##### Table of Contents



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, 2009
 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
(State or other jurisdiction of incorporation or organization)
    
    42-1241468
(I.R.S. Employer Identification Number)44 South Bayles Avenue, Port Washington, NY
(Address of principal executive offices)
    
    11050-3765
(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
  o 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 I1
and 2. Business and Properties
    
    
    41A. Risk Factors
    
    
    121B. 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
    
    
    266. Selected Financial Data
    
    
    297. Managements Discussion and Analysis of Financial Condition
and Results of Operations
    
    
    317A. Quantitative and Qualitative Disclosures about Market Risk
    
    
    488. Financial Statements and Supplementary Data
    
    
    499. Changes in and Disagreements With Accountants on Accounting
and Financial Disclosure
    
    
    999A. Controls and Procedures, including Management Report on Internal
Control Over Financial Reporting
    
    
    999B. Other Information
    
    
    101PART III10. Directors, Executive Officers
and Corporate Governance
    
    
    10111. Executive Compensation
    
    
    10112. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters
    
    
    10113. Certain Relationships and Related Transactions,
and Director Independence
    
    
    10114. Principal Accountant Fees and Services
    
    
    101PART IV15 Exhibits and Financial Statement Schedules
    
    
    101EX-21.1EX-23.1EX-31.1EX-31.2EX-32.1EX-32.2
  2




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Special Note Regarding Forward-Looking Statements
  3




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Part I.
 
 Items 1 and 2. Business and Properties
 General
     4




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Recent Developments and Significant Transactions
 Public Offering of Common Stock
  Reinstatement of Dividend
  5




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RioCan
    Amended and Restated Credit Facility
  6




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Joint Venture With PCP
   Discontinued Operations
  7




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The Companys Properties
  Unconsolidatedjoint venture
    
    
    Real estate toNumber of
    
    
    GLA
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Net book
    
    
    managed
    
    
    be transferredState
    
    properties
    
    
    (Sq. ft.)
    
    
    Land
    
    
    improvements
    
    
    Total cost
    
    
    depreciation
    
    
    value
    
    
    properties
    
    
    to a joint venturePennsylvania
    
    
    52
    
    
    
    6,645,891
    
    
    $
    168,934,000
    
    
    $
    682,691,000
    
    
    $
    851,625,000
    
    
    $
    87,970,000
    
    
    $
    763,655,000
    
    
    $
    8,638,000
    
    
    $
    53,417,000Massachusetts
    
    
    8
    
    
    
    1,486,033
    
    
    
    27,231,000
    
    
    
    111,261,000
    
    
    
    138,492,000
    
    
    
    10,851,000
    
    
    
    127,641,000
    
    
    
    
    
    
    
    76,815,000Connecticut
    
    
    9
    
    
    
    1,217,789
    
    
    
    33,426,000
    
    
    
    127,299,000
    
    
    
    160,725,000
    
    
    
    16,032,000
    
    
    
    144,693,000
    
    
    
    
    
    
    
    9,511,000Virginia
    
    
    13
    
    
    
    815,969
    
    
    
    28,878,000
    
    
    
    101,903,000
    
    
    
    130,781,000
    
    
    
    15,249,000
    
    
    
    115,532,000
    
    
    
    
    
    
    
    Ohio
    
    
    21
    
    
    
    717,344
    
    
    
    18,246,000
    
    
    
    78,798,000
    
    
    
    97,044,000
    
    
    
    11,119,000
    
    
    
    85,925,000
    
    
    
    
    
    
    
    Maryland
    
    
    8
    
    
    
    940,904
    
    
    
    30,564,000
    
    
    
    87,416,000
    
    
    
    117,980,000
    
    
    
    9,337,000
    
    
    
    108,643,000
    
    
    
    
    
    
    
    New Jersey
    
    
    4
    
    
    
    825,276
    
    
    
    13,764,000
    
    
    
    74,865,000
    
    
    
    88,629,000
    
    
    
    9,615,000
    
    
    
    79,014,000
    
    
    
    
    
    
    
    New York
    
    
    3
    
    
    
    226,043
    
    
    
    13,809,000
    
    
    
    37,652,000
    
    
    
    51,461,000
    
    
    
    3,147,000
    
    
    
    48,314,000
    
    
    
    
    
    
    
    Michigan
    
    
    1
    
    
    
    77,688
    
    
    
    2,443,000
    
    
    
    9,813,000
    
    
    
    12,256,000
    
    
    
    1,295,000
    
    
    
    10,961,000
    
    
    
    
    
    
    
    Total operarting portfolio
    
    
    119
    
    
    
    12,952,937
    
    
    
    337,295,000
    
    
    
    1,311,698,000
    
    
    
    1,648,993,000
    
    
    
    164,615,000
    
    
    
    1,484,378,000
    
    
    
    8,638,000
    
    
    
    139,743,000Projects under development
and land held for future
expansion and development
    
    
    n/a
    
    
    
    n/a
    
    
    
    20,873,000
    
    
    
    5,456,000
    
    
    
    26,329,000
    
    
    
    
    
    
    
    26,329,000
    
    
    
    
    
    
    
    Total portfolio
    
    
    119
    
    
    
    12,952,937
    
    
    $
    358,168,000
    
    
    $
    1,317,154,000
    
    
    $
    1,675,322,000
    
    
    $
    164,615,000
    
    
    $
    1,510,707,000
    
    
    
    8,638,000
    
    
    $
    139,743,000Unconsolidated joint venture  not managed (a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    5,475,000Total unconsolidated joint ventures
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    14,113,000
 
 (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. 8




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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)
    
    
    22
    
    
    
    1,328,000
    
    
    
    10.3
    %
    
    
    21,503,000
    
    
    $
    16.19
    
    
    
    16.0
    %Discount Drug Mart
    
    
    6
    
    
    
    364,000
    
    
    
    2.8
    %
    
    
    3,880,000
    
    
    
    10.66
    
    
    
    2.9
    %Farm Fresh (c)
    
    
    5
    
    
    
    325,000
    
    
    
    2.5
    %
    
    
    3,494,000
    
    
    
    10.75
    
    
    
    2.6
    %Stop & Shop (c)
    
    
    14
    
    
    
    346,000
    
    
    
    2.7
    %
    
    
    3,280,000
    
    
    
    9.48
    
    
    
    2.4
    %CVS
    
    
    4
    
    
    
    241,000
    
    
    
    1.9
    %
    
    
    2,716,000
    
    
    
    11.27
    
    
    
    2.0
    %Shaws (c)
    
    
    4
    
    
    
    168,000
    
    
    
    1.3
    %
    
    
    2,496,000
    
    
    
    14.86
    
    
    
    1.9
    %L.A. Fitness
    
    
    10
    
    
    
    113,000
    
    
    
    0.9
    %
    
    
    2,335,000
    
    
    
    20.66
    
    
    
    1.7
    %Staples
    
    
    7
    
    
    
    243,000
    
    
    
    1.9
    %
    
    
    1,921,000
    
    
    
    7.91
    
    
    
    1.4
    %Food Lion (c)
    
    
    7
    
    
    
    145,000
    
    
    
    1.1
    %
    
    
    1,821,000
    
    
    
    12.56
    
    
    
    1.4
    %Burlington Coat Factory
    
    
    2
    
    
    
    118,000
    
    
    
    0.9
    %
    
    
    1,599,000
    
    
    
    13.55
    
    
    
    1.2
    %Sub-total top ten tenants (d)
    
    
    81
    
    
    
    3,391,000
    
    
    
    26.2
    %
    
    
    45,045,000
    
    
    
    13.28
    
    
    
    33.5
    %Remaining tenants
    
    
    1,195
    
    
    
    8,282,000
    
    
    
    63.9
    %
    
    
    89,510,000
    
    
    
    10.81
    
    
    
    66.5
    %Sub-total all tenants
    
    
    1,276
    
    
    
    11,673,000
    
    
    
    90.1
    %
    
    
    134,555,000
    
    
    
    11.53
    
    
    
    100.0
    %Vacant space (e)
    
    
    n/a
    
    
    
    1,280,000
    
    
    
    9.9
    %
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aTotal (including vacant
space)
    
    
    1,276
    
    
    
    12,953,000
    
    
    
    100.0
    %
    
    
    134,555,000
    
    
    
    10.39
    
    
    
    n/a
 
 (a)
    
    Incudes unconsolidated managed joint venture
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, (2) Farm Fresh, Shaws, Shop n Save (GLA of 53,000; annualized
base rent of $495,000), Shoppers Food Warehouse (GLA of 120,000; annualized base rent of
$1,206,000) and Acme (GLA of 172,000; annualized base rent of $756,000), and (3) Food Lion and
Hannaford (GLA of 43,000; annualized base rent of $405,000).(d)
    
    Includes tenants at ground-up development properties.(e)
    
    Includes vacant space at properties undergoing development and/or redevelopment activities. 9




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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
    
    
    83
    
    
    
    214,000
    
    
    
    1.8
    %
    
    $
    2,823,000
    
    
    $
    13.19
    
    
    
    2.1
    %2010
    
    
    166
    
    
    
    804,000
    
    
    
    6.9
    %
    
    
    9,833,000
    
    
    
    12.23
    
    
    
    7.3
    %2011
    
    
    180
    
    
    
    1,016,000
    
    
    
    8.7
    %
    
    
    11,571,000
    
    
    
    11.39
    
    
    
    8.6
    %2012
    
    
    177
    
    
    
    846,000
    
    
    
    7.2
    %
    
    
    9,808,000
    
    
    
    11.59
    
    
    
    7.3
    %2013
    
    
    143
    
    
    
    755,000
    
    
    
    6.5
    %
    
    
    9,268,000
    
    
    
    12.28
    
    
    
    6.9
    %2014
    
    
    150
    
    
    
    1,357,000
    
    
    
    11.6
    %
    
    
    12,903,000
    
    
    
    9.51
    
    
    
    9.6
    %2015
    
    
    104
    
    
    
    1,052,000
    
    
    
    9.0
    %
    
    
    9,796,000
    
    
    
    9.31
    
    
    
    7.3
    %2016
    
    
    49
    
    
    
    607,000
    
    
    
    5.2
    %
    
    
    5,873,000
    
    
    
    9.68
    
    
    
    4.4
    %2017
    
    
    37
    
    
    
    487,000
    
    
    
    4.2
    %
    
    
    6,191,000
    
    
    
    12.71
    
    
    
    4.6
    %2018
    
    
    42
    
    
    
    778,000
    
    
    
    6.7
    %
    
    
    8,878,000
    
    
    
    11.41
    
    
    
    6.6
    %2019
    
    
    37
    
    
    
    562,000
    
    
    
    4.8
    %
    
    
    6,127,000
    
    
    
    10.90
    
    
    
    4.6
    %2020
    
    
    29
    
    
    
    932,000
    
    
    
    8.0
    %
    
    
    7,621,000
    
    
    
    8.18
    
    
    
    5.7
    %Thereafter
    
    
    79
    
    
    
    2,263,000
    
    
    
    19.4
    %
    
    
    33,863,000
    
    
    
    14.96
    
    
    
    25.0
    %All tenants (b)
    
    
    1,276
    
    
    
    11,673,000
    
    
    
    100.0
    %
    
    
    134,555,000
    
    
    
    11.53
    
    
    
    100.0
    %Vacant space (c)
    
    
    n/a
    
    
    
    1,280,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aTotal portfolio
    
    
    1,276
    
    
    
    12,953,000
    
    
    
    n/a
    
    
    $
    134,555,000
    
    
    $
    10.39
    
    
    
    n/a
 
 (a)
    
    Incudes unconsolidated managed joint venture
properties.(b)
    
    Includes tenants at ground-up development properties.(c)
    
    Includes vacant space at properties undergoing development and/or redevelopment activities.    10




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Competition
  Environmental Matters
   11




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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 and convenience centers. Our performance
therefore is linked to economic conditions in the market for retail space generally .
 12




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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;
 13




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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;
 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.
  14




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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, particularly with respect to anchor
tenants, could seriously harm our operating results and financial condition.
     Competition may impede our ability to renew leases or re-let spaces as leases expire, which could
harm our business and operating results.
  15




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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.
  16




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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.
  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.
  17




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Our success depends on key personnel whose continued service is not guaranteed.
  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.
   20




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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.
  
 Item 1B. Unresolved Staff Comments:
 
 Item 3. Legal Proceedings
  
 Item 4. [Reserved]
 21




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Directors and Executive Officers of the Company
  Name
    
    Age
    
    PositionLeo S. Ullman
    
    
    70
    
    
    Chairman of the Board of Directors, Chief Executive Officer and PresidentJames J. Burns
    
    
    70
    
    
    DirectorRaghunath Davloor
    
    
    48
    
    
    DirectorRichard Homburg
    
    
    60
    
    
    DirectorPamela N. Hootkin
    
    
    62
    
    
    DirectorEverett B. Miller III
    
    
    64
    
    
    DirectorRoger M. Widmann
    
    
    70
    
    
    DirectorLawrence E. Kreider, Jr.
    
    
    62
    
    
    Chief Financial OfficerNancy H. Mozzachio
    
    
    45
    
    
    Vice President  LeasingThomas B. Richey
    
    
    54
    
    
    President  Development and Construction ServicesBrenda J. Walker
    
    
    57
    
    
    Vice President  Chief Operating OfficerStuart H. Widowski
    
    
    49
    
    
    Secretary and General CounselJoel I. Yarmak
    
    
    60
    
    
    Chief Administrative Officer
 Leo S. Ullman
 James J. Burns
 22




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Raghunath Davloor
 Richard Homburg
 Pamela N. Hootkin,
 23




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Everett B. Miller, III
 Roger M. Widmann,
 Lawrence E. Kreider, Jr.
 Nancy H. Mozzachio
 24




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Thomas B. Richey
 Brenda J. Walker
 Stuart H. Widowski
 Joel I. Yarmak
 25




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Part II.
 
 Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of
Equity Securities
 Dividend Information
  Market Information
  26




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Market price range


    
    DividendsQuarter ended
    
    High
    
    Low
    
    Close
    
    paid2009March 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)2008March 31
    
    $
    12.60
    
    
    $
    9.42
    
    
    $
    11.68
    
    
    $
    0.2250June 30
    
    
    13.12
    
    
    
    11.60
    
    
    
    11.72
    
    
    
    0.2250September 30
    
    
    14.02
    
    
    
    10.44
    
    
    
    13.22
    
    
    
    0.2250December 31
    
    
    13.58
    
    
    
    3.66
    
    
    
    7.08
    
    
    
    0.2250
 
 (a)
    
    Dividend was paid in January of 2010 to shareholders of record at
December 31, 2009. Stockholder Return Performance Presentation
   27




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##### Table of Contents



Cedar Shopping Centers, Inc.
 
 Period EndingIndex
    
    
    01/01/05
    
    
    12/31/05
    
    
    12/31/06
    
    
    12/31/07
    
    
    12/31/08
    
    
    12/31/09Cedar Shopping Centers, Inc.
    
    
    
    100.00
    
    
    
    
    104.84
    
    
    
    
    125.82
    
    
    
    
    86.25
    
    
    
    
    64.80
    
    
    
    
    64.10Russell 2000
    
    
    
    100.00
    
    
    
    
    104.55
    
    
    
    
    123.76
    
    
    
    
    121.82
    
    
    
    
    80.66
    
    
    
    
    102.58NAREIT All Equity REIT Index
    
    
    
    100.00
    
    
    
    
    112.16
    
    
    
    
    151.49
    
    
    
    
    127.72
    
    
    
    
    79.53
    
    
    
    
    101.79
 28




---



##### Table of Contents



Item 6. Selected Financial Data (a)
 Years ended December 31,2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Operations data:Total revenues
    
    $
    181,711,000
    
    
    $
    170,665,000
    
    
    $
    150,604,000
    
    
    $
    122,814,000
    
    
    $
    76,980,000Expenses:Property operating expenses
    
    
    55,455,000
    
    
    
    48,468,000
    
    
    
    40,029,000
    
    
    
    34,195,000
    
    
    
    21,876,000General and administrative
    
    
    10,166,000
    
    
    
    8,586,000
    
    
    
    9,041,000
    
    
    
    6,086,000
    
    
    
    5,132,000Impairments
    
    
    23,636,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Terminated projects and acquisition transaction costs
    
    
    4,367,000
    
    
    
    855,000
    
    
    
    
    
    
    
    
    
    
    
    Depreciation and amortization
    
    
    54,257,000
    
    
    
    48,741,000
    
    
    
    41,004,000
    
    
    
    33,646,000
    
    
    
    19,859,000Total expenses
    
    
    147,881,000
    
    
    
    106,650,000
    
    
    
    90,074,000
    
    
    
    73,927,000
    
    
    
    46,867,000Operating income
    
    
    33,830,000
    
    
    
    64,015,000
    
    
    
    60,530,000
    
    
    
    48,887,000
    
    
    
    30,113,000Non-operating income and expense:Interest expense and amortization of deferred
financing costs
    
    
    (49,785,000
    )
    
    
    (44,934,000
    )
    
    
    (38,495,000
    )
    
    
    (33,602,000
    )
    
    
    (15,858,000
    )Equity in income of unconsolidated joint ventures
    
    
    1,098,000
    
    
    
    956,000
    
    
    
    634,000
    
    
    
    70,000
    
    
    
    Gain on sales of real estate
    
    
    521,000
    
    
    
    
    
    
    
    
    
    
    
    141,000
    
    
    
    Interest income
    
    
    63,000
    
    
    
    284,000
    
    
    
    788,000
    
    
    
    641,000
    
    
    
    91,000Total non-operating income and expense
    
    
    (48,103,000
    )
    
    
    (43,694,000
    )
    
    
    (37,073,000
    )
    
    
    (32,750,000
    )
    
    
    (15,767,000
    )(Loss) income before discontinued operations
    
    
    (14,273,000
    )
    
    
    20,321,000
    
    
    
    23,457,000
    
    
    
    16,137,000
    
    
    
    14,346,000(Loss) income from discontinued operations
    
    
    (3,083,000
    )
    
    
    688,000
    
    
    
    560,000
    
    
    
    793,000
    
    
    
    436,000Gain on sales of discontinued operations
    
    
    557,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Net (loss) income
    
    
    (16,799,000
    )
    
    
    21,009,000
    
    
    
    24,017,000
    
    
    
    16,930,000
    
    
    
    14,782,000Minority interests in consolidated joint ventures
    
    
    (772,000
    )
    
    
    (2,157,000
    )
    
    
    (1,415,000
    )
    
    
    (1,202,000
    )
    
    
    (1,270,000
    )Limited partners interest in Operating Partnership
    
    
    904,000
    
    
    
    (477,000
    )
    
    
    (633,000
    )
    
    
    (393,000
    )
    
    
    (299,000
    )Net (loss) income attributible to Cedar Shopping Centers, Inc.
    
    
    (16,667,000
    )
    
    
    18,375,000
    
    
    
    21,969,000
    
    
    
    15,335,000
    
    
    
    13,213,000Preferred distribution requirements
    
    
    (7,876,000
    )
    
    
    (7,877,000
    )
    
    
    (7,877,000
    )
    
    
    (7,877,000
    )
    
    
    (7,186,000
    )Net (loss) income attributable to common shareholders
    
    $
    (24,543,000
    )
    
    $
    10,498,000
    
    
    $
    14,092,000
    
    
    $
    7,458,000
    
    
    $
    6,027,000Per common share (basic and diluted) attributable to common shareholders:Continuing operations
    
    $
    (0.48
    )
    
    $
    0.23
    
    
    $
    0.31
    
    
    $
    0.21
    
    
    $
    0.23Discontinued operations
    
    
    (0.05
    )
    
    
    0.01
    
    
    
    0.01
    
    
    
    0.02
    
    
    
    0.02$
    (0.53
    )
    
    $
    0.24
    
    
    $
    0.32
    
    
    $
    0.23
    
    
    $
    0.25Amounts attributable to Cedar Shopping Centers, Inc. common shareholders,
net of limited partners interest(Loss) income from continuing operations
    
    $
    (22,107,000
    )
    
    $
    9,840,000
    
    
    $
    13,556,000
    
    
    $
    6,705,000
    
    
    $
    5,612,000(Loss) income from discontinued operations
    
    
    (2,436,000
    )
    
    
    658,000
    
    
    
    536,000
    
    
    
    753,000
    
    
    
    415,000Net (loss) income
    
    $
    (24,543,000
    )
    
    $
    10,498,000
    
    
    $
    14,092,000
    
    
    $
    7,458,000
    
    
    $
    6,027,000Dividends to common shareholders
    
    $
    9,742,000
    
    
    $
    40,027,000
    
    
    $
    39,775,000
    
    
    $
    29,333,000
    
    
    $
    20,844,000Per common share
    
    $
    0.2025
    
    
    $
    0.9000
    
    
    $
    0.9000
    
    
    $
    0.9000
    
    
    $
    0.9000Weighted average number of common shares outstanding:Basic
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,193,000
    
    
    
    32,926,000
    
    
    
    23,988,000Diluted
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,197,000
    
    
    
    33,055,000
    
    
    
    24,031,000
 29




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##### Table of Contents



Item 6. Selected Financial Data (a) (continued)
 Years ended December 31,2009
    
    
    2008
    
    
    2007
    
    
    2006
    
    
    2005Balance sheet data:Real estate, net
    
    $
    1,510,707,000
    
    
    $
    1,414,826,000
    
    
    $
    1,300,106,000
    
    
    $
    981,303,000
    
    
    $
    793,024,000Real estate to be transferred to a joint venture
    
    
    139,743,000
    
    
    
    194,952,000
    
    
    
    165,277,000
    
    
    
    166,639,000
    
    
    
    124,005,000Real estate held for sale  discontinued operations
    
    
    11,599,000
    
    
    
    32,063,000
    
    
    
    33,331,000
    
    
    
    33,101,000
    
    
    
    32,495,000Investment in unconsolidated joint ventures
    
    
    14,113,000
    
    
    
    4,976,000
    
    
    
    3,757,000
    
    
    
    3,644,000
    
    
    
    Other assets
    
    
    101,268,000
    
    
    
    80,311,000
    
    
    
    92,513,000
    
    
    
    67,032,000
    
    
    
    46,732,000Total assets
    
    $
    1,777,430,000
    
    
    $
    1,727,128,000
    
    
    $
    1,594,984,000
    
    
    $
    1,251,719,000
    
    
    $
    996,256,000Mortgages and loans payable
    
    $
    950,664,000
    
    
    $
    918,202,000
    
    
    $
    762,827,000
    
    
    $
    478,993,000
    
    
    $
    460,506,000Mortgage loans payable  real estate to be transferred to a joint venture
    
    
    94,018,000
    
    
    
    77,307,000
    
    
    
    70,458,000
    
    
    
    70,599,000
    
    
    
    56,874,000Mortgage loans payable  discontinued operations
    
    
    7,765,000
    
    
    
    17,964,000
    
    
    
    18,229,000
    
    
    
    18,481,000
    
    
    
    10,411,000Other liabilities
    
    
    97,840,000
    
    
    
    107,932,000
    
    
    
    97,225,000
    
    
    
    70,595,000
    
    
    
    44,405,000Total liabilities
    
    
    1,150,287,000
    
    
    
    1,121,405,000
    
    
    
    948,739,000
    
    
    
    638,668,000
    
    
    
    572,196,000Limited partners interest in Operating Partnership
    
    
    12,656,000
    
    
    
    14,271,000
    
    
    
    15,578,000
    
    
    
    19,613,000
    
    
    
    16,660,000Equity:Cedar Shopping Centers, Inc. shareholders equity
    
    
    539,169,000
    
    
    
    524,027,000
    
    
    
    558,154,000
    
    
    
    574,472,000
    
    
    
    390,244,000Noncontrolling interests
    
    
    75,318,000
    
    
    
    67,425,000
    
    
    
    72,513,000
    
    
    
    18,966,000
    
    
    
    17,156,000Total equity
    
    
    614,487,000
    
    
    
    591,452,000
    
    
    
    630,667,000
    
    
    
    593,438,000
    
    
    
    407,400,000Total liabilities and equity
    
    $
    1,777,430,000
    
    
    $
    1,727,128,000
    
    
    $
    1,594,984,000
    
    
    $
    1,251,719,000
    
    
    $
    996,256,000Weighted average number of common shares:Shares used in determination of basic earnings per share
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,193,000
    
    
    
    32,926,000
    
    
    
    23,988,000Additional shares assuming conversion of OP Units (basic)
    
    
    2,014,000
    
    
    
    2,024,000
    
    
    
    1,985,000
    
    
    
    1,737,000
    
    
    
    1,202,000Shares used in determination of basic FFO per share
    
    
    48,248,000
    
    
    
    46,499,000
    
    
    
    46,178,000
    
    
    
    34,663,000
    
    
    
    25,190,000Shares used in determination of diluted earnings per share
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,197,000
    
    
    
    33,055,000
    
    
    
    24,031,000Additional shares assuming conversion of OP Units (diluted)
    
    
    2,014,000
    
    
    
    2,024,000
    
    
    
    1,990,000
    
    
    
    1,747,000
    
    
    
    1,206,000Shares used in determination of diluted FFO per share
    
    
    48,248,000
    
    
    
    46,499,000
    
    
    
    46,187,000
    
    
    
    34,802,000
    
    
    
    25,237,000Other data:Funds From Operations (FFO) (b)
    
    $
    24,581,000
    
    
    $
    56,859,000
    
    
    $
    56,190,000
    
    
    $
    41,954,000
    
    
    $
    25,923,000Per common share (assuming conversion of OP Units) (basic and diluted):
    
    $
    0.51
    
    
    $
    1.22
    
    
    $
    1.22
    
    
    $
    1.21
    
    
    $
    1.03Cash flows provided by (used in):Operating activities
    
    $
    51,942,000
    
    
    $
    60,815,000
    
    
    $
    53,503,000
    
    
    $
    40,858,000
    
    
    $
    26,738,000Investing activities
    
    $
    (70,026,000
    )
    
    $
    (151,390,000
    )
    
    $
    (192,432,000
    )
    
    $
    (190,105,000
    )
    
    $
    (323,225,000
    )Financing activities
    
    $
    27,017,000
    
    
    $
    75,517,000
    
    
    $
    143,735,000
    
    
    $
    158,011,000
    
    
    $
    296,823,000Square feet of GLA
    
    
    12,952,000
    
    
    
    12,147,000
    
    
    
    12,009,000
    
    
    
    10,061,000
    
    
    
    8,442,000Percent leased (including development/redevelopment and
other non-stabilized properties)
    
    
    91
    %
    
    
    92
    %
    
    
    93
    %
    
    
    93
    %
    
    
    91
    %Average annualized base rent per leased square foot
    
    $
    11.53
    
    
    $
    11.03
    
    
    $
    10.74
    
    
    $
    10.53
    
    
    $
    10.40
 
 (a)
    
    The data presented reflect certain reclassifications of prior period amounts to comform to
the 2009 presentation, principally (i) the retrospective reclassification, for all periods
presented, of the balances related to minority interests in consolidated joint ventures and limited
partners interest in the Operating Partnership into the consolidated equity accounts, as
appropriate, (ii) to refelect the reclassifications of the assets and liabilities of the properties
transferred and to be transferred to the RioCan joint venture as real estate to be transferred to
a joint venture, and (iii) 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 From Operations (FFO) to net (loss) income attributable
to common shareholders. 30




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##### Table of Contents



Item 7. Managements Discussion and Analysis of Financial Condition and Results of
Operations
  Executive Summary
    31




---



##### Table of Contents



Significant Transactions
 RioCan
   32




---



##### Table of Contents



Amended and Restated Credit Facility
  Joint Venture With PCP
   33




---



##### Table of Contents



Discontinued Operations
  Summary of Critical Accounting Policies
   Revenue Recognition
  34




---



##### Table of Contents



Real Estate Investments
    35




---



##### Table of Contents



36




---



##### Table of Contents



Stock-Based Compensation
  Results of Operations
  37




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##### Table of Contents



Comparison of 2009 to 2008
 PropertiesIncrease
    
    Percent
    
    Acquisitions
    
    held in2009
    
    2008
    
    (decrease)
    
    change
    
    and other (ii)
    
    both yearsTotal revenues
    
    $
    181,711,000
    
    
    $
    170,665,000
    
    
    $
    11,046,000
    
    
    
    6
    %
    
    $
    11,467,000
    
    
    
    (421,000
    )Property operating expenses
    
    
    55,455,000
    
    
    
    48,468,000
    
    
    
    6,987,000
    
    
    
    14
    %
    
    
    4,254,000
    
    
    
    2,733,000Depreciation and amortization
    
    
    54,257,000
    
    
    
    48,741,000
    
    
    
    5,516,000
    
    
    
    11
    %
    
    
    7,080,000
    
    
    
    (1,564,000
    )General and administrative
    
    
    10,166,000
    
    
    
    8,586,000
    
    
    
    1,580,000
    
    
    
    18
    %
    
    
    n/a
    
    
    
    n/aImpairment charges
    
    
    23,636,000
    
    
    
    
    
    
    
    23,636,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aTerminated projects and acquisition
transaction costs
    
    
    4,367,000
    
    
    
    855,000
    
    
    
    3,512,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aNon-operating income and
expense, net (i)
    
    
    48,103,000
    
    
    
    43,694,000
    
    
    
    4,409,000
    
    
    
    10
    %
    
    
    n/a
    
    
    
    n/aDiscontinued operations:Income from discontinued operations
    
    
    476,000
    
    
    
    688,000
    
    
    
    (212,000
    )
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aImpairment charges
    
    
    3,559,000
    
    
    
    
    
    
    
    3,559,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aGain on sales of discontinued operations
    
    
    557,000
    
    
    
    
    
    
    
    557,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
 
 (i)
    
    Non-operating income and expense consists principally of interest expense
(including amortization of deferred financing costs), equity in income of
unconsolidated joint ventures, and gain on sales of land parcels.(ii)
    
    Includes principally (a) the results of properties acquired after January 1, 2008, (b)
unallocated property and construction management compensation and benefits (including stock-based
compensation), (c) results of a property in Wyoming, Michigan where the then existing building
improvements were demolished in the second quarter of 2008 as part of the redevelopment plans for
the property and (d) results of ground-up development and re-development properties recently placed
into service. Properties held in both periods.
 Total revenues
 Property operating expenses
 38




---



##### Table of Contents



Depreciation and amortization expenses
 General and administrative expenses
 Impairments
 Terminated projects and acquisition transaction costs
 Non-operating income and expense, net
 Discontinued operations
 39




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##### Table of Contents



Comparison of 2008 to 2007
 PropertiesIncrease
    
    Percent
    
    Acquisitions
    
    held in2008
    
    2007
    
    (decrease)
    
    change
    
    and other (ii)
    
    both yearsTotal revenues
    
    $
    170,665,000
    
    
    $
    150,604,000
    
    
    $
    20,061,000
    
    
    
    13
    %
    
    $
    21,172,000
    
    
    
    (1,111,000
    )Property operating expenses
    
    
    48,468,000
    
    
    
    40,029,000
    
    
    
    8,439,000
    
    
    
    21
    %
    
    
    7,079,000
    
    
    
    1,360,000Depreciation and amortization
    
    
    48,741,000
    
    
    
    41,004,000
    
    
    
    7,737,000
    
    
    
    19
    %
    
    
    7,886,000
    
    
    
    (149,000
    )General and administrative
    
    
    8,586,000
    
    
    
    9,041,000
    
    
    
    (455,000
    )
    
    
    -5
    %
    
    
    n/a
    
    
    
    n/aTerminated projects and acquisition
transaction costs
    
    
    855,000
    
    
    
    
    
    
    
    855,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/aNon-operating income and
expense, net (i)
    
    
    43,694,000
    
    
    
    37,073,000
    
    
    
    6,621,000
    
    
    
    18
    %
    
    
    n/a
    
    
    
    n/aDiscontinued operations:Income from discontinued operations
    
    
    688,000
    
    
    
    560,000
    
    
    
    128,000
    
    
    
    n/a
    
    
    
    n/a
    
    
    
    n/a
 
 (i)
    
    Non-operating income and expense consists principally of interest expense (including
amortization of deferred financing costs), equity in income of an unconsolidated joint venture.(ii)
    
    Includes principally (a) the results of properties acquired after January 1, 2007, (b)
unallocated property and construction management compensation and benefits (including stock-based
compensation), (c) results of a property in Wyoming, Michigan where the then existing building
improvements were demolished in the second quarter of 2008 as part of the redevelopment plans for
the property and (d) results of ground-up development and re-development properties recently placed
into service. Properties held in both periods.
 Total revenues
 Property operating expenses
 General and administrative expenses
 40




---



##### Table of Contents



Terminated projects and acquisition transaction costs
 Non-operating income and expense, net
 Discontinued operations
 Liquidity and Capital Resources
    41




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42




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43




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44




---



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Contractual obligations and commercial commitments
  Maturity Date2010
    
    
    2011
    
    
    2012
    
    
    2013
    
    
    2014
    
    
    Thereafter
    
    
    TotalDebt:Mortgage loans payable (i) (ii)
    
    $
    20,421,000
    
    
    $
    91,053,000
    
    
    $
    39,629,000
    
    
    $
    64,194,000
    
    
    $
    123,771,000
    
    
    $
    353,911,000
    
    
    $
    692,979,000Stabilized property credit facility (iii)
    
    
    
    
    
    
    
    
    
    
    187,985,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    187,985,000Development property credit facility (iii)
    
    
    
    
    
    
    69,700,000
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    69,700,000Interest payments (iv)
    
    
    48,767,000
    
    
    
    47,560,000
    
    
    
    44,473,000
    
    
    
    28,961,000
    
    
    
    22,950,000
    
    
    
    23,016,000
    
    
    
    215,727,000Operating lease obligations
    
    
    1,150,000
    
    
    
    1,213,000
    
    
    
    1,219,000
    
    
    
    1,234,000
    
    
    
    1,250,000
    
    
    
    21,519,000
    
    
    
    27,585,000Total
    
    $
    70,338,000
    
    
    $
    209,526,000
    
    
    $
    273,306,000
    
    
    $
    94,389,000
    
    
    $
    147,971,000
    
    
    $
    398,446,000
    
    
    $
    1,193,976,000
 
 (i)
    
    Does not include: (a) the $15.3 million mortgage loan payable by the Companys 76.3% owned
unconsolidated joint venture, which is due in May 2011, (b) mortgage loans payable applicable to
the seven properties transferred or to be transferred to the RioCan joint venture, or (c) mortgage
loans payable applicable to discontinued operations.(ii)
    
    Mortgage loans payable for 2011 includes $61.2 million applicable to property-specific
structured 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
obligation as of December 31, 2009 inclusive of capitalized interest. For variable rate debt, the
rate in effect at December 31, 2009 is assumed to remain in effect until the maturities of the
respective obligations.
Does not include interest payments to be incurred on debt obligations applicable to unconsolidated
joint ventures or discontinued operations.  Net Cash Flows
 Operating Activities
  Investing Activities
  45




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Financing Activities
  Funds From Operations
  46




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2009
    
    
    2008
    
    
    2007Net (loss) income attributable to common shareholders
    
    $
    (24,543,000
    )
    
    $
    10,498,000
    
    
    $
    14,092,000Add (deduct):Real estate depreciation and amortization
    
    
    55,179,000
    
    
    
    49,521,000
    
    
    
    41,918,000Noncontrolling interests:Limited partners interest
    
    
    (904,000
    )
    
    
    477,000
    
    
    
    633,000Minority interests in consolidated joint ventures
    
    
    772,000
    
    
    
    2,157,000
    
    
    
    1,415,000Minority interests share of FFO applicable to
consolidated joint ventures
    
    
    (5,787,000
    )
    
    
    (6,134,000
    )
    
    
    (2,139,000
    )Equity in income of unconsolidated joint ventures
    
    
    (1,098,000
    )
    
    
    (956,000
    )
    
    
    (634,000
    )FFO from unconsolidated joint ventures
    
    
    1,519,000
    
    
    
    1,296,000
    
    
    
    905,000Gain on sales of discontinued operations
    
    
    (557,000
    )
    
    
    
    
    
    
    Funds From Operations
    
    $
    24,581,000
    
    
    $
    56,859,000
    
    
    $
    56,190,000FFO per common share (assuming conversion of OP Units)Basic and diluted
    
    $
    0.51
    
    
    $
    1.22
    
    
    $
    1.22Weighted average number of common shares:Shares used in determination of basic earnings per share
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,193,000Additional shares assuming conversion of OP Units (basic)
    
    
    2,014,000
    
    
    
    2,024,000
    
    
    
    1,985,000Shares used in determination of basic FFO per share
    
    
    48,248,000
    
    
    
    46,499,000
    
    
    
    46,178,000Shares used in determination of diluted earnings per share
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,197,000Additional shares assuming conversion of OP Units (diluted)
    
    
    2,014,000
    
    
    
    2,024,000
    
    
    
    1,990,000Shares used in determination of diluted FFO per share
    
    
    48,248,000
    
    
    
    46,499,000
    
    
    
    46,187,000
 47




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Inflation
  
 Item 7A. Quantitative and Qualitative Disclosures About Market Risk
    48




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Item 8. Financial Statements and Supplementary Data
 Report of Independent Registered Public Accounting Firm
    
    
    50Consolidated Balance Sheets, December 31, 2009 and 2008
    
    
    51Consolidated Statements of Operations, years ended
December 31, 2009, 2008 and 2007
    
    
    52Consolidated Statements of Equity, years
ended December 31, 2009, 2008 and 2007
    
    
    53Consolidated Statements of Cash Flows, years ended
December 31, 2009, 2008 and 2007
    
    
    55Notes to Consolidated Financial Statements
    
    
    56-91Schedule Filed As Part Of This ReportSchedule III  Real Estate and Accumulated Depreciation,
December 31, 2009
    
    
    92-98
  49




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Report of Independent Registered Public Accounting Firm
 The Board of Directors and Shareholders
Cedar Shopping Centers, Inc.
     /s/ ERNST & YOUNG LLP
 
 50




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Balance Sheets
 December 31,2009
    
    
    2008AssetsReal estate:Land
    
    $
    358,168,000
    
    
    $
    328,425,000Buildings and improvements
    
    
    1,317,154,000
    
    
    
    1,210,788,0001,675,322,000
    
    
    
    1,539,213,000Less accumulated depreciation
    
    
    (164,615,000
    )
    
    
    (124,387,000
    )Real estate, net
    
    
    1,510,707,000
    
    
    
    1,414,826,000Real estate to be transferred to a joint venture
    
    
    139,743,000
    
    
    
    194,952,000Real estate held for sale  discontinued operations
    
    
    11,599,000
    
    
    
    32,063,000Investment in unconsolidated joint ventures
    
    
    14,113,000
    
    
    
    4,976,000Cash and cash equivalents
    
    
    17,164,000
    
    
    
    8,231,000Restricted cash
    
    
    14,075,000
    
    
    
    14,004,000Rents and other receivables, net
    
    
    9,745,000
    
    
    
    5,818,000Straight-line rents
    
    
    14,602,000
    
    
    
    12,327,000Other assets
    
    
    8,809,000
    
    
    
    9,403,000Deferred charges, net
    
    
    36,873,000
    
    
    
    30,528,000Total assets
    
    $
    1,777,430,000
    
    
    $
    1,727,128,000Liabilities and equityMortgage loans payable
    
    $
    692,979,000
    
    
    $
    613,712,000Mortgage loans payable  real estate to be transferred to a joint venture
    
    
    94,018,000
    
    
    
    77,307,000Mortgage loans payable  real estate held for sale  discontinued operations
    
    
    7,765,000
    
    
    
    17,964,000Secured revolving credit facilities
    
    
    257,685,000
    
    
    
    304,490,000Accounts payable and accrued liabilities
    
    
    46,902,000
    
    
    
    46,548,000Unamortized intangible lease liabilities
    
    
    46,643,000
    
    
    
    56,122,000Liabilities  real estate held for sale and real estate to be
transferred to a joint venture
    
    
    4,295,000
    
    
    
    5,262,000Total liabilities
    
    
    1,150,287,000
    
    
    
    1,121,405,000Limited partners interest in Operating Partnership
    
    
    12,656,000
    
    
    
    14,271,000Commitments 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, 3,550,000
shares issued and outstanding)
    
    
    88,750,000
    
    
    
    88,750,000Common stock ($.06 par value, 150,000,000 shares authorized
52,139,000 and 44,468,000 shares, respectively, issued and
outstanding)
    
    
    3,128,000
    
    
    
    2,668,000Treasury
stock (981,000 and 713,000 shares,
respectively, at cost)
    
    
    (9,688,000
    )
    
    
    (9,175,000
    )Additional paid-in capital
    
    
    621,299,000
    
    
    
    576,083,000Cumulative distributions in excess of net income
    
    
    (161,328,000
    )
    
    
    (127,043,000
    )Accumulated other comprehensive loss
    
    
    (2,992,000
    )
    
    
    (7,256,000
    )Total Cedar Shopping Centers, Inc. shareholders equity
    
    
    539,169,000
    
    
    
    524,027,000Noncontrolling interests:Minority interests in consolidated joint ventures
    
    
    67,229,000
    
    
    
    58,150,000Limited partners interest in Operating Partnership
    
    
    8,089,000
    
    
    
    9,275,000Total noncontrolling interests
    
    
    75,318,000
    
    
    
    67,425,000Total equity
    
    
    614,487,000
    
    
    
    591,452,000Total liabilities and equity
    
    $
    1,777,430,000
    
    
    $
    1,727,128,000
  51




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CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Statements of Operations
 Years ended December 31,2009
    
    
    2008
    
    
    2007Revenues:Rents
    
    $
    145,439,000
    
    
    $
    137,524,000
    
    
    $
    120,606,000Expense recoveries
    
    
    34,837,000
    
    
    
    31,934,000
    
    
    
    28,223,000Other
    
    
    1,435,000
    
    
    
    1,207,000
    
    
    
    1,775,000Total revenues
    
    
    181,711,000
    
    
    
    170,665,000
    
    
    
    150,604,000Expenses:Operating, maintenance and management
    
    
    34,478,000
    
    
    
    29,477,000
    
    
    
    24,652,000Real estate and other property-related taxes
    
    
    20,977,000
    
    
    
    18,991,000
    
    
    
    15,377,000General and administrative
    
    
    10,166,000
    
    
    
    8,586,000
    
    
    
    9,041,000Impairments
    
    
    23,636,000
    
    
    
    
    
    
    
    Terminated projects and acquisition transaction costs
    
    
    4,367,000
    
    
    
    855,000
    
    
    
    Depreciation and amortization
    
    
    54,257,000
    
    
    
    48,741,000
    
    
    
    41,004,000Total expenses
    
    
    147,881,000
    
    
    
    106,650,000
    
    
    
    90,074,000Operating income
    
    
    33,830,000
    
    
    
    64,015,000
    
    
    
    60,530,000Non-operating income and expense:Interest expense, including amortization of
deferred financing costs
    
    
    (49,785,000
    )
    
    
    (44,934,000
    )
    
    
    (38,495,000
    )Interest income
    
    
    63,000
    
    
    
    284,000
    
    
    
    788,000Equity in income of unconsolidated joint ventures
    
    
    1,098,000
    
    
    
    956,000
    
    
    
    634,000Gain on sales of land parcels
    
    
    521,000
    
    
    
    
    
    
    
    Total non-operating income and expense
    
    
    (48,103,000
    )
    
    
    (43,694,000
    )
    
    
    (37,073,000
    )(Loss) income before discontinued operations
    
    
    (14,273,000
    )
    
    
    20,321,000
    
    
    
    23,457,000(Loss) income from discontinued operations
    
    
    (3,083,000
    )
    
    
    688,000
    
    
    
    560,000Gain on sales of discontinued operations
    
    
    557,000
    
    
    
    
    
    
    
    Total discontinued operations
    
    
    (2,526,000
    )
    
    
    688,000
    
    
    
    560,000Net (loss) income
    
    
    (16,799,000
    )
    
    
    21,009,000
    
    
    
    24,017,000Less, net (income) loss attributable to noncontrolling interests:Minority interests in consolidated joint ventures
    
    
    (772,000
    )
    
    
    (2,157,000
    )
    
    
    (1,415,000
    )Limited partners interest in Operating Partnership
    
    
    904,000
    
    
    
    (477,000
    )
    
    
    (633,000
    )Total net (income) loss attributable to noncontrolling interests
    
    
    132,000
    
    
    
    (2,634,000
    )
    
    
    (2,048,000
    )Net (loss) income attributable to Cedar Shopping Centers, Inc.
    
    
    (16,667,000
    )
    
    
    18,375,000
    
    
    
    21,969,000Preferred distribution requirements
    
    
    (7,876,000
    )
    
    
    (7,877,000
    )
    
    
    (7,877,000
    )Net (loss) income attributable to common shareholders
    
    $
    (24,543,000
    )
    
    $
    10,498,000
    
    
    $
    14,092,000Per common share attributable to common sharehoders (basic
and diluted):Continuing operations
    
    $
    (0.48
    )
    
    $
    0.23
    
    
    $
    0.31Discontinued operations
    
    
    (0.05
    )
    
    
    0.01
    
    
    
    0.01$
    (0.53
    )
    
    $
    0.24
    
    
    $
    0.32Amounts attributable to Cedar Shopping Centers, Inc.
common shareholders, net of limited partners interest:(Loss) income from continuing operations
    
    $
    (22,107,000
    )
    
    $
    9,840,000
    
    
    $
    13,556,000(Loss) income from discontinued operations
    
    
    (2,973,000
    )
    
    
    658,000
    
    
    
    536,000Gain on sales of discontinued operations
    
    
    537,000
    
    
    
    
    
    
    
    Net (loss) income
    
    $
    (24,543,000
    )
    
    $
    10,498,000
    
    
    $
    14,092,000Dividends to common shareholders
    
    $
    9,742,000
    
    
    $
    40,027,000
    
    
    $
    39,775,000Per common share
    
    $
    0.2025
    
    
    $
    0.9000
    
    
    $
    0.9000Weighted average number of common shares outstanding
    
    
    46,234,000
    
    
    
    44,475,000
    
    
    
    44,193,000
  52




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CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Statements of Equity
 Years ended December 31, 2009, 2008 and 2007
 Cedar Shopping Centers, Inc. ShareholdersPreferred stock
    
    
    Common stock
    
    
    
    
    
    
    
    
    
    
    Cumulative
    
    
    Accumulated$25.00
    
    
    
    
    
    
    
    
    
    
    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, 2006
    
    
    3,550,000
    
    
    
    88,750,000
    
    
    
    43,773,000
    
    
    
    2,626,000
    
    
    $
    (6,378,000
    )
    
    $
    564,637,000
    
    
    $
    (75,309,000
    )
    
    $
    146,000
    
    
    $
    574,472,000Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,969,000
    
    
    
    
    
    
    
    21,969,000Unrealized loss on change in fair
value
of cash flow hedges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (82,000
    )
    
    
    (82,000
    )Total other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    21,887,000Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    186,000
    
    
    
    11,000
    
    
    
    (1,814,000
    )
    
    
    3,949,000
    
    
    
    
    
    
    
    
    
    
    
    2,146,000Net proceeds from sale of common
stock
    
    
    
    
    
    
    
    
    
    
    275,000
    
    
    
    17,000
    
    
    
    
    
    
    
    4,115,000
    
    
    
    
    
    
    
    
    
    
    
    4,132,000Conversion of OP units into common
stock
    
    
    
    
    
    
    
    
    
    
    4,000
    
    
    
    
    
    
    
    
    
    
    
    45,000
    
    
    
    
    
    
    
    
    
    
    
    45,000Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,877,000
    )
    
    
    
    
    
    
    (7,877,000
    )Distributions to common
shareholders/
noncontrolling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (39,775,000
    )
    
    
    
    
    
    
    (39,775,000
    )Additional
noncontrolling interests shares
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (354,000
    )
    
    
    
    
    
    
    
    
    
    
    (354,000
    )Adjustment of Mezz OP Units to
redemption value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,478,000
    
    
    
    
    
    
    
    3,478,000Balance, December 31, 2007
    
    
    3,550,000
    
    
    
    88,750,000
    
    
    
    44,238,000
    
    
    
    2,654,000
    
    
    
    (8,192,000
    )
    
    
    572,392,000
    
    
    
    (97,514,000
    )
    
    
    64,000
    
    
    
    558,154,000Net income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    18,375,000
    
    
    
    
    
    
    
    18,375,000Unrealized loss on change in fair
value
of cash flow hedges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,320,000
    )
    
    
    (7,320,000
    )Total other comprehensive income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,055,000Deferred 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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    282,000
    
    
    
    
    
    
    
    
    
    
    
    282,000Balance, December 31, 2008
    
    
    3,550,000
    
    
    
    88,750,000
    
    
    
    44,468,000
    
    
    
    2,668,000
    
    
    
    (9,175,000
    )
    
    
    576,083,000
    
    
    
    (127,043,000
    )
    
    
    (7,256,000
    )
    
    
    524,027,000Net loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (16,667,000
    )
    
    
    
    
    
    
    (16,667,000
    )Unrealized gain on change in fair
value
of cash flow hedges
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,264,000
    
    
    
    4,264,000Total other comprehensive loss
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (12,403,000
    )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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,551,000
    
    
    
    
    
    
    
    
    
    
    
    1,551,000Additional noncontrolling
interests sharesBalance, December 31, 2009
    
    
    3,550,000
    
    
    
    88,750,000
    
    
    
    52,139,000
    
    
    
    3,128,000
    
    
    $
    (9,688,000
    )
    
    $
    621,299,000
    
    
    $
    (161,328,000
    )
    
    $
    (2,992,000
    )
    
    $
    539,169,000
  53




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
Consolidated Statements of Equity
Years ended December 31, 2009, 2008 and 2007  (continued)
 Noncontrolling InterestsLimitedMinority
    
    
    partnersinterests in
    
    
    interest inconsolidated
    
    
    Operating
    
    
    
    
    
    
    Totaljoint ventures
    
    
    Partnership
    
    
    Total
    
    
    equityBalance, December 31, 2006
    
    $
    9,132,000
    
    
    $
    9,834,000
    
    
    $
    18,966,000
    
    
    $
    593,438,000Net income
    
    
    1,415,000
    
    
    
    240,000
    
    
    
    1,655,000
    
    
    
    23,624,000Unrealized loss on change in fair value
of cash flow hedges
    
    
    (200,000
    )
    
    
    (2,000
    )
    
    
    (202,000
    )
    
    
    (284,000
    )Total other comprehensive income
    
    
    1,215,000
    
    
    
    238,000
    
    
    
    1,453,000
    
    
    
    23,340,000Deferred compensation activity, net
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,146,000Net proceeds from sale of common stock
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,132,000Conversion of OP units into common stock
    
    
    
    
    
    
    (45,000
    )
    
    
    (45,000
    )
    
    
    Preferred distribution requirements
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (7,877,000
    )Distributions to common shareholders/
noncontrolling interests
    
    
    (1,063,000
    )
    
    
    (681,000
    )
    
    
    (1,744,000
    )
    
    
    (41,519,000
    )Additional noncontrolling interests shares
    
    
    53,118,000
    
    
    
    570,000
    
    
    
    53,688,000
    
    
    
    53,688,000Reallocation adjustment of limited
partners interest
    
    
    
    
    
    
    195,000
    
    
    
    195,000
    
    
    
    (159,000
    )Adjustment of Mezz OP Units to
redemption value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,478,000Balance, December 31, 2007
    
    
    62,402,000
    
    
    
    10,111,000
    
    
    
    72,513,000
    
    
    
    630,667,000Net income
    
    
    2,157,000
    
    
    
    187,000
    
    
    
    2,344,000
    
    
    
    20,719,000Unrealized 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
    
    
    
    58,000
    
    
    
    1,879,000
    
    
    
    12,934,000Deferred 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
    )
    
    
    173,000Balance, December 31, 2008
    
    
    58,150,000
    
    
    
    9,275,000
    
    
    
    67,425,000
    
    
    
    591,452,000Net loss
    
    
    772,000
    
    
    
    (358,000
    )
    
    
    414,000
    
    
    
    (16,253,000
    )Unrealized gain on change in fair value
of cash flow hedges
    
    
    
    
    
    
    79,000
    
    
    
    79,000
    
    
    
    4,343,000Total other comprehensive loss
    
    
    772,000
    
    
    
    (279,000
    )
    
    
    493,000
    
    
    
    (11,910,000
    )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
    
    
    
    
    
    
    (609,000
    )
    
    
    (609,000
    )
    
    
    942,000Additional noncontrolling interests shares
    
    
    12,212,000
    
    
    
    
    
    
    
    12,212,000
    
    
    
    12,212,000Balance, December 31, 2009
    
    $
    67,229,000
    
    
    $
    8,089,000
    
    
    $
    75,318,000
    
    
    $
    614,487,000
  54




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##### Table of Contents



CEDAR SHOPPING CENTERS, INC.
 
 Consolidated Statements of Cash Flows
 Years ended December 31,2009
    
    
    2008
    
    
    2007Cash flow from operating activities:Net (loss) income
    
    $
    (16,799,000
    )
    
    $
    21,009,000
    
    
    $
    24,017,000Adjustments to reconcile net (loss) income to net cash provided by operating activities:Non-cash provisions:Equity in income of unconsolidated joint ventures
    
    
    (1,098,000
    )
    
    
    (956,000
    )
    
    
    (634,000
    )Distributions from unconsolidated joint ventures
    
    
    921,000
    
    
    
    834,000
    
    
    
    529,000Impairments
    
    
    23,636,000
    
    
    
    
    
    
    
    Terminated projects
    
    
    3,094,000
    
    
    
    463,000
    
    
    
    Impairment  discontinued operations
    
    
    3,559,000
    
    
    
    
    
    
    
    Gain on sales of real estate
    
    
    (1,078,000
    )
    
    
    
    
    
    
    Straight-line rents
    
    
    (2,874,000
    )
    
    
    (2,876,000
    )
    
    
    (3,451,000
    )Depreciation and amortization
    
    
    55,179,000
    
    
    
    49,802,000
    
    
    
    42,160,000Amortization of intangible lease liabilities
    
    
    (13,522,000
    )
    
    
    (14,409,000
    )
    
    
    (10,892,000
    )Amortization/market price adjustments relating to stock-based compensation
    
    
    2,433,000
    
    
    
    1,099,000
    
    
    
    1,306,000Amortization of deferred financing costs
    
    
    3,648,000
    
    
    
    1,790,000
    
    
    
    1,233,000Increases/decreases in operating assets and liabilities:Rents and other receivables, net
    
    
    (2,555,000
    )
    
    
    1,822,000
    
    
    
    (2,548,000
    )Prepaid expenses and other
    
    
    (5,168,000
    )
    
    
    153,000
    
    
    
    (4,265,000
    )Accounts payable and accrued liabilities
    
    
    2,566,000
    
    
    
    2,084,000
    
    
    
    6,048,000Net cash provided by operating activities
    
    
    51,942,000
    
    
    
    60,815,000
    
    
    
    53,503,000Cash flow from investing activities:Expenditures for real estate and improvements
    
    
    (108,300,000
    )
    
    
    (131,874,000
    )
    
    
    (187,497,000
    )Proceeds from transfers to unconsolidated joint venture
    
    
    32,089,000
    
    
    
    
    
    
    
    Net proceeds from sales of real estate
    
    
    6,752,000
    
    
    
    
    
    
    
    Purchase of consolidated joint venture minority interests
    
    
    
    
    
    
    (17,454,000
    )
    
    
    Investment in unconsolidated joint venture
    
    
    (350,000
    )
    
    
    (1,097,000
    )
    
    
    (8,000
    )Construction escrows and other
    
    
    (217,000
    )
    
    
    (965,000
    )
    
    
    (4,927,000
    )Net cash used in investing activities
    
    
    (70,026,000
    )
    
    
    (151,390,000
    )
    
    
    (192,432,000
    )Cash flow from financing activities:Net (repayments)/advances (to)/from revolving credit facilities
    
    
    (46,805,000
    )
    
    
    114,050,000
    
    
    
    121,970,000Proceeds from mortgage financings
    
    
    60,950,000
    
    
    
    106,738,000
    
    
    
    34,493,000Mortgage repayments
    
    
    (18,203,000
    )
    
    
    (93,317,000
    )
    
    
    (16,177,000
    )Payments of debt financing costs
    
    
    (9,973,000
    )
    
    
    (5,062,000
    )
    
    
    (3,187,000
    )Noncontrolling interests:Contributions from consolidated joint venture minority interests, net
    
    
    12,212,000
    
    
    
    6,383,000
    
    
    
    53,229,000Distributions to consolidated joint venture minority interests
    
    
    (3,905,000
    )
    
    
    (3,427,000
    )
    
    
    (1,063,000
    )Redemption of Operating Partnership Units
    
    
    
    
    
    
    (122,000
    )
    
    
    Distributions to limited partners
    
    
    (227,000
    )
    
    
    (1,822,000
    )
    
    
    (1,788,000
    )Proceeds from the sales of common stock
    
    
    40,890,000
    
    
    
    
    
    
    
    3,910,000Proceeds from standby equity advance not settled
    
    
    5,000,000
    
    
    
    
    
    
    
    Preferred stock distributions
    
    
    (7,876,000
    )
    
    
    (7,877,000
    )
    
    
    (7,877,000
    )Distributions to common shareholders
    
    
    (5,046,000
    )
    
    
    (40,027,000
    )
    
    
    (39,775,000
    )Net cash provided by financing activities
    
    
    27,017,000
    
    
    
    75,517,000
    
    
    
    143,735,000Net increase (decrease) in cash and cash equivalents
    
    
    8,933,000
    
    
    
    (15,058,000
    )
    
    
    4,806,000Cash and cash equivalents at beginning of period
    
    
    8,231,000
    
    
    
    23,289,000
    
    
    
    18,483,000Cash and cash equivalents at end of period
    
    $
    17,164,000
    
    
    $
    8,231,000
    
    
    $
    23,289,000
  55




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##### Table of Contents



Cedar Shopping Centers, Inc.
 
 Notes to Consolidated Financial Statements
 December 31, 2009
 Note 1. Organization and Basis of Preparation
     56




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
    57




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
   Note 2. Summary of Significant Accounting Policies
   58




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Real Estate Investments and Discontinued Operations
     59




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
    Conditional asset retirement obligation
  60




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Intangible Lease Asset/Liability
      61




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
  2010
    
    $
    7,811,0002011
    
    
    6,279,0002012
    
    
    5,576,0002013
    
    
    5,060,0002014
    
    
    4,314,000Thereafter
    
    
    17,603,000$
    46,643,000
 Cash and Cash Equivalents
  Restricted Cash
  Rents and Other Receivables
  62




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
  Concentration of Credit Risk
    Other Assets
  December 31,2009
    
    
    2008Cumulative mark-to-market adjustments
related to stock-based compensation
    
    $
    2,100,000
    
    
    $
    1,965,000Prepaid expenses
    
    
    5,279,000
    
    
    
    4,643,000Deposits
    
    
    1,430,000
    
    
    
    2,795,000$
    8,809,000
    
    
    $
    9,403,000
 63




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Deferred Charges, Net
  December 31,2009
    
    
    2008Lease origination costs (i)
    
    $
    17,787,000
    
    
    $
    17,084,000Financing costs (ii)
    
    
    16,873,000
    
    
    
    10,822,000Other
    
    
    2,213,000
    
    
    
    2,622,000$
    36,873,000
    
    
    $
    30,528,000
 
 (i)
    
    Lease origination costs include the amortized balance of intangible lease assets resulting
from purchase accounting allocations of $10,067,000 and $11,492,000, respectively.(ii)
    
    Financing costs are incurred in connection with the Companys credit facilities and other
long-term debt.  Leaseorigination
    
    
    Financingcosts
    
    
    costsNon-amortizing (i)
    
    $
    397,000
    
    
    $
    174,0002010
    
    
    2,609,000
    
    
    
    5,274,0002011
    
    
    2,271,000
    
    
    
    5,053,0002012
    
    
    2,000,000
    
    
    
    4,164,0002013
    
    
    1,759,000
    
    
    
    927,0002014
    
    
    1,442,000
    
    
    
    499,000Thereafter
    
    
    7,309,000
    
    
    
    782,000$
    17,787,000
    
    
    $
    16,873,000
 
 (i)
    
    Represents (a) lease origination costs applicable to leases with commencement dates beginning
after December 31, 2009 and (b) financing costs applicable to commitment fees/deposits relating to mortgage loans concluded after December 31, 2009. 64




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Income Taxes
   Derivative Financial Instruments
  65




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
   Notional values
    
    
    
    
    Balance
    
    
    Fair valueDesignation/
    
    
    
    
    
    
    
    December 31,
    
    
    Expiration
    
    sheet
    
    
    December 31,Cash flow
    
    Derivative
    
    Count
    
    
    2009
    
    
    2008
    
    
    dates
    
    location
    
    
    2009
    
    
    2008Accounts payableNon-qualifying (1)
    
    Interest
    
    
    1
    
    
    $
    23,891,000
    
    
    $
    
    
    
    2011
    
    and
    
    $
    1,297,000
    
    
    $
    Qualifying (1)
    
    rate swaps
    
    
    8
    
    
    $
    56,925,000
    
    
    $
    61,796,000
    
    
    2010 - 2020
    
    accrued expenses
    
    $
    4,655,000
    
    
    $
    10,590,000
 
 (1)
    
    The notional values and fair values for December 31, 2008
includes all nine of the Companys interest rate swaps as qualifying.   Amount of gain (loss) recognized in othercomprehensive (loss) income (effective portion)Designation/
    
    
    
    Years ended December 31,Cash flow
    
    Derivative
    
    2009
    
    
    2008
    
    
    2007Non-qualifying
    
    Interest rate
    
    $
    106,000
    
    
    $
    
    
    
    $
    Qualifying
    
    swaps
    
    $
    4,237,000
    
    
    $
    (7,785,000
    )
    
    $
    (284,000
    )Amount of gain (loss) recognized in interest expense(ineffectve portion)Non-qualifying
    
    Interest rate
    
    $
    107,000
    
    
    $
    
    
    
    $
    Qualifying
    
    swaps
    
    $
    67,000
    
    
    $
    (223,000
    )
    
    $
    
 66




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Earnings Per Share
  Stock-Based Compensation
    67




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
     68




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Years ended December 31,2009
    
    
    2008
    
    
    2007Restricted share grants
    
    
    615,000
    
    
    
    247,000
    
    
    
    186,000Average per-share grant price
    
    $
    4.95
    
    
    $
    9.39
    
    
    $
    14.44Recorded as deferred compensation, net
    
    $
    3,032,000
    
    
    $
    2,306,000
    
    
    $
    2,694,000Charged to operations:Amortization relating to stock-based compensation
    
    $
    2,921,000
    
    
    $
    2,389,000
    
    
    $
    2,154,000Adjustments to reflect changes in market price of
Companys common stock
    
    
    (488,000
    )
    
    
    (1,290,000
    )
    
    
    (848,000
    )Total charged to operations
    
    $
    2,433,000
    
    
    $
    1,099,000
    
    
    $
    1,306,000Non-vested shares:Non-vested, beginning of period
    
    
    508,000
    
    
    
    380,000
    
    
    
    203,000Grants
    
    
    615,000
    
    
    
    247,000
    
    
    
    186,000Vested during period
    
    
    (104,000
    )
    
    
    (97,000
    )
    
    
    (9,000
    )Forfeitures/cancellations
    
    
    (39,000
    )
    
    
    (22,000
    )
    
    
    Non-vested, end of period
    
    
    980,000
    
    
    
    508,000
    
    
    
    380,000Average value of non-vested shares (based on
grant price)
    
    $
    7.54
    
    
    $
    12.27
    
    
    $
    14.59Value of shares vested during the
period (based on grant price)
    
    $
    1,496,000
    
    
    $
    1,365,000
    
    
    $
    120,000
     69




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 401(k) Retirement Plan
  Supplemental consolidated statement of cash flows information
 70




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Years ended December 31,2009
    
    2008
    
    2007Supplemental disclosure of cash activities:Interest paid
    
    $
    50,413,000
    
    
    $
    49,006,000
    
    
    $
    41,023,000Supplemental disclosure of non-cash activities:Additions to deferred compensation plans
    
    
    3,032,000
    
    
    
    2,306,000
    
    
    
    2,694,000Issuance of non-interest-bearing purchase money mortgage (a)
    
    
    
    
    
    
    (13,851,000
    )
    
    
    Assumption of mortgage loans payable  acquisitions
    
    
    (54,565,000
    )
    
    
    (34,631,000
    )
    
    
    (143,346,000
    )Assumption of mortgage loans payable  disposition
    
    
    9,932,000
    
    
    
    
    
    
    
    Assumption of interest rate swap liabilities
    
    
    
    
    
    
    (2,288,000
    )
    
    
    Issuance of warrants
    
    
    1,643,000
    
    
    
    
    
    
    
    Issuance of OP Units
    
    
    
    
    
    
    
    
    
    
    (570,000
    )Conversion of OP Units into common stock
    
    
    131,000
    
    
    
    68,000
    
    
    
    45,000Adjustment of Mezz OP Units into common stock
    
    
    
    
    
    
    
    
    
    
    3,478,000Purchase accounting allocations:Intangible lease assets
    
    
    7,057,000
    
    
    
    10,301,000
    
    
    
    34,781,000Intangible lease liabilities
    
    
    (3,215,000
    )
    
    
    (4,636,000
    )
    
    
    (28,889,000
    )Net valuation decrease in assumed mortgage loan
payable (b)
    
    
    1,649,000
    
    
    
    143,000
    
    
    
    191,000Other non-cash investing and financing activities:Accrued interest rate swap liabilities
    
    
    4,638,000
    
    
    
    (8,206,000
    )
    
    
    (286,000
    )Accrued real estate improvement costs
    
    
    (7,868,000
    )
    
    
    8,407,000
    
    
    
    1,806,000Accrued construction escrows
    
    
    (1,006,000
    )
    
    
    (479,000
    )
    
    
    1,024,000Accrued financing costs and other
    
    
    (22,000
    )
    
    
    (26,000
    )
    
    
    Capitalization of deferred financing costs
    
    
    1,486,000
    
    
    
    988,000
    
    
    
    393,000Deconsolidation of properties transferred to joint venture:Real estate, net
    
    
    42,829,000
    
    
    
    
    
    
    
    Other assets/liabilties, net
    
    
    1,277,000
    
    
    
    
    
    
    
    Investment in and advances to unconsolidated joint venture
    
    
    8,610,000
    
    
    
    
    
    
    
    
 
 (a)
    
    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(b)
    
    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). Fair Value Measurements
  71




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
   
    
    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.
    
    Level 3  Inputs to the valuation methodology are unobservable and significant to
the fair value measurement.
   72




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
   Recently-Issued Accounting Pronouncements
   73




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
      74




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
     Note 3. Real Estate
  75




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Years ended December 31,2009
    
    
    2008CostBalance, beginning of year (a)
    
    $
    1,539,213,000
    
    
    $
    1,386,801,000Properties acquired
    
    
    73,152,000
    
    
    
    98,337,000Improvements and betterments
    
    
    69,104,000
    
    
    
    56,382,000Write-off of fully-depreciated assets
    
    
    (6,147,000
    )
    
    
    (2,307,000
    )Balance, end of the year
    
    $
    1,675,322,000
    
    
    $
    1,539,213,000Accumulated depreciationBalance, beginning of the year (a)
    
    
    (124,387,000
    )
    
    $
    (86,695,000
    )Depreciation expense
    
    
    (46,375,000
    )
    
    
    (39,999,000
    )Write-off of fully-depreciated assets
    
    
    6,147,000
    
    
    
    2,307,000Balance, end of the year
    
    $
    (164,615,000
    )
    
    $
    (124,387,000
    )Net book value
    
    $
    1,510,707,000
    
    
    $
    1,414,826,000
 
 (a)
    
    Restated to reflect the reclassifications of properties transferred or to be transferred to
the RioCan joint venture and properties treated as discontinued operations.  Wholly-owned properties
    76




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Number of
    
    
    AcquisitionProperty
    
    properties
    
    
    costOperating properties (i)
    
    
    3
    
    
    $
    43,215,000Land for projects under development,
expansion and/or future development
    
    
    6
    
    
    
    55,122,000Total
    
    
    
    
    
    $
    98,337,000
 
 (i)
    
    The three operating properties acquired in 2008 were acquired individually and not as part of a
portfolio and had acquisition costs of less than $20.0 million each. Discontinued operations
 
  77




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Years ended December 31,2009
    
    
    2008
    
    
    2007Revenues:Rents
    
    $
    2,526,000
    
    
    $
    2,872,000
    
    
    $
    2,841,000Expense recoveries
    
    
    855,000
    
    
    
    943,000
    
    
    
    1,002,000Total revenues
    
    
    3,381,000
    
    
    
    3,815,000
    
    
    
    3,843,000Expenses:Operating, maintenance and management
    
    
    427,000
    
    
    
    360,000
    
    
    
    401,000Real estate and other property-related taxes
    
    
    636,000
    
    
    
    683,000
    
    
    
    692,000Depreciation and amortization
    
    
    943,000
    
    
    
    1,061,000
    
    
    
    1,156,000Interest expense
    
    
    899,000
    
    
    
    1,023,000
    
    
    
    1,034,0002,905,000
    
    
    
    3,127,000
    
    
    
    3,283,000Income from discontinued operations before
impairment charges
    
    
    476,000
    
    
    
    688,000
    
    
    
    560,000Impairment charges
    
    
    (3,559,000
    )
    
    
    
    
    
    
    (Loss) income from discontinued operations
    
    $
    (3,083,000
    )
    
    $
    688,000
    
    
    $
    560,000Gain on sales of discontinued operations
    
    $
    557,000
    
    
    $
    
    
    
    $
    
 Joint Venture Activities
 2009 Transactions
 PCP.
  78




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
  RioCan.
  79




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
  2008 Transactions
    80




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
     81




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
  Real Estate Pledged
  Net bookDescription
    
    valueCollateral for mortgage loans payable
    
    $
    1,019,139,000Collateral for revolving credit facilities
    
    
    465,852,000Unencumbered properties
    
    
    25,716,000Total
    
    $
    1,510,707,000
 Pro Forma Financial Information (unaudited)
  82




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Years ended December 31,2009
    
    2008Revenues
    
    $
    182,482,000
    
    
    $
    181,215,000Net (loss) income attributable to common shareholders
    
    $
    (21,979,000
    )
    
    $
    9,844,000Per common share
    
    $
    (0.48
    )
    
    $
    0.22Weighted average number of common shares outstanding
    
    
    46,234,000
    
    
    
    44,475,000
 Note 4. Rentals Under Operating Leases
  2010
    
    $
    115,541,0002011
    
    
    108,076,0002012
    
    
    99,915,0002013
    
    
    92,983,0002014
    
    
    82,584,000Thereafter
    
    
    505,055,000$
    1,004,154,000
  Note 5. Mortgage Loans Payable and Secured Revolving Credit Facilities
  83




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 December 31, 2009
    
    
    December 31, 2008Interest rates
    
    
    
    
    
    
    Interest ratesBalance
    
    
    Weighted
    
    
    
    
    
    
    Balance
    
    
    WeightedDescription
    
    outstanding
    
    
    average
    
    
    Range
    
    
    outstanding
    
    
    average
    
    
    RangeFixed-rate mortgages (a)
    
    $
    610,798,000
    
    
    
    5.8
    %
    
    
    5.0% - 8.5
    %
    
    $
    560,410,000
    
    
    
    5.8
    %
    
    
    5.0% - 8.5
    %Variable-rate mortgages
    
    
    82,181,000
    
    
    
    3.4
    %
    
    
    2.5% - 5.9
    %
    
    
    53,302,000
    
    
    
    4.4
    %
    
    
    2.5% - 5.9
    %Total property-specific mortgages
    
    
    692,979,000
    
    
    
    5.6
    %
    
    
    
    
    
    
    613,712,000
    
    
    
    5.7
    %Stabilized property credit facility
    
    
    187,985,000
    
    
    
    5.5
    %
    
    
    
    
    
    
    250,190,000
    
    
    
    2.7
    %Development property credit facility
    
    
    69,700,000
    
    
    
    2.5
    %
    
    
    
    
    
    
    54,300,000
    
    
    
    3.4
    %$
    950,664,000
    
    
    
    5.3
    %
    
    
    
    
    
    $
    918,202,000
    
    
    
    4.8
    %Fixed-rate mortgages related to:Real estate transferred or to be
transferred
to a joint venture
    
    $
    94,018,000
    
    
    
    5.8
    %
    
    
    4.8% - 7.2
    %
    
    $
    77,307,000
    
    
    
    5.6
    %
    
    
    4.8% - 7.2
    %Real estate held for sale -
discontinued
operations
    
    $
    7,765,000
    
    
    
    5.4
    %
    
    
    5.2% - 5.6
    %
    
    $
    17,964,000
    
    
    
    5.4
    %
    
    
    5.2% - 5.6
    %
 
 (a)
    
    Restated to reflect the reclassifications of properties transferred or to be transferred to the
RioCan joint venture and properties treated as discontinued operations. Mortgage loans payable
  Years ended December 31,2009
    
    
    2008Balance, beginning of year (a)
    
    $
    613,712,000
    
    
    $
    572,320,000New mortgage borrowings
    
    
    43,950,000
    
    
    
    106,738,000Acquisition debt assumed (b)
    
    
    52,963,000
    
    
    
    27,488,000Repayments
    
    
    (17,646,000
    )
    
    
    (92,834,000
    )Balance, end of the year
    
    $
    692,979,000
    
    
    $
    613,712,000
 
 (a)
    
    Restated to reflect the reclassifications of properties transferred or to be transferred to
the RioCan joint venture and properties treated as discontinued operations.(b)
    
    Includes net reductions of $1.6 million and $0.1 million, respectively, relating to purchase
acounting allocations.  84




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
     85




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 2010
    
    
    20,421,0002011
    
    
    160,753,0002012
    
    
    227,614,0002013
    
    
    64,194,0002014
    
    
    123,771,000Thereafter
    
    
    353,911,000$
    950,664,000
 Secured Revolving Stabilized Property Credit Facility
    86




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##### Table of Contents



Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Secured Revolving Development Property Credit Facility
  Note 6. Preferred and Common Stock
    87




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
     Note 7. Commitments and Contingencies
   88




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
     89




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
 Note 8. Selected Quarterly Financial Data (unaudited)
 Quarter endedYear
    
    March 31
    
    
    June 30
    
    
    September 30
    
    
    December 312009Revenues as previously reported
    
    $
    46,895,000
    
    
    $
    44,776,000
    
    
    $
    45,850,000
    
    
    $
    46,791,000Revenues from discontinued operations (a)
    
    
    (1,010,000
    )
    
    
    (851,000
    )
    
    
    (740,000
    )
    
    
    Revenues
    
    $
    45,885,000
    
    
    $
    43,925,000
    
    
    $
    45,110,000
    
    
    $
    46,791,000Net income (loss)
    
    $
    5,779,000
    
    
    $
    1,964,000
    
    
    $
    3,814,000
    
    
    $
    (28,356,000
    )Net income (loss) attributable to common shareholders
    
    $
    3,999,000
    
    
    $
    (316,000
    )
    
    $
    1,447,000
    
    
    $
    (29,673,000
    )Per common share (basic and diluted) (b)
    
    $
    0.09
    
    
    $
    (0.01
    )
    
    $
    0.03
    
    
    $
    (0.59
    )2008Revenues as previously reported
    
    $
    43,635,000
    
    
    $
    42,915,000
    
    
    $
    43,322,000
    
    
    $
    44,608,000Revenues from discontinued operations (a)
    
    
    (996,000
    )
    
    
    (953,000
    )
    
    
    (945,000
    )
    
    
    (921,000
    )Revenues
    
    $
    42,639,000
    
    
    $
    41,962,000
    
    
    $
    42,377,000
    
    
    $
    43,687,000Net income
    
    $
    5,928,000
    
    
    $
    3,733,000
    
    
    $
    5,806,000
    
    
    $
    5,542,000Net income attributable to common shareholders
    
    $
    3,112,000
    
    
    $
    1,224,000
    
    
    $
    3,277,000
    
    
    $
    2,885,000Per common share (basic and diluted) (b)
    
    $
    0.07
    
    
    $
    0.03
    
    
    $
    0.07
    
    
    $
    0.06
 
 (a)
    
    Represents revenues from discontinued operations which were previously included in revenues as
previously reported.(b)
    
    Difference between the sum of the four quraterly 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
     90




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Cedar Shopping Centers, Inc.
Notes to Consolidated Financial Statements
December 31, 2009
   91




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Cedar Shopping Centers,
Inc. Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 Year built/
    
    Gross
    
    Initial cost to the CompanyYear
    
    Precent
    
    Year last
    
    leasable
    
    
    
    
    
    Building andProperty
    
    State
    
    acquired
    
    owned
    
    renovated
    
    area
    
    Land
    
    ImprovementsWholly-Owned Stabilized Properties (1):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
    
    
    
    3,857,000Camp Hill
    
    PA
    
    
    2002
    
    
    
    100
    %
    
    
    1958/2005
    
    
    
    472,458
    
    
    
    4,460,000
    
    
    
    17,857,000Carbondale Plaza
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    
    1972/2005
    
    
    
    129,915
    
    
    
    1,586,000
    
    
    
    7,289,000Carmans Plaza
    
    NY
    
    
    2007
    
    
    
    100
    %
    
    
    1954/2007
    
    
    
    194,481
    
    
    
    8,539,000
    
    
    
    35,040,000Carlls Corner
    
    NJ
    
    
    2007
    
    
    
    100
    %
    
    
    1960's-1999/
    
    
    
    129,582
    
    
    
    3,034,000
    
    
    
    15,293,000Circle Plaza
    
    PA
    
    
    2007
    
    
    
    100
    %
    
    
    1979/1991
    
    
    
    92,171
    
    
    
    561,000
    
    
    
    2,884,000Clyde Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2002
    
    
    
    34,592
    
    
    
    451,000
    
    
    
    2,326,000Coliseum 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
    
    
    
    1,603,000East Chestnut
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    
    1996
    
    
    
    21,180
    
    
    
    800,000
    
    
    
    3,699,000Elmhurst Square
    
    VA
    
    
    2006
    
    
    
    100
    %
    
    
    1961-1983
    
    
    
    66,250
    
    
    
    1,371,000
    
    
    
    5,994,000Enon Discount Drug Mart Plaza
    
    OH
    
    
    2007
    
    
    
    100
    %
    
    
    2005-2006
    
    
    
    42,876
    
    
    
    904,000
    
    
    
    3,426,000Fairfield Plaza
    
    CT
    
    
    2005
    
    
    
    100
    %
    
    
    2001/2005
    
    
    
    72,279
    
    
    
    1,816,000
    
    
    
    7,891,000Fairview Plaza
    
    PA
    
    
    2003
    
    
    
    100
    %
    
    
    1992
    
    
    
    69,579
    
    
    
    2,128,000
    
    
    
    8,483,000Family Dollar at Zanesville
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2000
    
    
    
    6,900
    
    
    
    82,000
    
    
    
    569,000FirstMerit Bank at Akron
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    1996
    
    
    
    3,200
    
    
    
    169,000
    
    
    
    734,000FirstMerit Bank at Cuyahoga Falls
    
    OH
    
    
    2006
    
    
    
    100
    %
    
    
    1973/2003
    
    
    
    18,300
    
    
    
    264,000
    
    
    
    1,304,000Gahanna Discount Drug Mart Plaza
    
    OH
    
    
    2006
    
    
    
    100
    %
    
    
    2003
    
    
    
    48,992
    
    
    
    1,379,000
    
    
    
    5,385,000General 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
    
    
    
    12,320,000Grove City Discount Drug Mart Plaza
    
    OH
    
    
    2007
    
    
    
    100
    %
    
    
    2005
    
    
    
    40,848
    
    
    
    874,000
    
    
    
    3,394,000Halifax 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
    
    
    
    8,453,000Hilliard Discount Drug Mart Plaza
    
    OH
    
    
    2007
    
    
    
    100
    %
    
    
    2003
    
    
    
    40,988
    
    
    
    1,200,000
    
    
    
    3,977,000Hills & Dales Discount Drug Mart Plaza
    
    OH
    
    
    2007
    
    
    
    100
    %
    
    
    1992-2007
    
    
    
    33,553
    
    
    
    786,000
    
    
    
    2,967,000Jordan Lane
    
    CT
    
    
    2005
    
    
    
    100
    %
    
    
    1969/1991
    
    
    
    181,730
    
    
    
    4,291,000
    
    
    
    20,866,000Kempsville 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
    
    
    
    11,795,000Kingston Plaza
    
    NY
    
    
    2006
    
    
    
    100
    %
    
    
    2006
    
    
    
    18,337
    
    
    
    2,891,000
    
    
    
    LA Fitness Facility
    
    PA
    
    
    2002
    
    
    
    100
    %
    
    
    2003
    
    
    
    41,000
    
    
    
    2,462,000
    
    
    
    Liberty Marketplace
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    
    2003
    
    
    
    68,200
    
    
    
    2,665,000
    
    
    
    12,639,000Lodi Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2003
    
    
    
    38,576
    
    
    
    704,000
    
    
    
    3,393,000Long Reach Village
    
    MD
    
    
    2006
    
    
    
    100
    %
    
    
    1973/1998
    
    
    
    104,932
    
    
    
    1,721,000
    
    
    
    8,554,000Mason Discount Drug Mart Plaza
    
    OH
    
    
    2008
    
    
    
    100
    %
    
    
    2005/2007
    
    
    
    52,896
    
    
    
    1,298,000
    
    
    
    5,022,000McCormick 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
    
    
    
    66,789
    
    
    
    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
    
    
    
    6,566,000Pickerington Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2002
    
    
    
    47,810
    
    
    
    1,186,000
    
    
    
    5,396,000Pine Grove Plaza
    
    NJ
    
    
    2003
    
    
    
    100
    %
    
    
    2001/2002
    
    
    
    79,306
    
    
    
    1,622,000
    
    
    
    6,489,000
 92




---



##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 (continued)
 Gross amount at which carried atSubsquent
    
    December 31, 2009cost
    
    
    
    
    
    Building and
    
    
    
    
    
    Accumulated
    
    Amount ofProperty
    
    capitalized
    
    Land
    
    improvements
    
    Total
    
    depreciation (4)
    
    EncumbranceWholly-Owned Stabilized Properties (1):Academy Plaza
    
    $
    1,561,000
    
    
    $
    2,406,000
    
    
    $
    11,184,000
    
    
    $
    13,590,000
    
    
    $
    2,319,000
    
    
    $
    9,365,000Annie Land Plaza
    
    
    12,000
    
    
    
    809,000
    
    
    
    3,869,000
    
    
    
    4,678,000
    
    
    
    492,000
    
    
    
    
    (2)Camp Hill
    
    
    42,879,000
    
    
    
    4,424,000
    
    
    
    60,772,000
    
    
    
    65,196,000
    
    
    
    7,948,000
    
    
    
    65,000,000Carbondale Plaza
    
    
    4,858,000
    
    
    
    1,586,000
    
    
    
    12,147,000
    
    
    
    13,733,000
    
    
    
    1,891,000
    
    
    
    
    (3)Carmans Plaza
    
    
    (961,000
    )
    
    
    8,416,000
    
    
    
    34,202,000
    
    
    
    42,618,000
    
    
    
    2,892,000
    
    
    
    33,345,000Carlls Corner
    
    
    31,000
    
    
    
    2,964,000
    
    
    
    15,394,000
    
    
    
    18,358,000
    
    
    
    1,231,000
    
    
    
    5,908,000Circle Plaza
    
    
    32,000
    
    
    
    561,000
    
    
    
    2,916,000
    
    
    
    3,477,000
    
    
    
    194,000
    
    
    
    
    (2)Clyde Discount Drug Mart Plaza
    
    
    1,128,000
    
    
    
    673,000
    
    
    
    3,232,000
    
    
    
    3,905,000
    
    
    
    513,000
    
    
    
    1,939,000Coliseum Marketplace
    
    
    3,410,000
    
    
    
    3,586,000
    
    
    
    17,164,000
    
    
    
    20,750,000
    
    
    
    2,713,000
    
    
    
    12,228,000CVS at Bradford
    
    
    16,000
    
    
    
    291,000
    
    
    
    1,482,000
    
    
    
    1,773,000
    
    
    
    257,000
    
    
    
    775,000CVS at Celina
    
    
    
    
    
    
    418,000
    
    
    
    1,967,000
    
    
    
    2,385,000
    
    
    
    288,000
    
    
    
    1,429,000CVS at Erie
    
    
    
    
    
    
    399,000
    
    
    
    1,783,000
    
    
    
    2,182,000
    
    
    
    249,000
    
    
    
    1,114,000CVS at Kinderhook
    
    
    1,930,000
    
    
    
    2,502,000
    
    
    
    1,106,000
    
    
    
    3,608,000
    
    
    
    69,000
    
    
    
    2,480,000CVS at Portage Trail
    
    
    8,000
    
    
    
    341,000
    
    
    
    1,611,000
    
    
    
    1,952,000
    
    
    
    245,000
    
    
    
    843,000East Chestnut
    
    
    3,000
    
    
    
    800,000
    
    
    
    3,702,000
    
    
    
    4,502,000
    
    
    
    713,000
    
    
    
    1,988,000Elmhurst Square
    
    
    235,000
    
    
    
    1,371,000
    
    
    
    6,229,000
    
    
    
    7,600,000
    
    
    
    815,000
    
    
    
    4,045,000Enon Discount Drug Mart Plaza
    
    
    1,161,000
    
    
    
    1,135,000
    
    
    
    4,356,000
    
    
    
    5,491,000
    
    
    
    386,000
    
    
    
    
    (2)Fairfield Plaza
    
    
    1,889,000
    
    
    
    2,202,000
    
    
    
    9,394,000
    
    
    
    11,596,000
    
    
    
    1,355,000
    
    
    
    5,106,000Fairview Plaza
    
    
    234,000
    
    
    
    2,129,000
    
    
    
    8,716,000
    
    
    
    10,845,000
    
    
    
    1,516,000
    
    
    
    5,479,000Family Dollar at Zanesville
    
    
    (2,000
    )
    
    
    81,000
    
    
    
    568,000
    
    
    
    649,000
    
    
    
    281,000
    
    
    
    
    (2)FirstMerit Bank at Akron
    
    
    1,000
    
    
    
    168,000
    
    
    
    736,000
    
    
    
    904,000
    
    
    
    121,000
    
    
    
    
    (2)FirstMerit Bank at Cuyahoga Falls
    
    
    8,000
    
    
    
    264,000
    
    
    
    1,312,000
    
    
    
    1,576,000
    
    
    
    176,000
    
    
    
    
    (2)Gahanna Discount Drug Mart Plaza
    
    
    1,739,000
    
    
    
    1,738,000
    
    
    
    6,765,000
    
    
    
    8,503,000
    
    
    
    868,000
    
    
    
    4,998,000General Booth Plaza
    
    
    73,000
    
    
    
    1,935,000
    
    
    
    9,566,000
    
    
    
    11,501,000
    
    
    
    1,773,000
    
    
    
    5,409,000Gold Star Plaza
    
    
    83,000
    
    
    
    1,644,000
    
    
    
    6,602,000
    
    
    
    8,246,000
    
    
    
    942,000
    
    
    
    2,417,000Golden Triangle
    
    
    9,526,000
    
    
    
    2,320,000
    
    
    
    19,239,000
    
    
    
    21,559,000
    
    
    
    3,561,000
    
    
    
    20,999,000Groton Shopping Center
    
    
    58,000
    
    
    
    3,073,000
    
    
    
    12,375,000
    
    
    
    15,448,000
    
    
    
    1,341,000
    
    
    
    11,622,000Grove City Discount Drug Mart Plaza
    
    
    2,014,000
    
    
    
    1,241,000
    
    
    
    5,041,000
    
    
    
    6,282,000
    
    
    
    496,000
    
    
    
    
    (2)Halifax Plaza
    
    
    162,000
    
    
    
    1,347,000
    
    
    
    6,026,000
    
    
    
    7,373,000
    
    
    
    960,000
    
    
    
    3,324,000Hamburg Commons
    
    
    5,210,000
    
    
    
    1,153,000
    
    
    
    9,888,000
    
    
    
    11,041,000
    
    
    
    1,277,000
    
    
    
    5,180,000Hannaford Plaza
    
    
    353,000
    
    
    
    1,874,000
    
    
    
    8,806,000
    
    
    
    10,680,000
    
    
    
    1,076,000
    
    
    
    
    (2)Hilliard Discount Drug Mart Plaza
    
    
    1,110,000
    
    
    
    1,307,000
    
    
    
    4,980,000
    
    
    
    6,287,000
    
    
    
    429,000
    
    
    
    
    (2)Hills & Dales Discount Drug Mart Plaza
    
    
    105,000
    
    
    
    786,000
    
    
    
    3,072,000
    
    
    
    3,858,000
    
    
    
    301,000
    
    
    
    
    (2)Jordan Lane
    
    
    545,000
    
    
    
    4,291,000
    
    
    
    21,411,000
    
    
    
    25,702,000
    
    
    
    3,310,000
    
    
    
    13,080,000Kempsville Crossing
    
    
    129,000
    
    
    
    2,207,000
    
    
    
    11,129,000
    
    
    
    13,336,000
    
    
    
    2,123,000
    
    
    
    6,122,000Kenley Village
    
    
    45,000
    
    
    
    726,000
    
    
    
    3,557,000
    
    
    
    4,283,000
    
    
    
    953,000
    
    
    
    
    (2)Kings Plaza
    
    
    72,000
    
    
    
    2,408,000
    
    
    
    11,872,000
    
    
    
    14,280,000
    
    
    
    1,168,000
    
    
    
    7,811,000Kingston Plaza
    
    
    2,344,000
    
    
    
    2,891,000
    
    
    
    2,344,000
    
    
    
    5,235,000
    
    
    
    186,000
    
    
    
    3,727,000LA Fitness Facility
    
    
    5,176,000
    
    
    
    2,462,000
    
    
    
    5,176,000
    
    
    
    7,638,000
    
    
    
    849,000
    
    
    
    5,790,000Liberty Marketplace
    
    
    238,000
    
    
    
    2,695,000
    
    
    
    12,847,000
    
    
    
    15,542,000
    
    
    
    1,746,000
    
    
    
    9,373,000Lodi Discount Drug Mart Plaza
    
    
    68,000
    
    
    
    704,000
    
    
    
    3,461,000
    
    
    
    4,165,000
    
    
    
    633,000
    
    
    
    2,363,000Long Reach Village
    
    
    144,000
    
    
    
    1,721,000
    
    
    
    8,698,000
    
    
    
    10,419,000
    
    
    
    1,197,000
    
    
    
    4,690,000Mason Discount Drug Mart Plaza
    
    
    2,978,000
    
    
    
    1,849,000
    
    
    
    7,449,000
    
    
    
    9,298,000
    
    
    
    668,000
    
    
    
    
    (2)McCormick Place
    
    
    44,000
    
    
    
    849,000
    
    
    
    4,064,000
    
    
    
    4,913,000
    
    
    
    858,000
    
    
    
    2,621,000Mechanicsburg Giant
    
    
    
    
    
    
    2,709,000
    
    
    
    12,159,000
    
    
    
    14,868,000
    
    
    
    1,471,000
    
    
    
    9,667,000Metro Square
    
    
    10,000
    
    
    
    3,121,000
    
    
    
    12,351,000
    
    
    
    15,472,000
    
    
    
    520,000
    
    
    
    9,162,000Newport Plaza
    
    
    346,000
    
    
    
    1,672,000
    
    
    
    8,153,000
    
    
    
    9,825,000
    
    
    
    1,165,000
    
    
    
    4,338,000Oak Ridge
    
    
    27,000
    
    
    
    960,000
    
    
    
    4,281,000
    
    
    
    5,241,000
    
    
    
    437,000
    
    
    
    3,459,000Oakland Commons
    
    
    15,000
    
    
    
    2,504,000
    
    
    
    15,677,000
    
    
    
    18,181,000
    
    
    
    1,375,000
    
    
    
    
    (2)Oakland Mills
    
    
    29,000
    
    
    
    1,611,000
    
    
    
    6,321,000
    
    
    
    7,932,000
    
    
    
    1,159,000
    
    
    
    4,918,000Palmyra Shopping Center
    
    
    342,000
    
    
    
    1,488,000
    
    
    
    6,908,000
    
    
    
    8,396,000
    
    
    
    1,240,000
    
    
    
    
    (2)Pickerington Discount Drug Mart Plaza
    
    
    675,000
    
    
    
    1,305,000
    
    
    
    5,952,000
    
    
    
    7,257,000
    
    
    
    969,000
    
    
    
    4,150,000Pine Grove Plaza
    
    
    18,000
    
    
    
    1,622,000
    
    
    
    6,507,000
    
    
    
    8,129,000
    
    
    
    1,107,000
    
    
    
    5,797,000
 93




---



##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 (continued)
 Year built/
    
    Gross
    
    Initial cost to the CompanyYear
    
    Precent
    
    Year last
    
    leasable
    
    
    
    
    
    Building andProperty
    
    State
    
    acquired
    
    owned
    
    renovated
    
    area
    
    Land
    
    ImprovementsWholly-Owned Stabilized Properties (1):Polaris Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2001
    
    
    
    50,283
    
    
    
    1,242,000
    
    
    
    5,816,000Port 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
    
    
    
    40,356,000Smithfield 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
    
    
    
    35,907,000St. 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 Brickyard
    
    CT
    
    
    2004
    
    
    
    100
    %
    
    
    1990
    
    
    
    274,553
    
    
    
    6,465,000
    
    
    
    28,281,000The 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
    
    
    
    11,105,000Timpany Plaza
    
    MA
    
    
    2007
    
    
    
    100
    %
    
    
    1970's-1989
    
    
    
    183,775
    
    
    
    3,412,000
    
    
    
    16,148,000Trexler Mall
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    
    1973/2004
    
    
    
    339,363
    
    
    
    6,932,000
    
    
    
    31,661,000Ukrops at Fredericksburg
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    
    1997
    
    
    
    63,000
    
    
    
    3,213,000
    
    
    
    12,758,000Ukrops at Glen Allen
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    
    2000
    
    
    
    43,000
    
    
    
    6,769,000
    
    
    
    213,000Valley 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
    
    
    
    14,901,000Westlake Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2005
    
    
    
    55,775
    
    
    
    1,004,000
    
    
    
    3,905,000Yorktowne Plaza
    
    MD
    
    
    2007
    
    
    
    100
    %
    
    
    1970/2000
    
    
    
    158,982
    
    
    
    5,940,000
    
    
    
    25,354,000Total Wholly-Owned Stabilized Properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,775,366
    
    
    
    179,230,000
    
    
    
    739,711,000Properties 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
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,145,219
    
    
    
    240,931,000
    
    
    
    904,879,000
 94




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 (continued)
 Gross amount at which carried atSubsquent
    
    
    December 31, 2009cost
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Amount ofProperty
    
    capitalized
    
    
    Land
    
    
    improvements
    
    
    Total
    
    
    depreciation (4)
    
    
    EncumbranceWholly-Owned Stabilized Properties (1):Polaris Discount Drug Mart Plaza
    
    $
    30,000
    
    
    $
    1,242,000
    
    
    $
    5,846,000
    
    
    $
    7,088,000
    
    
    $
    1,132,000
    
    
    
    4,451,000Port Richmond Village
    
    
    568,000
    
    
    
    2,843,000
    
    
    
    12,436,000
    
    
    
    15,279,000
    
    
    
    2,607,000
    
    
    
    14,683,000Price Chopper Plaza
    
    
    604,000
    
    
    
    4,111,000
    
    
    
    18,456,000
    
    
    
    22,567,000
    
    
    
    1,308,000
    
    
    
    
    (3)Rite Aid at Massillon
    
    
    6,000
    
    
    
    442,000
    
    
    
    2,020,000
    
    
    
    2,462,000
    
    
    
    280,000
    
    
    
    1,437,000River View Plaza I, II and III
    
    
    3,714,000
    
    
    
    9,718,000
    
    
    
    44,070,000
    
    
    
    53,788,000
    
    
    
    7,600,000
    
    
    

    
    (2)Smithfield Plaza
    
    
    215,000
    
    
    
    2,919,000
    
    
    
    12,980,000
    
    
    
    15,899,000
    
    
    
    1,347,000
    
    
    
    10,405,000South Philadelphia
    
    
    2,532,000
    
    
    
    8,222,000
    
    
    
    38,439,000
    
    
    
    46,661,000
    
    
    
    7,796,000
    
    
    
    
    (2)St. James Square
    
    
    523,000
    
    
    
    688,000
    
    
    
    4,361,000
    
    
    
    5,049,000
    
    
    
    815,000
    
    
    
    
    (2)Stadium Plaza
    
    
    740,000
    
    
    
    2,443,000
    
    
    
    9,813,000
    
    
    
    12,256,000
    
    
    
    1,295,000
    
    
    
    
    (2)Suffolk Plaza
    
    
    
    
    
    
    1,402,000
    
    
    
    7,236,000
    
    
    
    8,638,000
    
    
    
    1,341,000
    
    
    
    4,617,000Swede Square
    
    
    4,457,000
    
    
    
    2,272,000
    
    
    
    10,685,000
    
    
    
    12,957,000
    
    
    
    2,321,000
    
    
    
    
    (2)The Brickyard
    
    
    488,000
    
    
    
    6,465,000
    
    
    
    28,769,000
    
    
    
    35,234,000
    
    
    
    5,767,000
    
    
    
    
    (2)The Commons
    
    
    1,131,000
    
    
    
    3,098,000
    
    
    
    15,178,000
    
    
    
    18,276,000
    
    
    
    2,980,000
    
    
    
    
    (2)The Point
    
    
    12,355,000
    
    
    
    2,996,000
    
    
    
    22,859,000
    
    
    
    25,855,000
    
    
    
    5,355,000
    
    
    
    17,298,000The Point at Carlisle Plaza
    
    
    211,000
    
    
    
    2,233,000
    
    
    
    11,316,000
    
    
    
    13,549,000
    
    
    
    2,210,000
    
    
    
    
    (2)Timpany Plaza
    
    
    328,000
    
    
    
    3,379,000
    
    
    
    16,509,000
    
    
    
    19,888,000
    
    
    
    1,603,000
    
    
    
    8,377,000Trexler Mall
    
    
    715,000
    
    
    
    6,932,000
    
    
    
    32,376,000
    
    
    
    39,308,000
    
    
    
    4,226,000
    
    
    
    21,526,000Ukrops at Fredericksburg
    
    
    
    
    
    
    3,213,000
    
    
    
    12,758,000
    
    
    
    15,971,000
    
    
    
    1,522,000
    
    
    
    
    (2)Ukrops at Glen Allen
    
    
    
    
    
    
    6,769,000
    
    
    
    213,000
    
    
    
    6,982,000
    
    
    
    205,000
    
    
    
    
    (2)Valley Plaza
    
    
    637,000
    
    
    
    1,950,000
    
    
    
    8,403,000
    
    
    
    10,353,000
    
    
    
    1,352,000
    
    
    
    
    (2)Virginia Center Commons
    
    
    3,000
    
    
    
    992,000
    
    
    
    3,863,000
    
    
    
    4,855,000
    
    
    
    559,000
    
    
    
    
    (2)Virginia Little Creek
    
    
    (11,000
    )
    
    
    1,639,000
    
    
    
    8,350,000
    
    
    
    9,989,000
    
    
    
    1,424,000
    
    
    
    5,348,000Wal-Mart Center
    
    
    23,000
    
    
    
    
    
    
    
    11,857,000
    
    
    
    11,857,000
    
    
    
    1,884,000
    
    
    
    5,795,000Washington Center Shoppes
    
    
    3,692,000
    
    
    
    1,999,000
    
    
    
    11,068,000
    
    
    
    13,067,000
    
    
    
    2,286,000
    
    
    
    8,575,000West Bridgewater Plaza
    
    
    (606,000
    )
    
    
    2,712,000
    
    
    
    14,406,000
    
    
    
    17,118,000
    
    
    
    1,100,000
    
    
    
    10,885,000Westlake Discount Drug Mart Plaza
    
    
    70,000
    
    
    
    1,004,000
    
    
    
    3,975,000
    
    
    
    4,979,000
    
    
    
    451,000
    
    
    
    3,215,000Yorktowne Plaza
    
    
    (141,000
    )
    
    
    5,898,000
    
    
    
    25,255,000
    
    
    
    31,153,000
    
    
    
    2,423,000
    
    
    
    20,418,000Total Wholly-Owned Stabilized Properties
    
    
    124,395,000
    
    
    
    183,320,000
    
    
    
    860,016,000
    
    
    
    1,043,336,000
    
    
    
    126,011,000
    
    
    
    439,091,000Properties Owned in Joint Venture:Homburg Joint Venture:Aston Center
    
    
    
    
    
    
    4,319,000
    
    
    
    17,070,000
    
    
    
    21,389,000
    
    
    
    1,303,000
    
    
    
    12,802,000Ayr Town Center
    
    
    2,000
    
    
    
    2,442,000
    
    
    
    9,750,000
    
    
    
    12,192,000
    
    
    
    840,000
    
    
    
    7,225,000Fieldstone Marketplace
    
    
    441,000
    
    
    
    5,167,000
    
    
    
    21,943,000
    
    
    
    27,110,000
    
    
    
    3,093,000
    
    
    
    18,647,000Meadows Marketplace
    
    
    11,390,000
    
    
    
    1,914,000
    
    
    
    11,390,000
    
    
    
    13,304,000
    
    
    
    1,094,000
    
    
    
    10,333,000Parkway Plaza
    
    
    15,000
    
    
    
    4,647,000
    
    
    
    19,435,000
    
    
    
    24,082,000
    
    
    
    1,800,000
    
    
    
    14,300,000Pennsboro Commons
    
    
    43,000
    
    
    
    3,608,000
    
    
    
    14,297,000
    
    
    
    17,905,000
    
    
    
    2,147,000
    
    
    
    10,949,000Scott Town Center
    
    
    1,000
    
    
    
    2,959,000
    
    
    
    11,801,000
    
    
    
    14,760,000
    
    
    
    1,073,000
    
    
    
    8,669,000Spring Meadow Shopping Center
    
    
    20,000
    
    
    
    4,112,000
    
    
    
    16,429,000
    
    
    
    20,541,000
    
    
    
    1,318,000
    
    
    
    12,698,000Stonehedge Square
    
    
    57,000
    
    
    
    2,698,000
    
    
    
    11,705,000
    
    
    
    14,403,000
    
    
    
    1,464,000
    
    
    
    8,700,00011,969,000
    
    
    
    31,866,000
    
    
    
    133,820,000
    
    
    
    165,686,000
    
    
    
    14,132,000
    
    
    
    104,323,000PCP Joint Venture:New London Mall
    
    
    24,000
    
    
    
    14,891,000
    
    
    
    24,991,000
    
    
    
    39,882,000
    
    
    
    918,000
    
    
    
    26,009,000San Souci Plaza
    
    
    25,000
    
    
    
    14,849,000
    
    
    
    18,470,000
    
    
    
    33,319,000
    
    
    
    918,000
    
    
    
    27,200,00049,000
    
    
    
    29,740,000
    
    
    
    43,461,000
    
    
    
    73,201,000
    
    
    
    1,836,000
    
    
    
    53,209,000Joint Ventures (other):CVS at Naugatuck
    
    
    2,825,000
    
    
    
    
    
    
    
    2,825,000
    
    
    
    2,825,000
    
    
    
    82,000
    
    
    
    2,450,000Total Consolidated Joint Ventures
    
    
    14,843,000
    
    
    
    61,606,000
    
    
    
    180,106,000
    
    
    
    241,712,000
    
    
    
    16,050,000
    
    
    
    159,982,000Total Stabilized Portfiolio
    
    
    139,238,000
    
    
    
    244,926,000
    
    
    
    1,040,122,000
    
    
    
    1,285,048,000
    
    
    
    142,061,000
    
    
    
    599,073,000
 95




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##### Table of Contents



Cedar Shopping Centers, Inc.
Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 (continued)
 Year built/
    
    
    Gross
    
    
    Initial cost to the CompanyYear
    
    
    Precent
    
    
    Year last
    
    
    leasable
    
    
    
    
    
    
    Building andProperty
    
    State
    
    
    acquired
    
    
    owned
    
    
    renovated
    
    
    area
    
    
    Land
    
    
    ImprovementsRedevelopment Properties: (1)Dunmore Shopping Center
    
    PA
    
    
    2005
    
    
    
    100
    %
    
    
    1962/1997
    
    
    
    101,000
    
    
    
    565,000
    
    
    
    2,203,000Lake Raystown Plaza
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    
    1995
    
    
    
    145,727
    
    
    
    2,231,000
    
    
    
    6,735,000Shore Mall
    
    NJ
    
    
    2006
    
    
    
    100
    %
    
    
    1960/1980
    
    
    
    459,098
    
    
    
    7,179,000
    
    
    
    37,868,000The Shops at Suffolk Downs
    
    MA
    
    
    2005
    
    
    
    100
    %
    
    
    2005
    
    
    
    121,829
    
    
    
    7,580,000
    
    
    
    11,089,000Townfair Center
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    
    2002
    
    
    
    138,041
    
    
    
    3,022,000
    
    
    
    13,786,000Trexlertown Plaza
    
    PA
    
    
    2006
    
    
    
    100
    %
    
    
    1990/2005
    
    
    
    241,381
    
    
    
    5,262,000
    
    
    
    23,867,000Total Redevelopment Properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,207,076
    
    
    
    25,839,000
    
    
    
    95,548,000Retenanting Properties: (1)Columbia Mall
    
    PA
    
    
    2005
    
    
    
    75
    %
    
    
    1988
    
    
    
    348,574
    
    
    
    2,855,000
    
    
    
    15,600,000Centerville Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2000
    
    
    
    49,494
    
    
    
    780,000
    
    
    
    3,607,000Fairview Commons
    
    PA
    
    
    2007
    
    
    
    100
    %
    
    
    1976/2003
    
    
    
    59,578
    
    
    
    858,000
    
    
    
    3,568,000Huntingdon Plaza
    
    PA
    
    
    2004
    
    
    
    100
    %
    
    
    1972 - 2003
    
    
    
    147,355
    
    
    
    933,000
    
    
    
    4,129,000Oakhurst Plaza
    
    VA
    
    
    2006
    
    
    
    100
    %
    
    
    1980/2001
    
    
    
    107,869
    
    
    
    4,539,000
    
    
    
    18,177,000Ontario Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2002
    
    
    
    38,623
    
    
    
    809,000
    
    
    
    3,643,000Shelby Discount Drug Mart Plaza
    
    OH
    
    
    2005
    
    
    
    100
    %
    
    
    2002
    
    
    
    36,596
    
    
    
    671,000
    
    
    
    3,264,000Shoppes at Salem Run
    
    VA
    
    
    2005
    
    
    
    100
    %
    
    
    2005
    
    
    
    15,100
    
    
    
    1,076,000
    
    
    
    4,253,000Total Retenanting Properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    803,189
    
    
    
    12,521,000
    
    
    
    56,241,000Total Non-Stabilized Properties
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,010,265
    
    
    
    38,360,000
    
    
    
    151,789,000Total Operating Portfolio
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,155,484
    
    
    
    279,291,000
    
    
    
    1,056,668,000Ground-Up Developments: (1)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
    
    
    
    352,456
    
    
    
    28,187,000
    
    
    
    Total Ground-Up Developments
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    630,770
    
    
    
    51,982,000
    
    
    
    Total Portfolio
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    11,786,254
    
    
    
    331,273,000
    
    
    
    1,056,668,000Projects Under Development and Land HeldFor Future Expansion and Development:Columbia Mall
    
    PA
    
    
    
    
    
    
    75
    %
    
    
    
    
    
    
    46.21
    
    
    
    1,466,000
    
    
    
    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
    
    
    
    Pine Grove Plaza
    
    NJ
    
    
    
    
    
    
    100
    %
    
    
    
    
    
    
    2.66
    
    
    
    388,000
    
    
    
    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
    %
    
    
    
    
    
    
    0.00
    
    
    
    
    
    
    
    Total Projects Under Development and LandHeld For Future Expansion and Development:
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    196.41
    
    
    
    20,326,000
    
    
    
    Total Carrying Value
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    351,599,000
    
    
    
    1,056,668,000
 96




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##### Table of Contents



Cedar Shopping Centers,
Inc. Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 (continued)
 Gross amount at which carried atSubsquent
    
    
    December 31, 2009cost
    
    
    
    
    
    
    Building and
    
    
    
    
    
    
    Accumulated
    
    
    Amount ofProperty
    
    capitalized
    
    
    Land
    
    
    improvements
    
    
    Total
    
    
    depreciation (4)
    
    
    EncumbranceRedevelopment Properties: (1)Dunmore Shopping Center
    
    $
    42,000
    
    
    $
    565,000
    
    
    $
    2,245,000
    
    
    $
    2,810,000
    
    
    $
    424,000
    
    
    
    
    (3)Lake Raystown Plaza
    
    
    6,115,000
    
    
    
    2,231,000
    
    
    
    12,850,000
    
    
    
    15,081,000
    
    
    
    2,016,000
    
    
    
    
    (3)Shore Mall
    
    
    4,028,000
    
    
    
    7,179,000
    
    
    
    41,896,000
    
    
    
    49,075,000
    
    
    
    4,991,000
    
    
    
    21,243,000The Shops at Suffolk Downs
    
    
    8,180,000
    
    
    
    7,580,000
    
    
    
    19,269,000
    
    
    
    26,849,000
    
    
    
    1,503,000
    
    
    
    
    (2)(3)Townfair Center
    
    
    (1,574,000
    )
    
    
    3,022,000
    
    
    
    12,212,000
    
    
    
    15,234,000
    
    
    
    2,325,000
    
    
    
    
    (3)Trexlertown Plaza
    
    
    2,808,000
    
    
    
    5,262,000
    
    
    
    26,675,000
    
    
    
    31,937,000
    
    
    
    2,589,000
    
    
    
    
    (3)Total Redevelopment Properties
    
    
    19,599,000
    
    
    
    25,839,000
    
    
    
    115,147,000
    
    
    
    140,986,000
    
    
    
    13,848,000
    
    
    
    21,243,000Retenanting Properties: (1)Columbia Mall
    
    
    1,346,000
    
    
    
    2,855,000
    
    
    
    16,946,000
    
    
    
    19,801,000
    
    
    
    2,335,000Centerville Discount Drug Mart Plaza
    
    
    2,277,000
    
    
    
    1,219,000
    
    
    
    5,445,000
    
    
    
    6,664,000
    
    
    
    825,000
    
    
    
    2,795,000Fairview Commons
    
    
    5,000
    
    
    
    858,000
    
    
    
    3,573,000
    
    
    
    4,431,000
    
    
    
    490,000
    
    
    
    
    (2)Huntingdon Plaza
    
    
    1,813,000
    
    
    
    933,000
    
    
    
    5,942,000
    
    
    
    6,875,000
    
    
    
    727,000
    
    
    
    
    (3)Oakhurst Plaza
    
    
    12,000
    
    
    
    4,539,000
    
    
    
    18,189,000
    
    
    
    22,728,000
    
    
    
    2,095,000
    
    
    
    
    (2)Ontario Discount Drug Mart Plaza
    
    
    27,000
    
    
    
    809,000
    
    
    
    3,670,000
    
    
    
    4,479,000
    
    
    
    588,000
    
    
    
    2,181,000Shelby Discount Drug Mart Plaza
    
    
    12,000
    
    
    
    671,000
    
    
    
    3,276,000
    
    
    
    3,947,000
    
    
    
    611,000
    
    
    
    2,181,000Shoppes at Salem Run
    
    
    12,000
    
    
    
    1,076,000
    
    
    
    4,265,000
    
    
    
    5,341,000
    
    
    
    498,000
    
    
    
    
    (2)Total Retenanting Properties
    
    
    5,504,000
    
    
    
    12,960,000
    
    
    
    61,306,000
    
    
    
    74,266,000
    
    
    
    8,169,000
    
    
    
    7,157,000Total Non-Stabilized Properties
    
    
    25,103,000
    
    
    
    38,799,000
    
    
    
    176,453,000
    
    
    
    215,252,000
    
    
    
    22,017,000
    
    
    
    28,400,000Total Operating Portfolio
    
    
    (164,341,000
    )
    
    
    283,725,000
    
    
    
    1,216,575,000
    
    
    
    1,500,300,000
    
    
    
    164,078,000
    
    
    
    627,473,000Ground-Up Developments: (1)Crossroads II
    
    
    25,123,000
    
    
    
    17,671,000
    
    
    
    22,835,000
    
    
    
    40,506,000
    
    
    
    118,000
    
    
    
    1,325,000Heritage Crossing
    
    
    5,623,000
    
    
    
    5,066,000
    
    
    
    5,637,000
    
    
    
    10,703,000
    
    
    
    91,000
    
    
    
    
    (3)Northside Commons
    
    
    10,009,000
    
    
    
    3,379,000
    
    
    
    9,962,000
    
    
    
    13,341,000
    
    
    
    43,000
    
    
    
    
    (3)Upland Square
    
    
    55,956,000
    
    
    
    27,454,000
    
    
    
    56,689,000
    
    
    
    84,143,000
    
    
    
    285,000
    
    
    
    61,181,000Total Ground-Up Developments
    
    
    96,711,000
    
    
    
    53,570,000
    
    
    
    95,123,000
    
    
    
    148,693,000
    
    
    
    537,000
    
    
    
    62,506,000Total Portfolio
    
    
    261,052,000
    
    
    
    337,295,000
    
    
    
    1,311,698,000
    
    
    
    1,648,993,000
    
    
    
    164,615,000
    
    
    
    689,979,000Projects Under Development and Land HeldFor Future Expansion and Development:Columbia Mall
    
    
    402,000
    
    
    
    1,465,000
    
    
    
    403,000
    
    
    
    1,868,000
    
    
    
    Halifax Commons
    
    
    303,000
    
    
    
    872,000
    
    
    
    289,000
    
    
    
    1,161,000
    
    
    
    Halifax Plaza
    
    
    1,603,000
    
    
    
    1,503,000
    
    
    
    1,207,000
    
    
    
    2,710,000
    
    
    
    Liberty Marketplace
    
    
    25,000
    
    
    
    1,564,000
    
    
    
    25,000
    
    
    
    1,589,000
    
    
    
    
    
    
    
    750,000Oregon Pike
    
    
    63,000
    
    
    
    2,283,000
    
    
    
    63,000
    
    
    
    2,346,000
    
    
    
    
    
    
    
    750,000Pine Grove Plaza
    
    
    71,000
    
    
    
    388,000
    
    
    
    71,000
    
    
    
    459,000
    
    
    
    Shore Mall
    
    
    149,000
    
    
    
    2,018,000
    
    
    
    149,000
    
    
    
    2,167,000
    
    
    
    
    
    
    
    
    (6)The Brickyard
    
    
    178,000
    
    
    
    1,183,000
    
    
    
    162,000
    
    
    
    1,345,000
    
    
    
    Trexlertown Plaza
    
    
    2,478,000
    
    
    
    8,089,000
    
    
    
    2,476,000
    
    
    
    10,565,000
    
    
    
    
    
    
    
    
    (3)Trindle Spring
    
    
    380,000
    
    
    
    1,148,000
    
    
    
    260,000
    
    
    
    1,408,000
    
    
    
    
    
    
    
    750,000Wyoming
    
    
    
    
    
    
    360,000
    
    
    
    
    
    
    
    360,000
    
    
    
    
    
    
    
    750,000Various projects in progress
    
    
    351,000
    
    
    
    
    
    
    
    351,000
    
    
    
    351,000
    
    
    
    Total Projects Under Development and LandHeld For Future Expansion and Development
    
    
    6,003,000
    
    
    
    20,873,000
    
    
    
    5,456,000
    
    
    
    26,329,000
    
    
    
    
    
    
    
    3,000,000Total Carrying Value
    
    $
    267,055,000
    
    
    $
    358,168,000
    
    
    $
    1,317,154,000
    
    
    $
    1,675,322,000
    
    
    $
    164,615,000
    
    
    
    692,979,000Real estate to be transferred to a joint venture (7)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    139,743,000Real estate held for sale  discontinued operations (7)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    11,599,000Unconsolidated joint venture (5)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    $
    14,113,000
 97




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##### Table of Contents



Cedar Shopping Centers,
Inc. Schedule III
Real Estate and Accumulated Depreciation
Year ended December 31, 2009
 (continued)
  Cost
    
    2009
    
    
    2008
    
    
    2007Balance, beginning of the year
    
    $
    1,539,213,000
    
    
    $
    1,386,801,000
    
    
    $
    1,036,154,000Properties acquired
    
    
    73,152,000
    
    
    
    98,337,000
    
    
    
    321,668,000Improvements and betterments
    
    
    69,104,000
    
    
    
    56,382,000
    
    
    
    28,979,000Write-off fully-depreciated assets
    
    
    (6,147,000
    )
    
    
    (2,307,000
    )
    
    
    Balance, end of the year
    
    $
    1,675,322,000
    
    
    $
    1,539,213,000
    
    
    $
    1,386,801,000Accumulated depreciationBalance, beginning of the year
    
    $
    124,387,000
    
    
    $
    86,695,000
    
    
    $
    53,216,000Depreciation
expense
    
    
    46,375,000
    
    
    
    39,999,000
    
    
    
    33,479,000Write-off fully-depreciated assets
    
    
    (6,147,000
    )
    
    
    (2,307,000
    )
    
    
    Balance, end of the year
    
    $
    164,615,000
    
    
    $
    124,387,000
    
    
    $
    86,695,000Net book value
    
    $
    1,510,707,000
    
    
    $
    1,414,826,000
    
    
    $
    1,300,106,000
 
 (1)
    
    Stabilized properties are those properties which are at least 80% leased and not designated
as development/redevelopment properties as of December 31, 2009. Eight of the Companys
properties are being re- tenanted, are not- stabilized, and are not designated as development/
redevelopment properties as of December 31, 2009.(2)
    
    Properties pledged as collateral under the Companys stabilized property credit facility. The
total net book value of such properties was $323,285,000 at December 31, 2009; the total amount
outstanding under the secured revolving credit facility at that date was $187,985,000.(3)
    
    Properties pledged as collateral under the Companys development property credit facility. The
total net book value of all such properties was $142,567,000 at December 31, 2009; the total amount
outstanding the secured development revolving credit facility at that date was $69,700,000.(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, PA. and an 20% interest in an unconsolidated joint
venture that owns two supermarket shopping center located in Dickson City and Harrisburg, Pa.(6)
    
    The Shore Mall land parcel also collateralizes the mortgage loan payable relating to the Shore
Mall shopping center.(7)
    
    Restated to reflect the reclassification of properties to real estate held for sale and real
estate to be transferred to a joint venture during 2009. 98




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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
     99




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##### Table of Contents



Report of Independent Registered Public Accounting Firm
The Board of Directors and Shareholders
Cedar Shopping Centers, Inc.
       /s/ ERNST & YOUNG LLP
 
 100




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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 StatementsThe response to this portion of Item 15 is included in Item 8 of this report.
 2. Financial Statement SchedulesThe response to this portion of Item 15 is included in Item 8 of this report.3. Exhibits
 101




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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, 2007.3.2
    
    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,
2006.10.1.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, 2005.10.2.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.
 102




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##### Table of Contents



Item
    
    Title or Description10.2.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.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.
 103




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##### Table of Contents



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.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.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.g*
    
    Employment Agreement between Cedar Shopping Centers, Inc. and Joel I. Yarmak, dated as of
September 14, 2009, incorporated by reference to Exhibit 10.1 of Form 8-K filed on September
16, 2009.10.3.h*
    
    Consulting Agreement between Cedar Shopping Centers, Inc. and Thomas J. OKeeffe, dated as
of June 20, 2007, incorporated by reference to Exhibit 10.2 of Form 8-K filed on June 20,
2007.10.4.a
    
    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 8-K filed on
November 16, 2009.
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##### Table of Contents



Item
    
    Title or Description10.5.a
    
    Loan Agreement between Cedar-Franklin Village LLC as Borrower and Eurohypo AG, New York
Branch as Lender, dated as of November 1, 2004,
incorporated by reference to Exhibit 10.13 of Form 8-K filed on November 5, 2004.10.5.b
    
    Promissory Note for Cedar-Franklin Village LLC to Eurohypo AG, New York Branch, dated
November 1, 2004, incorporated by reference to Exhibit 10.14 of Form 8-K filed on November 5,
2004.10.5.c
    
    Mortgage and Security Agreement for Cedar-Franklin Village LLC as Borrower to Eurohypo AG,
New York Branch as Lender, dated as of November 1, 2004, incorporated by reference to Exhibit
10.15 of Form 8-K filed on November 5, 2004.10.5.d
    
    Guaranty for Cedar Shopping Centers Partnership, L.P. as Guarantor for the benefit of
Eurohypo AG, New York Branch as Lender, executed as of November 1, 2004, incorporated by
reference to Exhibit 10.18 of Form 8-K filed on November 5, 2004.10.6
    
    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 10.1 of Form 8-K filed on April 6, 2007.10.6.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, 2007.10.6.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,
2007.10.7
    
    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, 2007.10.8
    
    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 10.8 of Form 10-K
for the year ended December 31, 2008.10.9
    
    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.
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##### Table of Contents



Item
    
    Title or Description10.10.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 10.1 of Form 8-K filed on
October 30, 2009.10.10.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 10.2
of Form 8-K filed on October 30, 2009.21.1
    
    List of Subsidiaries of the Registrant23.1
    
    Consent of Ernst & Young LLP, Independent Registered Public Accounting Firm31.1
    
    Section 302 Chief Executive Officer Certification31.2
    
    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:
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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, IIGaspare J. Saitta, IIChief Accounting Officer(principal accounting officer)
   /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/ EVERETT B. MILLER, III

Everett B. Miller, III
    
    /s/ LEO S. ULLMAN

Leo S. UllmanDirector
    
    Director/s/ROGER M. WIDMANN

Roger M. WidmannDirectorMarch 15, 2010
 107