    
    
    2,436,000
    
    
    
    14,300,000Pennsboro Commons
    
    
    44,000
    
    
    
    3,608,000
    
    
    
    14,298,000
    
    
    
    17,906,000
    
    
    
    2,558,000
    
    
    
    10,769,000Scott Town Center
    
    
    1,000
    
    
    
    2,959,000
    
    
    
    11,801,000
    
    
    
    14,760,000
    
    
    
    1,415,000
    
    
    
    8,538,000Spring Meadow Shopping Center
    
    
    20,000
    
    
    
    4,112,000
    
    
    
    16,429,000
    
    
    
    20,541,000
    
    
    
    1,798,000
    
    
    
    12,441,000Stonehedge Square
    
    
    126,000
    
    
    
    2,698,000
    
    
    
    11,774,000
    
    
    
    14,472,000
    
    
    
    1,864,000
    
    
    
    8,700,00012,619,000
    
    
    
    31,866,000
    
    
    
    134,470,000
    
    
    
    166,336,000
    
    
    
    18,213,000
    
    
    
    102,855,000PCP Joint Venture:New London Mall
    
    
    903,000
    
    
    
    8,827,000
    
    
    
    31,934,000
    
    
    
    40,761,000
    
    
    
    2,900,000
    
    
    
    26,087,000San Souci Plaza
    
    
    1,326,000
    
    
    
    13,374,000
    
    
    
    21,246,000
    
    
    
    34,620,000
    
    
    
    2,888,000
    
    
    
    27,200,0002,229,000
    
    
    
    22,201,000
    
    
    
    53,180,000
    
    
    
    75,381,000
    
    
    
    5,788,000
    
    
    
    53,287,000Joint Ventures (other):CVS at Naugatuck
    
    
    2,825,000
    
    
    
    
    
    
    
    2,825,000
    
    
    
    2,825,000
    
    
    
    152,000
    
    
    
    2,402,000Total Consolidated Joint Ventures
    
    
    17,673,000
    
    
    
    54,067,000
    
    
    
    190,475,000
    
    
    
    244,542,000
    
    
    
    24,153,000
    
    
    
    158,544,000Total Stabilized Portfiolio
    
    
    149,195,000
    
    
    
    227,099,000
    
    
    
    1,007,932,000
    
    
    
    1,235,031,000
    
    
    
    165,953,000
    
    
    
    577,993,000
  101




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 Year built/
    
    Gross
    
    
    Initial cost to the Company(continued)
    
    
    
    Year
    
    
    Percent
    
    
    Year last
    
    leasable
    
    
    
    
    
    
    Building andProperty
    
    State
    
    acquired
    
    
    owned
    
    
    renovated
    
    area
    
    
    Land
    
    
    ImprovementsRedevelopment and Major Retenanting Properties:Oakhurst Plaza
    
    VA
    
    
    2006
    
    
    
    100
    %
    
    1980/2001
    
    
    107,869
    
    
    $
    4,539,000
    
    
    $
    18,177,000Shore Mall
    
    NJ
    
    
    2006
    
    
    
    100
    %
    
    1960/1980
    
    
    459,098
    
    
    
    7,179,000
    
    
    
    37,868,000The Brickyard
    
    CT
    
    
    2004
    
    
    
    100
    %
    
    1990
    
    
    274,553
    
    
    
    6,465,000
    
    
    
    29,308,000Roosevelt II
    
    PA
    
    
    2010
    
    
    
    100
    %
    
    1969/1986
    
    
    206,000
    
    
    
    2,675,000
    
    
    
    10,700,000Townfair Center
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    2002
    
    
    218,662
    
    
    
    3,022,000
    
    
    
    13,786,000Trexlertown Plaza
    
    PA
    
    
    2006
    
    
    
    100
    %
    
    1990/2005
    
    
    241,381
    
    
    
    5,262,000
    
    
    
    23,867,000Total Redevelopment Properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,507,563
    
    
    
    29,142,000
    
    
    
    133,706,000Total Operating Portfolio
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,283,675
    
    
    
    262,328,000
    
    
    
    986,356,000Ground-Up Developments:Crossroads II
    
    PA
    
    
    2008
    
    
    
    60
    %
    
    2009
    
    
    133,618
    
    
    
    15,383,000
    
    
    
    Heritage Crossing
    
    PA
    
    
    2008
    
    
    
    60
    %
    
    2009
    
    
    59,396
    
    
    
    5,080,000
    
    
    
    Northside Commons
    
    PA
    
    
    2008
    
    
    
    100
    %
    
    2009
    
    
    85,300
    
    
    
    3,332,000
    
    
    
    Upland Square
    
    PA
    
    
    2007
    
    
    
    60
    %
    
    2009
    
    
    452,304
    
    
    
    28,187,000
    
    
    
    Total Ground-Up Developments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    730,618
    
    
    
    51,982,000
    
    
    
    Total Portfolio
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,014,293
    
    
    
    314,310,000
    
    
    
    986,356,000Projects Under Development and Land Held
For Future Expansion and Development:Halifax Commons
    
    PA
    
    
    
    
    
    
    100
    %
    
    
    
    
    4.37
    
    
    
    858,000
    
    
    
    Halifax Plaza
    
    PA
    
    
    
    
    
    
    100
    %
    
    
    
    
    12.83
    
    
    
    1,107,000
    
    
    
    Liberty Marketplace
    
    PA
    
    
    
    
    
    
    100
    %
    
    
    
    
    15.51
    
    
    
    1,564,000
    
    
    
    Oregon Pike
    
    PA
    
    
    
    
    
    
    100
    %
    
    
    
    
    11.20
    
    
    
    2,283,000
    
    
    
    Shore Mall
    
    NJ
    
    
    
    
    
    
    100
    %
    
    
    
    
    50.00
    
    
    
    2,018,000
    
    
    
    The Brickyard
    
    CT
    
    
    
    
    
    
    100
    %
    
    
    
    
    1.95
    
    
    
    1,167,000
    
    
    
    Trexlertown Plaza
    
    PA
    
    
    
    
    
    
    100
    %
    
    
    
    
    37.28
    
    
    
    8,087,000
    
    
    
    Trindle Spring
    
    NY
    
    
    
    
    
    
    100
    %
    
    
    
    
    2.10
    
    
    
    1,028,000
    
    
    
    Wyoming
    
    MI
    
    
    
    
    
    
    100
    %
    
    
    
    
    12.32
    
    
    
    360,000
    
    
    
    Various projects in progress
    
    N/A
    
    
    
    
    
    
    100
    %
    
    
    
    
    
    
    
    
    
    
    
    
    Total Projects Under Development and Land
Held For Future Expansion and Development:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    147.55
    
    
    
    18,472,000
    
    
    
    Total Carrying Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    332,782,000
    
    
    
    986,356,000
  102




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 Gross amount at which carried atSubsequent
    
    
    December 31, 2010(continued)
    
    cost
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Amount ofProperty
    
    capitalized
    
    
    Land
    
    
    improvements
    
    
    Total
    
    
    depreciation (4)
    
    
    EncumbranceRedevelopment and Major Retenanting
Properties:Oakhurst Plaza
    
    $
    18,000
    
    
    $
    4,539,000
    
    
    $
    18,195,000
    
    
    $
    22,734,000
    
    
    $
    2,571,000
    
    
    
    (2
    )Shore Mall
    
    
    5,029,000
    
    
    
    7,179,000
    
    
    
    42,897,000
    
    
    
    50,076,000
    
    
    
    6,538,000
    
    
    
    21,220,000Brickyard
    
    
    (761,000
    )
    
    
    6,465,000
    
    
    
    28,547,000
    
    
    
    35,012,000
    
    
    
    5,672,000
    
    
    
    (2
    )Roosevelt II
    
    
    
    
    
    
    2,675,000
    
    
    
    10,700,000
    
    
    
    13,375,000
    
    
    
    45,000
    
    
    
    12,940,000Townfair Center
    
    
    7,081,000
    
    
    
    3,022,000
    
    
    
    20,867,000
    
    
    
    23,889,000
    
    
    
    2,568,000
    
    
    
    (3
    )Trexlertown Plaza
    
    
    3,756,000
    
    
    
    5,262,000
    
    
    
    27,623,000
    
    
    
    32,885,000
    
    
    
    3,126,000
    
    
    
    (3
    )Total Redevelopment Properties
    
    
    15,123,000
    
    
    
    29,142,000
    
    
    
    148,829,000
    
    
    
    177,971,000
    
    
    
    20,520,000
    
    
    
    34,160,000Total Operating Portfolio
    
    
    164,318,000
    
    
    
    256,241,000
    
    
    
    1,156,761,000
    
    
    
    1,413,002,000
    
    
    
    186,473,000
    
    
    
    612,153,000Ground-Up Developments:Crossroads II
    
    
    27,203,000
    
    
    
    17,671,000
    
    
    
    24,915,000
    
    
    
    42,586,000
    
    
    
    730,000
    
    
    
    (2
    )Heritage Crossing
    
    
    6,040,000
    
    
    
    5,066,000
    
    
    
    6,054,000
    
    
    
    11,120,000
    
    
    
    240,000
    
    
    
    (3
    )Northside Commons
    
    
    9,989,000
    
    
    
    3,379,000
    
    
    
    9,942,000
    
    
    
    13,321,000
    
    
    
    297,000
    
    
    
    (3
    )Upland Square
    
    
    57,632,000
    
    
    
    27,454,000
    
    
    
    58,365,000
    
    
    
    85,819,000
    
    
    
    1,721,000
    
    
    
    62,577,000Total Ground-Up Developments
    
    
    100,864,000
    
    
    
    53,570,000
    
    
    
    99,276,000
    
    
    
    152,846,000
    
    
    
    2,988,000
    
    
    
    62,577,000Total Portfolio
    
    
    265,182,000
    
    
    
    309,811,000
    
    
    
    1,256,037,000
    
    
    
    1,565,848,000
    
    
    
    189,461,000
    
    
    
    674,730,000Projects Under Development and Land Held
For Future Expansion and Development:Halifax Commons
    
    
    381,000
    
    
    
    872,000
    
    
    
    367,000
    
    
    
    1,239,000
    
    
    
    Halifax Plaza
    
    
    1,622,000
    
    
    
    1,503,000
    
    
    
    1,226,000
    
    
    
    2,729,000
    
    
    
    Liberty Marketplace
    
    
    35,000
    
    
    
    1,564,000
    
    
    
    35,000
    
    
    
    1,599,000
    
    
    
    Oregon Pike
    
    
    80,000
    
    
    
    2,283,000
    
    
    
    80,000
    
    
    
    2,363,000
    
    
    
    Shore Mall
    
    
    276,000
    
    
    
    2,018,000
    
    
    
    276,000
    
    
    
    2,294,000
    
    
    
    
    
    
    
    (6
    )The Brickyard
    
    
    197,000
    
    
    
    1,183,000
    
    
    
    181,000
    
    
    
    1,364,000
    
    
    
    Trexlertown Plaza
    
    
    2,279,000
    
    
    
    8,089,000
    
    
    
    2,277,000
    
    
    
    10,366,000
    
    
    
    
    
    
    
    (3
    )Trindle Spring
    
    
    392,000
    
    
    
    1,148,000
    
    
    
    272,000
    
    
    
    1,420,000
    
    
    
    Wyoming
    
    
    
    
    
    
    360,000
    
    
    
    
    
    
    
    360,000
    
    
    
    Various projects in progress
    
    
    1,728,000
    
    
    
    
    
    
    
    1,728,000
    
    
    
    1,728,000
    
    
    
    Total Projects Under Development and Land
Held For Future Expansion and Development
    
    
    6,990,000
    
    
    
    19,020,000
    
    
    
    6,442,000
    
    
    
    25,462,000
    
    
    
    
    
    
    
    Total Carrying Value
    
    $
    272,172,000
    
    
    $
    328,831,000
    
    
    $
    1,262,479,000
    
    
    $
    1,591,310,000
    
    
    $
    189,461,000
    
    
    
    674,730,000Real estate held for sale  discontinued operations (1)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    69,959,000Unconsolidated joint ventures (5)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    52,466,000
  103




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2010
 (continued)
  2010
    
    
    2009
    
    
    2008CostBalance, beginning of the year
    
    $
    1,555,638,000
    
    
    $
    1,422,563,000
    
    
    $
    1,281,340,000Properties acquired
    
    
    13,375,000
    
    
    
    73,152,000
    
    
    
    90,700,000Improvements and betterments
    
    
    23,207,000
    
    
    
    66,070,000
    
    
    
    52,830,000Write-off fully-depreciated assets
    
    
    (910,000
    )
    
    
    (6,147,000
    )
    
    
    (2,307,000
    )Balance, end of the year
    
    $
    1,591,310,000
    
    
    $
    1,555,638,000
    
    
    $
    1,422,563,000Accumulated depreciationBalance, beginning of the year
    
    $
    151,144,000
    
    
    $
    114,516,000
    
    
    $
    80,160,000Depreciation expense
    
    
    39,227,000
    
    
    
    42,775,000
    
    
    
    36,663,000Write-off fully-depreciated assets
    
    
    (910,000
    )
    
    
    (6,147,000
    )
    
    
    (2,307,000
    )Balance, end of the year
    
    $
    189,461,000
    
    
    $
    151,144,000
    
    
    $
    114,516,000Net book value
    
    $
    1,401,849,000
    
    
    $
    1,404,494,000
    
    
    $
    1,308,047,000
  
 (1)
    
    Restated to reflect the reclassifications of properties to real estate held for sale during
2010.(2)
    
    Properties pledged as collateral under the Companys stabilized property credit facility. The
total net book value of such properties was $345,523,000 at December 31, 2010 (including
$18,467,000 relating to a property treated as real estate held for sale); the total amount
outstanding under the secured revolving credit facility at that date was $29,535,000.(3)
    
    Properties pledged as collateral under the Companys development property credit facility. The
total net book value of all such properties was $151,411,000 at December 31, 2010; the total amount
outstanding the secured development revolving credit facility at that date was $103,062,000.(4)
    
    Depreciation is provided over the estimated useful lives of the buildings and improvements,
which range from 3 to 40 years.(5)
    
    The Company has a 76.3% interest in an unconsolidated joint venture, which owns a single-tenant
office property located in Philadelphia, Pennsylvania and a 20% interest in an unconsolidated joint
venture that owns 21 supermarket shopping centers located in Connecticut, Maryland, Massachusetts,
New Jersey, Pennsylvania and Virginia.(6)
    
    The Shore Mall land parcel also collateralizes the mortgage loan payable relating to the Shore
Mall shopping center.  104




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##### Table of Contents



Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
  
 tem 9A. Controls and Procedures
 Evaluation of Disclosure Controls and Procedures
   Management Report on Internal Control Over Financial Reporting
      105




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
 The Board of Directors and Shareholders of
Cedar Shopping Centers, Inc.
       /s/ ERNST & YOUNG LLP
 
  106




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##### Table of Contents



Item 9B. Other Information
  
 Part III.
 
 Item 10. Directors, Executive Officers and Corporate Governance
  
 Item 11. Executive Compensation
  
 Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder
Matters
  
 Item 13. Certain Relationships and Related Transactions and Director Independence
  
 Item 14. Principal Accountant Fees and Services
  
 Part IV
 
 Item 15. Exhibits and Financial Statement Schedules
 (a)
    
    1.
    
    Financial Statements
 The response to this portion of Item 15 is included in Item 8 of this report2.
    
    Financial Statement SchedulesThe response to this portion of Item 15 is included in Item 8 of this report.
  107




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##### Table of Contents



Item
    
    Title or Description3.1
    
    
    Articles of Incorporation of Cedar Shopping Centers, Inc., including all amendments and
articles supplementary previously filed, incorporated by reference to Exhibits 3.1.a and 3.1.b
of Form 10-Q for the quarterly period ended September 30, 2007 and to Exhibit 3.1 of Form 10-Q
for the quarterly period ended September 30, 2010.3.2
    
    
    By-laws of Cedar Shopping Centers, Inc., including all amendments previously filed,
incorporated by reference to Exhibit 3.2 of Form 8-K filed on November 28, 2007.3.3.a
    
    
    Agreement of Limited Partnership of Cedar Shopping Centers Partnership, L.P., incorporated
by reference to Exhibit 3.4 of the Registration Statement on Form S-11 filed on August 20,
2003, as amended.3.3.b
    
    
    Amendment No. 1 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership,
L.P., incorporated by reference to Exhibit 3.5 of the Registration Statement on Form S-11
filed on August 20, 2003, as amended.3.3.c
    
    
    Amendment No. 2 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership,
L.P., incorporated by reference to Exhibit 3.3.c of Form 10-K for the year ended December 31,
2004.3.3.d
    
    
    Amendment No. 3 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership,
L.P., incorporated by reference to Exhibit 3.3.d of Form 10-K for the year ended December 31,
2006.3.3.e
    
    
    Amendment No. 4 to Agreement of Limited Partnership of Cedar Shopping Centers Partnership,
L.P., incorporated by reference to Exhibit 3.2 of Form 10-Q for the quarterly period ended
September 30, 2010.10.1.a
    *
    
    Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation Plan, effective as of
October 29, 2003, incorporated by reference to Exhibit 10.6.a of Form 10-K for the year ended
December 31, 2004.10.1.b
    *
    
    Amendment No. 1 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation
Plan, effective as of October 29, 2003, incorporated by reference to Exhibit 10.6.b of Form
10-K for the year ended December 31, 2004.10.1.c
    *
    
    Amendment No. 2 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation
Plan, effective as of August 9, 2004, incorporated by reference to Exhibit 10.6.c of Form 10-K
for the year ended December 31, 2004.10.1.d
    *
    
    Amendment No. 3 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation
Plan, effective as of December 19, 2005, incorporated by reference to Exhibit 10.2 of Form 8-K
filed on December 22, 2005.10.1.e
    *
    
    Amendment No. 4 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation
Plan, effective as of December 21, 2006, incorporated by reference to Exhibit 10.1.e of Form
10-K for the year ended December 31, 2006.10.1.f
    *
    
    Amendment No. 5 to the Cedar Shopping Centers, Inc. Senior Executive Deferred Compensation
Plan, effective as of December 11, 2007, incorporated by reference to Exhibit 10.1.f of Form
10-K for the year ended December 31, 2007.10.2.a
    *
    
    2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan, incorporated by reference to
Exhibit 10.1 of Form 8-K filed on December 22, 2005.
  108




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##### Table of Contents



Item
    
    Title or Description10.2.b
    *
    
    Amendment No. 1 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan,
effective as of December 21, 2006, incorporated by reference to Exhibit 10.2.b of Form 10-K
for the year ended December 31, 2006.10.2.c
    *
    
    Amendment No. 2 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan,
effective as of December 11, 2007, incorporated by reference to Exhibit 10.2.c of Form 10-K
for the year ended December 31, 2007.10.2.d
    *
    
    Amendment No. 3 to the 2005 Cedar Shopping Centers, Inc. Deferred Compensation Plan,
effective as of December 16, 2008, incorporated by reference to Exhibit 10.2.d of Form 10-K
for the year ended December 31, 2008.10.3.a.i
    *
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Leo S. Ullman, dated as of
November 1, 2003, incorporated by reference to Exhibit 10.39 of the Registration Statement on
Form S-11 filed on August 20, 2003, as amended.10.3.a.ii
    *
    
    First Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Leo S.
Ullman, dated as of March 23, 2004, incorporated by reference to Exhibit 10.5.a.ii of Form
10-K for the year ended December 31, 2004.10.3.a.iii
    *
    
    Second Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Leo
S. Ullman, dated as of October 19, 2005, incorporated by reference to Exhibit 10.1 of Form
8-K filed on October 20, 2005.10.3.a.iv
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Leo S.
Ullman, dated as of May 1, 2007, incorporated by reference to Exhibit 10.1 of Form 8-K filed
on May 3, 2007.10.3.b.i
    *
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Brenda J. Walker, dated as
of November 1, 2003, incorporated by reference to Exhibit 10.40 of the Registration Statement
on Form S-11 filed on August 20, 2003, as amended.10.3.b.ii
    *
    
    First Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Brenda
J. Walker, dated as of March 23, 2004, incorporated by reference to Exhibit 10.5.b.ii of Form
10-K for the year ended December 31, 2004.10.3.b.iii
    *
    
    Second Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and
Brenda J. Walker, dated as of October 19, 2005, incorporated by reference to Exhibit 10.2 of
Form 8-K filed on October 20, 2005.10.3.b.iv
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Brenda J.
Walker, dated as of December 29, 2006, incorporated by reference to Exhibit 10.3.b.iv of Form
10-K for the year ended December 31, 2006.10.3.b.v
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Brenda J.
Walker, dated as of September 18, 2008, incorporated by reference to Exhibit 10.3.b.v of Form
10-K for the year ended December 31, 2008.10.3.b.vi
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Brenda J.
Walker, dated as of April, 17, 2009, incorporated by reference to Exhibit 10.2 of Form 10-Q
for the quarterly period ended June 30, 2009.10.3.b.vii
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Brenda J.
Walker, dated as of June 1, 2010, incorporated by reference to Exhibit 10.3 of Form 10-Q for
the quarterly period ended June 30, 2010.10.3.c.i
    *
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Thomas B. Richey, dated as
of November 1, 2003, incorporated by reference to Exhibit 10.42 of the Registration Statement
on Form S-11 field on August 20, 2003, as amended.10.3.c.ii
    *
    
    First Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Thomas
B. Richey, dated as of March 23, 2004, incorporated by reference to Exhibit 10.5.d.ii of Form
10-K for the year ended December 31, 2004.
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Item
    
    Title or Description10.3.c.iii
    *
    
    Second Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and
Thomas B. Richey, dated as of October 19, 2005, incorporated by reference to Exhibit 10.4 of
Form 8-K filed on October 20, 2005.10.3.c.iv
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Thomas B.
Richey, dated as of December 29, 2006, incorporated by reference to Exhibit 10.3.d.iv of Form
10-K for the year ended December 31, 2006.10.3.c.v
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Thomas B.
Richey, dated as of September 18, 2008, incorporated by reference to Exhibit 10.3.c.v of Form
10-K for the year ended December 31, 2008.10.3.c.vi
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Thomas B.
Richey, dated as of June 1, 2010, incorporated by reference to Exhibit 10.2 of Form 10-Q for
the quarterly period ended June 30, 2010.10.3.d.i
    *
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Nancy H. Mozzachio, dated
as of August 1, 2003, incorporated by reference to Exhibit 10.3.e.i of Form 10-K for the year
ended December 31, 2006.10.3.d.ii
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Nancy H.
Mozzachio, dated as of October 19, 2005, incorporated by reference to Exhibit 10.2 of Form 8-K
filed on April 6, 2007.10.3.d.iii
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Nancy H.
Mozzachio, dated as of December 29, 2006, incorporated by reference to Exhibit 10.3.e.ii of
Form 10-K for the year ended December 31, 2006.10.3.d.iv
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Nancy H.
Mozzachio, dated as of September 18, 2008, incorporated by reference to Exhibit 10.3.d.iv of
Form 10-K for the year ended December 31, 2008.10.3.d.v
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Nancy H.
Mozzachio, dated as of April 17, 2009, incorporated by reference to Exhibit 10.1 of Form 10-Q
for the quarterly period ended June 30, 2009.10.3.d.vi
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Nancy H.
Mozzachio, dated as of June 1, 2010, incorporated by reference to Exhibit 10.1 of Form 10-Q
for the quarterly period ended June 30, 2010.10.3.e
    *
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Lawrence E. Kreider, Jr.,
dated as of June 20, 2007, incorporated by reference to Exhibit 10.1 of Form 8-K filed on June
20, 2007.10.3.f.i
    *
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Frank C. Ullman, dated as
of September 18, 2008, incorporated by reference to Exhibit 10.3.f of Form 10-K for the year
ended December 31, 2008.10.3.f.ii
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Frank C.
Ullman, dated as of April 17, 2009, incorporated by reference to Exhibit 10.3 of Form 10-Q
for the quarterly period ended June 30, 2009.10.3.f.iii
    *
    
    Amendment to Employment Agreement between Cedar Shopping Centers, Inc. and Frank C.
Ullman, dated as of June 1, 2010, incorporated by reference to Exhibit 10.4 of Form 10-Q for
the quarterly period ended June 30, 2010.10.3.f.iv
    *
    
    Consulting Agreement between Cedar Shopping Centers, Inc. and Frank C. Ullman, dated as
of January 13, 2011, incorporated by reference to Exhibit 10.1 of Form 8-K filed on January
20, 2011.10.4
    
    
    Loan Agreement (the Loan Agreement) by and among Cedar Shopping Centers Partnership, L.P.,
Bank of America, N.A., KeyBank, National Association, Manufacturers and Traders Trust Company,
Regions Bank, Citizens Bank of Pennsylvania, Raymond James Bank, FSB, Royal Bank of Canada,
Bank of Montreal, and the other lending institutions which are or may become parties to the
Loan Agreement (the Lenders) and
Bank of America, N.A. (as Administrative Agent), dated as of November 10, 2009,
incorporated by reference to Exhibit 10.1 of Form 10-Q for the quarterly period ended
September 30, 2010.
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##### Table of Contents



Item
    
    Title or Description10.5
    
    
    Agreement Regarding Purchase of Partnership Interests By and Between Cedar Shopping Centers
Partnership, L.P. and Homburg Holdings (U.S.) Inc. dated as of March 26, 2007, incorporated by
reference to Exhibit 10.4 of Form 10-Q for the quarterly period ended September 30, 2010.10.5.a
    
    
    First Amendment to Agreement Regarding Purchase of Partnership Interests dated as of June
29, 2007, incorporated by reference to Exhibit 10.1 of Form 8-K filed on December 12, 2007.10.5.b
    
    
    Second Amendment to Agreement Regarding Purchase of Partnership Interests dated as of
October 31, 2007, incorporated by reference to Exhibit 10.2 of Form 8-K filed on December 12,
2007.10.6
    
    
    Voting Agreement dated February 13, 2008 among Cedar Shopping Centers, Inc., Inland American
Real Estate Trust, Inc., Inland Investment Advisors, Inc. Inland Real Estate Investment
Corporation and The Inland Group, Inc., incorporated by reference to Exhibit 10.11 of Form
10-K for the year ended December 31, 2007.10.7.a
    
    
    Amended and Restated Loan Agreement (the Loan Agreement) by and among Cedar Shopping
Centers Partnership, L.P., KeyBank, National Association, Manufacturers and Traders Trust
Company, Citizens Bank of Pennsylvania, Raymond James Bank, FSB, Regions Bank, TD Bank, N.A.,
TriState Capital Bank and the other lending institutions which are or may become parties to
the Loan Agreement (the Lenders) and KeyBank, National Association (as Administrative
Agent), dated as of October 17, 2008, incorporated by reference to Exhibit 10.5.a of Form 10-Q
for the quarterly period ended September 30, 2010.10.7.b
    
    
    First Amendment to Loan Agreement, dated as of April 9, 2010, incorporated by reference to
Exhibit 10.5.b of Form 10-Q for the quarterly period ended September 30, 2010.10.8
    
    
    Standby Equity Purchase Agreement dated as of September 21, 2009 by and between YA Global
Master SPV Ltd. and Cedar Shopping Centers, Inc., incorporated by reference to Exhibit 4.1 of
Form 8-K filed on September 22, 2009.10.9.a
    
    
    Securities Purchase Agreement dated as of October 26, 2009, by and among Cedar Shopping
Centers, Inc., Cedar Shopping Centers Partnership L.P., RioCan Holdings USA Inc. and RioCan
Real Estate Investment Trust, incorporated by reference to Exhibit 10.6.a of Form 10-Q for the
quarterly period ended September 30, 2010.10.9.a.i
    
    
    Amendment to Securities Purchase Agreement dated February 5, 2010, incorporated by
reference to Exhibit 10.6.b of Form 10-Q for the quarterly period ended September 30, 2010.10.9.a.ii
    
    
    Amendment to Securities Purchase Agreement dated February 26, 2010, incorporated by
reference to Exhibit 10.6.c of Form 10-Q for the quarterly period ended September 30, 2010.10.9.b
    
    
    Agreement regarding purchase of Partnership Interests dated October 26, 2009 between Cedar
Shopping Centers, Inc. and RioCan Holdings USA Inc., incorporated by reference to Exhibit 10.7
of Form 10-Q for the quarterly period ended September 30, 2010.21.1
    
    
    List of Subsidiaries of the Registrant23.1
    
    
    Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm31.1
    
    
    Section 302 Chief Executive Officer Certification
  111




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##### Table of Contents



Item
    
    Title or Description31.2
    
    
    Section 302 Chief Financial Officer Certification32.1
    
    
    Section 906 Chief Executive Officer Certification32.2
    
    
    Section 906 Chief Financial Officer Certification
 
 *
    
    Management contracts or compensatory plans required to be filed pursuant to Rule 601 of
Regulation S-K.(b)
    
    ExhibitsThe response to this portion of Item 15 is included in Item 15(a) (3) above.(c)
    
    The following documents are filed as part of the report:   112




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##### Table of Contents



SIGNATURES
  CEDAR SHOPPING CENTERS, INC./s/ LEO S. ULLMAN

Leo S. Ullman
    
    /s/ LAWRENCE E. KREIDER, JR.

Lawrence E. Kreider, Jr.President and Chairman
    
    Chief Financial Officer(principal executive officer)
    
    (principal financial officer)/s/ GASPARE J. SAITTA, II

Gaspare J. Saitta, IIChief Accounting Officer(principal accounting officer)March 15, 2011
  /s/ JAMES J. BURNS

James J. Burns
    
    /s/ RAGHUNATH DAVLOOR
Raghunath
DavloorDirector
    
    Director/s/ RICHARD HOMBURG

Richard Homburg
    
    /s/ PAMELA N. HOOTKIN
Pamela
N. HootkinDirector
    
    Director/s/ PAUL G. KIRK, JR

Paul G. Kirk, Jr.
    
    /s/ EVERETT B. MILLER, III
Everett
B. Miller, IIIDirector
    
    Director/s/ LEO S. ULLMAN

Leo S. Ullman
    
    /s/ ROGER M. WIDMANN
Roger
M. WidmannDirector
    
    Director
   113