<SUBMISSION>
<ACCESSION-NUMBER>0000950116-05-002261
<TYPE>8-K/A
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20050425
<ITEMS>9.01
<FILING-DATE>20050624
<DATE-OF-FILING-DATE-CHANGE>20050624
<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>05915070
</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>8-K/A
<TEXT>
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Prepared and filed by St Ives Financial
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 <p align="center"><b><font face="serif" size="5">UNITED STATES<br>SECURITIES AND EXCHANGE COMMISSION</font></b><br>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>WASHINGTON, D.C.&nbsp; 20549</b></font></p>
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<p align="center"><b><font face="serif" size="5">FORM 8-K/A</font></b></p>
<p align="center"><font size="2" face="serif"><b>CURRENT REPORT</b><br><b>PURSUANT TO SECTION&nbsp;13 OR 15(d) OF THE<br>SECURITIES EXCHANGE ACT OF 1934</b></font></p>
<p align="center"><font size="2" face="serif"><b>Date of Report (Date of Earliest Event Reported):&nbsp; April 25, 2005</b></font></p>
<p align="center"><font size="2" face="serif"><b><font face="serif" size="5">Cedar Shopping Centers, Inc.</font></b><br>(Exact name of registrant as specified in its charter)</font></p>
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<td width="38%" bordercolor="#FFFFFF"><font size="2" face="serif"><b>Maryland</b></font></td>
<td width="25%" bordercolor="#FFFFFF"><font size="2" face="serif"><b>0-14510</b></font></td>
<td width="37%" bordercolor="#FFFFFF"><font size="2" face="serif"><b>42-1241468</b></font></td>
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<td bordercolor="#FFFFFF"><font size="2" face="serif">(State or other jurisdiction of<br>
  incorporation)</font></td>
<td bordercolor="#FFFFFF"><font size="2" face="serif">(Commission File No.)</font></td>
<td bordercolor="#FFFFFF"><font size="2" face="serif">(IRS Employer Identification
  No.)</font></td>
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<td bordercolor="#FFFFFF"><font size="2" face="serif"><b>44 South Bayles Avenue<br>
  Port Washington, NY</b></font></td>
<td bordercolor="#FFFFFF"></td>
<td valign="bottom" bordercolor="#FFFFFF"><font size="2" face="serif"><b>11050</b></font></td>
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<td bordercolor="#FFFFFF"><font size="2" face="serif">(Address of principal executive<br>
  offices)</font></td>
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<td bordercolor="#FFFFFF"><font size="2" face="serif">(Zip Code)</font></td>
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<p align="center"><font size="2" face="serif"><b>(516) 767-6492</b><br>(Registrant&#8217;s telephone number,<br>including area code)</font></p>
<p align="left"><font size="2" face="serif">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></p>  <table width="100%" cellspacing="0" cellpadding="0" border="0">
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<td align="left"><font size="2" face="serif"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td>
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<td>&nbsp;</td>
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<td align="left"><font size="2" face="serif">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td>
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<td>&nbsp;</td>
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<td align="left"><font size="2" face="serif"> Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td>
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<td>&nbsp;</td>
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<td align="left"><font size="2" face="serif">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></td>
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    <td width="10%"><font size="2" face="serif"><b>Item 9.01&nbsp;</b></font></td>
    <td width="4%">&nbsp;</td>
    <td colspan="3"><font size="2" face="serif"><b>Financial Statements, Pro Forma Financial
    Information and Exhibits For Certain Property Acquisitions:</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
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    <td width="4%">&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">Report of Independent Registered Public Accounting
    Firm</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">Combined Statement of Revenues and
    Certain Expenses:</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td><font size="2" face="serif">&nbsp;For the year ended December 31, 2004</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
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    <td><font size="2" face="serif">&nbsp;For the three months ended March 31,
    2005 (unaudited)</font></td>
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    <td>&nbsp;</td>
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    <td>&nbsp;</td>
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    <td colspan="3"><font size="2" face="serif">Notes to Combined Statements of Revenues
    and Certain Expenses</font></td>
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    <td colspan="3"><font size="2" face="serif">Pro Forma Condensed Consolidated Balance
    Sheet as of March 31, 2005 (unaudited)</font></td>
    <td>&nbsp;</td>
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    <td colspan="3"><font size="2" face="serif">Pro Forma Condensed Consolidated Statements
    of Income (unaudited):</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td><font size="2" face="serif">For the year ended December 31, 2004</font></td>
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    <td><font size="2" face="serif">For the three months ended March 31, 2005</font></td>
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    <td colspan="3"><font size="2" face="serif">&nbsp;Notes to Pro Forma Condensed Consolidated
    Financial Statements (unaudited)</font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td colspan="3"><font size="2" face="serif">&nbsp;<b>Exhibits:</b></font></td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
    <td>&nbsp;</td>
    <td>&nbsp;</td>
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    <td colspan="3"><font size="2" face="serif">&nbsp;23.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consent
    of Independent Registered Public Accounting Firm dated June 20, 2005</font></td>
    <td>&nbsp;</td>
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    <td>&nbsp;</td>
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    <td colspan="3"><font size="2" face="serif"><b>Signatures</b></font></td>
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<p><font size="2" face="serif">&nbsp;&nbsp;</font></p>
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<p align="center"><font size="2" face="serif"> <b>Report of Independent Registered Public Accounting Firm </b></font></p>
<p align="left"><font size="2" face="serif">Board of Directors and Stockholders</font><br>
<font size="2" face="serif">Cedar Shopping Centers, Inc. </font></p>
<p align="left"><font size="2" face="serif">We have audited the combined statement
of revenues and certain expenses of those certain properties of Giltz &amp; Associates,
Inc. (the &#8220;Properties&#8221;) for the year ended December 31, 2004. The
combined financial statement is the responsibility of the Properties&#8217; management.
Our responsibility is to express an opinion on this combined financial statement
based on our audit.</font></p>
<p align="left"><font size="2" face="serif">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 combined financial statement is free of material misstatement. We were not engaged to perform an audit of the Properties&#8217; internal control over financial reporting. &nbsp;Our 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 Properties&#8217; 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 combined financial statement, assessing the accounting principles used and significant estimates made by management, and evaluating the overall combined financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.</font></p>
<p align="left"><font size="2" face="serif">The accompanying combined 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 Properties&#8217; combined revenues and certain expenses.</font></p>
<p align="left"><font size="2" face="serif">In our opinion, the combined financial statement referred to above presents fairly, in all material respects, the combined revenues and certain expenses of the Properties as described in Note 1 for the year ended December 31, 2004, in conformity with U.S. generally accepted accounting principles.</font></p>
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    <td width="40%" align="left"><font size="2" face="serif"> /s/ Ernst &amp; Young LLP </font></td>
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<p align="left"><font size="2" face="serif"><br>
<br>New York, New York </font><br>
<font size="2" face="serif">June 20, 2005</font></p>

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<p>&nbsp;</p>



<p align="center"><font size="2" face="serif"><b>Certain Properties of Giltz &amp; Associates,
      Inc.<br>
Combined Statements of Revenues and Certain Expenses</b></font></p>
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<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Three months<br>ended<br>March 31, 2005</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Year<br>ended<br>December 31, 2004</b></font></td>
<td align="left">&nbsp;</td>
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    </td>
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    </td>
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<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>(Unaudited)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
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<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Revenues:</font></td>
<td width="1%" align="right">&nbsp;</td>
<td width="14%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="14%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
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<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Base rents</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">              1,845,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">             6,744,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tenant reimbursements</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  333,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">               1,135,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    18,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                     3,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="center"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total revenues</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">               2,196,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">               7,882,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="center"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Certain expenses:</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property operating expenses</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  213,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  775,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate taxes</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  222,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  824,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
    fees-related party</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                    86,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  192,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="center"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Total certain expenses</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  521,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">               1,791,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="center"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Revenues in excess of certain expenses</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">              1,675,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">             6,091,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="center"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
</tr>
</table>
<p align="center"><font size="2" face="serif">See accompanying notes to combined
statements of revenues and certain expenses.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Certain Properties of Giltz &amp; Associates,
      Inc.<br>
Notes to the Combined Statements of Revenues and Certain Expenses<br>For the year ended December 31, 2004<br>For the three months ended March 31, 2005 (unaudited)</b></font></p>
<p align="left"><font size="2" face="serif"><b>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Presented
    herein are the combined statements of revenues and certain expenses related
    to the operation of 25 mostly drug-store anchored convenience centers, located
    primarily in Ohio, with centers also located in Pennsylvania, Connecticut
    and New York (the &#8220;Properties&#8221;). The Properties contain approximately
    715,000 square feet of gross leasable area. Cedar Shopping Centers, Inc.
    acquired 23 of the Properties in April and May 2005; the acquisition of the
    two remaining Properties, which are included in the combined statements of
    revenues and certain expenses, is expected to be completed in the near future.&nbsp;</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accompanying combined financial statements have 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 combined financial statements exclude certain expenses because they may not be comparable to those expected to be incurred in the proposed future operations of the Properties. Items excluded consist of interest expense and depreciation and amortization expense which are not directly related to future operations. </font></p>
<p align="left"><font size="2" face="serif"><b>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Use of Estimates </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The preparation of the combined statements 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 combined statements of revenues and certain expenses and accompanying notes. Actual results could differ from those estimates. </font></p>
<p align="left"><font size="2" face="serif"><b>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenue Recognition </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The
    Properties are 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 rents recognized over amounts contractually due pursuant to
    the underlying leases was approximately $533,000
    for
    the year
    ended
    December
    31, 2004
    and $48,000
for the three months ended March 31, 2005 (unaudited). </font></p>
<p align="left"><font size="2" face="serif"><b>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property Operating Expenses </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property operating expenses for the year ended December 31, 2004 include approximately $142,000 for snow removal, $135,000 for utilities, $100,000 for insurance, $82,000 for repair and maintenance costs, $33,000 for professional fees, and $283,000&nbsp;for other costs.</font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property
    operating expenses for the three months ended March 31, 2005 (unaudited)
    include $74,000 for snow removal, $45,000 for utilities, $29,000 for insurance,
    $28,000 for repair and maintenance costs, $1,000 for professional fees, and
    $36,000&nbsp;for other costs. </font></p>
<p align="left"><font size="2" face="serif"><b>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fees</b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Properties were managed by GBC Property Management Services LLC, a related party; management fees of approximately $192,000 for the year ended December 31, 2004 and $86,000 for the three months ended March 31, 2005 (unaudited) were incurred.  The Properties were managed pursuant to agreements which provide for management fees ranging from 1% to 5% of base rent cash receipts.</font></p>
<p align="left"><font size="2" face="serif"><b>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Tenants </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Significant tenants include Discount Drug Mart and CVS, which constituted approximately 41% and 16%, respectively, of base rents for the year ended December 31, 2004, and 36% and 13%, respectively, of base rents for the three months ended March 31, 2005 (unaudited). </font></p>


<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>

<p align="center"><font size="2" face="serif"><b>Certain Properties of Giltz &amp; Associates,
      Inc.<br>
Notes to Combined Statements of Revenues and Certain Expenses<br>For the year ended December 31, 2004<br>For the three months ended March 31, 2005 (unaudited)<br> (Continued)</b></font></p>
<p align="left"><font size="2" face="serif">7<b>.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future Minimum Lease Payments</b></font></p>
<p align="left"><font size="2" face="serif">&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 December 31 are as follows: </font></p>
<table width="40%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">2005</font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right"><font size="2" face="serif"> $</font></td>
<td width="33%" align="right"><font size="2" face="serif">       7,187,000 </font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">2006</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,384,000 </font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">2007</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,075,000 </font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">2008</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,781,000 </font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">2009</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,277,000 </font></td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Thereafter</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">38,692,000 </font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;    </td>
  <td align="center"><hr align="left" width="100%" size=1 noshade>
    </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
    </td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">     73,396,000 </font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp; </td>
  <td align="center"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
</tr>
</table>
<p align="left"><font size="2" face="serif">&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></p>
<p align="left"><font size="2" face="serif"><b>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interim Unaudited Financial Information </b></font></p>
<p align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The combined statement of revenues and certain expenses for the three months ended March 31, 2005 is unaudited; however, in the opinion of management, all adjustments (consisting solely of normal recurring adjustments) necessary for a fair presentation of the combined statement of revenues and certain expenses for this interim period have been included. The results for the interim period are not necessarily indicative of the results to be obtained for a full fiscal year.</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>Pro Forma Condensed Consolidated Balance Sheet<br>As of March 31, 2005<br>(Unaudited) </b></font></p>
<p align="left"><font size="2" face="serif">&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 &#8220;Company&#8221;) had acquired the Properties as of March 31, 2005. This financial statement should be read in conjunction with the unaudited pro forma condensed consolidated statements of income, and the Company&#8217;s historical financial statements and notes thereto as filed on Form 10-K for the year ended December 31, 2004 and on Form 10-Q for the three months ended March 31, 2005. 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 the Properties as of  March 31, 2005, nor does it purport to
represent the future financial position of the Company.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Cedar Shopping<br>Centers, Inc.<br>Historical (a)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Acquired<br>Properties<br>(b)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Pro forma<br>adjustments<br>(c)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Pro forma<br>March 31,<br>2005</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Assets</b></font></td>
<td align="left" width="2%">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="13%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td>
<td width="1%" align="right">&nbsp;</td>
<td width="11%" align="left"><font size="2" face="serif">&nbsp;</font></td>
<td width="2%" align="left">&nbsp;</td> </tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Real estate</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">          98,922,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">       18,370,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">              79,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">     117,371,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">439,161,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">69,919,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">302,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       509,382,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="left"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="left"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="left"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">538,083,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">88,289,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">381,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">626,753,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less accumulated depreciation</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(19,427,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       (19,427,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Real estate, net</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">518,656,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">88,289,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">381,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">607,326,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,975,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           5,975,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash at joint ventures and restricted cash</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">6,720,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              163,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           6,883,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rents and other receivables, net</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,630,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              508,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           6,138,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">3,781,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                  1,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">            (500,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           3,282,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred charges, net</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">10,406,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              308,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">                45,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         10,759,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif"><b>Total Assets</b></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">        551,168,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">       89,269,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">            (74,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">     640,363,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Liabilities and Shareholders&#146; Equity</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans payable</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">        179,873,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">       48,488,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif"> &#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">     228,361,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Secured revolving credit facility</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">87,500,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         23,726,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">              (74,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       111,152,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, accrued expenses, and other</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">7,319,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           1,034,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">           8,353,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred liabilities</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">24,878,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         24,878,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Total Liabilities</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">299,570,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">73,248,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">(74,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">372,744,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Minority interests</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">11,979,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         11,979,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">Limited partners&#146; interest in consolidated</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating Partnership</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">5,511,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         16,021,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">         21,532,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Shareholders&#146; equity</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">234,108,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="right"><font size="2" face="serif">       234,108,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td align="left"><font size="2" face="serif"><b>Total Liabilities and Shareholders&#146; Equity</b></font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">        551,168,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">       89,269,000 </font></td>
<td align="left">&nbsp;</td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">            (74,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2" face="serif"> $</font></td>
<td align="right"><font size="2" face="serif">     640,363,000 </font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
  <td colspan="13" align="center" bgcolor="#FFFFFF">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#FFFFFF">
<td colspan="13" align="center" bgcolor="#FFFFFF"><font size="2" face="serif">See accompanying notes to pro forma condensed consolidated financial statements.</font></td>
<td align="left">&nbsp;</td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>Pro Forma Condensed Consolidated Statements of Income<br>For the year ended December 31, 2004<br>For the three months ended March 31, 2005<br>(Unaudited)</b></font></p>
<p align="left"><font size="2" face="serif">&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 (1) the Properties, and (2) the other property acquisitions throughout 2004 and through March 31, 2005, as if the transactions were all completed as of January 1, 2004.  These financial statements should be read in conjunction with the Company&#8217;s historical financial statements and notes thereto as filed on Form 10-K for the year ended December 31, 2004 and on Form 10-Q for the three months ended March 31, 2005. 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 (1) the Properties, and
(2) the other property acquisitions throughout 2004 and through March 31, 2005, all as of January 1, 2004, nor does it purport to represent the results of operations of the Company for future periods.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><font size="1" face="serif"><b>For the year ended December 31, 2004</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td colspan="16" align="center"><hr align="left" width="100%" size=1 noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Cedar Shopping<br>
  Centers, Inc.<br>Historical (a)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Completed<br>
  transactions<br>(b)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Acquired<br>
  Properties<br> ( c ) </b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b> Pro forma<br>
  adjustments<br> (d) </b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b> Pro forma </b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td>
<td align="right"><hr align="left" width="100%" size=1 noshade></td>
<td align="left"><hr align="left" width="100%" size=1 noshade></td><td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Revenues</font></td>
<td align="left" width="2%"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="13%" align="right"><font size="2" face="serif"> 51,144,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"> 10,936,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="7%" align="right"><font size="2" face="serif"> 7,882,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="8%" align="right"><font size="2" face="serif"> 23,000 </font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2">&nbsp;</font></td>
<td width="0%" align="center"><font size="2" face="serif"><b>(e)</b></font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="9%" align="right"><font size="2" face="serif"> 69,985,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td> </tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Expenses:</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating, maintenance and management</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">10,751,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,862,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">        967,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     13,580,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and other property-related taxes</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">4,872,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">900,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">        824,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      6,596,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3,575,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      3,575,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">10,239,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">4,603,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     3,593,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b> (f) </b></font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      18,435,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">12,401,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">2,319,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      1,854,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b> (g) </b></font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     16,574,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Total expenses</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">                41,838,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     9,684,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     1,791,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     5,447,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">    58,760,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Income before minority and limited partners&#146;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interests</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">                 9,306,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      1,252,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     6,091,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">   (5,424,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      11,225,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(1,229,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     (1,229,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partners&#146; interest</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(217,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">         (23,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      (665,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b> (h) </b></font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">        (905,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Net income</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">7,860,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,229,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">6,091,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(6,089,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">9,091,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Preferred distribution requirements, net</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of limited partners&#146; interest</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(2,158,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">     (2,158,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
  <td align="left" valign="bottom"><font size="2" face="serif">Net income applicable to common</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 5,702,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 1,229,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 6,091,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">($6,089,000)</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 6,933,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Per common share (basic and diluted)</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.34 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.42 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Average number of common shares</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">16,681,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">      16,681,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td colspan="19" align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="19" align="center"><font size="2" face="serif">See accompanying notes to pro forma condensed consolidated financial statements.</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>
Pro Forma Condensed Consolidated Statements of Income<br>
For the year ended December 31, 2004<br>
For the three months ended March 31, 2005<br>
(Unaudited)<br>
(Continued)</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td colspan="16" align="center"><font size="1" face="serif"><b>For the three months ended March 31, 2005</b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade></td>
  <td colspan="16" align="center"><hr align="left" width="100%" size=1 noshade></td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="bottom">
<td align="left"><font size="1" face="serif">&nbsp;</font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Cedar Shopping<br>
  Centers, Inc.<br>Historical (a)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Completed<br>
  transactions<br>(b)</b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b>Acquired<br>
  Properties<br> ( c ) </b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b> Pro forma<br>
  adjustments<br> (d) </b></font></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"></td>
<td align="left">&nbsp;</td>
<td align="right">&nbsp;</td>
<td align="center"><font size="1" face="serif"><b> Pro forma </b></font></td>
<td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Revenues</font></td>
<td align="left" width="2%"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="9%" align="right"><font size="2" face="serif"> 16,527,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="9%" align="right"><font size="2" face="serif"> 154,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="9%" align="right"><font size="2" face="serif"> 2,196,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="9%" align="right"><font size="2" face="serif"> 9,000 </font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2">&nbsp;</font></td>
<td width="0%" align="center"><font size="2" face="serif"><b>(e)</b></font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td>
<td width="1%" align="right"><font size="2" face="serif">$</font></td>
<td width="9%" align="right"><font size="2" face="serif"> 18,886,000</font></td>
<td width="2%" align="left"><font size="2">&nbsp;</font></td> </tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Expenses:</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating, maintenance and management</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">4,027,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">17,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">             299,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">         4,343,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real estate and other property-related taxes</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,475,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">18,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">             222,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">           1,715,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">969,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">             969,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3,137,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">61,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">              915,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b> (f) </b></font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">           4,113,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">3,949,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">27,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">             463,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b> (g) </b></font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">         4,439,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Total expenses</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">             13,557,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">              123,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">              521,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">          1,378,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">        15,579,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Income before minority and limited partners&#146;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;interests</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">              2,970,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">                31,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">          1,675,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">        (1,369,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">         3,307,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Minority interests</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(290,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">           (290,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partners&#146; interest</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(62,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">            (174,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="center"><font size="2" face="serif"><b> (h) </b></font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">           (236,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">Net income</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">2,618,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">31,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">1,675,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(1,543,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">2,781,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Preferred distribution requirements, net</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of limited partners&#146; interest</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">(1,264,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&#151;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">        (1,264,000</font></td>
<td align="left"><font size="2" face="serif">)</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="right"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=1 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
  <td align="left" valign="bottom"><font size="2" face="serif">Net income applicable to common</font></td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;shareholders</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 1,354,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 31,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 1,675,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">($1,543,000)</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 1,517,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="left"><hr align="left" width="100%" size=2 noshade></td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td align="left"><font size="2" face="serif">Per common share (basic and diluted)</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.07 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">$</font></td>
<td align="right"><font size="2" face="serif"> 0.08 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;  </td>
  <td align="left">&nbsp;  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;  </td>
  <td align="left">&nbsp;  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;  </td>
  <td align="left">&nbsp;  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
    <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#ffffff">
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
  <td align="left"><font size="2" face="serif">Average number of common shares</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
  <td align="right"><font size="2">&nbsp;</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
  <td align="right"><font size="2">&nbsp;</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
  <td align="right"><font size="2">&nbsp;</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
  <td align="right"><font size="2">&nbsp;</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
  <td align="right"><font size="2">&nbsp;</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
  <td align="right"><font size="2">&nbsp;</font></td>
  <td align="left"><font size="2" face="serif">&nbsp;</font></td>
  <td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top" bgcolor="#eeeeee">
<td align="left"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;outstanding</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">19,351,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="left"><font size="2" face="serif">&nbsp;</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">         19,351,000 </font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
<tr valign="top">
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;  </td>
  <td align="left">&nbsp;  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;  </td>
  <td align="left">&nbsp;  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;  </td>
  <td align="left">&nbsp;  </td>
  <td align="left">&nbsp;</td>
  <td align="right">&nbsp;</td>
  <td align="left"><font size="1" face="serif">&nbsp;</font></td>
  <td align="left">&nbsp;</td>
  <td align="right"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left"><hr align="left" width="100%" size=2 noshade>
  </td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td colspan="19" align="center">&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td colspan="19" align="center"><font size="2" face="serif">See accompanying notes to pro forma condensed consolidated financial statements.</font></td>
<td align="left"><font size="2">&nbsp;</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.</b></font><br>
<font size="2" face="serif"><b>Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited)</b></font></p>
<p align="center"><font size="2" face="serif"><b>Pro Forma Condensed Consolidated Balance Sheet as of March 31, 2005</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects the Company&#146;s historical balance sheet as of March 31, 2005 (unaudited), as previously filed.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects the acquisition of the Properties. The
Company acquired 23 of the Properties in April and May 2005; the acquisition
of the remaining two properties, which are included in the pro forma condensed
consolidated financial statements, is expected to be completed in the near future.
The consideration paid was comprised of approximately (1) $11,003,000 of assumed
mortgage loans payable, (2) $37,485,000 of newly-issued mortgage loans payable,
(3) $23,726,000 of increased borrowings under the Company&#146;s secured revolving
credit facility, and the issuance of 1,184,000 Operating Partnership Units valued
at $16,021,000.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(c)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects consolidating adjustments and allocations of deposits made as of March 31, 2005. The Company intends to account for the acquisition in accordance with Statements of Financial Accounting Standards No. 141, &#8220;Business Combinations&#8221;, and No. 142, &#8220;Goodwill and Other Intangibles&#8221;, and is currently in the process of analyzing the fair value of the Properties&#8217; in-place leases and assumed mortgage loans payable. Since no values have yet been assigned to the leases and the assumed mortgage loans payable, the purchase price allocation is preliminary and subject to change.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left"><font size="2" face="serif"><b>Pro Forma Condensed Consolidated
    Statement of Income for the year ended December 31, 2004</b></font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects the Company&#146;s historical operations for the year ended December 31, 2004, as previously filed.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects property acquisitions (other than the Properties) throughout 2004 and through March 31, 2005, as if all the transactions were completed as of January 1, 2004.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td><font size="2" face="serif" align="left">(c)</font></td>
  <td align="left"><font size="2" face="serif" align="left"> Reflects the operations
    of the Properties for the year ended December 31, 2004.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(d)</font></td>
<td align="left">
<font size="2" face="serif"> The Company intends to account for the acquisition in accordance with Statements of Financial Accounting Standards No. 141, &#8220;Business Combinations&#8221;, and No. 142, &#8220;Goodwill and Other Intangibles&#8221;, and is currently in the process of analyzing the fair value of the Properties&#8217; in-place leases and assumed mortgage loans payable. Since no values have yet been assigned to the leases and the assumed mortgage loans payable, the purchase price allocation is preliminary and subject to change.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(e)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects increased straight-line rents.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(f)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects interest expense on (1) $11,003,000 of
assumed mortgage loans payable, (2) $37,485,000 of newly-issued mortgage loans
payable, and (3) $23,726,000 of increased borrowings under the Company&#8217;s
secured revolving credit facility, at weighted average interest rates of 7.24%,
5.12% and 3.70%, respectively.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(g) </font></td>
<td align="left">
<font size="2" face="serif"> Reflects (1) $1,756,000 of straight-line real estate depreciation, based on an estimated useful life of 40 years, and (2) $98,000 of amortization of deferred financing costs, based on the weighted average of approximately 10.6 years for the assumed and newly-issued mortgage loans payable.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(h)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects an increase in limited partners&#8217; share of the Company&#8217;s net income as a result of Operating Partnership Units issued in connection with the acquisition of the Properties.</font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left"><font size="2" face="serif"><b> Pro Forma Condensed Consolidated
    Statement of Income for the three months ended March 31, 2005</b></font></td>
</tr>
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(a)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects the Company&#146;s historical operations for the three months ended March 31, 2005 (unaudited), as previously filed.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(b)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects property acquisitions (other than the Properties) during the three months ended March 31, 2005, as if all the transactions were completed as of January 1, 2004.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(c) </font></td>
<td align="left">
<font size="2" face="serif"> Reflects the operations of the Properties for the three months ended March 31, 2005.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b>Cedar Shopping Centers, Inc.<br>Notes to Pro Forma Condensed Consolidated Financial Statements (Unaudited) (continued)</b></font></p>
<p align="center"><font size="2" face="serif"><b>Pro Forma Condensed Consolidated Statement of Income for the three months ended March 31, 2005 (continued)</b></font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">(d)</font></td>
<td align="left">
<font size="2" face="serif"> The Company intends to account for the acquisition in accordance with Statements of Financial Accounting Standards No. 141, &#8220;Business Combinations&#8221;, and No. 142, &#8220;Goodwill and Other Intangibles&#8221;, and is currently in the process of analyzing the fair value of the Properties&#8217; in-place leases and assumed mortgage loans payable. Since no values have yet been assigned to the leases and the assumed mortgage loans payable, the purchase price allocation is preliminary and subject to change.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(e)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects increased straight-line rents.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(f)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects interest expense on (1) $11,003,000 of
assumed mortgage loans payable, (2) $37,485,000 of newly-issued mortgage loans
payable, and (3) $23,726,000 of increased borrowings under the Company&#8217;s
secured revolving credit facility, at weighted average interest rates of 7.24%,
5.12% and 4.13%, respectively.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(g) </font></td>
<td align="left">
<font size="2" face="serif"> Reflects (1) $439,000 of straight-line real estate depreciation, based on an estimated useful life of 40 years, and (2) $24,000 of amortization of deferred financing costs, based on the weighted average of approximately 10.6 years for the assumed and newly-issued mortgage loans payable.</font></td>
</tr>
</table>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
  <td>&nbsp;</td>
  <td align="left">&nbsp;</td>
</tr>
<tr valign="top">
<td width="3%"><font size="2" face="serif">(h)</font></td>
<td align="left">
<font size="2" face="serif"> Reflects an increase in limited partners&#8217; share of the Company&#8217;s net income as a result of Operating Partnership Units issued in connection with the acquisition of the Properties.</font></td>
</tr>
</table>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
<div style="page-break-before:always"></div>
<page>
<a name="p?"></a>
<p>&nbsp;</p>
<p align="center"><font size="2" face="serif"><b><u>SIGNATURES</u></b></font></p>
<p align="left"><font size="2" face="serif">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></p>
<p align="left"><font size="2" face="serif">CEDAR SHOPPING CENTERS, INC.</font></p><br>
<br>

<p align="left"><font size="2" face="serif"><u>/s/ THOMAS J. O&#8217;KEEFFE</u></font><br>
<font size="2" face="serif">Thomas J. O&#8217;Keeffe</font><br>
<font size="2" face="serif">Chief Financial Officer</font></p>
<p align="left"><font size="2" face="serif" align="left">Dated:&nbsp;June 23, 2005</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">
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<TYPE>EX-23
<SEQUENCE>3
<FILENAME>ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
<html>
<head><title>
Prepared and filed by St Ives Financial
</title>
</head>
<body bgcolor="#FFFFFF">




<page>
<a name="p?"></a>
<p>&nbsp;</p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td align="right"><font size="2" face="serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBIT 23.1</font></td>
</tr>
</table>
<p align="center"><font size="2" face="serif"><b>Consent of Independent Registered Public Accounting Firm</b></font></p>
<p align="left"><font size="2" face="serif">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, Form S-3 for the registration
    of an aggregate maximum offering price of $470,312,000 of common stock, preferred
    stock, shares of preferred stock represented by depositary shares, warrants,
    stock purchase contracts and units, No. 333-125582, and Form S-8 pertaining
    to the 1998 Stock Option Plan and the 2004 Stock Incentive Plan, No. 333-118361)
    of Cedar Shopping Centers, Inc. and in the related Prospectus of our report
    dated June 20, 2005 with respect to the Combined Statement of Revenues and
Certain Expenses of Certain Properties of Giltz &amp; Associates, Inc. included
in
this
Current Report Form 8-K/A.</font></p>
<table width="100%" cellspacing="0" cellpadding="0" border="0">
<tr valign="top">
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="3%"><font size="2" face="serif">&nbsp;</font></td>
<td width="43%"><font size="2" face="serif">&nbsp;</font></td>
<td width="36%" align="left"><font size="2" face="serif">/s/ Ernst &amp; Young LLP</font></td>
</tr>
</table>
<p align="left"><font size="2" face="serif">New York, New York</font><br>
<font size="2" face="serif">June 20, 2005</font></p>
<p align="center">&nbsp;</p>
<hr noshade align="center" width="100%" size="2">

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</TEXT>
</DOCUMENT>
</SUBMISSION>
