<SUBMISSION>
<ACCESSION-NUMBER>0000950116-05-000729
<TYPE>8-K/A
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20041227
<ITEMS>7.01
<FILING-DATE>20050223
<DATE-OF-FILING-DATE-CHANGE>20050223
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>CEDAR SHOPPING CENTERS INC
<CIK>0000761648
<ASSIGNED-SIC>6798
<IRS-NUMBER>421241468
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K/A
<ACT>34
<FILE-NUMBER>001-31817
<FILM-NUMBER>05632846
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
<PHONE>5167676492
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>44 SOUTH BAYLES AVENUE
<CITY>PORT WASHINGTON
<STATE>NY
<ZIP>11050
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD /MD/
<DATE-CHANGED>20001128
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNI INVEST USA LTD
<DATE-CHANGED>20000407
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>CEDAR INCOME FUND LTD
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K/A
<SEQUENCE>1
<FILENAME>eight_ka.htm
<DESCRIPTION>FORM 8-K/A
<TEXT>
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<title>Prepared and filed by St Ives Burrups</title>
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<div  align="center"><font size="4" face="Times New Roman"><b>UNITED STATES</b></font></div>

<div  align="center"><font size="4" face="Times New Roman"><b>SECURITIES AND EXCHANGE COMMISSION</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>WASHINGTON, D.C.&nbsp; 20549</b></font></div>

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<div  align="center"><font size="4" face="Times New Roman"><b>FORM 8-K/A</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>CURRENT REPORT</b></font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>PURSUANT TO SECTION&nbsp;13 OR  15(d) OF THE<br>  SECURITIES EXCHANGE ACT OF 1934</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Date of Report (Date of Earliest Event Reported):&nbsp;  December 27, 2004</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="3" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="1" face="Times New Roman"><b>(Exact name of registrant as  specified in its charter)</b></font></div>

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  <div  align="center"><font size="2" face="Times New Roman"><b>Maryland</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>0-14510</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>42-1241468</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>(State or    other jurisdiction of incorporation)</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>44 South Bayles Avenue<br>Port Washington, NY</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>11050</b></font></div>
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  <div  align="center"><font size="2" face="Times New Roman"><b>(516)    767-6492<br>    </b><font size="1"><b>(Registrant&#146;s telephone number, including area code)</b></font></font></div>
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<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to  simultaneously satisfy the filing obligation of the registrant under any of the  following provisions (see General Instruction A.2. below):</font></div>

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  <div><font size="2" face="Times New Roman">Written communications pursuant to Rule 425 under    the Securities Act (17 CFR 230.425)</font></div>
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  <div><font size="2" face="Times New Roman"><b>Item    7.</b></font></div>
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  <div><font size="2" face="Times New Roman"><b>Financial    Statements, Pro Forma Financial Information and Exhibits For Certain Property    Acquisitions:</b></font></div>
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  <div><font size="2" face="Times New Roman">Report of Independent Registered Public Accounting    Firm</font></div>
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  <div><font size="2" face="Times New Roman">Statement of Revenues and Certain Expenses:</font></div>
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  <div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For    the fiscal year ended June 30, 2004</font></div>
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  <div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For    the three months ended September 30, 2004 (unaudited)</font></div>
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  <div><font size="2" face="Times New Roman">Unaudited Pro Forma Condensed Consolidated Balance    Sheet as of&#160; September&#160; 30, 2004</font></div>
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  <div><font size="2" face="Times New Roman">Unaudited Pro Forma Condensed Consolidated    Statements of Income:</font></div>
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  <div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For    the year ended December 31, 2003</font></div>
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  <div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For    the nine months ended September 30, 2004</font></div>
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  <div><font size="2" face="Times New Roman">Notes to Pro Forma Condensed Consolidated Financial    Statements</font></div>
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  <div><font size="2" face="Times New Roman"><b>Exhibits:</b></font></div>
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  <div><font size="2" face="Times New Roman">23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consent    of Independent Registered Public Accounting Firm dated February 11, 2005</font></div>
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  <div><font size="2" face="Times New Roman"><b>Signatures</b></font></div>
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<div  align="center"><font size="2" face="Times New Roman"><b>Report  of Independent Registered Public Accounting Firm</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Board of Directors and Stockholders</font></div>

<div><font size="2" face="Times New Roman">Cedar Shopping Centers, Inc. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We have audited the statement of revenues and certain expenses of the  Brickyard Shopping Center (the &#147;Property&#148;) for the fiscal year ended June 30,  2004. The financial statement is the responsibility of the Property&#146;s  management. Our responsibility is to express an opinion on this financial  statement based on our audit.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">We conducted our audit in accordance with the Standards of the Public  Company Accounting Oversight Board (United States). Those standards require  that we plan and perform the audit to obtain reasonable assurance about whether  the financial statement is free of material misstatement. &nbsp;An audit  includes consideration of internal control over financial reporting as a basis  for designing audit procedures that are appropriate in the circumstances, but  not for the purpose of expressing an opinion on the effectiveness of the  Property&#146;s internal control over financial reporting. Accordingly, we express  no such opinion. An audit also includes examining, on a test basis, evidence supporting  the amounts and disclosures in the financial statement, assessing the  accounting principles used and significant estimates made by management, and  evaluating the overall financial statement presentation. We believe that our  audit provide a reasonable basis for
our opinion.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">The accompanying statement of revenues and certain expenses was  prepared for the purpose of complying with Rule 3-14 of Regulation S-X of the  Securities and Exchange Commission for inclusion in Form 8-K/A of Cedar  Shopping Centers, Inc. and is not intended to be a complete presentation of the  Property&#146;s revenues and certain expenses. <br><br></font></div>

<div><font size="2" face="Times New Roman">In our opinion, the financial statement referred to above presents  fairly, in all material respects, the revenues and certain expenses of the  Property as described in Note 1 for the fiscal year ended June 30, 2004, in  conformity with U.S. generally accepted accounting principles.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="right"><font size="2" face="Times New Roman">/s/ E<small>RNST</small> &amp; Y<small>OUNG</small> LLP  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">New York, New York </font></div>

<div><font size="2" face="Times New Roman">February 11, 2005</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>Brickyard Shopping Center</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Statement of Revenues and Certain Expenses</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




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  <div  align="center"><font size="1" face="Times New Roman"><b>Three    months<br>    ended<br>    September 30,2004</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Fiscal    year<br>    ended<br>    June 30, 2004</b></font></div>
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  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>(Unaudited)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Base rents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">498,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,988,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Tenant reimbursements</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">194,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">730,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Percentage rents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">160,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Other income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr bgcolor="#eeeeee">
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total revenues</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">693,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,879,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Certain expenses:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Real estate taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">85,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">312,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Property operating    expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">55,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">446,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Management fees</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">13,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">43,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total certain expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">153,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">801,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr bgcolor="#eeeeee">
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues in excess of certain expenses</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">540,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,078,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">See accompanying notes to  financial statement.</font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><Font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Brickyard Shopping Center</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to Statement of Revenues and Certain Expenses</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the fiscal year ended June 30, 2004</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the three months ended September 30, 2004 (unaudited)</b></font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis  of Presentation</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Presented  herein is the statement of revenues and certain expenses related to the  operation of the Brickyard Shopping Center, located in Berlin, CT (the  &#147;Property&#148;). The Property contains approximately 275,000 square feet of gross  leasable area. Cedar Shopping Centers, Inc. acquired the Property in December  2004.&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  accompanying financial statement has been prepared in accordance with the  applicable rules and regulations of the Securities and Exchange Commission for  the acquisition of real estate properties. Accordingly, the financial statement  excludes certain expenses because they may not be comparable to those expected  to be incurred in the proposed future operations of the Property. Items  excluded consist of interest and depreciation and amortization which are not  directly related to future operations. </font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use  of Estimates</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  preparation of the statement of revenues and certain expenses in conformity  with U.S. generally accepted accounting principles requires management to make  estimates and assumptions that affect the amounts reported in the statement of  revenues and certain expenses and accompanying notes. Actual results could  differ from those estimates. </font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue  Recognition</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  Property is being leased to tenants under operating leases. Minimum rental  income is recognized on a straight-line basis over the terms of the leases. The  excess of the amounts due pursuant to the underlying leases over the amount  recognized was approximately $45,000 for the fiscal year ended June 30, 2004  and $23,000 for the three months ended September 30, 2004 (unaudited). </font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property  Operating Expenses</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property  operating expenses for the fiscal year ended June 30, 2004 include  approximately $45,000 for insurance, $104,000 for snow removal, $49,000 for  utilities, $60,000 for repair and maintenance costs, $55,000 for security,  $11,000 for professional fees, and $122,000&nbsp;for other costs.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property  operating expenses for the three months ended September&nbsp;30, 2004  (unaudited) include $12,000 for insurance, $3,000 for utilities, $6,000 for  repair and maintenance costs, $14,000 for security, $2,000 for professional  fees, and $18,000&nbsp;for other costs. </font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management  Fees</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  property was managed by a third party management company pursuant to an  agreement which provided for management fees of 1.5% of monthly net receipts,  as defined.</font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant  Tenants</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant  tenants include Sam&#146;s Club, The Home Depot and Syms, which constituted  approximately 97% of base rents for the fiscal year ended June 30, 2004. </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman"><b>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Minimum  Lease Payments</b> </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future  minimum lease payments to be received under non-cancelable operating leases for  the years ending June 30 are as follows: </font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div  align="center">&nbsp;</div>

<div  align="center"><font size="2" face="Times New Roman"><b>Brickyard Shopping Center</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to Statement of Revenues and Certain Expenses</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the fiscal year ended June 30, 2004</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the three months ended September 30, 2004 (unaudited)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(Continued)</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>




<table border="0" cellspacing="0" cellpadding="0"  align="center" width="80%">
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2005</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,109,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2006</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,017,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2007</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,020,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2008</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,022,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">2009</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,030,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Thereafter</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,779,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">11,977,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>




<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The lease  agreements generally contain provisions for reimbursement of real estate taxes  and operating expenses, on a pro rata basis, as well as for fixed increases in  rent. </font></div>

<div><font size="2" face="Times New Roman"><b>&nbsp;</b></font></div>

<div><font size="2" face="Times New Roman"><b>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim  Unaudited Financial Information </b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  statement of revenues and certain expenses for the three months ended September  30, 2004 are unaudited; however, in the opinion of management, all adjustments  (consisting solely of normal recurring adjustments) necessary for a fair  presentation of the statement of revenues and certain expenses for this interim  period have been included. The results of the interim period are not  necessarily indicative of the results to be obtained for a full fiscal year.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Pro Forma Condensed Consolidated Balance Sheet</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>As of September 30, 2004</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(Unaudited)</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  following unaudited pro forma condensed consolidated balance sheet is presented  as if Cedar Shopping Centers, Inc. (the &#147;Company&#148;) had (1) acquired the  Property, and (2) completed the previously-reported November 1, 2004  acquisition of Franklin Village Plaza, both as of September 30, 2004. This  financial statement should be read in conjunction with the unaudited pro forma  condensed consolidated statements of income, and the Company&#146;s historical  financial statements and notes thereto as filed on Form 10-K for the year ended  December 31, 2003 and on Form 10-Q for the nine months ended September 30,  2004. The pro forma condensed consolidated balance sheet is unaudited and is  not necessarily indicative of what the actual financial position would have  been had the Company acquired Brickyard Shopping Center and completed the  acquisition of Franklin Village Plaza as of&#160;
September 30, 2004, nor does it purport to represent the future  financial position of the Company.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar    Shopping<br>    Centers, Inc.<br>    Historical (a)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Completed<br>    Transaction<br>    (b)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Acquired<br>    Property<br>    (c) (d)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Pro forma<br>    September 30,<br>    2004</b></font></div>
  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Assets</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Real estate</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Land</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">75,272,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">14,502,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,642,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">95,416,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Buildings and    improvements</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">329,369,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">58,007,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">22,638,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">410,014,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">404,641,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">72,509,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">28,280,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">505,430,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Less accumulated    depreciation</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(13,060,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(13,060,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Real estate, net</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">391,581,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">72,509,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">28,280,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">492,370,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cash and cash    equivalents</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,093,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,093,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Cash at joint ventures    and restricted cash</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,243,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">127,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,370,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Rents and other    receivables, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,762,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,762,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Other assets</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,639,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">133,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">43,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,815,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Deferred charges, net</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,599,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">133,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,732,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Total Assets</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">422,917,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">72,902,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">28,323,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">524,142,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Liabilities and Shareholders&#146;    Equity</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Mortgage loans payable</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">148,602,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">43,500,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">192,102,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Secured revolving    credit facility</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">28,950,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">29,159,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">28,254,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">86,363,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Accounts payable,    accrued expenses, and other</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,843,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">243,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">69,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,155,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'><font size="2" face="Times New Roman">Deferred liabilities</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,857,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">19,857,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Total Liabilities</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">204,252,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">72,902,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">28,323,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">305,477,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,201,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">12,201,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Limited partners&#146; interest in consolidated Operating    Partnership</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,095,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,095,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Shareholders&#146; Equity</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">202,369,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">202,369,000</font></div>
  </td>
  <td width="1%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman"><b>Total Liabilities and Shareholders'    Equity</b></font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">422,917,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">72,902,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">28,323,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">524,142,000</font></div>
  </td>
  <td width="1%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="1%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">See accompanying notes to  pro forma condensed consolidated financial statements.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><Font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Pro Forma Condensed Consolidated Statements of Income</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the year ended December 31, 2003</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the nine months ended September 30, 2004</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(Unaudited)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The  following unaudited pro forma condensed consolidated statements of income are  presented as if the Company had acquired Brickyard Shopping Center, concluded  its 2003 public equity offering and related transactions, and acquired the  properties it purchased throughout 2003 and 2004, as if all these transactions  were completed as of January 1, 2003.&#160;  These financial statements should be read in conjunction with the  Company&#146;s historical financial statements and notes thereto as filed on Form  10-K for the year ended December 31, 2003 and on Form 10-Q for the nine months  ended September 30, 2004. The pro forma condensed consolidated statements of  income are unaudited and are not necessarily indicative of what the actual  results of operations would have been had the Company acquired Brickyard  Shopping Center, concluded its 2003 public offering and related transactions,  acquired the

properties it purchased throughout 2003 and 2004, all as of  January 1, 2003, nor does it purport to represent the results of operations of  the Company for future periods.</font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="68%" colspan="14"  valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>For the    year ended December 31, 2003</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="68%" colspan="14"  valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Cedar    Shopping<br>    Centers, Inc.<br>    Historical (a)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Completed<br>    Transactions<br>    (b)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Acquired<br>    Property<br>    (c)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Pro forma</b></font></div>
  <div  align="center"><font size="1" face="Times New Roman"><b>Adjustments<br>    (d)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Pro forma</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">26,506,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">27,331,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,952,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">138,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">56,927,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Expenses:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style="margin-left:3%;" ><font size="2" face="Times New Roman">Operating, maintenance    and management</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,190,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,236,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">452,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(44,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
          <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">12,834,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Real estate and other    property-related taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,861,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,404,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">338,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,603,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">General and    administrative</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,161,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">15,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">3,176,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">9,412,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">5,754,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">987,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">16,153,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Depreciation and    amortization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,023,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,192,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">566,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,781,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Costs incurred    acquiring external advisor</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(11,960,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Early extenguishment of    debt</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,935,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(6,935,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Other</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,893,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,893,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total expenses</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">48,435,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(2,187,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">790,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,509,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">48,547,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income (loss) before the following:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,929,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">29,518,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,162,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,371,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">8,380,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(983,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">135,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(848,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Limited partners'    interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,637,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,816,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(200,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Preferred distribution    requirements, net of limited partners&#146; interest</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(76,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">76,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='text-indent:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income (loss)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(21,351,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">27,913,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,162,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(1,392,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,332,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Basic and fully diluted net income (loss) per share</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(7.09</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2.44</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average number of common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,010,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">See accompanying notes to  pro forma condensed consolidated financial statements.</font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><Font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Pro Forma Condensed Consolidated Statements of Income</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the year ended December 31, 2003</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>For the nine months ended September 30, 2004</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(Unaudited)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>(Continued)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Centers,    Inc.<br>    Historical (a)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Transactions<br>    (b)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Property<br>    (c)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Adjustments<br>    (d)</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <div  align="center"><font size="1" face="Times New Roman"><b>Pro forma</b></font></div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
  <td width="12%" colspan="2" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div  align="center">&nbsp;</div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Revenues</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">36,406,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,472,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,168,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">114,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">45,160,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Expenses:</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Operating, maintenance    and management</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,746,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,247,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">374,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(33,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">9,334,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Real estate and other    property-related taxes</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">3,707,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">443,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">241,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">4,391,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">General and    administrative</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,333,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">2,333,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">7,561,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">2,979,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">740,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">11,280,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Depreciation and    amortization</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">8,714,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,446,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">425,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">10,585,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Total expenses</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">30,061,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">6,115,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">615,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">1,132,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">37,923,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Income before the following:</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">6,345,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">357,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,553,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,018,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">7,237,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Minority interests</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(858,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(858,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Limited partners&#146;    interest</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(147,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(9,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(14,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(170,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'><font size="2" face="Times New Roman">Preferred distribution    requirements, net of limited partners&#146; interest</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(886,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">&#151;&nbsp;&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">(886,000</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <div style='margin-left:3%'>&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="1">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Net income</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">4,454,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">348,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">1,553,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">(1,032,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">)</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">5,323,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Basic and fully diluted net income per share</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.27</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">$</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right"><font size="2" face="Times New Roman">0.32</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom" bgcolor="#eeeeee">
  <Div style="margin-left: 3%; text-indent:-3%"><font size="2" face="Times New Roman">Average number of common shares outstanding</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,456,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom" bgcolor="#eeeeee">
  <div  align="right"><font size="2" face="Times New Roman">16,456,000</font></div>
  </td>
  <td width="2%" valign="bottom" bgcolor="#eeeeee">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <Div style="margin-left: 3%; text-indent:-3%"><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="10%" valign="bottom">
  <div  align="right">&nbsp;</div>
  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="2%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="10%" valign="bottom">
  <hr noshade size="2">


  </td>
  <td width="2%" valign="bottom">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
</table>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman">See accompanying notes to  pro forma condensed consolidated financial statements.</font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><Font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Cedar Shopping Centers, Inc.</b></font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Notes to Pro Forma Condensed Consolidated Financial  Statements (Unaudited)</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>Pro Forma Condensed Consolidated Balance Sheet as of  September 30, 2004</b></font></div>

<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>




<table border="0" cellspacing="0" cellpadding="0" width="100%">
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the Company&#146;s historical balance sheet as    of September 30, 2004 (unaudited), as previously filed.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(b)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the November 1, 2004 acquisition of    Franklin Village Plaza.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(c)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the acquisition of the Brickyard Shopping    Center.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(d)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">The Company intends to account for the acquisition    in accordance with Statements of Financial Accounting Standards No. 141,    &#147;Business Combinations&#148;, and No. 142, &#147;Goodwill and Other Intangibles&#148;, and    is currently in the process of analyzing the fair value of Brickyard Shopping    Center&#146;s in-place leases. No value has yet been assigned to the leases and,    therefore, the purchase price allocation is preliminary and subject to    change.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman"><b>Pro    Forma Condensed Consolidated Statement of Income for the year ended December    31, 2003</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the Company&#146;s historical operations for the    year ended December 31, 2003, as previously filed.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(b)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the Company&#146;s 2003 public offering, related    transactions, and properties acquired throughout 2003 and 2004, as if all    these transactions were completed as of January 1, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(c)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the operations of the Brickyard Shopping    Center for the year ended December 31, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(d)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects an increase in revenues (straight-line    rents), interest, depreciation and amortization, and limited partners&#146;    interest, and a reduction in operating expenses (management fees), with    respect to Brickyard Shopping Center. The Company intends to account for the    acquisition in accordance with Statements of Financial Accounting Standards    No. 141, &#147;Business Combinations&#148;, and No. 142, &#147;Goodwill and Other    Intangibles&#148;, and is currently in the process of analyzing the fair value of    Brickyard Shopping Center&#146;s in-place leases. No value has yet been assigned    to the leases and, therefore, the purchase price allocation is preliminary    and subject to change.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman"><b>Pro    Forma Condensed Consolidated Statement of Income for the nine months ended    September 30, 2004</b></font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(a)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the Company&#146;s historical operations for the    nine months ended September 30, 2004 (unaudited), as previously filed.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(b)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects properties acquired during 2004, as if    these transactions were completed as of January 1, 2003.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(c)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects the operations of Brickyard Shopping Center    for the period from January 1, 2004 through September 30, 2004.</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
  <td width="95%" valign="top">
  <div><Font size="2" face="Times New Roman">&nbsp;</font></div>
  </td>
 </tr>
 <tr>
  <td  valign="top">
  <div><font size="2" face="Times New Roman">(d)</font></div>
  </td>
  <td width="95%" valign="top">
  <div><font size="2" face="Times New Roman">Reflects an increase in revenues (straight-line    rents), interest, depreciation and amortization, and limited partners&#146;    interest, and a reduction in operating expenses (management fees) with    respect to Brickyard Shopping Center. The Company intends to account for the    acquisition in accordance with Statements of Financial Accounting Standards    No. 141, &#147;Business Combinations&#148;, and No. 142, &#147;Goodwill and Other    Intangibles&#148;, and is currently in the process of analyzing the fair value of    Brickyard Shopping Center&#146;s in-place leases. No value has yet been assigned    to the leases and, therefore, the purchase price allocation is preliminary    and subject to change.</font></div>
  </td>
 </tr>
</table>




<div  align="center"><font size="2" face="Times New Roman">&nbsp;</font></div>

<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<PAGE>

<div><Font size="2" face="Times New Roman">&nbsp;</font></div>

<div  align="center"><font size="2" face="Times New Roman"><b>SIGNATURES</b></font></div>

<div><font size="2" face="Times New Roman">&nbsp;</font></div>

<div><font size="2" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934,  the Registrant has duly caused this Amendment to be signed on its behalf by the  undersigned hereunto duly authorized.</font></div>

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  <div><font size="2" face="Times New Roman">C<small>EDAR</small> S<small>HOPPING</small>    C<small>ENTERS</small>, I<small>NC</small>.</font></div>
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  <div  align="center"><font size="2" face="Times New Roman">/s/ T<small>HOMAS</small> J. O&#146;<small> KEEFFE</small></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Thomas J.    O&#146;Keeffe</b></font></div>
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  <div  align="center"><font size="1" face="Times New Roman"><b>Chief    Financial Officer</b></font></div>
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  <div><font size="2" face="Times New Roman">Dated:&nbsp;&nbsp;&nbsp;February 23, 2005</font></div>
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<TYPE>EX-23
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<DESCRIPTION>EXHIBIT 23.1
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<title>Prepared and filed by St Ives Burrups</title>
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<div  align="right"><font size="2" face="Times New Roman">EXHIBIT 23.1</font></div>

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<div  align="center"><font size="2" face="Times New Roman"><b>Consent of Independent Registered Public Accounting Firm</b></font></div>

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<div><font size="2" face="Times New Roman">We consent to the incorporation by reference in the Registration  Statements (Form S-3 for the registration of an aggregate maximum offering  price of $200,000,000 of common stock, preferred stock, shares of preferred  stock represented by depositary shares, warrants, stock purchase contracts and  units, No. 333-114710 and Form S-8 pertaining to the 1998 Stock Option Plan and  the 2004 Stock Incentive Plan) of Cedar Shopping Centers, Inc. and in the  related Prospectus of our report dated February 11, 2005 with respect to the  Statement of Revenues and Certain Expenses of Brickyard Shopping Center  included in this Current Report Form 8-K/A.</font></div>

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<div  align="right"><font size="2" face="Times New Roman">/s/ E<small>RNST</small> &amp; Y<small>OUNG</small> LLP&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></div>

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<div><font size="2" face="Times New Roman">New York, New York</font></div>

<div><font size="2" face="Times New Roman">February 11, 2005</font></div>

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